Saturday, October 1, 2011

GlassPoint Extends its Lead in Solar EOR with Appointment of Executive from Occidental Petroleum (OXY)


GlassPoint selects VP of Oman Projects to expedite solar enhanced oil recovery (EOR) deployment in the Sultanate of Oman

FREMONT, Calif. & MUSCAT, Oman - Saturday, October 1st 2011 [ME NewsWire]

(BUSINESS WIRE)-- GlassPoint Solar, the leading provider of solar steam generators for enhanced oil recovery (EOR), today announced the appointment of Glenn Griffith as Vice President of Oman Projects. With more than three decades in the upstream oil industry, Griffith will lead project execution for GlassPoint in the gulf state of Oman, including its solar EOR project with PDO – a joint venture between Shell, Total and the Sultanate of Oman.

“Solar EOR is a compelling solution for the global oil industry, and GlassPoint has demonstrated a clear cost advantage over other solutions. No other solar technology has addressed oilfield specific needs. The glasshouse design protects the system from harsh Middle Eastern desert conditions and produces direct steam with unmatched energy density,” said Griffith. “The Middle Eastern market, rich in sunshine and heavy oil, but with limited gas supplies, is especially well positioned to adopt GlassPoint’s solar steam technology. I’m excited to join GlassPoint in this growing sector and drive solar enhanced oil recovery throughout the region.”

Griffith joins GlassPoint from Occidental Petroleum’s (OXY) giant Mukhaizna project, where he successfully insured continuity of operations through a complete surface-facilities transition bringing production from 8,000 barrels of oil per day (BOPD) to 125,000 BOPD. During this transition, steam generation grew from zero barrels of steam per day to over 400,000 barrels of steam per day. Prior to OXY, Griffith led the surface facilities team for AERA's pioneering work in steaming tight formations of diatomite, opening up production of more than 11 billion barrels of original oil in place (BOOIP) in California.

"Glenn has extensive engineering, project management and surface construction experience rooted in two of the world's largest oil companies,” said Rod MacGregor, President and CEO of GlassPoint. “He brings a depth of capability and oilfield knowledge that no other solar steam provider can offer, underscoring our leadership position in solar EOR.”

PDO’s solar EOR facility will use concentrated thermal energy from the sun to produce low-cost, emission-free steam that will be fed directly into PDO’s existing steam distribution network. The PDO project, located in southern Oman, will begin construction this year and span more than four acres at completion.

The key to GlassPoint’s cost advantage is its innovative glasshouse architecture, protecting the reflective mirrors from external elements and allowing the use of lightweight, low-cost and pre-fabricated components. GlassPoint’s Single Transit Trough (STT) technology produces more than 90 barrels of steam per acre, roughly five times more steam than a central tower design. The company has deployed its technology at Berry Petroleum’s 21Z lease in Kern County, California, the world’s first commercial solar EOR project.

About GlassPoint Solar

GlassPoint is the leading provider of solar steam generators to the oil and gas industry. When used for Enhanced Oil Recovery (EOR) GlassPoint solar steam generators reduce natural gas consumption by up to 80 percent, releasing large amounts of gas for use in higher value applications. This is only possible because, unlike previous solar designs, GlassPoint steam generators deliver steam at a lower cost than steam produced by burning natural gas. GlassPoint’s steam generators are sealed for protection from sand, dust, dirt and high humidity typical of oilfield environments throughout the world. GlassPoint is headquartered in Fremont, California with offices in Bakersfield, California, Muscat, Oman and Shenzhen, China. For more information, visit www.glasspoint.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50013324&lang=en

Contacts

Antenna Group for GlassPoint

Katie Struble, 415-977-1928

glasspoint@antennagroup.com

صناديق التحوّط تنفق 2.09 مليار دولار على تكنولوجيا المعلومات في عام 2011

نيويورك - يوم الجُمْعَة 30 سبتمبر 2011 [ME NewsWire]

