DOCSLIB.ORG

Default Title Slide Layout for 2-Line Title – 45 Pt

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Default Title Slide Layout for 2-Line Title – 45 Pt WHY HEDGE FUNDS? BLACKROCK GPS WHY BLACKROCK? NOTES BlackRock Hedge Fund Guided Portfolio Solution The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in conjunction with the review of this presentation. This material is provided for information purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security or investment or a solicitation of investment advice. An offering of shares of BlackRock Hedge Fund Guided Portfolio Solution (“BlackRock GPS” or the “Fund”) can only be made pursuant to the Fund’s current prospectus, which contains important information concerning risk factors, performance, and other material aspects of the investment. Investors should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. This and other information about the Fund can be found in the Fund’s current prospectus, which can be obtained by contacting BlackRock at 800-882-0052. Investors should read the prospectus carefully before any decision to invest is made. USWAM0821U/S-1750752-1/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES 2 USWAM0821U/S-1750752-2/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES BLACKROCK GPS BlackRock Hedge Fund Guided Portfolio Solution (“BlackRock GPS”) Single access point to an actively managed portfolio of preeminent, hard-to-access1 hedge funds that is aligned with investment guidance from the Chief Investment Office for Merrill.2,3 Seeks attractive risk- Offers differentiated Benefits from Simplified 1099 tax adjusted returns and access, leveraging BlackRock’s capital reporting, monthly low correlation to BlackRock’s long- markets insights, risk subscriptions and global equity and fixed standing manager management systems quarterly tenders income markets – relationships and size powered by Aladdin®, (up to 25% of the while seeking to to negotiate lower fees and global Fund’s NAV)5 preserve capital and preferential professional network terms4 on behalf of investors 1 Hard-to-access funds are funds whereby BlackRock Alternative Advisors (BAA) has negotiated capacity rights and/or there is an un derstanding with the manager that BAA will receive an early call in the event capacity becomes available. 2 Merrill’s involvement is limited to establishing investment guidelines with BlackRock pre-Fund launch. BlackRock is responsible for all ongoing investment management of the Fund. The role of Merrill is limited to that of selling agent. 3 Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. The Chief Investment Office, which provides investment strategies, due d iligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM. 4Negotiated terms may include preferential fees or liquidity, transparency, and capacity preference. 5 Although the Fund may offer to repurchase Shares quarterly, subject to the discretion of the Board, Shares are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, nor can there be any assurance that the Fund will conduct tend er offers on a quarterly basis or at all. Each tender offer may be limited and will generally apply to up to 25% of the net assets of the Fund at that time. If an offer to repurchase is oversubscribed, the Fund will repurchase only a pro rata portion of the Shares tendered, unless the offer is increased and extended. The Fund is not obligated to repurchase Shares. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares in a timely manner or at all. The Shares are appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund. No assurances can be given that these objectives willbe met. 3 USWAM0821U/S-1750752-3/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES BlackRock GPS Why Why hedge BlackRock BlackRock? funds? GPS 4 USWAM0821U/S-1750752-4/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? What makes BlackRock Alternative Advisors (BAA) different? BlackRock is trusted with $311B in alternative investment assets1 supported by Aladdin®. Our capabilities span private equity, real assets, credit and hedge funds. 25+ $29bn+ 95+ 110+ years of experience in hedge fund and dedicated hedge fund approved hedge fund managing and hedge fund co- investment programs across advising on portfolios investment AUM professionals across 5 strategies of hedge funds offices, globally We are a leading hedge fund solutions provider, leveraging the unique and expansive capabilities of BlackRock for informed investment decisions and access to global market insights Source: BlackRock as of 6/30/21, unless otherwise noted. All dollar figures are in US dollars. 1 Client assets are as 6/30/21 and include committed capital and Currencies and Commodities. Alternative Credit is reported in BlackRock Alternatives 5 USWAM0821U/S-1750752-5/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? BlackRock Alternative Advisors (BAA) Leading hedge fund solutions provider, leveraging the global investment reach of the world’s largest asset manager • Consistently applied investment philosophy across market cycles Proven Demonstrated • Portfolios that emphasize sources of return distinct from experience across philosophy traditional investments & team market cycles • Invested over entire hedge fund growth cycle, including proliferation of strategies and regulatory requirements • Global investment insights influence investment decisions Superior • Aladdin® risk and portfolio platform enables identification of More informed information & unique opportunities and risks not easily identifiedby others investment decisions analytics • BlackRock’s comprehensive infrastructure allows BAA to focus on investing • Emphasis on early and exclusive manager access enables Potential access to History of potentially advantageous investment relationships differentiated investment • Pioneer in hedge fund co-investments and leading-edge investment innovation strategies and managers opportunities • Custom hedge fund solutions provider since 19951 1 Including history at BAA’s predecessor firm, Quellos Capital Management. 