Millennium Global has launched a multi-strategy fund called Millennium Global Systematic Alpha (MGSA) fund in partnership with Deutsche Bank's managed account platform dbSelect. The fund provides a return linked to the performance of Millennium's MGSA programme. Read more...

GLG Multi-Manager Investments has appointed Bank of New York Mellon (BNY Mellon) as administrator and custodian for two of its funds of hedge funds (FoHFs). BNY Mellon Fund Services (Ireland) and BNY Mellon Trust Company (Ireland) have replaced State Street. BNY Mellon will now provide fund administration and custody services for GLG MMI's Diversified and Enhanced Funds. Read more...

An inexperienced staff, a lack of communication and inexplicable delays in commencing examinations prevented the Securities and Exchange Commission (SEC) from detecting the fraud committed by Bernard Madoff, according to a report by H David Kotz, the SEC's inspector general. Read more...

Investment software company Linedata Services today (September 2, 2009) announced an expansion of its partnership with post-trade services provider Omgeo. The agreement will enable investment managers using Linedata's 'long view' trading order management system to access Omgeo's strategic platform for the central matching of transactions across multiple asset classes directly through the FIX protocol. Read more...

Bluenose Capital is on course to launch Bluenose Capital Market Neutral Fund on October 1, 2009, Hedge Funds Review has learned. The fund will use a proprietary factor-based approach to trade liquid US and Canadian equities. The investment process is 100% systematic and combines US and Canadian equity long/short trading strategies. Read more...

Standard & Poor's has signed an index creation agreement with the Saudi Stock Exchange (Tadawul). Under the deal Standard & Poor's can use Tadawul securities data to maintain current and launch new indexes for the Saudi equity market. Read more...

Infonic has launched HedgeSphere 4.3, the latest version of its software suite for funds of hedge funds (FoHFs). The software offers functionality for portfolio administration and the middle office, providing managers with greater liquidity control, asset management, transparency and investor servicing. Read more...

Hedge funds investing in emerging markets outperformed the broad hedge fund universe in the second quarter 2009, according to Hedge Fund Research. The HFRI Emerging Markets Index gained 18.92% in the quarter compared with gain of 9.17% for the HFRI Fund Weighted Composite Index. In the first half of the year emerging markets funds returned 20.18%, the best six-month result for emerging markets strategies since a 27.4% gain in 1999. Read more...

Corporate pension funds have been making changes to their investment programmes in response to the economic crisis. This has included significantly reducing their target equity allocations and a major reassessment of fund manager allocations. Read more...

Managers of global equity funds are waiting for fundamentals to catch up the recent market rises before making any substantial policy changes, according Standard & Poor's Fund Services. A move to developed markets has been a consequence of the market upheaval, said S&P in annual review of global equity funds. Many managers have fled to quality, including developed countries, defensive sectors and larger companies in order to protect themselves. When risk appetite returns to the market, this may change S&P Fund Services lead analyst Lesley-Ann Hodges said. Read more...