(بزنيس واير): ستقوم صناديق التحوّط بإنفاق نحو 2.09 مليار دولار أمريكي على تكنولوجيا المعلومات خلال عام 2011 وهو ما يمثل وسطياً تسع نقاط أساسية من الأصول الخاضعة لإدارتها وذلك وفقاً لاستطلاع خاص بتكنولوجيا المعلومات لعام 2011 أجرته "برايم فاينانس" وصدر اليوم عن كل من "برايم فاينانس" وهي وحدة الأعمال المتكاملة متعددة الوسطاء والاستراتيجيات التابعة لشركة "سيتي" (المدرجة في بورصة نيويورك تحت الرمز: NYSE:C) والتي تقدم خدمات الوساطة الأساسية والحلول المالية والاستشارات الخاصة بالشركات وجمع رأس المال، و"فرست ديريفاتيفس" المزود العالمي للبرامج والخدمات الاستشارية لقطاع الخدمات المالية. وللمرة الأولى يقوم هذا التقرير الذي يحمل عنوان "إدارة نفقات صناديق التحوط في مجال تكنولوجيا المعلومات لتحقيق التميّز" والذي شمل أكثر من 75 صندوق في الولايات المتحدة وأوروبا و15 بائعاً، بتوثيق الإنفاق الكلي للقطاع على تكنولوجيا المعلومات ومتوسط الإنفاق لكل صندوق تحوّط.

وقالت ساندي كول، المسؤولة عن قسم الخدمات الإستشارية الخاصة بالشركات في الولايات المتحدة لدى "سيتي برايم فاينانس": "لقد أظهر استطلاع ’برايم فاينانس 2011‘ الخاص بتكنولوجيا المعلومات التأثير القوي للابتكار التقني على قطاع صناديق التحوّط. ويمكّن هذا الاستطلاع الذي يزود معلومات عن الاستثمارات في تكنولوجيا المعلومات، وللمرة الأولى اللاعبين الأساسيين في القطاع من تقييم نفقاتهم الخاصة ومعرفة كيفية تجميعها بالمقارنة مع منافسيهم. وفي الوقت الذي تشكل فيه نفقات صناديق التحوط البالغة نحو 2.09 مليار دولار أمريكي أي ما يعادل 2.8 بالمائة من الإنفاق الكلي المتوقع للقطاع في مجال الأوراق المالية والاستثمار والذي يصل إلى 75 مليار دولار أمريكي، فإن الاستثمارات التقنية الخاصة بصناديق التحوط تتمتع بتأثير أكبر على تطوير قدرات قطاع الخدمات المالية ككل، وذلك نتيجة لاستراتيجيات التداول المعقدة الخاصة بها وتركيزها على أصول متعددة".

وتقوم صناديق التحوط وكما أظهرت نتائج الاستطلاع بتغيير توجهها من حيث قيامها بالاستثمار في التقنيات الجديدة للمعلومات. وفي الوقت الذي كانت فيه صناديق التحوط تسعى تقليدياً إلى تمييز نفسها وتعزيز أدائها من خلال الابتكار التقني، فقد أدّت المخاطر والبيئة التنظيمية الحالية إلى دفع صناديق التحوط نحو الاستثمار بدلاً عن ذلك من خلال استخدام الضمانات والتمويل بطريقة أكثر كفاءة. ولقد أصبحت البرمجيات والحلول المصممة لتحسين إدارة المحافظ وتدوالها، موحّدة وتتوزع على مجموعة واسعة من صناديق التحوط.

من جانبه قال ألان بايس، مدير "سيتي برايم فاينانس" في الأميركيتين في هذا السياق: "تتمتع نتائج هذا الاستطلاع بآثار كبيرة بالنسبة لصناديق التحوط فيما يتعلق بمخططاتها الخاصة في مجال نفقات التكنولوجيا ورأس المال الأخرى خلال عام 2012". وأضاف: "نحن ملتزمون بتقديم مثل هذا النوع من الريادة في التفكير بشكل متواصل وذلك كجزء من عروضنا الاستشارية الإجمالية المتعلقة بالشركات خاصة وأن ردود فعل العملاء واللاعبين الآخرين في القطاع تعتبر بمثابة مؤشر على أن مثل هذه الدراسات تقدم معلومات قد يظن العملاء العاديون بأنه يستحيل عليهم جمعها بمفردهم".