6 USWAM0821U/S-1750752-6/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? Established, repeatable investment process BAA seeks to identify hedge fund managers with a competitive advantage • Universe of approximately 8,000 hedge funds is narrowed to 112, from which the BlackRock GPS portfolio is built1 • Risk management occurs at every step of the investment process Sourcing Evaluation Approval Portfolio Monitoring 8000+ Hedge funds 300-500 deep 112 investment Construction diligence programs Risk Management Manager identification of Evaluate investment Approval from Focus on top-down Ongoing due diligence of hedge funds that merit program’s strengths and Directors of Research, capital markets insights underlying hedge funds active due diligence weaknesses and Risk Management and and bottom-up through invested and non- operational durability of Operational Due manager selection invested peer comparison Assessment to vet programs Diligence prior to considerations investment personnel, Offensive and defensive adding managers to philosophy and process Source and analyze Risk budgeting position-level analysis the platform portfolio and methodology to build Formal review of all performance risk data portfolio approved funds Negotiatecontract terms to benefit clients 1 As of 1 July 2021. Current investment process is subject to change and based on market conditions, managers’ opinions and oth er factors. 7 USWAM0821U/S-1750752-7/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY HEDGE FUNDS? Hedge funds can complement a “60/40” portfolio To complement a traditional “60/40” portfolio, an optimal hedge fund allocation looks to: • Emphasize idiosyncratic sources of return • Minimize exposure to broad market risks Market Sector/style Idiosyncratic Equity market movement, Equity volatility, liquidity, corporate basis, (e.g. deal-specific) interest rates, foreign currency, sovereign risks, industries, market Approval of M&A deal, plan of commodity prices capitalization reorganization, model risks Sources of return of Hedge Fund Portfolios Traditional Portfolios Mitigate market risks Diversify sector/style risks Emphasize Broad overarching market Affects specific strategies in idiosyncratic returns risks, which a hedge various magnitudes Affects specific positions, can fund seeks to mitigate have significant impact on a Approach portfolio Beta Alpha Source: BlackRock, as of December 2020. 8 USWAM0821U/S-1750752-8/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY HEDGE FUNDS? Hedge funds can help diversify for the long haul Hedge funds can provide diversification from stocks and bonds and the potential for persistent, low-correlated returns over time Average index returns during up/down months 15-year snapshot (January 2006 – December 2020) Hedge funds vs. stocks Hedge funds vs. bonds 1.31% 3.11% Help defend in 0.75% 1.25% down markets -0.11% -1.46% -4.03% -1.13% 124 positive months 56 negative months 109 positive months 71 negative months HFRI Fund Weighted Composite Index S&P 500 Index Bloomberg Barclays Global Aggregate Index Source: BlackRock, Hedge Fund Research, Bloomberg. Average return during up/down months
Load more

Recommended publications
  • Arbitrage Pricing Theory∗
    ARBITRAGE PRICING THEORY∗ Gur Huberman Zhenyu Wang† August 15, 2005 Abstract Focusing on asset returns governed by a factor structure, the APT is a one-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the expected return and its covariance with the factors. The APT, however, does not preclude arbitrage over dynamic portfolios. Consequently, applying the model to evaluate managed portfolios contradicts the no-arbitrage spirit of the model. An empirical test of the APT entails a procedure to identify features of the underlying factor structure rather than merely a collection of mean-variance efficient factor portfolios that satisfies the linear relation. Keywords: arbitrage; asset pricing model; factor model. ∗S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the authors’ original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete The New Palgrave Dictionary of Economics in print and online, forthcoming. †Huberman is at Columbia University. Wang is at the Federal Reserve Bank of New York and the McCombs School of Business in the University of Texas at Austin. The views stated here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of New York or the Federal Reserve System. Introduction The Arbitrage Pricing Theory (APT) was developed primarily by Ross (1976a, 1976b). It is a one-period model in which every investor believes that the stochastic properties of returns of capital assets are consistent with a factor structure.
