International Financial Reporting Standards

IFRS For Hedge Funds

International Financial Reporting Standards (IFRS)

International Financial Reporting StandardsThe following piece on International Financial Reporting Standards (IFRS) is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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The U.S. is almost the only major capital market that has not yet adopted or committed to adopting IFRS, but it seems that this may be changing soon. In August 2007, the SEC issued a "concept release" soliciting input on whether U.S. registrants should be permitted to have the option to prepare their financial statements using IFRS or GAAP for SEC reporting purposes. The majority of comments received on the concept release expressed support for permitting IFRS for U.S. registrants. In December 2007, the SEC held additional roundtables with similar results. On Aug. 27, 2008, the SEC staff recommended that they adopt a roadmap that could lead to mandatory use of IFRS by U.S. companies beginning in 2014.


But why should U.S.-based hedge fund or fund administrators start considering IFRS now? IFRS provides an opportunity for reduced complexity, greater transparency, increased comparability and improved efficiency to investors, capital markets and companies, which is why many countries, including the U.S. are either considering or are in the process of adopting IFRS. Another important reason to start considering IFRS today is because adoption of IFRS in the U.S. is likely inevitable. On Aug. 27, 2008, SEC Commissioner Elisse Walter said, "The world should make no mistake: The SEC is serious about moving to IFRS as the governing accounting standards."

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Millennium Partners Hedge Fund | Fund Notes

Millennium Partners Hedge Fund

Millennium Partners & Israel Englander


Millennium Partners Hedge FundThe following piece on Millennium Partners is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

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Resource #1 (6.22.09) Millennium Management veteran Peter Lupoff has founded his own hedge fund firm and plans to launch its maiden offering in August with $100 million.

Lupoff has left Millennium to set up San Francisco-based Tiburon Capital Management, Bloomberg News reports. The new firm will focus on Lupoff’s speciality, distressed debt, investing in companies in or near default, as well as those involved in legal battle, spinoffs or exchange offers. source

Resource #2: (4.1.09) Millennium Management LLC, the hedge fund manager founded by Israel Englander, has hired more than 15 people in Asia since early December, expanding as banks and funds slash jobs, said a person briefed by the company.

Recent hires by the New York-based firm include Singapore- based portfolio managers James Sullivan, David Bijaoui and Thierry Choffel, the person said, asking not to be identified because the information is private. Tripp Kyle, a New York-based external spokesman, declined to comment on behalf of Millennium.

Millennium, which oversees $11.5 billion of assets, is expanding its team as rivals such as Citadel Investment Group LLC, Concordia Advisors LLC, Och-Ziff Capital Management Group LLC, Ramius LLC and Cheyne Capital Management (UK) LLP reduced jobs or closed offices in Asia to control costs and focus on their largest markets.

“Many firms that hired lots of staff last year with bullish expectations have seen assets under management decline and are having to let staff go,” said Mark Williams, a senior analyst at fund of funds manager Alphatraxx (H.K.) Ltd. “It’s a good time for managers with stable or growing assets under management to pick up talent.” source

Resource #3: (2.2.09) New York-based Logik Asset Management recently launched a multi-strategy hedge fund to invest in event driven, merger arbitrage and special purpose acquisition corporations (SPACs).

The Logik Event Fund began trading in September and returned 4% in its first quarter and over 5% in January.

The fund is the brainchild of Douglas Schultz and Daniel Hess, formerly of Soros Fund Management and Millennium Partners, respectively. In early 2007, the pair partnered with Coast Asset Management to manage a portion of an in-house multi-strategy fund. They also managed a dedicated event driven fund for the firm. Last year the two spun off from Coast—with the firm’s blessing, and its backing—to launch their own hedge fund. source

Resource #4: (11.25.08) Millennium Partners LP, the $13.5 billion hedge-fund firm run by Israel Englander, plans to return $1 billion to investors who asked for their cash back by year-end, according to two people familiar with the matter.

The redemptions, equal to 7.4 percent of client assets, would have been higher except the New York-based firm limits redemptions in any quarter, said the people, who asked not to be identified because the information is private. A spokeswoman for Millennium declined to comment.

Millennium lost about 3 percent this year through October, the people said, compared with hedge funds’ average decline of 16 percent, according to data compiled by Hedge Fund Research Inc. Two percentage points of Millennium’s loss were caused by assets frozen in the September bankruptcy of Lehman Brothers Holdings Inc., one of the people said.

