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The Granular Nature of Large Institutional Investors
NBER WORKING PAPER SERIES THE GRANULAR NATURE OF LARGE INSTITUTIONAL INVESTORS Itzhak Ben-David Francesco Franzoni Rabih Moussawi John Sedunov Working Paper 22247 http://www.nber.org/papers/w22247 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2016, Revised July 2020 Special acknowledgments go to Robin Greenwood and David Thesmar for thoughtful and extensive comments. We also thank Sergey Chernenko, Kent Daniel (NBER discussant), Itamar Drechsler, Thierry Foucault, Xavier Gabaix, Denis Gromb, Andrew Karolyi, Alberto Plazzi, Tarun Ramadorai (AFA discussant), Martin Schmalz, René Stulz, and Fabio Trojani as well as participants at the NBER Summer Institute (Risk of Financial Institutions) and seminars at Cornell University, the Interdisciplinary Center Herzliya, University of Texas at Austin, Georgia State University, Tilburg University, Maastricht University, HEC Paris, USI Lugano, Villanova University, The Ohio State University, the Bank for International Settlements, NBER Risk of Financial Institutions Summer Institute, and American Finance Association for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Itzhak Ben-David, Francesco Franzoni, Rabih Moussawi, and John Sedunov. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Granular Nature of Large Institutional Investors Itzhak Ben-David, Francesco Franzoni, Rabih Moussawi, and John Sedunov NBER Working Paper No. -
May CARG 2020.Pdf
ISSUE 30 – MAY 2020 ISSUE 30 – MAY ISSUE 29 – FEBRUARY 2020 Promoting positive mental health in teenagers and those who support them through the provision of mental health education, resilience strategies and early intervention What we offer Calm Harm is an Clear Fear is an app to Head Ed is a library stem4 offers mental stem4’s website is app to help young help children & young of mental health health conferences a comprehensive people manage the people manage the educational videos for students, parents, and clinically urge to self-harm symptoms of anxiety for use in schools education & health informed resource professionals www.stem4.org.uk Registered Charity No 1144506 Any individuals depicted in our images are models and used solely for illustrative purposes. We all know of young people, whether employees, family or friends, who are struggling in some way with mental health issues; at ARL, we are so very pleased to support the vital work of stem4: early intervention really can make a difference to young lives. Please help in any way that you can. ADVISER RANKINGS – CORPORATE ADVISERS RANKINGS GUIDE MAY 2020 | Q2 | ISSUE 30 All rights reserved. No part of this publication may be reproduced or transmitted The Corporate Advisers Rankings Guide is available to UK subscribers at £180 per in any form or by any means (including photocopying or recording) without the annum for four updated editions, including postage and packaging. A PDF version written permission of the copyright holder except in accordance with the provision is also available at £360 + VAT. of copyright Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency, Barnard’s Inn, 86 Fetter Lane, London, EC4A To appear in the Rankings Guide or for subscription details, please contact us 1EN. -
Institutional Investor Study 2019
Institutional Investor Study 2019 Geopolitics and investor expectations Marketing material for professional investors and advisers only Schroders Institutional Investor Study 2019 | Geopolitics and investor expectations 01 Contents 02 Executive summary 10 Investment goals • Generating income comes out on top 03 Portfolio performance Increasing allocations to fixed income • Geopolitical concerns dominate the investment landscape 12 Growing appetite for innovation • The quest for new, customised solutions 05 Return expectations • De-risking through LDI • Optimistic return expectations despite an uncertain landscape 14 Risk management strategies • The dominance of diversification 08 Staying strategic • Strategic asset allocation 16 About the Study driving decision making • Focus on long-term holding periods Schroders Institutional Investor Study 2019 | Geopolitics and investor expectations 02 Executive summary Geopolitical turbulence and the threat of a However, the most important investment Schroders’ third annual global economic slowdown are seen as the objective for investors for the next most important influences on a portfolio’s 12 months is meeting income and yield investment performance for the next 12 requirements (66%). Capital preservation Institutional Investor Study months. Since our inaugural Study in 2017, and generating high risk-adjusted returns we have seen investors become more rank second and third, illustrating how This Study analyses the investment perspectives of 650 institutional concerned about how world events are institutions are looking to more defensive investors, collectively responsible for $25.4 trillion in assets and from affecting growth (32% in 2017 vs. 52% in 2019). assets to de-risk portfolios during heightened 20 locations across the world. The Study provides a snapshot of some This is also evidenced by a steady decline in geopolitical uncertainty. -