    [Show full text]
  • Arbitrage Pricing Theory: Theory and Applications to Financial Data Analysis Basic Investment Equation
    Risk and Portfolio Management Spring 2010 Arbitrage Pricing Theory: Theory and Applications To Financial Data Analysis Basic investment equation = Et equity in a trading account at time t (liquidation value) = + Δ Rit return on stock i from time t to time t t (includes dividend income) = Qit dollars invested in stock i at time t r = interest rate N N = + Δ + − ⎛ ⎞ Δ ()+ Δ Et+Δt Et Et r t ∑Qit Rit ⎜∑Qit ⎟r t before rebalancing, at time t t i=1 ⎝ i=1 ⎠ N N N = + Δ + − ⎛ ⎞ Δ + ε ()+ Δ Et+Δt Et Et r t ∑Qit Rit ⎜∑Qit ⎟r t ∑| Qi(t+Δt) - Qit | after rebalancing, at time t t i=1 ⎝ i=1 ⎠ i=1 ε = transaction cost (as percentage of stock price) Leverage N N = + Δ + − ⎛ ⎞ Δ Et+Δt Et Et r t ∑Qit Rit ⎜∑Qit ⎟r t i=1 ⎝ i=1 ⎠ N ∑ Qit Ratio of (gross) investments i=1 Leverage = to equity Et ≥ Qit 0 ``Long - only position'' N ≥ = = Qit 0, ∑Qit Et Leverage 1, long only position i=1 Reg - T : Leverage ≤ 2 ()margin accounts for retail investors Day traders : Leverage ≤ 4 Professionals & institutions : Risk - based leverage Portfolio Theory Introduce dimensionless quantities and view returns as random variables Q N θ = i Leverage = θ Dimensionless ``portfolio i ∑ i weights’’ Ei i=1 ΔΠ E − E − E rΔt ΔE = t+Δt t t = − rΔt Π Et E ~ All investments financed = − Δ Ri Ri r t (at known IR) ΔΠ N ~ = θ Ri Π ∑ i i=1 ΔΠ N ~ ΔΠ N ~ ~ N ⎛ ⎞ ⎛ ⎞ 2 ⎛ ⎞ ⎛ ⎞ E = θ E Ri ; σ = θ θ Cov Ri , R j = θ θ σ σ ρ ⎜ Π ⎟ ∑ i ⎜ ⎟ ⎜ Π ⎟ ∑ i j ⎜ ⎟ ∑ i j i j ij ⎝ ⎠ i=1 ⎝ ⎠ ⎝ ⎠ ij=1 ⎝ ⎠ ij=1 Sharpe Ratio ⎛ ΔΠ ⎞ N ⎛ ~ ⎞ E θ E R ⎜ Π ⎟ ∑ i ⎜ i ⎟ s = s()θ ,...,θ = ⎝ ⎠ = i=1 ⎝ ⎠ 1 N ⎛ ΔΠ ⎞ N σ ⎜ ⎟ θ θ σ σ ρ Π ∑ i j i j ij ⎝ ⎠ i=1 Sharpe ratio is homogeneous of degree zero in the portfolio weights.
