Negociação sistemática de capital de bluecrest

Negociação sistemática de capital da Bluecrest.
Pessoas | CdR Capital.
Conheça a equipe, descubra mais sobre o CdR Capital em todo o mundo.
Lista de Fundos Hedge | Hedge Funds | Investimentos alternativos.
Morgan Hedge é um banco de dados de fundo de hedge líder e diretório de investimento alternativo. Publicamos dados, índices e pesquisas da HEDGEFUND.
BlueCrest Capital Management.
O Grupo BlueCrest de empresas não tem nenhuma associação com a organização se identificando como " BlueCrest Capital Management, promovendo o BlueCrest New.
UK Trust Register chegou - ComsureComsure.
O UK Trust Register chegou e isso afetará a maioria, se não todos, curadores e administradores de fundos nas Ilhas Anglo-Normandas. Em 26 de junho de 2017, o lavagem de dinheiro.
Hedge Fund Leverage - setembro de 2017 - Rayner Gobran.
Examinamos a alavancagem do fundo de hedge comparando os ativos sob gestão das partes 1 e 2 do formulário ADV para 150 dos maiores hedge funds.
O multimilionário Michael Platt encerra seu fundo de hedge BlueCrest.
01.12.2018 & # 0183; & # 32; A BlueCrest Capital Management, uma vez que é um dos maiores hedge funds do mundo, está fechando suas portas para investidores externos no último sinal de turbulência.
Investimentos Systematica | Sobre.
A Systematica Investments lançou em janeiro de 2018 após uma década de experiência na BlueCrest Capital Management, para se concentrar na aplicação rigorosa da ciência e da tecnologia.
Hedge Fund - Wikipedia.
Um hedge fund é um fundo de investimento que agrupa capital de pessoas credenciadas ou investidores institucionais e investe em uma variedade de ativos, muitas vezes com complexos.
Trojan Inv Funds Trojan O Fundo Acc - Charles Stanley ...
O objetivo de investimento do Trojan Fund é alcançar o crescimento do capital e da renda em termos reais a longo prazo. A política é investir substant.
Diretório - All Hedge Funds Worlwide - issuu.
Issuu é uma plataforma de publicação digital que facilita a publicação de revistas, catálogos, jornais, livros e mais online. Compartilhe facilmente suas publicações e obtenha.

BLUECREST CAPITAL SYSTEMATIC TRADING.
Hedge Fund Blogger: BlueCrest Capital | Michael …
A estratégia BlueTrend CTA é sistemática,. BlueCrest Capital, BlueCrest Capital Management, BlueCrest Capital LP, BlueCrest Capital hedge Fund,.
Conheça Leda Braga, a mulher mais poderosa em hedge funds.
Vídeo embutido & # 0183; & # 32; Conheça a mulher mais poderosa em hedge funds. . Empresa de fundo de hedge europeu BlueCrest Capital. o foco na entrega sistemática ...
Hudson Bay contrata o ex-BlueCrest's Larkin for Systematic.
17/17/2018 e # 0183; Hudson Bay Capital Management, a empresa de hedge funds de US $ 3,2 bilhões administrada por Sander Gerber, contratou Jonathan Larkin, ex-chefe da BlueCrest Capital Management.
Adrian Petcu | Perfil profissional.
Adrian Petcu. Negociação sistemática na BlueCrest Capital Management, LLP. Localização Geneva Area, Suíça Industry Computer Software.
Leda Braga: "Londres não está em risco como um centro de hedge funds"
Leda Braga: "Londres não está em risco como a. disse que Londres não está em risco como um centro de hedge funds. . o presidente e chefe de negociação sistemática no BlueCrest,.
BlueCrest AllBlue Fund Ltd Statement re Performance Update.
BlueCrest AllBlue Fund Ltd Statement re Performance Update. . (estratégia sistemática seguida de estratégia),. BlueCrest Capital International's.
BlueCrest para girar fundos de hedge baseados no computador - Yahoo.
BlueCrest Capital Management irá girar. o chamado comércio sistemático, a BlueCrest Capital Management gera seus fundos de hedge baseados em computador em um.
BlueCrest gira no BlueTrend de Braga, Fires Fund ...
BlueCrest gira o BlueTrend de Braga,. Cabeça de negociação sistemática do BlueCrest,. 17,8 bilhões em seus fundos de negociação discricionários, BlueCrest Capital.
O banco de quantum quente administrado pelos ex-comerciantes do Barclays foi ...
O hedge fund do quant foi divulgado pela equipe sistemática de negociação de propósitos comerciais no Barclays há dois anos,. Tanto a Bluecrest Capital Management quanto a Moore Capital.
O BlueCrest planeja o acesso listado ao fundo do computador BlueTrend.
O BlueCrest planeja o acesso listado ao fundo do computador BlueTrend. De: . O BlueCrest Capital Management é para flutuar um alimentador. administrado pelo chefe da negociação sistemática de Leda.

negociação sistemática de capital Bluecrest
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Visão geral da empresa.
A Systematica Investments lançou em janeiro de 2018 após uma década de experiência na BlueCrest Capital Management, para se concentrar na aplicação rigorosa de ciência e tecnologia ao processo de investimento. A empresa foi fundada pela Leda Braga e gerencia ativos em uma série de futuros, ações e estratégias baseadas em OTC. A filosofia da empresa é uma questão de inovação, excelência em pesquisa e compromisso de promover o alinhamento forte com os investidores. A Systematica Investments tem presença global com escritórios em Jersey, Genebra, Londres, Nova York e Cingapura.
Excelência.
Inovação.
Orgulho.
Filosofia de cultura e investimento em equipe.
A busca da excelência permeia todas as atividades da Systematica Ambiente de trabalho colaborativo dentro e em todas as equipes funcionais Análise rigorosa por pares ao longo do ciclo de pesquisa e desenvolvimento. Nós visamos ser investidores sistemáticos e evitar intervir com o modelo - nossa interação com o modelo é através da pesquisa Processo Investimento significativo em tecnologia - nossa estratégia de tendências seguidas atualmente está sendo executada na terceira geração de nossa plataforma comercial exclusiva. Todos os aspectos do processo de investimento e plataforma estão sujeitos a pesquisas e melhorias contínuas.
Time de gerenciamento.
Leda Braga.
Ex-presidente e chefe de comércio sistemático, BlueCrest. Leda ingressou na BlueCrest da Cygnifi Derivatives Services (um spin-off do J. P. Morgan) em outubro de 2001. Na Cygnifi, ela formou parte da equipe de gerenciamento e foi chefe de seu Serviço de Avaliação. Antes da Cygnifi, Leda passou quase sete anos no J. P. Morgan como Analista Quantitativo na equipe de pesquisa de derivativos. Sua experiência passada inclui modelos de taxa de juros exóticos, instrumentos híbridos de taxa de juros / taxa de juros e derivativos patrimoniais. Ela é doutora em Engenharia do Imperial College de Londres, onde trabalhou como palestrante e liderou projetos de pesquisa por mais de três anos antes de se juntar a J. P. Morgan.
Paul Rouse.
Diretor Financeiro / Diretor de Operações.
Paul ingressou na Systematica no lançamento em janeiro de 2018 como Diretor Financeiro do grupo e um dos dois diretores residentes de Jersey do novo gerente de investimentos da Systematica Investments Limited. Nos 2,5 anos, como CFO, Paul foi responsável pela construção das equipes de finanças corporativas e fiscais da Systematica, além de encabeçar outras equipes de suporte importantes, como Recursos Humanos, Contabilidade de Fundo e funções do Serviço de Cliente. Antes de ingressar na Systematica, Paul atuou como chefe de controle de produtos nas equipes de gerenciamento da BlueCrest em Londres, Nova York e Cingapura. Paul juntou-se ao BlueCrest em 2006 e por mais de 8,5 anos cobriu todas as áreas funcionais dentro da função BlueCrest Product Control. Anteriormente, Paul era gerente de Controle de Produto da Goldman Sachs por 3 anos focando no comércio de derivativos de capital. Paul treinou como Contador Público da Ernst and Young no seu negócio de Impostos Corporativos, qualificando-se como ACA em janeiro de 2003. Ele possui um BSc (Hons) em Biologia Marinha da Universidade de Newcastle.
