Odey Opens Doors In Switzerland (Finalternatives)
Odey Asset Management has opened an office in Geneva, Switzerland, its first office in the country. …Odey first mulled a Swiss office five years, when firm founder Crispin Odey said he was “seriously considering leaving” the U.K. to skirt both higher British taxes and new European Union hedge fund regulation. The firm remains based in London, and last year opened its first office in the U.S., in New York.
Japanese hedge fund challenges regulators in insider trade case (Reuters)
A small Japanese hedge fund has made a rare challenge against financial regulators over a 2010 insider trading case, disputing a finding that one of its fund managers acted on an insider tip of a share offering by energy firm Inpex Corp. The Securities and Exchange Surveillance Commission (SESC)previously found a fund manager at Stats Investment Management sold Inpex shares on insider information from a Nomura Securities salesman, based on the salesman’s admission of providing information to Stats as well as to Nissay Asset Management and Finno Wave Investments.
Virgin America IPO takes off (CityAM)
The US airline part-owned by Sir Richard Branson is preparing to go public after posting its first annual profit in March. Branson owns a 22 per cent stake in the airline through Virgin Group with VAI Partners, controlled by hedge fund Cyrus Capital Partners, its biggest shareholder with a 71.6 per cent stake. Barclays and Deutsche Bank Securities are leading the listing of the upscale carrier which began flying in 2007 and now has routes to 23 airports in the US and Mexico.
Ex-Harbinger COO Settles SEC Claims of Aiding Falcone (Bloomberg)
Harbinger Capital Partners LLC’s former chief operating officer settled U.S. regulatory claims that he helped the hedge fund’s owner, Philip Falcone, misappropriate about $113 million to pay personal taxes. Peter Jenson, 48, agreed to pay $200,000 and to be barred from the securities industry for at least two years, the Securities and Exchange Commission said in a statement today. Jenson admitted wrongdoing as part of the settlement, which still must be approved in federal court.
Ireland To OK Hedge-Fund Direct Lending (Finalternatives)
One of the hedge fund industry’s biggest bases is set to allow one of its fastest-growing strategies to take root. Ireland is set to permit direct lending by hedge funds for the first time under new regulations set to come into force by the end of the year. Currently, hedge funds domiciled in the country are not permitted to make loans. The Irish central bank’s change of heart comes amidst a credit crunch in Europe, as banks shy away from lending to smaller firms.