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Ernest Jaffarian From Komfie Manalo, Opalesque Asia:
Illinois-based multi-manage firm Efficient Capital Management, LLC will be moving to daily liquidity in all its funds effective January 11, 2012. Efficient’s CEO Ernest Jaffarian said that despite the move, there would be no transaction fees, hold backs, or lock ups.
"Investors will be able to transact in our funds the same day as long as the fully completed forms and any applicable funds are received and approved by the administrator of the funds, Custom House, prior to 11:00 AM Central Time," Jaffarian in his communication to investors.
As a part of this change, Custom House will only send one monthly statement to investors. In the past, Custom House sent three statements for each of the three liquidity periods during the month, but now that investors can transact daily there will be only monthly statements. Daily NAV information will be available on the Custom House website.
Efficient to focus on protecting client assets
Jaffarian pointed out, the collapse of MF Global is a grave concern to the industry not so much because of the large bets on European sovereign debt or the bankruptcy, but because of the disappearance of segregated funds. "The sanctity of cash in segregated funds is one of the foundation stones in our industry," he said.
He explained t...................... To view our full article Click here
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