David Kitson.
Diretor de Investimento.
Ex-Gerente de Produto, BlueCrest. David ingressou na BlueCrest em janeiro de 2018. Antes de BlueCrest, David foi Diretor Geral da J. P. Morgan, onde trabalhou de 1992 a 2018. Ele se juntou ao Departamento de Pesquisa Quantitativa do J. P. Morgan, depois de completar seu PhD. David ocupou vários cargos de negociação e administração durante seu mandato no J. P. Morgan, incluindo: Opções de Câmbio da Chief Trader, Cabeça de Energia e Direito de Renda Híbridos de Renda Fixa. Em 2007, ele mudou-se da administração comercial para concentrar seus esforços exclusivamente em negociações proprietárias. David é doutorado em física teórica pela Universidade de Manchester.
Jean-Pierre Selvatico.
Chefe da Administração de Negociações e Contrapartes.
Ex-chefe de fundos de hedge no Pictet Alternative Advisors, Jean-Pierre Selvatico ingressou na Systematica em janeiro de 2017 como chefe de administração de negociação e contraparte. Jean-Pierre trabalhou para Pictet Alternative Advisors por 7 anos, onde atuou como CIO da divisão de hedge funds, responsável por selecionar e investir em hedge funds externos em todas as estratégias. Antes de ingressar na Pictet, Jean-Pierre foi diretor-gerente da Barclays Capital em Londres responsável pela mesa de opções de taxa de juros européia. Começou sua carreira em 1993 no JP Morgan London como um pesquisador quantitativo e depois mudou-se para a mesa de troca de taxa de juros. De 1997 a 2000, ele gerenciou a mesa de opções de dólar para JP Morgan em Nova York. Antes de ingressar na Barclays Capital em 2004, trabalhou no Credit Suisse First Boston em Londres de 2002 a 2004.Jean-Pierre é formado pela Ecole Polytechnique em Paris e depois pela Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE) .
Pawel Lewicki.
Chefe de pesquisa.
Ex-chefe de pesquisa sistemática, BlueCrest. A Pawel juntou-se ao BlueCrest em janeiro de 2018 da Barclays Capital, onde, como Diretor Geral, atuou como Responsável Global de Análise Quantitativa por três anos. Antes disso, a Pawel foi diretora-gerente da J. P. Morgan, onde trabalhou por 12 anos no Derivatives Research and Strategy Group. Antes de começar sua carreira em finanças, Pawel liderou trabalhos de pesquisa em processamento de sinal estatístico para a Schlumberger nos EUA. Pawel tem um doutorado em Matemática Aplicada do Instituto Courant da Universidade de Nova York, com especialização em teoria da probabilidade e mídia aleatória. Ele possui uma patente dos EUA em métodos de análise de dados.
Ex-consultor jurídico, BlueCrest. Antes de ingressar na Systematica, Ben trabalhou anteriormente para a BlueCrest Capital por 9 anos como assessor jurídico. Ele se juntou ao BlueCrest em 2005 da McDermott, Will & amp; Emery, onde ele era um procurador associado no departamento corporativo. Ele se qualificou como advogado em setembro de 2003 com Allen & amp; Overy em Londres, onde trabalhou na corporação e fusões & amp; departamento de aquisições. Ben se formou na Queens & # 039; Faculdade, Universidade de Cambridge em 2000 e possui uma lei BA (Hons) Law / MA (Cantab). Ele realizou seu LPC na Nottingham Law School em 2001.
Declan Ryan.
Chefe de Relações com Investidores.
Ex-Co-chefe de Relações com Investidores da América do Norte, BlueCrest. Antes de ingressar no BlueCrest, Declan foi Diretor Executivo da UBS, onde atuou como Chefe de Relações com Investidores na América do Norte pelo UBS O'Connor, um grupo de hedge funds de várias estratégias. Antes de UBS Declan era vice-presidente da JPMorgan Alternative Asset Management, onde era responsável pelo desenvolvimento de negócios e relações com clientes. Declan é um detentor de frete de CFA e é Bacharel em Direito e Direito pela University College Dublin (1995).
Equipe de investimento.
A equipe de investimento é organizada funcionalmente em três linhas; Pesquisa, Tecnologia e Negociação com a equipe de Gerenciamento de Produtos fornecendo supervisão estratégica, coordenação e direção de desenvolvimento.
Prêmios.
Carreiras.
Contate-Nos.
As informações contidas neste site não constituem a provisão de consultoria de investimento ou uma oferta para venda. Os dados fornecidos não foram auditados e são fornecidos apenas para fins informativos. A Systematica Investments Limited ("SIL") é registrada como consultora de investimentos junto à Comissão de Valores Mobiliários (SEC) nos termos da Lei de Conselheiros de Investimento de 1940 e com a Comissão de Negociação de Mercadorias de Mercadorias dos Estados Unidos como consultora de commodities e um grupo de commodities operador e é membro da National Futures Association em tal capacidade. O SIL é licenciado e regulamentado pela Comissão de Serviços Financeiros da Jersey ("JFSC") sob a Lei de Serviços Financeiros (Jersey) para realizar negócios de serviços de fundos dentro e dentro de Jersey. As autoridades anteriores não confirmaram a precisão deste site. © 2018 Systematica Investments Limited.
Relações com Investidores e Outras Consultas.
Pressione as perguntas.
Diretor de proteção de dados.
Copyright © 2018 Systematica Investments Limited.
Esta comunicação é emitida: (i) para todos os fins, exceto para emissão nos Estados Unidos ou emissão para pessoas dos EUA ou emissão na Austrália ou para pessoas da Austrália, pela Systematica Investments Services Limited (& ldquo; SISL & rdquo;); (ii) apenas para fins de emissão nos Estados Unidos ou emitir para os EUA, pela Systematica Investments Limited (& ldquo; SIL & rdquo;) atuando unicamente na qualidade de sócio geral da Systematica Investments LP (& ldquo; SILP & rdquo;); e (iii) apenas para fins de emissão na Austrália ou para pessoas australianas, pela Systematica Investments Singapore Pte. Limitado (& quot; SISPL & quot;); O SISL é autorizado e regulado pela Autoridade de Conduta Financeira do Reino Unido (o & ldquo; FCA & rdquo;). A SIL é registrada na Comissão de Valores Mobiliários dos Estados Unidos como consultora de investimentos nos termos da Lei de Conselheiros de Investimento dos EUA de 1940, conforme alterada, e com a Comissão de Negociação de Mercadorias de Mercadorias dos Estados Unidos como consultor de negociação de commodities e um operador de pool de commodities e é membro da Associação Nacional de Futuros dos EUA em tal capacidade. SIL como sócio geral da SILP é licenciado e regulamentado pela Jersey Financial Services Commission (o & ldquo; JFSC & rdquo;) sob a Lei de Serviços Financeiros (Jersey) 1998 (o & ldquo; FSJL & rdquo;) para realizar negócios de serviços de fundos dentro e dentro de Jersey. A JFSC não se responsabiliza pela solidez financeira dos Fundos (conforme definido abaixo) ou pela correção de quaisquer declarações feitas ou expressas neste documento. O JFSC é protegido pelo FSJL contra a responsabilidade decorrente do cumprimento das suas funções nos termos dessa lei. A SISPL está isenta do requisito de possuir uma licença australiana de serviços financeiros em relação aos serviços financeiros que fornece aos investidores atacadistas e # 39; na Austrália (como esse termo é definido na Corporations Act 2001 (Cth)) e é regulado pela Autoridade Monetária de Cingapura de acordo com as leis de Singapura que diferem das leis australianas.
