Evening Leaders – Shkreli Proved Wrong on Neoprobe, EU Short Selling

Martin Shkreli Proved Wrong After FDA Accepts Neoprobe’s Application (TheStreet)

Wednesday night, Neoprobe said U.S. regulators accepted the company’s new drug application for Lymphoseek, a new lymph-node mapping agent used to determine the spread of cancer. Neoprobe filed Lymphoseek with the U.S. Food and Drug Administration in August. Normally, FDA acceptance of an approval filing isn’t big news; the FDA approval decision that comes later is much more significant. Neoprobe was an unusual case, however, due to the very public campaign last June waged by MSMB Capital hedge fund manager Martin Shkreli, who shorted Neoprobe and then filed a citizen petition with FDA seeking to prevent the agency from reviewing Lymphoseek.

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Conifer Group Launches Cloud-Based Hedge Fund Reporting (HedgeCo)

Hedge fund administrator, the Conifer Group, LLC has launched the ‘Conifer iCon’, the first cloud-based solution delivering an entire suite of asset servicing processes, including a data repository and in-depth attribution reporting, from one customizable portal.

Hedge Funds Returns for October Flat So Far Says GlobeOp (WSJ)

Worries over heavy hedge-fund redemptions after poor performance may be overdone, according to data Wednesday from hedge fund service provider GlobeOp Financial Services SA (GO.LN)GlobeOp, which runs middle- and back-office functions for about 190 hedge-fund firms and other asset managers, said redemptions and subscriptions so far this month were both around $5 billion across the $171 billion in client assets it works on, for a flat monthly flow.

SEC to Weigh Hedge Fund Rule (Businessweek)

Hedge funds and private-equity funds will be asked to deliver “extraordinary amounts” of new data to the U.S. Securities and Exchange Commission under a rule set for a vote next week, said SEC Chairman Mary Schapiro. Under the version of the rule proposed by the SEC on Jan. 26, firms managing more than $1 billion would have to file quarterly information on fund assets, leverage, investment positions, valuation and trading practices on a new Form PF. That added oversight would also come with routine inspections.

BlackRock to Launch Best Ideas Fund (FINAlternatives)

BlackRock will launch a UK equities best ideas fund to be helmed by its co-head of UK equities, Luke Chappell. Chappell and BlackRock director Imran Sattar will manage the new vehicle—a retail version of the firm’s institutional UK Focus fund—which will be launched this month. The new fund will focus on companies incorporated or listed in the UK.

Advent Capital Adds Four Members to Team (FINAlternatives)

New York-based Advent Capital Management has added four members to its team in four newly created positions. Advent spokesman David Millar told Pensions & Investments the new hires include Andrzej Rojek, who has joined Advent as managing director in the marketing unit of the convertible and high-yield bond specialist. Also joining are Marc J. Friezo, as associate portfolio manager for Advent Capital’s hedged convertible strategy; Thomas Cui, as a portfolio analyst for the hedged convertible strategy; and Douglas A.D. Teresko as associate portfolio manager for the company’s long-only convertible bond strategy.

EU to Impose Tougher Restrictions on Short Selling (FINAlternatives)

The EU will impose stricter regulations on the short selling of shares and bonds, banning “naked” credit default swaps on government bonds. Agreement on the new rules was reached Tuesday between representatives of the European Parliament and EU member states. Proponents say they will make financial markets more stable. The rules should get the final stamp of approval from the full EP and EU finance ministers within the next few weeks and take effect as of Nov. 1, 2012.

Henderson Global Soft Closes Two Funds (FINAlternatives)

Henderson Global Investors has announced that it is closing two of its retail-oriented absolute return funds to new investment—for now—because they are close to reaching their $2 billion capacity. The two funds, Henderson UK Absolute Return OEIC and Henderson Gartmore UK Absolute Return SICAV, which are both managed by Ben Wallace and Luke Newman, will soft close on Nov. 30.  According to the firm, the move is being made in order to protect the interests of existing investors and to seek to avoid potential performance dilution.

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