West Palm Beach (HedgeCo.net) - NorthPoint Trading Partners, LLC has opened a new office in Chicago, IL., with 12 year industry veteran, Michael Ferro, as head. Ferro has held positions at Genworth Financial, Knight Capital Markets, and X-Change Financial Access. He is experienced in both the trading and operations aspects of the buy and sell side, the company said.

“As we continue to expand our presence nationwide, we are very fortunate to have someone with Michael’s talent and experience join our team,” says Douglas Nelson, Chief Executive Officer of NorthPoint Trading Partners, LLC. Atlanta based NorthPoint opened also opened an office in Connecticut earlier in the year.

NorthPoint is an institutional brokerage and fund services company working with small and medium sized hedge funds.

HedgeCo.net (West Palm Beach) - New York-based currency manager FX Concepts is launching a new Luxembourg-domiciled fund investing in its flagship Global Currency Program (GCP). The fund has been set up in conjunction with Deutsche Bank.

“Investor interest in active currency strategies has been very strong this year, and we’re delighted to make our Global Currency Program available to investors in UCITS format” said John R. Taylor, Chairman and CEO of FX Concepts. The new fund offers daily liquidity and has a €25,000 minimum ($35,000). Investments are fully collateralized and ring-fenced in accordance with the UCITS III directive. The fund will offer share classes in Euro, US Dollars, Sterling and Yen.

“In the current financial climate, investors are looking for strategies which offer maximum liquidity and transparency”, says Daniel Szor, Managing Director and head of FX Concepts’ London office. “FX fits these criteria very well, and now clients can participate through a fund which offers daily liquidity and minimized counterparty risk”.

The Global Currency Program invests in a diversified portfolio of 20-25 currency positions chosen from a universe of over 30 currencies. The program targets annualized returns of 10-15% with low volatility and has a track record of over eight years.

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

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