Na medida em que esta comunicação seja emitida pelo SISL, aplica-se o seguinte. Esta comunicação é emitida no Reino Unido pela SISL com base em que ela é emitida por uma pessoa isenta de acordo com o Artigo 16 da Ordem de Pagamento de Serviços Financeiros e Mercados de 2000 (Promoção Financeira) 2005. Nenhum dos fundos aqui descritos ou qualquer outro Fundo em relação ao qual a SIL atua como gerente de investimentos (cada um, & ldquo; Fund & rdquo; e, em conjunto, o & ldquo; Funds & rdquo;) é um esquema de investimento coletivo reconhecido para os fins da Financial Services and Markets Act 2000 do Reino Unido (the & ldquo ; Act & rdquo;;) A promoção de cada um dos Fundos e a distribuição desta comunicação no Reino Unido são, portanto, restritas por lei. Esta comunicação está a ser emitida dentro e fora do Reino Unido apenas para e / ou é dirigida apenas para pessoas que são clientes profissionais ou contrapartes elegíveis para os propósitos do livro de referência de conduta de negócios da FCA. O SISL não está agindo ou aconselhou investidores nos Fundos e não é responsável por fornecer esses investidores com as proteções disponíveis no âmbito do sistema regulatório do Reino Unido.
Na medida em que esta comunicação seja emitida pela SIL, esta comunicação foi preparada de acordo com os requisitos da FSJL e quaisquer outras leis, regulamentos e ordens que possam ser aplicáveis ​​de tempos em tempos, juntamente com os requisitos de quaisquer códigos relevantes de prática e orientação emitidas pelo JFSC de tempos em tempos (o & ldquo; JFSC Regulatory Requirements & rdquo;). A informação aqui contida é dirigida exclusivamente por pessoas que são clientes profissionais ou contrapartes elegíveis para os Requisitos de regulamentação da JFSC ou, se para pessoas dos EUA (conforme definido no Regulamento S promulgado nos termos do US Securities Act de 1933, conforme alterado (o & ldquo; Securities Act & rdquo;)), para pessoas dos EUA que são investidores credenciados (conforme definido no Regulamento D promulgado nos termos da Lei de Valores Mobiliários) e compradores qualificados (conforme definido na Lei de Sociedade de Investimento dos EUA de 1940, conforme alterada (the & ldquo ; Investment Company Act & rdquo;)).
Os interesses nos Fundos não foram arquivados ou aprovados ou reprovados por qualquer autoridade reguladora dos Estados Unidos ou de qualquer outro estado, nem outra autoridade reguladora tenha aprovado ou aprovado o mérito de uma oferta de um Fundo ou a precisão ou adequação desta comunicação. Qualquer representação em contrário é ilegal.
EM CONFORMIDADE COM A EXENÇÃO DA COMISSÃO DE NEGOCIAÇÃO DOS FUTUROS DE PRODUTOS BÁSICOS EM RELAÇÃO ÀS CONTAS DE PESSOAS ELIGÍVEIS QUALIFICADAS, ESTE DOCUMENTO DE FOLLETA OU DE CONTA NÃO É NECESSÁRIO E NÃO FOI APRESENTADO COM A COMISSÃO. A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO PASSA SOBRE O MÉRITO DE PARTICIPAR EM UM PROGRAMA DE NEGOCIAÇÃO OU SOBRE A ADEQUAÇÃO OU A PRECISÃO DA DIVULGAÇÃO DE CONSULTORES DE PRODUTOS COMERCIAIS. CONSEQÜENTEMENTE, A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO REVISOU OU APROVOU ESTE PROGRAMA DE NEGOCIAÇÃO OU ESTE DOCUMENTO DE FOLLETA OU DE CONTA.
OS RECEPTORES DEVEM OBSERVAR QUE QUALQUER FUNDO QUE SÃO AS PARCERIAS LIMITADAS DELAWARE SÃO ÚNICAMENTE DISPONÍVEIS PARA INVESTIMENTO POR PESSOAS DOS ESTADOS UNIDOS, CONFORME DEFINIDOS NO ÂMBITO DO REGULAMENTO S PROMULGADO EM CONFORMIDADE COM O ACTO DE VALORES MOBILIÁRIOS; TAMBÉM FUNDOS NÃO SÃO DISTRIBUÍDOS, PROMOVIDOS OU MERCADOS EM QUALQUER JURISDIÇÃO QUE NÃO SEJA OS ESTADOS UNIDOS.
A informação aqui contida destina-se apenas à pessoa ou entidade a que é endereçada e pode conter material confidencial e / ou privilegiado. Qualquer divulgação ou outro uso não autorizado dessa informação por qualquer pessoa ou entidade é estritamente proibido. A distribuição de informações ou documentos contidos nesta comunicação pode ser restringida por lei. Nenhuma ação foi ou será tomada por qualquer SISL, SIL ou qualquer Fundo para permitir a posse ou distribuição das informações ou documentos contidos nesta comunicação em qualquer jurisdição (exceto como expressamente descrito aqui), onde ação para esse fim pode é necessário. Consequentemente, tais informações ou documentos não podem ser distribuídos em nenhuma jurisdição, exceto em circunstâncias que resultarão em conformidade com as leis e regulamentos aplicáveis. As pessoas a quem tais informações ou documentos são comunicados devem informar-se e observar tais restrições.
Informação para investidores no Espaço Económico Europeu (o & ldquo; EEA & rdquo;): Esta comunicação só pode ser distribuída e os interesses nos Fundos só podem ser oferecidos ou colocados em um Estado-Membro do EEE na medida em que: (1) o Fundo é permissão para ser comercializada para investidores profissionais no Estado-Membro relevante do EEE de acordo com a Diretriz de Gestão de Fundos de Investimento Alternativo (& ldquo; AIFMD & rdquo;) (conforme implementado na legislação / regulamento local do Estado-Membro relevante do EEE); ou (2) esta comunicação pode ser de outra forma legalmente distribuída e os interesses nos Fundos podem ser legalmente oferecidos ou colocados nesse Estado-Membro do EEE (inclusive por iniciativa do investidor em potencial). Em relação a cada Estado-Membro do EEE que, na data da presente comunicação, não implementou a AIFMD, esta comunicação só pode ser distribuída e os interesses nos Fundos só podem ser oferecidos ou colocados na medida em que esta comunicação possa ser legalmente distribuída e Os interesses nos Fundos podem ser legalmente oferecidos ou colocados nesse Estado-Membro do EEE (incluindo, por iniciativa do investidor em potencial).
Informações para investidores na Suíça: Qualquer distribuição de participação nos Fundos na Suíça é feita exclusivamente para investidores qualificados (& ldquo; Investors Qualified & rdquo;), e é direcionado para eles, conforme definido na Lei de Esquemas de Investimentos Coletivos Suíços de 23 de junho de 2006, conforme alterada , e sua lei de implementação. Todos os fundos que são parcerias limitadas da Delaware não estão sendo distribuídos na Suíça e não estão disponíveis para subscrição por investidores na Suíça. Consequentemente, os Fundos não foram e não serão registrados na Autoridade Supervisora ​​do Mercado Financeiro Suíço. Se um representante suíço tiver sido nomeado em relação a um Fundo, a oferta de materiais relacionados a interesses desse Fundo poderá ser disponibilizada aos Investidores Qualificados na Suíça unicamente pelo representante suíço e / ou distribuidores autorizados. Representante suíço (nomeado): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Suíça. Agente pagador suíço (quando indicado): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurique, Suíça. No que diz respeito à distribuição de interesses nos Fundos em e desde a Suíça, o local de execução e jurisdição é o escritório do representante suíço.
Informações para investidores na Austrália: na medida em que este documento é emitido pela SISPL, este documento foi preparado sem levar em conta os objetivos, a situação financeira ou as necessidades das pessoas australianas que recebem este documento. Antes de tomar uma decisão de investimento, as pessoas australianas que recebem este documento devem considerar o memorando de oferta e avaliar se o produto é apropriado dado seus objetivos, situação financeira ou necessidades. Este documento só deve ser disponibilizado para investidores atacadistas e # 39; nos termos da Lei das Sociedades por Ações de 2001 (Cth).
