US States MFDV, MBE Certification processes

US States MFDV, MBE Certification processes

Commonwealth of Virginia



South Carolina

Rhode Island






New Jersey…/NEW%20MBE-WBE%20%20Web%20Application%20JAN_2012.pdf






Division of Minority & Women Business Development


Cook County…/MBEWBE/cc_MBEWBE_scheduleA.pdf

BGC and Thesys form Epsilon Networks for microwave data networks for the financial community

BGC and Thesys form Epsilon Networks for microwave data networks for the financial community

First Published 31st July 2012

BGC Partners and Thesys Technologies partner to create high-speed microwave data networks

New York – BGC Partners has signed an agreement with Thesys Technologies to invest in the creation of high-speed microwave data networks for the financial community.

Starting with a route between Illinois and New Jersey at an estimated latency of under 8.5mS per roundtrip, the network is designed to transmit critical trading data related to the futures, equities, fixed income and other markets, between the CME, NASDAQ, BGC and ELX Futures data centers.

In addition to bandwidth leasing, Epsilon Networks will introduce a Fast Financials Feed (“FFF”) which will combine proprietary data delivery techniques with the microwave network route. FFF components will initially include access to BGC’s US Treasuries data products and through collaboration with data distributors, CME futures and equities data.

“We are constantly assessing new ways to further our position as one of the world’s premier suppliers of real-time, low latency trading solutions,” said Philip Norton, Executive Managing Director of E-commerce at BGC Partners. He continued: “Building the fastest high speed microwave information network will offer our customers a more rapid route to price discovery and arm them with the best tools possible to make smart trading decisions.”

“Working with Thesys to create the fastest access to critical trading data underscores our commitment as a leading inter-dealer broker to deliver compelling value solutions to our customers,” stated Richard Feldman, Director of BGC’s Strategic Transactions Group (“STG”). He continued: “The STG group is focused on identifying and evaluating new technologies, business investment and acquisition opportunities for BGC that align with our core markets and our customers’ needs while seeking to deliver attractive returns that will contribute to generating long-term value for our shareholders.”

Manoj Narang, CEO of Tradeworx, Inc., the parent company of Thesys Technologies, said: “We are delighted to partner with BGC in building the fastest microwave information network between Chicago and New Jersey, paving the way for improved price discovery and trading. We anticipate continued improvements in speed and reliability for the network based on the unique technology advantages that Thesys offers to its clients and partners.”

The microwave information network is expected to be operational during the fourth quarter of 2012.

MFDV – 2012 – A rising class of emerging managers: Women- and minority-owned hedge funds

A rising class of emerging managers: Women- and minority-owned hedge funds –

By David Katz | October 16, 2012 12:01 am

Over the past few years, the demand from institutional investors for women- and minority-owned hedge funds (typically known as women and minority business enterprises) has grown significantly. Various states have enacted legislation either mandating that a minimum percentage of public pension assets be allocated to such enterprises (Illinois) or at least encouraging that the firms be considered in the allocation process (New York, Maryland). Even where states might not have legislatively mandated women and minority business enterprise investment by their pension plans, many state or local government pension plans — including those in California, Florida, Minnesota, New Jersey, Ohio, Oregon, Pennsylvania and Texas — are actively investing in, or seeking to invest in, WMBE-managed hedge funds.

While many pension plans initially satisfied these requirements by allocating long-only stock and bond portfolios to WMBE, many are now implementing WMBE investing as part of a larger emerging manager program for a portion of their hedge fund allocation. Although many WMBE funds are well established, a majority of them are smaller, younger and fit into the emerging manager category as well.

The rationale for implementing WMBE programs varies, but some of the typical drivers include ensuring the composition of firms managing pension assets mirrors the employee/customer base and providing opportunities to managers that have historically been underrepresented in the investment management arena in order to cultivate a more diverse talent pool.

Like early-stage hedge funds in general, WMBE funds might have the potential to outperform established hedge funds because of their ability to stay nimble, access less crowded trades, focus on performance, and provide enhanced transparency and potentially reduced fees.

However, as pension funds generally have a fiduciary duty to act in the best interest of plan participants by managing risk and generating the best returns possible, meeting performance objectives must remain a primary concern. As a result, many pension funds look to allocate to WMBE hedge funds as part of a broader “emerging manager” program where the objective is to invest with smaller/less established managers.

A number of research studies have shown that smaller and younger hedge funds have historically outperformed more established managers. Most WMBE hedge funds are managed by smaller, less-established firms; according to a June 2011 study by Barclays Capital titled “Hedge Fund Pulse, Affirmative Investing: Women and Minority Owned Hedge Funds,” the median assets under management of WMBE hedge funds is only $65 million. As such, WMBE hedge funds might also have the potential to outperform more established managers.

While WMBE hedge funds’ potential to perform in line with their smaller and younger hedge fund counterparts might present an opportunity, investing in smaller and younger managers can also present a unique set of challenges. By definition, emerging managers do not have lengthy track records, making it more difficult to evaluate the talent and capabilities of the investment team. There are a number of issues and solutions that investors should consider when evaluating any emerging manager, including WMBE hedge funds:

Issue Solution
Limited Track Record Focus on funds managed by professionals with a prior demonstrated record of success
Sourcing Work with allocators who are consistently working with WMBE funds
Standards of operational due diligence Work with allocators that have specialized professionals dedicated to evaluate a fund’s operations and who apply rigorous standards regardless of a fund’s size or age
Business sustainability risk Focus on strategies that do not require significant infrastructure and funds that have a well articulated business strategy and sound investment process

A well-executed WMBE hedge fund program should allow an institutional investor to satisfy both its legislative mandates and its fiduciary obligations by adding high-quality WMBE investment managers to the portfolio.

David Katz is the president and chief operating officer of Larch Lane Advisors LLC, Rye Brook, N.Y.

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