    [Show full text]
  • Introduction and Overview of 40 Act Liquid Alternative Funds
    Introduction and Overview of 40 Act Liquid Alternative Funds July 2013 Citi Prime Finance Introduction and Overview of 40 Act Liquid Alternative Funds I. Introduction 5 II. Overview of Alternative Open-End Mutual Funds 6 Single-Manager Mutual Funds 6 Multi-Alternative Mutual Funds 8 Managed Futures Mutual Funds 9 III. Overview of Alternative Closed-End Funds 11 Alternative Exchange-Traded Funds 11 Continuously Offered Interval or Tender Offer Funds 12 Business Development Companies 13 Unit Investment Trusts 14 IV. Requirements for 40 Act Liquid Alternative Funds 15 Registration and Regulatory Filings 15 Key Service Providers 16 V. Marketing and Distributing 40 Act Liquid Alternative Funds 17 Mutual Fund Share Classes 17 Distribution Channels 19 Marketing Strategy 20 Conclusion 22 Introduction and Overview of 40 Act Liquid Alternative Funds | 3 Section I: Introduction and Overview of 40 Act Liquid Alternative Funds This document is an introduction to ’40 Act funds for hedge fund managers exploring the possibilities available within the publically offered funds market in the United States. The document is not a comprehensive manual for the public funds market; instead, it is a primer for the purpose of introducing the different fund products and some of their high-level requirements. This document does not seek to provide any legal advice. We do not intend to provide any opinion in this document that could be considered legal advice by our team. We would advise all firms looking at these products to engage with a qualified law firm or outside general counsel to review the detailed implications of moving into the public markets and engaging with United States regulators of those markets.
    [Show full text]
  • Proposed Rule
    Vol. 76 Friday, No. 29 February 11, 2011 Part V Commodity Futures Trading Commission 17 CFR Part 4 Securities and Exchange Commission 17 CFR Parts 275 and 279 Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF; Proposed Rule VerDate Mar<15>2010 21:44 Feb 10, 2011 Jkt 223001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\11FEP3.SGM 11FEP3 srobinson on DSKHWCL6B1PROD with PROPOSALS3 8068 Federal Register / Vol. 76, No. 29 / Friday, February 11, 2011 / Proposed Rules COMMODITY FUTURES TRADING Commission, Three Lafayette Centre, Web site (http://www.sec.gov/rules/ COMMISSION 1155 21st Street, NW., Washington, DC proposed.shtml). Comments are also 20581. available for Web site viewing and 17 CFR Part 4 • Hand Delivery/Courier: Same as printing in the SEC’s Public Reference RIN 3038–AD03 mail above. Room, 100 F Street, NE., Washington, • Federal eRulemaking Portal: http:// DC 20549 on official business days SECURITIES AND EXCHANGE www.regulations.gov. Follow the between the hours of 10 a.m. and 3 p.m. COMMISSION instructions for submitting comments. All comments received will be posted ‘‘Form PF’’ must be in the subject field without change; we do not edit personal 17 CFR Parts 275 and 279 of comments submitted via e-mail, and identifying information from clearly indicated on written submissions. You should submit only [Release No. IA–3145; File No. S7–05–11] submissions. All comments must be information that you wish to make RIN 3235–AK92 submitted in English, or if not, available publicly.