Informações para investidores em Singapura: os Fundos não são autorizados ou reconhecidos pela Autoridade Monetária de Cingapura (& ldquo; MAS & rdquo;) e os interesses em qualquer Fundo não podem ser oferecidos ao público varejista. Esta comunicação e qualquer outra comunicação ou material relacionado com a oferta, a venda, o convite para subscrição ou a compra de participações em qualquer Fundo não podem ser distribuídos ou distribuídos, nem podem ser oferecidos, vendidos ou sujeitos a um Fundo. convite para subscrição ou compra, direta ou indiretamente, ao público ou a qualquer membro do público em Cingapura que não seja uma pessoa que seja um investidor credenciado ou um investidor institucional (cada um conforme definido na Securities and Futures Act (Capítulo 289) de Singapura) (& ldquo; SFA & rdquo;;) ou a menos que seja permitido de outra forma de acordo com qualquer isenção aplicável. Esta comunicação e qualquer outra comunicação ou material emitido em conexão com a oferta ou venda não é um prospecto conforme definido na SFA e não foi registrado como prospecto com o MAS. Por conseguinte, a responsabilidade legal prevista no SFA em relação ao conteúdo dos prospectos não seria aplicável. Cada investidor em perspectiva deve considerar cuidadosamente se o investimento é adequado para ele.
SIL, como sócio geral da SILP (SIL junto com a SILP e cada uma de suas subsidiárias e afiliadas, o & ldquo; Systematica Group & rdquo;), foi nomeado como gerente de investimentos dos Fundos em 1 de janeiro de 2018 no & ldquo; spin-out & rdquo; do Grupo Systematica. Qualquer informação de desempenho do Fundo nesta comunicação relativa a datas anteriores a 1 de janeiro de 2018 ilustra o desempenho dos Fundos, enquanto seus antecessores foram nomeados como gerente de investimentos para os Fundos. Não há garantia de que o desempenho passado dos Fundos será replicado sob a gestão do Grupo Systematica.
Esta comunicação não se destina a constituir, e não deve ser interpretada como, consultoria de investimento, recomendações de investimento ou pesquisa de investimento. Os potenciais investidores nos Fundos devem procurar o seu próprio conselho independente financeiro, tributário, legal e outros. Esta comunicação foi fornecida apenas para fins informativos e não pode ser invocada por você para avaliar os méritos de investir em quaisquer valores mobiliários ou interesses aqui referidos ou para qualquer outro propósito. Esta comunicação não se destina e não deve ser tomada como uma oferta ou solicitação com respeito à compra ou venda de qualquer garantia ou interesse, nem constitui uma oferta ou solicitação em qualquer jurisdição, incluindo aquelas em que tal oferta ou a solicitação não é autorizada ou a qualquer pessoa a quem é ilegal fazer tal solicitação ou oferta. Antes de tomar qualquer decisão de investimento, você deve obter pareceres legais, tributários, contábeis ou outros profissionais independentes, conforme apropriado, nenhum dos quais é oferecido por SIL, SISL ou qualquer de suas afiliadas. Nenhuma SIL, SISL ou qualquer uma de suas afiliadas aceita qualquer dever de cuidado para você em relação a qualquer investimento nos Fundos.
Os termos de investimento em qualquer dos Fundos aqui descritos ou qualquer outro Fundo são unicamente conforme estabelecido no folheto relevante do Fundo ou no memorando de colocação privada (incluindo quaisquer suplementos), conforme o caso, formulários de inscrição e / ou memorando e contrato de sociedade ou associação limitada, conforme o caso (coletivamente, o & ldquo; Fund Documents & ldquo;). Antes de adquirir um interesse em qualquer Fundo, cada investidor em perspectiva é obrigado a confirmar que analisou cuidadosamente os diversos riscos de um investimento no Fundo, conforme estabelecido nos Documentos do Fundo, e é obrigado a reconhecer e concordar com a existência de qualquer conflitos de interesses reais e potenciais descritos nos Documentos do Fundo e renunciarem, na medida máxima permitida por qualquer lei aplicável, a qualquer reclamação em relação à existência de tais conflitos.
Esta comunicação pode conter resultados de desempenho simulados obtidos por meio da aplicação retroativa da metodologia de investimento do conselheiro ou a aplicação em tempo real de uma alocação hipotética de capital a essa estratégia. Os resultados de desempenho hipotéticos têm muitas limitações inerentes, algumas das quais estão descritas abaixo. Nenhuma representação está sendo feita que qualquer programa de negociação específico seja ou seja susceptível de atingir lucros ou perdas similares às exibidas. Na verdade, há freqüentemente diferenças acentuadas entre resultados de desempenho hipotéticos e os resultados reais posteriormente alcançados por qualquer programa comercial específico. Uma das limitações dos resultados de desempenho hipotéticos é que eles geralmente são preparados com o benefício de retrospectiva. Além disso, a negociação hipotética não envolve risco financeiro, e nenhum registro de negociação hipotético pode explicar completamente o impacto do risco financeiro na negociação real. Por exemplo, a capacidade de suportar perdas ou de aderir a um determinado programa de negociação, apesar das perdas comerciais, são pontos importantes que também podem prejudicar os resultados comerciais reais. Existem inúmeros outros fatores relacionados aos mercados em geral ou à implementação de qualquer programa de negociação específico que não possa ser totalmente contabilizado na elaboração de resultados de desempenho hipotéticos e todos os quais podem prejudicar os resultados comerciais reais.
Embora a informação nesta comunicação acredite ser materialmente correta na data de emissão, nenhuma declaração ou garantia é dada quanto à precisão de qualquer informação fornecida. Além disso, nenhuma representação ou garantia é dada em relação à correção da informação aqui contida em qualquer data futura. Certas informações incluídas nesta comunicação são baseadas em informações obtidas de fontes de terceiros consideradas confiáveis. Qualquer projeção ou análise fornecida para auxiliar o destinatário desta comunicação na avaliação dos assuntos aqui descritos pode basear-se em avaliações e premissas subjetivas e pode usar uma das metodologias alternativas que produzem resultados diferentes. Consequentemente, quaisquer projeções ou análises não devem ser vistas como factuais e não devem ser invocadas como uma previsão precisa de resultados futuros. Além disso, na medida permitida por lei, a SISL, a SIL, a SILP, os Fundos e suas afiliadas, agentes, prestadores de serviços e consultores profissionais não assumem responsabilidade ou responsabilidade e não devem nenhum dever de cuidado para quaisquer conseqüências de qualquer pessoa que atue ou se abstenha de agir de acordo com as informações contidas nesta comunicação ou para qualquer decisão com base nela.
O DESEMPENHO PASSADO NÃO É NECESSÁRIO INDICATIVO DOS RESULTADOS FUTUROS. O desempenho real realizado por qualquer investidor dependerá de vários fatores e circunstâncias. Esta comunicação pode incluir retornos para vários índices. Esses índices não se destinam a ser benchmarks diretos para um Fundo específico, nem pretendem ser indicativos do tipo de ativos em que um determinado Fundo pode investir. Os ativos investidos por qualquer um dos Fundos provavelmente serão materialmente diferentes dos ativos subjacentes a esses índices e provavelmente terão um perfil de risco significativamente diferente. Os rendimentos do alvo, a volatilidade e os índices de Rácio Sharpe são apenas metas e são baseados no longo prazo nas projeções de desempenho da estratégia de investimento e nas taxas de juros de mercado no momento da modelagem e, portanto, podem mudar.
Os interesses nos Fundos e outros investimentos e serviços de investimento a que se refere esta comunicação estão disponíveis apenas para as pessoas mencionadas nos parágrafos relevantes acima, e outras pessoas não devem atuar sobre as informações aqui contidas.