وتقوم صناديق التحوط الكبيرة أو ذات حقوق الإمتياز، أي تلك التي تدير أكثر من خمس مليارات دولار أمريكي، بتحقيق وفورات مهمة في الحجم فيما يتعلق بنفقاتها في مجال تكنولوجيا المعلومات. ومن المتوقع أن تقوم الشركات الكبيرة ذات حقوق الامتياز والتي لديها أصول خاضعة لإدارتها يفوق حجمها خمس مليارات دولار أمريكي، بإنفاق نحو 7.9 مليون دولار أمريكي على التكنولوجيا في عام 2011، أي ما يعادل 13 ضعف المبلغ المتوقع للصناديق الصغيرة التي لا تتجاوز قيمة الأصول الخاضعة لإدارتها نحو 500 مليون دولار أمريكي. وتقوم الصناديق الصغيرة بتحميل جميع نفقاتها في مجال تكنولوجيا المعلومات للشركة التي تتولى إدارتها، ولكن مع تزايد الأصول الخاضعة للإدارة فستضطر هذه الصناديق إلى تحمل قسم أكبر من هذه النفقات. وتجدر الإشارة إلى أن صناديق التحوط الأكبر حجماً قادرة على تحميل نسبة تتراوح بين 20 و30 في المائة من هذه النفقات للصندوق.

من جهته قال بيل سالتوس، رئيس قسم الإستشارات التقنية الخاصة بصناديق التحوط لدى "سيتي برايم فاينانس" في معرض تعليقه على الموضوع: "يمكن اعتبار تخصيص نفقات إضافية للصندوق عوضاً عن إدارة الشركة بمثابة علاوة يدفعها المستثمرون من أجل الوصول إلى هؤلاء المديرين، وهو يعكس قدرة الصناديق الكبيرة على استيعاب هذه النفقات دون أن يكون لهذا الأمر تأثير كبير على الأداء. لقد أصبح قطاع صناديق التحوط يشهد منافسة كبيرة للغاية، وكما أشار استطلاعنا فإن الابتكارات التقنية تسهل عملية دخول القادمين الجدد إلى هذا القطاع".

ونذكر من ضمن النتائج الأخرى للاستطلاع ما يلي:

  • اعتماد المزيد من الصناديق لحلول إدارة البيانات الموحدة:يقوم الإستشاريون المتخصصون في مجال احتياجات صناديق التحوط بمساعدة الصناديق على توحيد بياناتها متعددة المصادر من أجل إصدار تقارير موحدة للعناصر تتضمن بيانات المخاطر والمحاسبة والتجارة والتمويل والبيانات المقابلة، مما يسمح للصناديق بتلبية الحاجة إلى تقارير لإدارة الاستثمارت والامتثال والشروط التنظيمية وشفافية المستثمر انطلاقاً من منصة واحدة.
  • تحوّل صناديق التحوط عن قرار "الشراء مقابل التأسيس": إذ أصبح بإمكان صناديق التحوط الاختيار من ضمن مجموعة واسعة من الحلول التي تم تحويلها إلى سلع والتي أطلقها مدراء صناديق التحوط الكبيرة الذين قاموا بتطوير منصاتهم الخاصة وذلك إثر فشل الخيارات المتوفرة تجارياً في تلبية متطلباتهم المعقدة. وأصبحت هذه المنصات مع مرور الزمن متوفرة في السوق ومحوَّلة إلى سلع.
  • تساعد الابتكارات التقنية على إطلاق صناديق تحوّط جديدة، كما تساعد تلك القائمة على إطلاق صناديق بصورة أسرع:يقوم العدد المتزايد للحلول التي تقدمها مصادر خارجية والمصممة خصيصاً من أجل صناديق التحوط، بمساعدة الصناديق الجديدة على الحد من نفقاتها الخاصة برأس المال. ولقد أصبح بإمكان صناديق التحوط حالياً على سبيل المثال ليس فقط شراء "البرمجيات كخدمة"، وإنما حلول "البنى التحتية كخدمة" مما يقلل من الوقت والنفقات الضرورية لإطلاق صندوق جديد. وتقوم الأطراف الأخرى المزودة للخدمات أيضا بمساعدة صناديق التحوط على اللجوء إلى مصادر خارجية من أجل القيام بجميع المهام.