    [Show full text]
  • Minutes of the Meeting Held on August 6, 2020 Present: Francis Murphy
    Minutes of the meeting held on August 6, 2020 Present: Francis Murphy – Chairman, James Monagle, Michael Gardner, Nadia Chamblin- Foster, John Shinkwin, David Kale, Ellen Philbin, Rafik Ghazarian and Chris Burns. The meeting was called to order at 11:05 AM. The meeting was digitally recorded. Agenda Item #1 – Segal Marco Advisors Ghazarian reviewed Segal Marco’s written analysis of investment performance for the period ending June 30, 2020. Markets bounced back strongly following the losses in the early part of the year, but still remain negative on a year-to-date basis. Ghazarian reviewed the system’s current asset allocation. The system funded the investment with the Pinebridge bank loans fund in July. The system is slightly short of the target allocation in real estate. The hedge fund allocation was cut and is now targeted to 5% of the portfolio. Overall, the total fund was valued at $1.322 billion, representing a gain of 9.94% during the quarter. The fund underperformed with the policy index return of 13.99%. Ghazarian stated that part of this underperformance was attributable to the underperformance of value stocks. Another issue was the drop in the price of Cambridge Bancorp stock, which dragged down the entire equity sleeve. Lazard has also continued to underperform. The hedge fund sleeve also saw poor performance, returning 1.25% in the last quarter, vs. the benchmark at 7.25%. Ghazarain stated that a number of his clients had asked about “recovery funds” which have advertised returns of 15-20%. He noted that some similar funds had very strong performance after the 2008 financial crisis.
    [Show full text]
  • Fifty Leading Women in Hedge Funds 2020
    Fifty Leading Women in Hedge Funds 2020 I N A S S O C I A T I O N W I T H 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Introduction HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL his is the eighth edition of our managers of all time – according to LCF Edmond 50 Leading Women in Hedge de Rothschild analysis – namely Bridgewater Funds report and is published Associates and Lone Pine. The two Lone Pine in association with EY for the women in this year’s report are two of the three seventh time. Whilst Covid-19 portfolio managers who succeeded Lone Pine’s has denied us the opportunity founder Steve Mandel. Three of the report’s to host accompanying events discretionary equity portfolio managers specialize in London and New York, at in the healthcare and biotechnology sector, which least this year, the professional achievements has attracted more attention this year for obvious Tof the women featured in this year’s report reasons. Four of the investment professionals shine through, nonetheless. We are so pleased work for systematic and quantitative hedge fund An analysis of the S&P to be publishing this report just a few days after managers, which is notable given the general Kamala Harris made history by becoming the dearth of women in STEM. Another noteworthy first female, first black and first Asian-American cluster is three women managing multi-billion Composite 1500 found US Vice-President-elect. s the leading global evidence is clear. Having more amounts in liquid credit strategies.
    [Show full text]
  • Dr Tom Howat Spent Seven Years at Trinity College, Cambridge, Studying Applied Mathematics, and Graduating with a Phd in Mathematical Biology in 2006
    The RingTHE JOURNAL OF THE CAMBRIDGE COMPUTER LAB RING Issue XXXII — January 2013 — £20 The Cambridge Phenomenon 5 Ring news 2 64 4 Letter from the Editor Kick-starting Chip Design The Raspberry Pi Effect Who’s who 3 Valobox 64 6 Making it easier and cheaper to Hall of fame news 9 access paid content through the Web Skin Analytics 8 A mobile health app to give you peace of mind Tom Howat 11 Graduate Story www.camring.ucam.org 2 Ring news Letter from the Editor Events calendar As many of you probably know the In contrast with his fellow economics gradu- Computer Laboratory’s graduate association, ates, Julian Hall eschewed the traditional 2013 Cambridge Computer Lab Ring, is open not path to the City and instead took up an only to all graduates and present and former industrial placement at IBM. His time with February staff of the Computer Laboratory, but also a successful start-up in Auckland taught him Cambridge graduates from other disciplines “how malleable software technology can Wednesday 6th, 6.30pm working in computing careers. be” and he set his sights on staying in the London Ringlet Bar industry. Julian has recently co–founded a Venue to be confirmed While many in industry throughout the company in Cambridge (page 8). April land and far beyond bemoan the lack of computer science graduates, the relentless While Tom Howat’s move into technology Thursday 4th, 6.30pm growth of new technologies has served to is perhaps more traditional (he does come London Ringlet Bar attract a diverse cadre of the most capable from the STEM fields having spent seven Venue to be confirmed graduates from other disciplines.