The-Single-Family-Office-Book.Pdf
i Family Office Help Line: (212) 729-5067 THE SINGLE FAMILY OFFICE Creating, Operating & Managing Investments of a Single Family Office By Richard C. Wilson Billionaire Family Office | Family Offices Group Association ii iii Family Office Help Line: (212) 729-5067 This book is dedicated to my amazing daughters Bella & Maya Wilson. iv v Family Office Help Line: (212) 729-5067 Table of Contents Chapter Page Preface 5 Part 1: Single Family Office Fundamentals 7 Chapter 1: Introduction to Single Family Offices 9 Chapter 2: Single Family Office Talent & Teams 17 Chapter 3: Single Family Office Operations 35 Chapter 4: Single Family Office Governance 47 Part 2: Starting a Single Family Office 59 Chapter 5: Creating Your Family Compass 61 Chapter 6: Starting a Single Family Office 69 Chapter 7: Partners, Vendors, & Service Providers 87 Chapter 8: Investment Committees & Advisory Boards 93 Part 3: Single Family Office Investment Portfolios 109 Chapter 9: Family Office Investment Management 111 Chapter 10: Investment Fund Manager Selection & Monitoring 113 Chapter 11: Direct Investing & Operating Businesses 131 Chapter 12: Co-Investing & Club Deals 171 Chapter 13: Real Estate Investments and Hard Assets 191 Part 4: Single Family Office Best Practices & Models to Emulate 205 Chapter 14: $1 Billion+ Single Family Offices 207 Chapter 15: Intergenerational Money Management 227 Chapter 16: Converting from a Single Family Office into a Multi-Family Office 233 Chapter 17: Outsourced Chief Investment Officers 243 Chapter 18: Virtual Family Offices 247 Chapter 19: The Future of the Single Family Office Industry 261 vi vii Acknowledgements The Single Family Office book would not have been possible to write without the help of many smart and dedicated professionals. -
Q&A with Denmark West
SEPTEMBER 2017 V OL. 5 | ISS U E 134 R E P O R T Q&A with Denmark West. Founding Partner of Connectivity Capital Partners (“CVF”). Principle Series: Family Office Insights sits down with Denmark West, Founding Partner of Connectivity Capital Partners & CIO of Connectivity Ventures Fund, to discuss the early stage, mission-oriented fund of CVF that works to improve the human condition in the areas of health, finance, and work. Family Office Insights is a voluntary, “opt-in” collaborative peer-to-peer community of single family offices, qualified investors and institutional investors. If you care to learn more, and perhaps join the community, you are welcome to visit us here at FamilyOfficeInsights.com. P AGE 1 Q: Tell us about your background and your company, Connectivity Capital Partners. A: I started in investment banking after graduating from Harvard and focused on technology. I quickly realized I actually wanted to work inside the technology industry. So while still in my twenties, I found a role at Microsoft, where I had the opportunity to work directly with top executives including CFOs Greg Maffei and John Connors, and CEOs Bill Gates and Steve Ballmer among others. I was tasked with leading some strategic projects, ranging from Software as a Service to Open Source Software, which shape my thinking even today. I was also given the opportunity to lead internet infrastructure investments within a nascent corporate ventures effort. I led investments in Akamai (IPO), InterVU (sold to Akamai), and iBeam (IPO) among others. In 2004, Viacom recruited me to lead strategy and business development. -
Apollo Global Management Announces Conclusion and Release of Independent Review
Apollo Global Management Announces Conclusion and Release of Independent Review NEW YORK – January 25, 2021 – Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that the Conflicts Committee of the Board of Directors has completed its previously announced independent review of Chairman and CEO Leon Black’s previous professional relationship with Jeffrey Epstein and publicly released the review’s findings. At a regularly scheduled Board meeting in October 2020, Mr. Black requested the Conflicts Committee, comprised of independent directors, retain outside counsel to conduct an independent and thorough review. The Committee subsequently retained Dechert LLP (“Dechert”), a leading global law firm. Michael Ducey, Chair of the Conflicts Committee said, “On behalf of the Board, we want to thank Dechert LLP for conducting a timely and thorough review. We are releasing the report and findings in its entirety in the interest of being fully transparent to all of our stakeholders.” Key findings of the Dechert report include: • Apollo never retained Epstein for any services and Epstein never invested in any Apollo- managed funds; • Epstein regularly advised Mr. Black on trust and estate planning, tax issues, philanthropic endeavors, and the operation of his Family Office; • All fees paid to Mr. Epstein by Mr. Black or his Family Office were for bona fide tax, estate planning and other related services, and the amounts were intended to be proportional to the value provided by Mr. Epstein; • Epstein’s advice was vetted by respected professional advisors; and • Dechert found no evidence that Mr. Black was involved in any way with Mr. -
Private Debt in Asia: the Next Frontier?
PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? We take a look at the fund managers and investors turning to opportunities in Asia, analyzing funds closed and currently in market, as well as the investors targeting the region. nstitutional investors in 2018 are have seen increased fundraising success in higher than in 2016. While still dwarfed Iincreasing their exposure to private recent years. by the North America and Europe, Asia- debt strategies at a higher rate than focused fundraising has carved out a ever before, with many looking to both 2017 was a strong year for Asia-focused significant niche in the global private debt diversify their private debt portfolios and private debt fundraising, with 15 funds market. find less competed opportunities. Beyond reaching a final close, raising an aggregate the mature and competitive private debt $6.4bn in capital. This is the second highest Sixty percent of Asia-focused funds closed markets in North America and Europe, amount of capital raised targeting the in 2017 met or exceeded their initial target credit markets in Asia offer a relatively region to date and resulted in an average size including SSG Capital Partners IV, the untapped reserve of opportunity, and with fund size of $427mn. Asia-focused funds second largest Asia-focused fund to close the recent increase in investor interest accounted for 9% of all private debt funds last year, securing an aggregate $1.7bn, in this area, private debt fund managers closed in 2017, three-percentage points 26% more than its initial target. -
Institutional Investment Mandates ANCHORS for LONG-TERM PERFORMANCE SECOND EDITION APRIL 2020
REPORT Institutional Investment Mandates ANCHORS FOR LONG-TERM PERFORMANCE SECOND EDITION APRIL 2020 FCLTGlobal is dedicated to rebalancing investment and business decision-making towards the long-term objectives of funding economic growth and creating future savings. FCLTGlobal is a not-for-profit dedicated to can increase innovation, and create value. developing practical tools and approaches that FCLTGlobal was founded in 2016 by BlackRock, encourage long-term behaviors in business and Canada Pension Plan Investment Board, The Dow investment decision-making. It takes an active Chemical Company, McKinsey & Company, and and market-based approach to achieve its goals. Tata Sons out of the Focusing Capital on the Long By conducting research and convening business Term initiative. Its membership encompasses asset leaders, FCLTGlobal develops tools and generates owners, asset managers and corporations from awareness of ways in which a longer-term focus around the world. MEMBERS Table of Contents TABLE OF CONTENTS 4 Executive Summary 5 Institutional Investment Mandates: Anchors for Long-Term Performance 6 Top Ten List for Long-Term Mandates 7 Model for Long-Term Contract Provisions 9 Exploratory Provisions 10 Examples of Long-Term Mandates 11 Ontario Teachers' Pension Plan 12 Kempen Capital Management 13 MFS Investment Management 14 Adjusting Performance Reporting 15 Conclusion 16 Long-Term Model for Institutional Investment Mandates: Contract Provisions 17 Long-Term Model for Institutional Investment Mandates: Key Performance Indicators 19 Acknowledgments 19 Sources This document benefited from the insight and advice of FCLTGlobal’s Members and other experts. We are grateful for all the input we have received, but the final document is our own and the views expressed do not necessarily represent the views of FCLTGlobal’s Members or others. -
2015 Media Kit ®
MAKE GROW LIVE CURATOR Learjet Turns 50; Luxury How Foundations Can Self-Defense for 2014; Eight Super Fast Sedans MAKE GROW LIVE CURATOR W Living at Disney World; Earn a Profit; Investing in Top 10 Influential Art and Sports Cars; Surprising The 10 Smartest Employee How to Invest in a 10 Questions for Your NetJet’s New Beauty Why Tech is Beating the Caspian Sea; Galleries; Wine’s New Whiskies from Japan; New W Benefits; Marissa Mayer’s Restaurant; Avoiding Nanny; The World’s Takes Flight; Napa’s Wall Street Fishing for Science Power Brokers Classics from Burger Boat Road to Yahoo’s Top Job; 2013’s Tax Cliff; The 10 Greatest Hotels; How to Unconventional Cabernets; How to Vanish Online Most Popular Tax Havens Fix a Bad Back (Overseas) The Power Suit for Fall ® ® THE EVOLUTION OF FINANCIAL INTELLIGENCE the evolution of financial intelligence 100 THE 100 MOST POWERFUL PEOPLE P IN FINANCE 100 THE 100 MOST POWERFUL PEOPLE PIN FINANCE WORTH.COM worth.com 26VOLUME 22 | EDITION 05 20volume 21 | edition 05 COVER_WOR20_ms.indd 1 9/25/12 11:38 AM MAKE GROW LIVE CURATOR MAKE GROW LIVE CURATOR Why Private Aviation is Top 10 Art Sales of 2013; 10 Classic American Designing Your Own Top 10 Venture Capitalists; Investing in Healthcare; How to Survive a Perfect Fall Fashion; W Soaring; How to Reinvent What Financial Credentials Restaurants; Six Artisans of Ferrari; Crafting Personal W Manhattan’s Hot New How to Buy a Winery; Hurricane; Best Cigar The World’s Largest Casinos; Making Furniture Really Mean; How to Bespoke; Talking Watches Whisky in Scotland; The Whisky Bar; Six Startups Expert Lessons from the Lounges; 10 Great Autumn Catamaran; The Beauty of with Thos. -
