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November 2014

Thomas Murray IDS Newsletter

Nick Bradley

Nick Bradley

Managing Director

Tel: +44 (0) 20 3011 1720

NDAs - seeking the middle ground

between institutional investors and their investment managers

The scope of NDAs at investment managers is frustrating pension funds. Nick Bradley looks at how a middle ground can be met.

For further information contact:

Nick Bradley
Tel. +44 (0) 20 3011 1720

Lewis Brown
Tel. +44 (0) 20 3011 1720

For editorial enquiries contact:

Charles Gubert
Tel. +44 (0) 20 3011 1733

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Thomas Murray IDS is pleased to send you our November newsletter with links to the top stories we reported on as part of our on-going surveillance of issues of relevance to asset owners, asset managers, and their key service providers.

Buy-side warn on suspension of early termination rights for swaps

Industry associations including the Managed Funds Association (MFA) and the Alternative Investment Management Association (AIMA) have sent a letter to the Financial Stability Board (FSB) expressing concern about the potential suspension of counterparties' early termination rights on swaps transactions during US bankruptcy proceedings...

Asset owners taking holistic approach to collateral management

Asset owners are increasingly taking a holistic approach to their collateral management processes as a result of their growing retreat from securities lending coupled with the migration of over-the-counter (OTC) derivatives instruments into centralised clearing as mandated under Dodd-Frank and the European Market Infrastructure Regulation (EMIR), according to a Citi study...

Fund managers still charging end clients for research despite FCA clampdown

Almost three quarters of UK investment firms have taken little or no action to revise the way in which they purchase research using dealing commissions despite the recent clampdown by the Financial Conduct Authority (FCA) on these practices...

MiFID II research rules will have unintended consequences for investors and smaller fund managers

Requirements under the Markets in Financial Instruments Directive II (MiFID II) stipulating fund managers must pay for research through their management fee as opposed to equity commissions will adversely impact smaller firms...

Hedge fund managers to increasingly defer performance fee pay-outs

The decision by California Public Employees' Retirement System (CALPERS) to exit hedge fund investing coupled with the Internal Revenue Service's (IRS) ruling that now permits managers to charge performance fees cumulatively without falling foul of a 2008 tax law change, could lead to more firms deferring performance fee pay-outs...

Capital adequacy regime under Solvency II could be extended to pensions

Pension funds could dramatically reduce their exposures to alternative asset classes should the Solvency II capital adequacy regime currently imposed on insurance companies be extended to pensions...

About Thomas Murray IDS

Thomas Murray IDS provides benchmarking, monitoring and advisory services for asset owners and managers, focusing on their service providers and exposures to market regulations and infrastructures.

Tel: +44 (0) 20 3011 1720Email: infoemea@ids.thomasmurray.com

Horatio House, 77-85 Fulham Palace Road, Hammersmith, London W6 8JA

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© Thomas Murray IDS. 2014

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