    [Show full text]
  • UBS (CH) Global Alpha Strategies
    UBS (CH) Global Alpha Strategies Investment fund governed by Swiss law (Category “other funds for alternative investments with special risk”) Prospectus with integrated fund contract April 2017 UBS (CH) Global Alpha Strategies, as a fund invest- ment fund governed by Swiss law under the category “other funds for alternative investments with special risk”, invests in various, mainly foreign investment funds and fund-like investment instruments (hereinafter “tar- get funds”) which themselves pursue alternative invest- ment strategies or make alternative investments (gen- erally known as hedge funds or non-traditional funds). The risks of these target funds are not comparable to the risks of the category of “securities funds” and invest- ment funds under the category “Other funds for tradi- tional investments”. For this reason, the aforementioned fund belongs to the category “Other funds for alternative investments with special risk”. The attention of investors in UBS (CH) Global Alpha Strat- egies is explicitly drawn to the risks noted in the prospec- tus. In particular, investors need to be prepared and in a financial position to accept – even substantial – price losses. The fund management company of UBS (CH) Global Alpha Strategies makes every effort to minimise risks insofar as possible by utilising a broad diversification in the pursued investment strategy, by carefully selecting the underlying target funds and by closely monitoring these funds. Nev- ertheless, in exceptional cases one or more of the under- lying hedge funds may suffer a total loss, with a corre- sponding impact on this investment fund. Lists A, B and C of unit class “Q” in accordance with § 6 prov.
    [Show full text]
  • The Board of Directors in Hedge Fund Governance
    The Board of Directors in Hedge Fund Governance Peter G. Szilagyi Chong Wei Wong Judge Business School – University of Cambridge WORK IN PROGRESS 17 December 2012 Abstract Hedge fund boards have historically been overlooked as an institution lacking relevance and substance. Directors are indeed appointed by the fund manager, mostly supplied by the fund’s service providers and director services, and often lacking in skills and incentives to monitor the fund. Nonetheless, they face growing pressure post-crisis from both investors and regulators to fulfill their fiduciary duties. This paper investigates the role and effectiveness of hedge fund boards for the first time, using hand-collected data from hedge fund documentation previously unavailable for academic research. We find several important results, including evidence that (i) board independence leads to improved fund performance, (ii) directors with risk management experience reduce fund risk without affecting returns, and (iii) funds deliver superior returns and lower risk when they give voting rights to investors (including to elect directors). We conclude that the board can be a very useful source of control in hedge funds, whose traditional governance model fundamentally focuses on the realignment of managerial interests. JEL classification: G11, G23, G32, G34, G38. Keywords: Hedge funds, board of directors, investor rights, operational risk, agency problems, corporate governance. Corresponding author. Tel: + 44 (0) 1223 764 026. Fax: + 44 (0) 1223 339 701. Email address: [email protected] (P. G. Szilagyi). 1. Introduction Since the modern hedge fund was conceived by Albert W. Jones in 1949, hedge funds have moved from being a cottage industry to being major players in financial markets.
