Italian online fashion retailer Yoox, which is backed by European venture firm 360° Capital Partners and UK private equity firm Balderton Capital, has begun an IPO that could value it up to €225m, according to reports.
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A Georgia hedge fund fraudster will spend five years in prison for ripping off investors to the tune of more than $2 million.
Gary Hutcheson had faced up to 40 years in prison even after cutting a plea deal with prosecutors. His accomplice, Saundra McKinney Pyles, was sentenced to seven months in prison and seven months home confinement as part of the agreement. The two have been ordered to pay more than $1.6 million in restitution.
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Hinde Capital Ltd.’s hedge fund gained 44 percent this year after selling its holdings in the biggest mining companies to buy gold.
The Hinde Gold Fund made the switch in October 2008, having previously held equal weightings in equities and gold, according to Ben Davies, co-founder of the fund. He declined to say which stocks the fund had sold.
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A New York-based hedge fund has settled charges that it misled the Chicago Board of Trade, the U.S. Commodity Futures Trading Commission said.
EMF Financial Products has agreed to pay $4 million to settle the CFTC allegations. The regulator had accused it of hiding the size of its position in U.S. Treasury futures four years ago. While the hedge fund controlled almost $12 billion in contracts, it allegedly told the CBOT—which was conducting market surveillance in advance of the expiration of the September 2005 contract—that it had a cash position of just $200 million.
Read the whole story @ FINalternatives
Banks are starting to cut prices at their prime brokerages as they fight to pick up hedge-fund clients, a segment they had grown wary of during the financial crisis.
The wariness was perhaps best summed up by Bank of America Chief Executive Kenneth Lewis, who said last year that prime broking was about as sensible an activity to be involved in as walking onto the fast lane of a highway to pick up a small coin. Morgan Stanley, even spoke publicly about cutting back in prime broking, a business that consumes significant amounts of a bank's balance sheet.
Read the whole story @ WSJ