Qualquer decisão de comprar valores mobiliários ou juros com relação a qualquer dos Fundos aqui descritos deve basear-se unicamente nas informações contidas nos Documentos do Fundo, que devem ser recebidas e revisadas antes de qualquer decisão de investimento. Qualquer pessoa que se inscreva para um investimento deve ser capaz de suportar os riscos envolvidos (incluindo o risco de uma perda total de capital) e deve atender aos requisitos de adequação relacionados a esses investimentos. Alguns ou todos os programas de investimento alternativo podem não ser adequados para certos investidores.
Entre os riscos que desejamos chamar a atenção especial de potenciais investidores estão os seguintes: (1) o programa de investimento de cada Fundo é de natureza especulativa e implica riscos substanciais; (2) os investimentos de cada Fundo podem estar sujeitos a quedas súbitas e grandes de preço ou valor e pode haver uma grande perda após a realização do investimento de um detentor, o que poderia igualar o valor total investido; (3), uma vez que não existe um mercado reconhecido para muitos dos investimentos dos Fundos, pode ser difícil ou impossível para um Fundo obter informações completas e / ou confiáveis ​​sobre o valor de tais investimentos ou a extensão dos riscos para os quais tais os investimentos estão expostos; (4) o uso de um único grupo de conselheiros pode significar falta de diversificação e, conseqüentemente, maior risco, e pode depender dos serviços do pessoal-chave, e se determinados ou todos ficarem indisponíveis, os Fundos podem terminar prematuramente; (5) um investimento em um Fundo é ilíquido e não há mercado secundário para a venda de participações em um Fundo e não se prevê que se desenvolva; (6) há restrições na transferência de interesses em um Fundo; (7) A SIL e suas afiliadas podem receber uma remuneração baseada em desempenho, o que pode resultar em investimentos mais arriscados e os Fundos & rsquo; as taxas podem compensar os lucros comerciais; (8) os Fundos estão sujeitos a certos conflitos de interesse; (9) certos títulos e instrumentos nos quais os Fundos podem investir podem ser altamente voláteis; (10) os Fundos podem ser alavancados; (11) uma parcela substancial das negociações executadas para os Fundos ocorrem em trocas não-americanas; (12) as mudanças nas taxas de câmbio também podem ter um efeito adverso sobre o valor, preço ou renda dos investimentos de cada Fundo; e (13) os Fundos não são fundos de investimento de acordo com e, portanto, não estão sujeitos a regulamentação nos termos da Lei das Sociedades de Investimento.
Esta comunicação é emitida: (i) para todos os fins, exceto para emissão nos Estados Unidos ou emissão para pessoas dos EUA ou emissão na Austrália ou para pessoas da Austrália, pela Systematica Investments Services Limited (& ldquo; SISL & rdquo;); (ii) apenas para fins de emissão nos Estados Unidos ou emitir para os EUA, pela Systematica Investments Limited (& ldquo; SIL & rdquo;) atuando unicamente na qualidade de sócio geral da Systematica Investments LP (& ldquo; SILP & rdquo;); e (iii) apenas para fins de emissão na Austrália ou para pessoas australianas, pela Systematica Investments Singapore Pte. Limitado (& quot; SISPL & quot;); O SISL é autorizado e regulado pela Autoridade de Conduta Financeira do Reino Unido (o & ldquo; FCA & rdquo;). A SIL é registrada na Comissão de Valores Mobiliários dos Estados Unidos como consultora de investimentos nos termos da Lei de Conselheiros de Investimento dos EUA de 1940, conforme alterada, e com a Comissão de Negociação de Mercadorias de Mercadorias dos Estados Unidos como consultor de negociação de commodities e um operador de pool de commodities e é membro da Associação Nacional de Futuros dos EUA em tal capacidade. SIL como sócio geral da SILP é licenciado e regulamentado pela Jersey Financial Services Commission (o & ldquo; JFSC & rdquo;) sob a Lei de Serviços Financeiros (Jersey) 1998 (o & ldquo; FSJL & rdquo;) para realizar negócios de serviços de fundos dentro e dentro de Jersey. A JFSC não se responsabiliza pela solidez financeira dos Fundos (conforme definido abaixo) ou pela correção de quaisquer declarações feitas ou expressas neste documento. O JFSC é protegido pelo FSJL contra a responsabilidade decorrente do cumprimento das suas funções nos termos dessa lei. A SISPL está isenta do requisito de possuir uma licença australiana de serviços financeiros em relação aos serviços financeiros que fornece aos investidores atacadistas e # 39; in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore under the laws of Singapore which differ from Australian laws.
To the extent that this communication is issued by SISL, the following applies. This communication is issued in the United Kingdom by SISL on the basis that it is issued by an exempt person in accordance with Article 16 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. None of the funds described herein or any other fund in respect of which SIL acts as investment manager (each, a “Fund” and together the “Funds”) is a recognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). The promotion of each of the Funds and the distribution of this communication in the United Kingdom is accordingly restricted by law. This communication is being issued inside and outside the United Kingdom only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook. SISL is not acting for, or advising, investors in the Funds and is not responsible for providing such investors with the protections available under the UK regulatory system.
To the extent that this communication is issued by SIL, this communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by SIL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U. S. persons (as defined under Regulation S promulgated under the U. S. Securities Act of 1933, as amended (the “Securities Act”)), to U. S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U. S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
EM CONFORMIDADE COM A EXENÇÃO DA COMISSÃO DE NEGOCIAÇÃO DOS FUTUROS DE PRODUTOS BÁSICOS EM RELAÇÃO ÀS CONTAS DE PESSOAS ELIGÍVEIS QUALIFICADAS, ESTE DOCUMENTO DE FOLLETA OU DE CONTA NÃO É NECESSÁRIO E NÃO FOI APRESENTADO COM A COMISSÃO. A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO PASSA SOBRE O MÉRITO DE PARTICIPAR EM UM PROGRAMA DE NEGOCIAÇÃO OU SOBRE A ADEQUAÇÃO OU A PRECISÃO DA DIVULGAÇÃO DE CONSULTORES DE PRODUTOS COMERCIAIS. CONSEQÜENTEMENTE, A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO REVISOU OU APROVOU ESTE PROGRAMA DE NEGOCIAÇÃO OU ESTE DOCUMENTO DE FOLLETA OU DE CONTA.
RECIPIENTS SHOULD NOTE THAT ANY FUNDS WHICH ARE DELAWARE LIMITED PARTNERSHIPS ARE ONLY AVAILABLE FOR INVESTMENT BY U. S. PERSONS, AS DEFINED UNDER REGULATION S PROMULGATED UNDER THE SECURITIES ACT; SUCH FUNDS ARE NOT BEING DISTRIBUTED, PROMOTED OR MARKETED IN ANY JURISDICTION OTHER THAN THE UNITED STATES.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by any of SISL, SIL, or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly described herein) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Information for investors in the European Economic Area (the “EEA”): This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (2) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the Swiss Financial Market Supervisory Authority. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this document is issued by SISPL, this document has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this document. Before making an investment decision, Australian persons who receive this document should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This document is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth).
Information for investors in Singapore : The Funds are not authorised or recognised by the Monetary Authority of Singapore (“MAS”) and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
SIL, as general partner of SILP (SIL together with SILP and each of their subsidiaries and affiliates, the “Systematica Group”), was appointed as investment manager of the Funds on 1 January 2018 upon the “spin-out” of the Systematica Group. Any Fund performance information in this communication relating to dates prior to 1 January 2018 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the Systematica Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by SIL, SISL or any of their affiliates. None of SIL, SISL or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund's prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement, as the case may be (collectively, the “Fund Documents“). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Os resultados de desempenho hipotéticos têm muitas limitações inerentes, algumas das quais estão descritas abaixo. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. Na verdade, há freqüentemente diferenças acentuadas entre resultados de desempenho hipotéticos e os resultados reais posteriormente alcançados por qualquer programa comercial específico. Uma das limitações dos resultados de desempenho hipotéticos é que eles geralmente são preparados com o benefício de retrospectiva. Além disso, a negociação hipotética não envolve risco financeiro, e nenhum registro de negociação hipotético pode explicar completamente o impacto do risco financeiro na negociação real. Por exemplo, a capacidade de suportar perdas ou de aderir a um determinado programa de negociação, apesar das perdas comerciais, são pontos importantes que também podem prejudicar os resultados comerciais reais. Existem inúmeros outros fatores relacionados aos mercados em geral ou à implementação de qualquer programa de negociação específico que não possa ser totalmente contabilizado na elaboração de resultados de desempenho hipotéticos e todos os quais podem prejudicar os resultados comerciais reais.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, SISL, SIL, SILP, the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
O DESEMPENHO PASSADO NÃO É NECESSÁRIO INDICATIVO DOS RESULTADOS FUTUROS. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Alguns ou todos os programas de investimento alternativo podem não ser adequados para certos investidores.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund's investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U. S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.