    [Show full text]
  • Amundi Asset Management US, Inc. Date: March 31, 2021 Address
    FIRM BROCHURE Date: Amundi Asset Management US, Inc. March 31, 2021 Address: Phone: 60 State Street, Boston MA 02109 (800) 225-6292 Web Site Address: http://www.amundi.com/US This Brochure provides information about the qualifications and business practices of Amundi Asset Management US, Inc. (“Amundi US” or the “adviser”). If you have any questions about the contents of this Brochure, please contact us at 800-225-6292 and/or e-mail [email protected]. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Additional information about Amundi US also is available on the SEC’s website at www.adviserinfo.sec.gov. 1 FIRM BROCHURE Material Changes The following material change has been made to this Brochure since its last annual amendment dated March 30, 2020. Effective January 1, 2021, Amundi Pioneer Institutional Asset Management, Inc. merged with and into its affiliate, Amundi Pioneer Asset Management. Inc. (the “Merger”), and the surviving entity changed its name to Amundi Asset Management US, Inc. After the Merger, the investment advisory services previously provided by Amundi Pioneer Institutional Asset Management, Inc. are now provided through Amundi Asset Management US, Inc. Following the Merger, effective January 1, 2021, the US business of Amundi adopted a new brand, Amundi US. This replaces Amundi Pioneer, which was first adopted following Amundi’s acquisition of Pioneer Investments in July 2017. 2 FIRM BROCHURE
    [Show full text]
  • CFTC Update: What Fund Managers Need to Know October 23, 2012
    Investment Management Hot Topics CFTC Update: What Fund Managers Need to Know October 23, 2012 1. About the Speakers 2. PowerPoint Presentation 3. Commodity Pool Operators: CFTC Exemptions and Registration 4. CFTC Swap Rules 5. Additional Materials Investment Management Hot Topics 1. About the Speakers Ida Wurczinger Draim Partner Schulte Roth & Zabel LLP 1152 Fifteenth Street, NW, Suite 850 Washington, DC 20005 +1 202.729.7462 | [email protected] Ida Wurczinger Draim focuses her practice on securities and commodities compliance counseling and the representation of securities industry and corporate clients in regulatory investigations and proceedings. With more than 25 years of experience, Ida is well known for her expertise in investment adviser and broker-dealer compliance and her highly effective representation of industry clients before the SEC, NYSE, FINRA, CFTC, NFA and other regulatory authorities. Some of the areas that Ida regularly addresses on behalf of our investment adviser clients include conflicts of interest, Form ADV disclosure, third-party marketing arrangements, soft dollar practices, personal trading compliance, principal and agency trades, advertising, valuation, best execution, custody, trading restrictions and prohibitions, and commodity pool operator registration and regulatory issues. In the broker-dealer context, Ida regularly deals with Regulations NMS and SHO, best execution, dark pools, prime brokerage functions, institutional and retail sales practices, insider trading and rumors, marketing materials, research, short sale restrictions, supervisory structure, trade surveillance and monitoring, and statutory disqualifications. In addition to compliance counseling and regulatory representation, Ida routinely supervises mock audits, advises clients undergoing regulatory examinations and inspections, provides compliance training and develops supervisory and compliance policies and procedures.
    [Show full text]
  • Hedge Fund Upswing Looks Set to Continue
    For UBS marketing purposes The hedge fund industry has been enjoying a period of strength, after several challenging years. (ddp) Alternative investments Hedge fund upswing looks set to continue 24 August 2021, 10:01 am CEST, written by UBS Editorial Team The hedge fund industry has produced good returns so far this year and attracted renewed inflow from investors. We believe the outlook going forward remains positive, with hedge funds offering an appealing combination of attractive returns, downside mitigation, and diversification. The hedge fund industry has been enjoying a period of strength, after several challenging years. Year-to-date the average hedge fund is up between 5% and 10%, according to HFR indexes. This solid result follows an 11.8% return last year, one of the best outcomes since 2009. Meanwhile, after suffering withdrawals of more than USD 170bn over the past five years, hedge funds gained a net USD 18.4bn in the first half of 2021. Hedge funds look set to continue to provide an appealing combination of attractive returns, downside mitigation, and diversification. 1. Technical market factors remain conducive of hedge fund returns. The transition to a reflationary environment is likely to continue, benefiting certain sectors and asset classes while hindering others. This dispersion typically increases opportunities for fund managers. Meanwhile, structural shifts (including sustainability, digitalization, and deglobalization), corporate deal activity, and investor flows are all creating opportunities hedge funds can take advantage of. Overall, the current backdrop is supportive of hedge fund returns. 2. As an alternative to holding stocks outright, hedge funds can be a defensive way to build market exposure.
    [Show full text]