وأضاف سالتوس: "تشير نتائج الاستطلاع إلى وجود عدة بائعين ومزودي الخدمات ممن يتم اللجوء إلى خدماتهم وممن يقدمون حلولاً للوظائف الأساسية مثل إدارة وتداول المحافظ. ويقدم كل من الصناديق الرائدة والاستشاريون المتخصصون حالياً حلولاً خاصة بالمخاطر والتمويل والإدارة الإضافية، كما يقومون في نفس الوقت بتطوير منصات موحدة لإدارة البيانات، ومنصات أخرى لتزويد صناديق التحوط بالمرونة التي يحتاجون إليها من أجل التعامل مع الطلب المتزايد من قبل الجهات التنظيمية والمستثمرين".

يمكنكم الإطلاع على التقرير كاملاً عبر الرابط الإلكتروني التالي:

http://www.citigroup.com/transactionservices/home/demo/tutorials26/fb_CitiPrimeFinanceITSurvey_Sep2011/

لمحة عن الاستطلاع

لمحة عن "فيرست ديريفاتيفس"

"فيرست ديريفاتيفس" هي مزود عالمي رائد للبرمجيات والخدمات الاستشارية لقطاع الخدمات المالية. وتواصل الشركة التي تتمتع بخبرة تزيد عن 15 عاماً في مجال العمل مع المؤسسات المالية الرائدة، تقديم منتجات وخدمات متطورة حائزة على جوائز تتنبأ وتستجيب للمتطلبات المتزايدة لأسواق رأس المال العالمية. ويعمل لدى "فيرست ديريفاتيفس" حاليا أكثر من 600 موظف في جميع أنحاء العالم، وتتضمن قائمة عملائها على العديد من أهم البنوك الاستثمارية والوسطاء وصناديق التحوط الرائدة عالمياً. وتملك الشركة عمليات لها في لندن ونيويورك وستوكهولم وشنجهاي وسنغافورة وتورنتو وسيدني ودبلن ونيوري وهونغ كونغ.

لمحة عن "سيتي"

تملك "سيتي" شركة الخدمات المالية الرائدة عالمياً نحو 200 مليون حساب عميل، ولها عمليات في أكثر من 160 دولة ونطاق قضائي. وتقوم "سيتي" بتزويد المستهلكين والشركات والحكومات والمؤسسات بمجموعة واسعة من الخدمات والمنتجات المالية بما في ذلك الخدمات المصرفية الاستهلاكية والائتمانية والخدمات المصرفية الاستثمارية والخاصة بالشركات وتداول الأوراق المالية والخدمات التجارية وإدارة الثروات.

للمزيد من المعلومات الرجاء زيارة الموقع الإلكتروني التالي: www.citigroup.com، أو متبعتنا على "تويتر" على: @Citi، أو على موقع "يو تيوب" على الرابط: www.youtube.com/citi، أو على المدونة: : http://new.citi.com، أو على موقع "فايس بوك" على: www.facebook.com/citi، أو على "لينكد إن": www.linkedin.com/company/citi.

إن نص اللغة الأصلية لهذا البيان هو النسخة الرسمية المعتمدة. أماالترجمة فقد قدمت للمساعدة فقط، ويجب الرجوع لنص اللغة الأصلية الذي يمثل النسخة الوحيدة ذات التأثير القانوني.


Contacts

"سيتي"

دانييل روميرو – "أبسيلوس"

هاتف: 0012128162264

البريد الإلكتروني: Danielle.romeroapsilos@citi.com.


Permalink: http://www.me-newswire.net/ar/news/4217/ar

Smartmatic Receives 2011 U.S. Commerce Association Award in Identity Management


The U.S. Commerce Association selected Smartmatic Corporation for the 2011 Best of Boca Raton Award in Identity Management Systems

BOCA RATON, Fla. - Friday, September 30th 2011 [ME NewsWire]

(BUSINESS WIRE)-- Smartmatic, a leading multinational technology supplier, has been selected by the U.S. Commerce Association (USCA) as a recipient of the 2011 Best of Boca Raton Award in the Identity Management Systems category.

The award acknowledges the company’s achievements in the identity management industry, where it has become one of the leading players. The Smartmatic Identity Management Solution offers a portfolio of products and services to support government institutions in the implementation of identification, biometric and authentication processes; such as national ID programs, civil registration, voter registration and authentication, border control, identity document issuance, registration for social benefit programs, among others. Also, Smartmatic’s unique identity enrollment device, the PARmobile, is an extremely useful tool, robust and portable, for the collection of biometric and biographic information.