Deutsche Bank Securities Inc.
Stifel, Nicolaus & Company, Inc.
On August 26, 2004, in connection with the 2002 industry-wide governmental and regulatory investigations into research and analysts practices, Deutsche Bank Securities Inc. ("DBSI") reached a settlement agreement with the Securities and Exchange Commission, the National Association of Securities Dealers, the New York Stock Exchange and the New York Attorney General, and with other state regulators arising from an investigation of research analyst independence. Under the terms of the settlement, DBSI agreed to pay $87.5 million.
On June 3, 2009, DBSI settled proceedings with the U. S. Securities and Exchange Commission, the New Jersey Department of Securities and the New York Attorney General in connection with various claims under the federal securities laws and state common law arising out of the sale of auction rate preferred securities and auction rate securities (together, "ARS"). Under the terms of the settlements, DBSI was required to, among other things, offer to buy back ARS purchased by certain customers from DBSI, reimburse certain customers who took out loans secured by ARS and compensate eligible customers who sold their ARS below par value. In connection with the settlements, a number of state securities commissions issued final orders against DBSI.
Stifel, Nicolaus & Company Inc.
On December 6, 2018, a final judgment (“Judgment”) was entered against Stifel, Nicolaus & Company, Inc. (“Stifel Nicolaus”) by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv-00755) resolving a civil lawsuit filed by the U. S. Securities & Exchange Commission (the “SEC”) in 2018 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006.
As a result of the Order:
- Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act; e.
- Stifel and David Noack, a former employee, are jointly liable to pay disgorgement and prejudgment interest of $2.44 million. Stifel was also required to pay a civil penalty of $22.5 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter.
Simultaneously with the entry of the Judgment, the SEC issued an order granting Stifel waivers from the application of the disqualification provisions of Rule 506(d)(1)(iv) of Regulation D and Rule 262(b)(2) of Regulation A under the Securities Act (the “Securities Act Waivers”) and a no-action letter granting relief from the disqualification provisions of Rule 206(4)-3 under the Advisers Act (the “Advisers Act Waiver”). The SEC also exempted Choice Financial Partners, Inc., 1919 Investment Counsel, LLC and Ziegler Capital Management, LLC (“Stifel Affiliates”) from section 9(a) of the Investment Company Act of 1940 (the “Investment Company Act Exemption”) through the issuance of a temporary order. Unless the SEC orders a hearing, a permanent order will be issued in 2017 and will be posted to the SEC’s EDGAR database.
Copies of the Judgment, Securities Act Waiver, Advisers Act Waiver and ’40 Act Exemption are available on the SEC’s website:
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BlueCrest Capital Management to spin out investment management business.
LONDON, Sept 26 (Reuters) - BlueCrest Capital Management is to spin out its systematic investment management business into an independent firm, Systematica Investments, as it focuses primarily on discretionary trading strategies in its two flagship funds.
The firm will have around 100 staff and will be led by BlueCrest’s current head of systematic trading, Leda Braga. It will manage the $8.3 billion BlueTrend programme as well as the BlueMatrix quantitative equity market neutral fund.
The business is expected to launch in January 2018. (Reporting By Freya Berry; Editing by Matt Scuffham)
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Bluecrest capital systematic trading

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Founded in January 2018 after a decade of experience within BlueCrest Capital Management.
Innovative firm focused on a quantitative and systematic approach to investing.
Investment philosophy based upon a disciplined research process, technological innovation and operational excellence.
Manages assets for a diverse investor base across the globe.
Global presence with offices in Jersey, London, Geneva, New York and Singapore.
Prêmios.
Carreiras.
Contate-Nos.
Multi-Strategy.
Synergy Programme.
Portfolio with equal notional based allocations to each of Systematica’s alpha strategies.
Customised Solutions.
Customised mandates to allow for access to tailored mixes of Systematica’s strategies.
Alpha Strategies.
SYSTEMATIC TREND FOLLOWING PROGRAMME.
A global systematic trend following strategy that trades in excess of 200 liquid markets covering asset classes including equities, fixed income, foreign exchange, energy, metals and agricultural commodities.
SYSTEMATIC ALTERNATIVE MARKETS PROGRAMME.
A global specialized systematic trend following programme focused on markets in which CTAs trade less commonly.
SYSTEMATIC EQUITY MARKET NEUTRAL PROGRAMME.
A global systematic equity market neutral strategy that draws upon a wide variety of fundamental and technical inputs, as well as other sources.
Scalable Alternatives.
SYSTEMATIC ALTERNATIVE RISK PREMIA PROGRAMME.
A global systematic strategy offering diversified access to alternative risk premia.
SYSTEMATIC PURE TREND FOLLOWING PROGRAMME.
A global systematic trend following strategy that trades approximately 90 liquid markets covering asset classes including equities, fixed income, foreign exchange, energy, metals and agricultural commodities. Flat fee product.
The information on this website does not constitute the provision of investment advice or an offer for sale. The data supplied has not been audited and is provided for information purposes only. Systematica Investments Limited ("SIL") is registered as an investment adviser with the U. S. Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 and with the U. S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the National Futures Association in such capacity. SIL is licensed and regulated by the Jersey Financial Services Commission ("JFSC") under the Financial Services (Jersey) Law to conduct fund services business in and from within Jersey. The foregoing authorities have not confirmed the accuracy of this site. © 2018 Systematica Investments Limited.
Investor Relations & Other Queries.
Press Enquiries.
Data Protection Officer.
Copyright © 2018 Systematica Investments Limited.
This communication is issued: (i) for all purposes, except for issue into the United States or issue to U. S. persons or issue into Australia or to Australia persons, by Systematica Investments Services Limited (“SISL”); (ii) only for the purposes of issue into the United States or issue to U. S. persons, by Systematica Investments Limited (“SIL”) acting solely in its capacity as general partner of Systematica Investments LP (“SILP”); and (iii) only for the purposes of issue into Australia or to Australian persons, by Systematica Investments Singapore Pte. Limited ("SISPL"). SISL is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). SIL is registered with the U. S. Securities and Exchange Commission as an investment adviser under the U. S. Investment Advisers Act of 1940, as amended, and with the U. S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the U. S. National Futures Association in such capacity. SIL as general partner of SILP is licensed and regulated by the Jersey Financial Services Commission (the “JFSC”) under the Financial Services (Jersey) Law 1998 (the “FSJL”) to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds (as defined below) or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law. SISPL is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to 'wholesale investors' in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore under the laws of Singapore which differ from Australian laws.
To the extent that this communication is issued by SISL, the following applies. This communication is issued in the United Kingdom by SISL on the basis that it is issued by an exempt person in accordance with Article 16 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. None of the funds described herein or any other fund in respect of which SIL acts as investment manager (each, a “Fund” and together the “Funds”) is a recognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). The promotion of each of the Funds and the distribution of this communication in the United Kingdom is accordingly restricted by law. This communication is being issued inside and outside the United Kingdom only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook. SISL is not acting for, or advising, investors in the Funds and is not responsible for providing such investors with the protections available under the UK regulatory system.