Future Finance & Investment Chapter
FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS OF THE GRI GLOBAL COMMITTEE FUTURE FINANCE & INVESTMENT CHAIRPERSON VICE-CHAIR Audrey Klein Peter Plaut Head of Investor Relations (Funds) Executive Director Kennedy Wilson Wimmer Family Office Investor Relations (Funds) Investor - Family Office Kennedy Wilson is a global real estate operator. We focus Wimmer Family Office offers both bespoke investment portfolio on multifamily, office and industrial properties located in the solutions for family offices and high net worth individuals as Western U.S., U.K., Ireland and Spain. Headquartered in Beverly well as its core investment trend following strategy through the Wimmer Wealth Protection Fund. Hills, CA, and London, UK, Kennedy Wilson has 16 global offices. Audrey Klein is the Head of Fundraising for Kennedy Wilson Europe. Prior to Peter Plaut is an Executive Director at Wimmer Family Office focused on origination, this she held Head of Fundraising roles at several firms but is best known for researching and structuring private debt and equity transactions across a broad range starting the European business out of London for the Park Hill Real Estate of industries including specializing in real estate across the residential, office and hotel Group, a Division of Blackstone, which she ran for 9 yrs. Prior to joining Park and hospitality sectors. Minimum transaction size is $100mm to well over $1 billion. Hill, she ran her own business for 5 yrs marketing alternative asset funds Mr. Plaut is consistently recognized as a leader in the industry. Among his many across all asset classes including private equity, real estate and hedge funds achievements and awards, he was ranked as one of the Top 20 Rising Stars of Hedge to European investors comprised of pension funds, banks, family offices and Funds during the 2008 financial crisis –a recognition of his ability to manage through high net worth individuals. -
Hedge Fund Standards Board
Annual Report 2018 Established in 2008, the Standards Board for Alternative Investments (Standards Board or SBAI), (previously known as the Hedge Fund Standards Board (HFSB)) is a standard-setting body for the alternative investment industry and custodian of the Alternative Investment Standards (the Standards). It provides a powerful mechanism for creating a framework of transparency, integrity and good governance to simplify the investment process for managers and investors. The SBAI’s Standards and Guidance facilitate investor due diligence, provide a benchmark for manager practice and complement public policy. The Standards Board is a platform that brings together managers, investors and their peers to share areas of common concern, develop practical, industry-wide solutions and help to improve continuously how the industry operates. 2 Table of Contents Contents 1. Message from the Chairman ............................................................................................................... 5 2. Trustees and Regional Committees .................................................................................................... 8 Board of Trustees ................................................................................................................................ 8 Committees ......................................................................................................................................... 8 3. Key Highlights ................................................................................................................................... -
Turning Ideas to Gold
TURNING IDEAS TO GOLD Perspectives on Venture Capital for Indian Family Offices Summary 10K 140+ ~20% $30Bn Expected number of ultra- Formalised Family Offices in Portfolio allocation towards Indian Family Offices are high net worth individuals India that preserve, enhance, Alternative assets (which estimated to contribute 30% of (net-worth > US$ 30M) in and transition UHNI wealth includes PE/VC) by Indian the estimated $100Bn to be India by 2024 Family Offices raised by Indian startups by 2025 55K 485 bps 9 12 Number of start-ups launched Higher IRR generated by VC Levers through which VC Crucial checks across team in India. Home to 56 unicorns, and PE funds raised during funds generate value for their skills, fund reputation, investment India has added 14 new periods of economic crises GPs – including relationships, strategy, funding capability and unicorns by May 2021 already relative to the average VC/PE expertise and processes past returns generated while returns over the period 1995- selecting a fund GP 2016 © 256 Network © Praxis Global Alliance | 1 A new generation of Indians is growing their wealth UHNIs in India expected to have ~US$ 700B wealth by 2024, India expected to have ~10K UHNIs by 2024, ~2X of 2019 figures ~1.6X of 2019 No of UHNIs in India UHNI wealth in India 2014-2024P US$ B, 2019-2024P 707 10,354 CAGR CAGR 10% 12% 440 5,996 CAGR 3,061 14% 2014 2019 2024P 2019 2024P Notes(s): UHNIs refers to individuals with net worth > US$ 30M, CAGR for UHNI wealth estimated on the basis of past trends from 2013-18 Source(s): The