From the November 01, 2011 issue of Futures Magazine • Subscribe!

CFTC/SEC harmonization

Managed Money Review

While all the key futures and securities industry regulatory figures have maintained that they don’t want to kill the emerging managed futures mutual fund space, the fact remains that without rule harmonization many of these products face an unsure future. But work to harmonize rules between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) that is needed to remove conflicts in the regulatory schemes is nearing completion, according to CFTC Chairman Gary Gensler.

"We are making very good progress with the SEC on the joint rule on investment advisor reporting, hoping that will be in the queue in November at some point in time," Gensler said during the October Futures Industry Association (FIA) Expo in Chicago. "There are some sister rules for commodity trading advisors and commodity pools that we proposed at the same time and they are very close but they may be done at a separate meeting. Whether its weeks later or months later we don’t know."

Altegris pans managed futures beta

Altegris, a major player in the emergence of managed futures mutual funds, released a white paper that disputes the notion that a passive index of managed futures could be representative of the broad asset class. The study concludes that "the nuances of individual managers and their dynamic trading strategies make it very difficult to design a truly passive index that is representative of the managed futures asset class."

Campbell completes transition

Campbell & Company announced in September that Stephen Roussin was promoted to CEO effective Oct. 1 as part of its planned transition.

Roussin, who most recently served as managing director and head of investment solutions for UBS Wealth Management Americas was named president of Campbell in June.

Roussin replaces CEO Terri Becks, who had indicated her desire to retire when a successor was in place. Becks spent 20 years at Campbell as CFO and CEO since 2007. Becks will remain an advisor to the board.

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