To the extent that this communication is issued by SIL, this communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by SIL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U. S. persons (as defined under Regulation S promulgated under the U. S. Securities Act of 1933, as amended (the “Securities Act”)), to U. S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U. S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
EM CONFORMIDADE COM A EXENÇÃO DA COMISSÃO DE NEGOCIAÇÃO DOS FUTUROS DE PRODUTOS BÁSICOS EM RELAÇÃO ÀS CONTAS DE PESSOAS ELIGÍVEIS QUALIFICADAS, ESTE DOCUMENTO DE FOLLETA OU DE CONTA NÃO É NECESSÁRIO E NÃO FOI APRESENTADO COM A COMISSÃO. A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO PASSA SOBRE O MÉRITO DE PARTICIPAR EM UM PROGRAMA DE NEGOCIAÇÃO OU SOBRE A ADEQUAÇÃO OU A PRECISÃO DA DIVULGAÇÃO DE CONSULTORES DE PRODUTOS COMERCIAIS. CONSEQÜENTEMENTE, A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO REVISOU OU APROVOU ESTE PROGRAMA DE NEGOCIAÇÃO OU ESTE DOCUMENTO DE FOLLETA OU DE CONTA.
RECIPIENTS SHOULD NOTE THAT ANY FUNDS WHICH ARE DELAWARE LIMITED PARTNERSHIPS ARE ONLY AVAILABLE FOR INVESTMENT BY U. S. PERSONS, AS DEFINED UNDER REGULATION S PROMULGATED UNDER THE SECURITIES ACT; SUCH FUNDS ARE NOT BEING DISTRIBUTED, PROMOTED OR MARKETED IN ANY JURISDICTION OTHER THAN THE UNITED STATES.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by any of SISL, SIL, or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly described herein) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Information for investors in the European Economic Area (the “EEA”): This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (2) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the Swiss Financial Market Supervisory Authority. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this document is issued by SISPL, this document has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this document. Before making an investment decision, Australian persons who receive this document should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This document is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth).
Information for investors in Singapore : The Funds are not authorised or recognised by the Monetary Authority of Singapore (“MAS”) and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
SIL, as general partner of SILP (SIL together with SILP and each of their subsidiaries and affiliates, the “Systematica Group”), was appointed as investment manager of the Funds on 1 January 2018 upon the “spin-out” of the Systematica Group. Any Fund performance information in this communication relating to dates prior to 1 January 2018 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the Systematica Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by SIL, SISL or any of their affiliates. None of SIL, SISL or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund's prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement, as the case may be (collectively, the “Fund Documents“). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Os resultados de desempenho hipotéticos têm muitas limitações inerentes, algumas das quais estão descritas abaixo. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. Na verdade, há freqüentemente diferenças acentuadas entre resultados de desempenho hipotéticos e os resultados reais posteriormente alcançados por qualquer programa comercial específico. Uma das limitações dos resultados de desempenho hipotéticos é que eles geralmente são preparados com o benefício de retrospectiva. Além disso, a negociação hipotética não envolve risco financeiro, e nenhum registro de negociação hipotético pode explicar completamente o impacto do risco financeiro na negociação real. Por exemplo, a capacidade de suportar perdas ou de aderir a um determinado programa de negociação, apesar das perdas comerciais, são pontos importantes que também podem prejudicar os resultados comerciais reais. Existem inúmeros outros fatores relacionados aos mercados em geral ou à implementação de qualquer programa de negociação específico que não possa ser totalmente contabilizado na elaboração de resultados de desempenho hipotéticos e todos os quais podem prejudicar os resultados comerciais reais.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, SISL, SIL, SILP, the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
O DESEMPENHO PASSADO NÃO É NECESSÁRIO INDICATIVO DOS RESULTADOS FUTUROS. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Alguns ou todos os programas de investimento alternativo podem não ser adequados para certos investidores.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund's investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U. S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.
This communication is issued: (i) for all purposes, except for issue into the United States or issue to U. S. persons or issue into Australia or to Australia persons, by Systematica Investments Services Limited (“SISL”); (ii) only for the purposes of issue into the United States or issue to U. S. persons, by Systematica Investments Limited (“SIL”) acting solely in its capacity as general partner of Systematica Investments LP (“SILP”); and (iii) only for the purposes of issue into Australia or to Australian persons, by Systematica Investments Singapore Pte. Limited ("SISPL"). SISL is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). SIL is registered with the U. S. Securities and Exchange Commission as an investment adviser under the U. S. Investment Advisers Act of 1940, as amended, and with the U. S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the U. S. National Futures Association in such capacity. SIL as general partner of SILP is licensed and regulated by the Jersey Financial Services Commission (the “JFSC”) under the Financial Services (Jersey) Law 1998 (the “FSJL”) to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds (as defined below) or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law. SISPL is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to 'wholesale investors' in Australia (as that term is defined in the Corporations Act 2001 (Cth)) and is regulated by the Monetary Authority of Singapore under the laws of Singapore which differ from Australian laws.
To the extent that this communication is issued by SISL, the following applies. This communication is issued in the United Kingdom by SISL on the basis that it is issued by an exempt person in accordance with Article 16 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. None of the funds described herein or any other fund in respect of which SIL acts as investment manager (each, a “Fund” and together the “Funds”) is a recognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). The promotion of each of the Funds and the distribution of this communication in the United Kingdom is accordingly restricted by law. This communication is being issued inside and outside the United Kingdom only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook. SISL is not acting for, or advising, investors in the Funds and is not responsible for providing such investors with the protections available under the UK regulatory system.
To the extent that this communication is issued by SIL, this communication has been prepared in accordance with the requirements of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the “JFSC Regulatory Requirements”). The information contained herein is directed by SIL exclusively at persons who are professional clients or eligible counterparties for the purposes of the JFSC Regulatory Requirements, or, if to U. S. persons (as defined under Regulation S promulgated under the U. S. Securities Act of 1933, as amended (the “Securities Act”)), to U. S. persons who are both accredited investors (as defined under Regulation D promulgated under the Securities Act) and qualified purchasers (as defined in the U. S. Investment Company Act of 1940, as amended (the “Investment Company Act”)).
The interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this communication. Any representation to the contrary is unlawful.
EM CONFORMIDADE COM A EXENÇÃO DA COMISSÃO DE NEGOCIAÇÃO DOS FUTUROS DE PRODUTOS BÁSICOS EM RELAÇÃO ÀS CONTAS DE PESSOAS ELIGÍVEIS QUALIFICADAS, ESTE DOCUMENTO DE FOLLETA OU DE CONTA NÃO É NECESSÁRIO E NÃO FOI APRESENTADO COM A COMISSÃO. A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO PASSA SOBRE O MÉRITO DE PARTICIPAR EM UM PROGRAMA DE NEGOCIAÇÃO OU SOBRE A ADEQUAÇÃO OU A PRECISÃO DA DIVULGAÇÃO DE CONSULTORES DE PRODUTOS COMERCIAIS. CONSEQÜENTEMENTE, A COMISSÃO DE NEGOCIAÇÃO DE FUTUROS DE PRODUTOS BÁSICOS NÃO REVISOU OU APROVOU ESTE PROGRAMA DE NEGOCIAÇÃO OU ESTE DOCUMENTO DE FOLLETA OU DE CONTA.
RECIPIENTS SHOULD NOTE THAT ANY FUNDS WHICH ARE DELAWARE LIMITED PARTNERSHIPS ARE ONLY AVAILABLE FOR INVESTMENT BY U. S. PERSONS, AS DEFINED UNDER REGULATION S PROMULGATED UNDER THE SECURITIES ACT; SUCH FUNDS ARE NOT BEING DISTRIBUTED, PROMOTED OR MARKETED IN ANY JURISDICTION OTHER THAN THE UNITED STATES.
The information contained herein is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any person or entity is strictly prohibited. The distribution of information or documents contained in this communication may be further restricted by law. No action has been or will be taken by any of SISL, SIL, or any Fund to permit the possession or distribution of the information or documents contained in this communication in any jurisdiction (other than as expressly described herein) where action for that purpose may be required. Accordingly, such information or documents may not be distributed in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons to whom such information or documents are communicated should inform themselves about and observe any such restrictions.