“We’re seeing the result of hedge funds’ being subject to the whims of those in asset allocation,” said Adam Sussman, director of research at Tabb Group LLC, a New York-based adviser to financial-services companies. “No fund is immune.” Source

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CUSIP Number

CUSIP Number

CUSIP Number Definition

The unique number given to each issue of stocks and bonds by the Committee for Uniform Securities Identification Procedures (CUSIP) of the American Bankers Association. A CUSIP number consists of nine digits, the first six of which uniquely identify the issuer and are assigned to issuers in alphabetic sequence, and two other characters (alphabetic or numeric) which identify the issue. The ninth digit is a check digit.

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Current Stock Price

Current Stock Price

Current Stock Price Definition

The last sale price prevailing in the market at a specific moment of time.

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Short Sell Cover

Short Sell Cover

Short Sell Cover Definition

The purchase of a contract to offset a previously established short position.

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Convertible Security Definition

Convertible Security Definition

Convertible Security Definition

A security that can be converted into common stock at the option of the security holder, including convertible bonds and convertible preferred stock.

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Securities Contracts

Securities Contract

Securities Contract Definition

(1) The actual bilateral agreement between the buyer and seller of a transaction as defined by an exchange.

(2) A unit of trading for a financial or commodity future.

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Trade Confirmation

Trade Confirmation

Trade Confirmation Definition

The written statement that follows any "trade" in the securities markets. Confirmation is issued immediately after a trade is executed. It spells out settlement date, terms, commission, etc.

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Stock Trading Commissions

Stock Trading Commissions

Stock Trading Commissions Definition

The fee paid to a broker to execute a trade, that is, to buy or sell securities or property as an agent. The broker's fee may be negotiable and based on number of shares, bonds, options and/or their dollar value.

In 1975 deregulation led to the creation of discount brokers, who charge lower commissions than full service brokers. Full service brokers offer advice and usually have a full staff of analysts who follow specific industries. Discount brokers simply execute a client's order -- and usually do not offer an opinion on a stock.

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Stock Price Range

Stock Price Range

Stock Price Range Definition

The high and low prices, or bids and offers, recorded during the period designated as the official close. Also known as the range.

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Closing Stock Price

Closing Stock Price

Closing Stock Price Definition

The price at which the final transaction in a security took place on a particular business day. Stock prices are quoted daily in the financial pages of leading newspapers, where the number of shares traded and the opening, high, low, and last sale (closing) prices, plus net change from the previous day, are printed from left to right in that order.

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The Close - Definitions

The Close

The Close Definition

(1) The period at the end of the trading session.

(2) The closing price of a security.

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Stock Churning

Stock Churning

Stock Churning Definition

Excessive trading of a client's account in order to increase the broker's commissions.

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Buy Order

Buy Order

Buy Order Glossary Definition

An order given to a broker or a bank authorizing the purchase of a specified amount of securities or commodities. Unless otherwise stipulated as to time, all orders are treated as day orders, good only on the day they are given. However, orders may also be placed with time limit parameters.

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Buy on Opening

Buy On Opening

Buy On Opening Glossary Definition

To buy at the beginning of a trading session at a price within the opening range.

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Buy On Margin

Buy On Margin

Buy On Margin Glossary Definition

A transaction in which an investor borrows to buy additional shares, using the shares themselves as collateral.

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Buy On Close

Buy On Close

Buy On Close Glossary Definition

To buy at the end of the trading session at a price within the closing range.

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Buy In - Definition Overview

Buy In

Buy In Definition

To cover, offset or close out a short position.

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Brokerage Fee

Brokerage Fee

Brokerage Fee Glossary Definition

A fee charged by a broker for execution of a transaction; an amount per transaction or a percentage of a total value of the transaction, usually referred to as a commission fee.

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Bid and Asked - Definition & Overview

Bid and Asked

Bid and Asked Glossary Definition

Often referred to as a quotation or quote. The "bid" is the highest price anyone will pay for a security at a given time, and the "asked" is the lowest price anyone will accept at the same time.

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Security Bid Price

Security Bid Price

Security Bid Price Definition

The highest quoted price that any prospective buyer will pay for a security at a specific moment of time. The "bid price" is the real established market for a stock, regardless of the price of the last sale.

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Below Par Value

Below Par Value

Below Par Value Definition

A price below the face or par value of a security.

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Beginning Market Value

Beginning Market Value

Beginning Market Value

For portfolios, the sum of the market value and accruals across all assets at the beginning of a measurement period. For assets, the beginning market value does not include accruals, and is simply the market value at the beginning of the period. The beginning market value for each period is the same as the ending market value for the previous period.

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