“We are thrilled and very pleased to receive this 2011 USCA award in the ID Management category. As part of our mission of creating and developing technologies able to improve efficiency and transparency worldwide, Smartmatic’s solutions are focused in offering not only the best cutting-edge technology but also the most comprehensive and reliable services, project management and industry’s know-how in all our areas of expertise, including identity management. We are honored to see our efforts are being recognized in the U.S.,” said Antonio Mugica, Smartmatic CEO.

The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through their services to their customers and community. The 2011 Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties. Various sources of information are identified and their responses analyzed to choose the winners in each category.

Some of Smartmatic’s significant projects in identity management include the Bolivian National Electoral Court's Biometric Electoral Register; Mexico's Secretariat of Governance national registry; and also the United Nations Development Programme (UNDP) joint project with the Electoral Commission of Zambia for digital mobile voter registration.

The U.S. Commerce Association (USCA) is a New York City based organization funded by local businesses operating in towns across America, large and small. The purpose of USCA is to promote local business through public relations, marketing and advertising.

About Smartmatic

Smartmatic is a multinational company that designs and deploys technological solutions aimed to help governments, so they can meet their responsibilities to their citizens in the most efficient way. We are one of the worldwide providers of the most advanced technology, with a long and proven track record in the United States, Asia, Africa, Latin America and the Caribbean. With over 400 employees around the world, Smartmatic’s key competitive advantage lies in its cutting-edge technology and experience in three key areas: elections, identity management, and Smart Cities solutions.

Twitter: @Smartmatic

Contacts

Smartmatic

Mrs. Samira Saba, +1 (561) 862-0747 Ext. 5624

Smartmatic Marketing & Communications Director

communications@smartmatic.com

Faiveley Transport to Supply Door & Air Conditioning Systems for Passenger Trains in Adelaide


GENNEVILLIERS, France - Saturday, October 1st 2011 [ME NewsWire]

(BUSINESS WIRE)-- Regulatory News:

Faiveley Transport (Paris:LEY) has won a project with Bombardier to supply door and air conditioning systems for 22 three car electrically powered passenger trains (Electrical Multiple Units) in Adelaide, Australia.

Faiveley Transport will supply a total number of 264 doors and 110 air conditioning units. The excellent proposal of after-sales support to be provided at a local level was highlighted as an important factor in winning this project.

The Adelaide EMU project is part of a significant investment by the both the local South Australian and national Australian Governments and includes the electrification of the Adelaide network.

This will be the first time that Faiveley Transport will supply both Door and HVAC systems for a passenger train built in Australia and confirms Faiveley Transport’s commitment to developing its presence in this market, where they already have 2 industrial sites. Delivery is expected to start in July 2012.

Shareholders’ agenda


24 October 2011


First half sales 2011/2012

28 November 2011


First half results 2011/2012


FAIVELEY Transport, world leader in the railway industry

Faiveley Transport, a specialist player in the global market for high-tech components for rail systems, is extending its range of products across seven business lines: air conditioning, power information & control, passenger access systems, platform doors & gates, braking, couplers and customer service.

The Group supplies manufacturers, operators and railway maintenance bodies with a comprehensive value chain: design, manufacturing, distribution and servicing. Faiveley Transport provides high value-added technical solutions, whilst guaranteeing its customers the utmost level of quality, service, comfort and availability.

FAIVELEY TRANSPORT

3, rue du 19 mars 1962 - 92230 Gennevilliers

www.faiveleytransport.com

Contacts

Guillaume BOUHOURS, +33 (0)1 48 13 65 03

Chief Financial Officer

guillaume.bouhours@faiveleytransport.com

or

Kasha Dougall, +33 (0)1 48 13 65 11

Group Communications Manager

Kasha.dougall@faiveleytransport.com

or

Maryline Berlin, +33 (0)1 48 13 65 76

Financial Communications Manager

Maryline.berlin@faiveleytransport.com

Industry Notice: New Form of Graphitization Found by Structural Integrity Associates, Inc.


