Hedge Fund Tipster’s Conviction Upheld (FINalternatives)
Winifred Jiau, one of the expert-networkers convicted of passing tips to hedge fund managers, will not be getting out of prison. The U.S. Second Circuit Court of Appeals in New York yesterday rejected Jiau’s appeal yesterday, upholding her conviction on conspiracy and securities fraud charges. Her lawyers had argued that the trial judge should not have allowed the jury to hear wiretapped phone calls between her and hedge fund manager Samir Barai, and that the information she provided was not material. Jiau, a former consultant at Primary Global Research, was convicted in June 2012 of selling confidential information about two technology companies to two hedge fund managers.
54% of hedge funds and fund managers are hiring techies. Here’s where the jobs are (eFinancialCareers)
While investment and retail banks are seeking ways to pare back technology costs and move jobs to cheaper locations, hedge funds and asset managers are facing rising IT budgets and a skills shortage of talented developers. Like investment banks, the buy-side has been hit with a series of new regulations, which is weighing heavy on the technology teams. The Alternative Investment Fund Management Directive (AIFMD), Foreign Account Tax Compliance Act (FACTA) and the Retail Distribution Review (RDR) are all prompting the need to invest in technology among fund managers and hedge funds, but they’re also going ahead with more innovative projects, according to a survey of 80 buy-side chief technology officers by Hays Finance Technology.
Dame Amelia to speak at BMA forum (Royal Gazette)
A top hedge fund regulator has been lined up for a major conference run the Bermuda Monetary Authority’s regulatory forum. Dame Amelia Fawcett, chairman of the Hedge Funds Standards Board, will be the keynote speak for the one-day event, to be held at the Hamilton Princess next month. And panel speakers at the forum will also include Sir Andrew Large, a former deputy governor of the Bank of England and Commissioner James Donelon, president of the US National Association of Insurance Commissioners.
Investors want better governance, not new regulations from hedge funds (Opalesque)
Investors are demanding better governance and codes of conduct from hedge fund and other alternative fund managers rather than new regulations, a new study by independent fund governance provider Carne Group has found. In the survey, Aico.com reported that 95% of investors prefer industry wide codes of conduct from pension funds, consultants, fund of funds, private banks, and sovereign wealth funds. A significant 83% are demanding independent directors from the funds’ boards while 62% of those polled want the chairman of the board to be independent as well.
Former hedge fund manager aims to coach traders like athletes (Financial News)
Boris Pilichowski, a former proprietary trader and hedge fund manager, has set up a new firm that sets out to coach and motivate traders as if they were professional athletes. Axis Minds, based in London, provides advisory services on organisation and strategy, as well as coaching for portfolio managers and management. The new firm will also focus on areas such as leadership, management, communications skills, conflict resolutions and stress management. Pilichowski told Financial News: “The sport of hedge funds is now a championship. We provide a similar service as the one of a coach of a sports team: we motivate, we challenge, we film the matches and we review the process…”
Brevan Howard moves bulk of operations out of UK (Financial Times)
Brevan Howard, the world’s third-largest hedge fund, has moved most of its operations out of the UK, shifting dozens of jobs to the Channel Islands, Switzerland, Asia and the US to escape EU regulation and grow internationally. Three years after opening a satellite office in Geneva, Brevan – which has $41bn under management – now only has a “handful” of traders left at its London office and has moved out many of its senior operational jobs, people familiar with the company told the Financial Times.
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