Information for investors in the European Economic Area (the “EEA”): This communication may only be distributed and the interests in the Funds may only be offered or placed in an EEA Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant EEA Member State in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) (as implemented into the local law/regulation of the relevant EEA Member State); or (2) this communication may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor). In relation to each EEA Member State which, at the date of this communication, has not implemented AIFMD, this communication may only be distributed and the interests in the Funds may only be offered or placed to the extent that this communication may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that EEA Member State (including at the initiative of the potential investor).
Information for investors in Switzerland: Any distribution of interests in the Funds in Switzerland is exclusively made to, and directed at, qualified investors (“Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, and its implementing ordinance. Any Funds which are Delaware limited partnerships are not being distributed in Switzerland and are not available for subscription by investors in Switzerland. Accordingly, the Funds have not been and will not be registered with the Swiss Financial Market Supervisory Authority. If a Swiss representative has been appointed in respect of a Fund, offering materials relating to interests in that Fund may be made available to Qualified Investors in Switzerland solely by the Swiss representative and/or authorised distributors. Swiss representative (where appointed): Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland. Swiss paying agent (where appointed): Neue Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich, Switzerland. In respect of the distribution of interests in the Funds in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss representative.
Information for investors in Australia: To the extent that this document is issued by SISPL, this document has been prepared without taking into account the objectives, financial situation or needs of Australian persons who receive this document. Before making an investment decision, Australian persons who receive this document should consider the offering memorandum and assess whether the product is appropriate given your objectives, financial situation or needs. This document is only to be made available to 'wholesale investors' under the Corporations Act 2001 (Cth).
Information for investors in Singapore : The Funds are not authorised or recognised by the Monetary Authority of Singapore (“MAS”) and interests in any Funds are not allowed to be offered to the retail public. This communication and any other communication or material in connection with the offer, sale, invitation for subscription or purchase of interests in any Fund may not be circulated or distributed, nor may interests in any Fund be offered, sold or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than a person who is an accredited investor or an institutional investor (each as defined under the Securities and Futures Act (Chapter 289) of Singapore) (“SFA”) or unless otherwise permitted under any applicable exemption. This communication and any other communication or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and has not been registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Each prospective investor should consider carefully whether the investment is suitable for him.
SIL, as general partner of SILP (SIL together with SILP and each of their subsidiaries and affiliates, the “Systematica Group”), was appointed as investment manager of the Funds on 1 January 2018 upon the “spin-out” of the Systematica Group. Any Fund performance information in this communication relating to dates prior to 1 January 2018 illustrates the performance of the Funds whilst its predecessors were appointed as investment manager to the Funds. There is no guarantee that past performance of the Funds will be replicated under the management of the Systematica Group.
This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. Potential investors in the Funds should seek their own independent financial, tax, legal and other advice. This communication has been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein or for any other purpose. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Before making any investment decision you should obtain independent legal, tax, accounting or other professional advice, as appropriate, none of which is offered to you by SIL, SISL or any of their affiliates. None of SIL, SISL or any of their affiliates accepts any duty of care to you in relation to any investment in the Funds.
The terms of investment in any of the Funds described herein or any other Fund are solely as set out in the relevant Fund's prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement, as the case may be (collectively, the “Fund Documents“). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.
This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Os resultados de desempenho hipotéticos têm muitas limitações inerentes, algumas das quais estão descritas abaixo. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. Na verdade, há freqüentemente diferenças acentuadas entre resultados de desempenho hipotéticos e os resultados reais posteriormente alcançados por qualquer programa comercial específico. Uma das limitações dos resultados de desempenho hipotéticos é que eles geralmente são preparados com o benefício de retrospectiva. Além disso, a negociação hipotética não envolve risco financeiro, e nenhum registro de negociação hipotético pode explicar completamente o impacto do risco financeiro na negociação real. Por exemplo, a capacidade de suportar perdas ou de aderir a um determinado programa de negociação, apesar das perdas comerciais, são pontos importantes que também podem prejudicar os resultados comerciais reais. Existem inúmeros outros fatores relacionados aos mercados em geral ou à implementação de qualquer programa de negociação específico que não possa ser totalmente contabilizado na elaboração de resultados de desempenho hipotéticos e todos os quais podem prejudicar os resultados comerciais reais.
Although the information in this communication is believed to be materially correct as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, SISL, SIL, SILP, the Funds, and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
O DESEMPENHO PASSADO NÃO É NECESSÁRIO INDICATIVO DOS RESULTADOS FUTUROS. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.
Interests in the Funds and other investments and investment services to which this communication relates are only available to the persons referred to in the relevant paragraphs above, and other persons should not act on the information contained herein.
Any decision to purchase securities or interests with respect to any of the Funds described herein must be based solely upon the information contained in the Fund Documents, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved (including the risk of a total loss of capital) and must meet the suitability requirements relating to such investments. Alguns ou todos os programas de investimento alternativo podem não ser adequados para certos investidores.
Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund's investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser group could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) SIL and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U. S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the Investment Company Act.
Deutsche Bank Securities Inc.
Stifel, Nicolaus & Company, Inc.
On August 26, 2004, in connection with the 2002 industry-wide governmental and regulatory investigations into research and analysts practices, Deutsche Bank Securities Inc. ("DBSI") reached a settlement agreement with the Securities and Exchange Commission, the National Association of Securities Dealers, the New York Stock Exchange and the New York Attorney General, and with other state regulators arising from an investigation of research analyst independence. Under the terms of the settlement, DBSI agreed to pay $87.5 million.
On June 3, 2009, DBSI settled proceedings with the U. S. Securities and Exchange Commission, the New Jersey Department of Securities and the New York Attorney General in connection with various claims under the federal securities laws and state common law arising out of the sale of auction rate preferred securities and auction rate securities (together, "ARS"). Under the terms of the settlements, DBSI was required to, among other things, offer to buy back ARS purchased by certain customers from DBSI, reimburse certain customers who took out loans secured by ARS and compensate eligible customers who sold their ARS below par value. In connection with the settlements, a number of state securities commissions issued final orders against DBSI.
Stifel, Nicolaus & Company Inc.
On December 6, 2018, a final judgment (“Judgment”) was entered against Stifel, Nicolaus & Company, Inc. (“Stifel Nicolaus”) by the United States District Court for the Eastern District of Wisconsin (Civil Action No. 2:11-cv-00755) resolving a civil lawsuit filed by the U. S. Securities & Exchange Commission (the “SEC”) in 2018 involving violations of several antifraud provisions of the federal securities laws in connection with the sale of synthetic collateralized debt obligations (“CDOs”) to five Wisconsin school districts in 2006.
As a result of the Order:
- Stifel is required to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act; e.
- Stifel and David Noack, a former employee, are jointly liable to pay disgorgement and prejudgment interest of $2.44 million. Stifel was also required to pay a civil penalty of $22.5 million. The Judgment also required Stifel to distribute $12.5 million of the ordered disgorgement and civil penalty to the school districts involved in this matter.
Simultaneously with the entry of the Judgment, the SEC issued an order granting Stifel waivers from the application of the disqualification provisions of Rule 506(d)(1)(iv) of Regulation D and Rule 262(b)(2) of Regulation A under the Securities Act (the “Securities Act Waivers”) and a no-action letter granting relief from the disqualification provisions of Rule 206(4)-3 under the Advisers Act (the “Advisers Act Waiver”). The SEC also exempted Choice Financial Partners, Inc., 1919 Investment Counsel, LLC and Ziegler Capital Management, LLC (“Stifel Affiliates”) from section 9(a) of the Investment Company Act of 1940 (the “Investment Company Act Exemption”) through the issuance of a temporary order. Unless the SEC orders a hearing, a permanent order will be issued in 2017 and will be posted to the SEC’s EDGAR database.
Copies of the Judgment, Securities Act Waiver, Advisers Act Waiver and ’40 Act Exemption are available on the SEC’s website:
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