Structural Integrity Associates, Inc. Found New Form of Graphitization to be Root Cause of Catastrophic Failures in Boiler External Primary Superheater Piping

SAN JOSE, Calif. - Friday, September 30th 2011 [ME NewsWire]

(BUSINESS WIRE)-- Structural Integrity Associates, Inc. released today an Industry Notice to the Energy Industry that a new and previously undocumented form of graphitization has been the root cause analysis of catastrophic failures in boiler external primary superheater (PSH) piping.

The Industry Notice supported by extensive metallurgical research reported a unique form of graphitization in which patches of graphite initiated within certain grain boundaries of a preferred orientation and these small regions of graphite then linked up to form zones of weakness along the line aligned grained boundaries. This results in a significant loss of material ductility and toughness, as compared to the expected properties for P1 material.

Laney Bisbee, CEO of Structural Integrity Associates, Inc. commented “P1 material is known to graphitize after prolonged exposures to elevated temperatures, however recent events which initiated the investigation and research into the piping ruptures showed the morphology of the graphitization in the piping bends was unique.” Bisbee continued, “It is Structural Integrity’s recommendation that owner/operators re-evaluate their condition assessment and asset management programs to ensure that the potential for this damage is addressed. Plant records should be reviewed to determine the presence of P1 steel piping and the operating conditions under which such material has been in service.”

Structural Integrity’s complete Industry Notice can be read at www.structint.com/graphitization-industry-notice . For more information, contact John Arnold at jarnold@structint.com or Clark McDonald at cmcdonald@structint.com or 877-474-7693.

About Structural Integrity Associates, Inc.

Structural Integrity Associates, Inc. is an internationally recognized leader in prevention and control of structural and mechanical failures. Headquartered in San Jose, California, Structural Integrity serves clients worldwide with a dozen branch offices throughout the United States and Canada, as well as affiliates in China, Japan, Korea, and Spain. Structural Integrity’s expertise in High Energy Piping, P91, and graphitization has helped Fossil Power Plants worldwide. For more information, please visit: www.structint.com/graphitization-industry-notice.

Contacts

Structural Integrity Associates, Inc.

Vicki Douglass, 704-977-2332

vdouglass@structint.com

Hedge Funds to Spend $2.09 Billion on Information Technology in 2011

Citi Prime Finance/First Derivatives Survey Shows Funds Spend Approximately Nine Basis Points of Assets Under Management on Average

NEW YORK - Friday, September 30th 2011 [ME NewsWire]

(BUSINESS WIRE)-- Hedge funds will spend approximately $2.09 billion on information technology (IT) in 2011, representing an average of approximately nine basis points of assets under management, according to the Prime Finance 2011 IT Survey released today by Citi (NYSE:C) Prime Finance, a multi-broker, multi-strategy integrated business unit comprised of prime brokerage, financing solutions, business advisory and capital introductions, and First Derivatives, a global provider of software and consulting services to the financial services industry. The report, “Managing Your Hedge Fund IT Spend to Achieve Differentiation”, which surveyed over 75 hedge funds in the U.S. and Europe and 15 vendors , documents for the first time both the industry’s aggregate expenditure on information technology and the average expenditure per hedge fund.

“The Prime Finance 2011 IT Survey demonstrates the powerful impact of technological innovation on the hedge fund industry,” said Sandy Kaul, US Head of Business Advisory Services of Citi Prime Finance. “The survey, providing information on IT investment for the first time, enables industry participants to evaluate their own expenditures and see how they stack up against their competitors. While the $2.09 billion spent by hedge funds is equivalent to just 2.8 percent of forecasted total industry-wide securities and investment spending of $75 billion, hedge fund IT investments have a disproportionately large impact on advancing the capabilities of the overall financial services industry due to their complex trading strategies and multi-asset focus.”

As the survey demonstrates, hedge funds are changing their approach to investing in new information technologies. While hedge funds have traditionally sought to differentiate themselves and to enhance their own performance through technological innovation, the current risk and regulatory environment is driving hedge funds to invest instead in more efficient use of collateral and financing. Software and solutions designed to improve portfolio management and trading have become standardized and disseminated across a broad group of hedge funds.

“The survey findings have important implications for hedge funds making their own plans for technology and other capital expenditures in 2012,” said Alan Pace, Head of Citi Prime Finance in the Americas. “We are committed to delivering this type of thought leadership on a consistent basis as part of our overall business advisory offering, as feedback from clients and other industry players indicates that such studies provide information that individual clients would find impossible to obtain on their own.”

Large or “franchise” hedge funds – those managing $5 billion or more – realize significant economies of scale in their information technology expenditures. Franchise-sized firms with assets under management (AUM) in excess of $5 billion are expected to spend an average of $7.9 million on technology in 2011 – more than 13 times the amount forecast for small funds with AUM less than $500 million. Small funds charge nearly the entire IT expense to their management company, but as AUM grows, more of these expenses are charged back to the fund level. The largest hedge funds are able to charge 20 to 30 percent of these costs back to the fund.

“The allocation of more expenses to the fund, rather than to the management company, can be considered a premium that investors pay to access these managers and reflects the ability of the largest funds to absorb these expenses without significantly affecting performance,” said Bill Saltus, Head of Hedge Fund Technology Consulting, at Citi Prime Finance. “The hedge fund business is highly competitive and, as our survey also indicates, innovations in technology are making it easier for newcomers to enter the field.”

Other survey findings include:

More funds are adapting unified data management solutions. Specialized consultants focusing on hedge funds’ needs are helping funds consolidate data from disparate sources to produce unified reporting of elements including risk, accounting, trading, finance, and counterparty data, allowing funds to satisfy reporting needs for investment management, compliance and regulatory requirements, and investor transparency from a single platform.
The “buy versus build” decision has shifted for hedge funds. Hedge funds can choose from a broader range of commoditized solutions, pioneered by a set of large hedge fund managers who developed their own platforms when commercially available options failed to meet their complex requirements. These platforms over time have become commercialized and commoditized.
Technology innovations are helping launch new hedge funds, and helping existing hedge funds launch new funds more quickly. The proliferation of outsourced solutions designed specifically for hedge funds helps new funds minimize their capital expenditures. Hedge funds, for example, can now buy not only software as a service (SaaS) but “infrastructure as a service” solutions, shortening the time and expense needed to launch a new fund. Third-party service providers are also enabling hedge funds to outsource entire functions.

“The survey results indicate that there are multiple vendors and outsourced service providers offering solutions for core functions such as portfolio management and trading,” said Bill Saltus, Head of Hedge Fund Technology Consulting at Citi Prime Finance. “Leading funds and specialized consultants are now offering risk, finance and collateral management solutions while developing unified data management platforms and other platforms to give hedge funds the flexibility they will need to address evolving demands from regulators and investors.”

The full report can be viewed at:

http://www.citigroup.com/transactionservices/home/demo/tutorials26/fb_CitiPrimeFinanceITSurvey_Sep2011/

About the Survey

About First Derivatives

First Derivatives is a global provider of software and consulting services to the financial services industry. With almost 15 years experience working with leading financial institutions, it continues to deliver technologically advanced, award winning products and services that anticipate and respond to the evolving needs of global capital markets. First Derivatives currently employs over 600 people worldwide and counts many of the world’s top investment banks, brokers and hedge funds as its customers. It has operations in London, New York, Stockholm, Shanghai, Singapore, Toronto, Sydney, Dublin, Newry and Hong Kong.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Contacts

Citi

Danielle Romero-Apsilos, 212-816-2264

Danielle.romeroapsilos@citi.com

Business Wire’s Cathy Baron Tamraz and Warren Buffett Ring Bell at NYSE in Honor of Business Wire’s 50th Birthday



Multiplatform, multigenerational success story of a communications industry leader celebrated by Wall Street, executives, team and clients

NEW YORK - Saturday, October 1st 2011 [ME NewsWire]

-(BUSINESS WIRE)-- Business Wire’s CEO Cathy Baron Tamraz pushed the button on the opening bell at the NYSE today, ringing in the next half-century of a multigenerational, multiplatform story successful enough to convince Warren Buffett to buy the Company in 2006.

Buffett, Chairman of Berkshire Hathaway, which now owns Business Wire, stood by Tamraz’s side as executives, staff, Wall Street insiders and Business Wire clients looked on.

"You have to offer real value to attract Warren Buffett, but that's Business Wire," said Tamraz. "We definitely feel 50 years young: experienced enough to know what we're doing in a very competitive marketplace, but young enough to embrace new ideas and technologies, find our place in the digital world, and help our clients grow bigger and stronger, too."

Business Wire 50th Anniversary Events

The NYSE bell ringing ceremony caps months of 50th birthday activities, notably a companywide Business Wire Gives Back volunteering initiative that allowed employees up to 12 hours of paid time off to volunteer for worthy causes on company time.

In addition, the mayors of more than a dozen cities from New York to Los Angeles have honored the company with proclamations. New York’s Mayor Michael Bloomberg noted, “…I am proud to say New York’s future looks brighter than ever thanks to its status as a leader in the financial news industry. That is why we are honored to join Business Wire in celebrating its 50th Anniversary.”

The media and investment communities have relied on Business Wire as a trusted provider of vetted company news for decades. Public companies with disclosure requirements depend on Business Wire’s secure, simultaneous network to help keep them in compliance, while marketers, public relations and other communicators use the Company’s services for general awareness raising, visibility and lead generation.

Privately held for 45 years, Business Wire was founded by Lorry Lokey and began with seven clients and a network of 16 San Francisco Bay area media outlets. Current CEO, Cathy Baron Tamraz, took the helm in 2006. Today, the Company hosts 31 offices worldwide, a client roster of tens of thousands, and the largest media and investor relations network in the industry.

The acquisition of Business Wire by Berkshire Hathaway came about when Tamraz read an article in the Wall Street Journal that described the traits and management style of companies that fit Buffett's value-driven, no-nonsense portfolio. Following Buffett protocols, Tamraz wrote Buffett a letter, faxed it, and a deal was struck within two weeks.

At the mid-century mark, Business Wire reflects on its half-century of pioneering achievements, including these online milestones:

First commercial news wire website (1995)
First multimedia news release (1997)
Introduction of "NX," a web-based patented platform providing simultaneous, real-time news delivery (2003)
Introduction of InvestorHQ and NewsHQ online newsroom platforms (2010)

The Company celebrates its 50th birthday Sunday, October 2 with events and celebrations continuing throughout the month in its 31 offices worldwide.

About Business Wire

Business Wire, a Berkshire Hathaway company, celebrates its 50th anniversary in 2011 as the global leader in press release distribution and regulatory disclosure. Public relations and investor relations professionals rely on Business Wire for both broad-based and targeted market reach. A recognized disclosure service in the United States, Canada and a dozen European countries, Business Wire handles XBRL tagging, document formatting and regulatory filing into EDGAR, SEDAR and other systems. Business Wire provides online newsroom hosting and integration services as well as search engine optimization, mobile distribution and detailed measurement on every press release. Its patented NX delivery platform provides simultaneous full-text posting of Business Wire content to news systems and websites in virtually any country or language. With 31 bureaus worldwide, Business Wire offers local service and global reach.

Learn more at BusinessWire.com and the BusinessWired blog; follow updates on Twitter: @businesswire or on Facebook.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50013146&lang=en

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Video of Business Wire ringing the bell at the NYSE: http://www.youtube.com/watch?v=kxn8E3U6lOM&feature=youtu.be

Photo:

Business Wire CEO Cathy Baron Tamraz (center) rings the opening bell at the New York Stock Exchange, September 30, 2011, accompanied by parent company Chairman Warren Buffett. Joining Tamraz on the podium, L - R: Pat Evans, Senior Vice President, Global Operations and Human Resources, James Maguire, Barclays Capital, Neil Hershberg, Senior Vice President Global Media, Gregg Castano, President of Business Wire, Duncan Niederauer, CEO of NYSE, Geff Scott, Chief Financial Officer, Warren Buffett, Phyllis Dantuono, Executive Vice President and Chief Operating Officer, Thomas Becktold, Senior Vice President Marketing, Richard DeLeo, Senior Vice President, Business Policies and Procedures, Laura Sturaitis, Executive Vice President, Media Services & Product Strategy and two others. --Photo by Ben Hider for NYSE/Euronext


Contacts

Business Wire

Monika Maeckle, +1-512-476-1000

Vice President New Media

Monika.Maeckle@businesswire.com

www.businesswire.com

Blog: http://blog.businesswire.com

Twitter: http://twitter.com/businesswire

Facebook: http://facebook.com/businesswire