April 2017

Hedgeweek Global Awards 2017 CONTENTS

In this issue…

03 Hedgeweek Global Awards 25 Invast Global 2017 results Best Specialist Market Prime Broker 04 Not just surviving… 27 HedgeMark thriving Best Managed Accounts Platform By James Williams 28 Hathersage Capital 07 Quadra Capital Partners Management Best / Equity Strategy Fund Best Foreign Exchange & Best UCITS Liquid Alternatives Fund 30 DMS Governance 09 Sadis & Goldberg LLP Monique Melis, Managing Director, Best Offshore Regulatory Advisory Firm Best Global Law Firm Global Head of Regulatory Consulting 32 Cowen Prime Services at Duff & Phelps, sponsor of the 10 FIS LLC Awards lunch, addresses the audience at the Hedgeweek Global Best Managed Account Platform Best Global Prime Broker Awards ceremony 2017 Technology Firm 33 ACA Aponix 11 EisnerAmper LLP Best Global Cyber- Services Best Global Accounting Firm Provider 12 Nedelma Inc 35 Wavelength Capital Best Fund Accounting and Reporting Management Systems Firm Best ’40 Act Liquid Alternatives Fund 13 Pillar Capital Management 36 CitySavvy Best -Linked Strategies Best Global Public Relations Firm Hedge Fund 37 Harneys 15 Blue Diamond Asset Best Offshore Law Firm Management 38 One Ten Associates AWARDS 2017 Best Statistical Hedge Fund Best Fund Management Recruitment Firm 17 Iron Cove Partners 40 Eze Castle Integration Best Global Insurance Provider Best Global Cloud Services Provider 18 Tages Capital 42 SS&C GlobeOp Best Seeding Platform Best Global Hedge Fund Administrator 19 Quintillion Limited 43 Agecroft Partners Best UCITS Liquid Alternatives Fund Best Global Third Party Marketing Firm Administrator 45 Duff & Phelps 21 ML Capital Best Global Regulatory Advisory Firm Best UCITS Liquid Alternatives Platform 47 Axioma 22 La Française Investment Best Risk Management Software Firm Solutions Best Long/Short Credit Strategy Hedge Fund

Publisher

Managing Editor: James Williams, [email protected]; Managing Editor (Wealth Adviser, etfexpress & AlphaQ): Beverly Chandler, beverly. [email protected]; Online News Editor: Mark Kitchen, [email protected]; Deputy Online News Editor: Emily Perryman, emily.perryman@ globalfundmedia.com; Graphic Design: Siobhan Brownlow, [email protected]; Sales Managers: Simon Broch, [email protected]; Malcolm Dunn, [email protected]; Sales Manager (Private Equity Wire & Property Funds World): Christine Gill, [email protected]; Marketing Administrator: Marion Fullerton, [email protected]; Head of Events: Katie Gopal, [email protected]; Head of Awards Research: Mary Gopalan, [email protected]; Chief Operating Officer: Oliver Bradley, [email protected]; Chairman & Publisher: Sunil Gopalan, [email protected]; Photographs: Chris Mikami, www.mikami.co.uk Published by: GFM Ltd, Floor One, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com ©Copyright 2017 GFM Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Investment Warning: The information provided in this publication should not form the sole basis of any investment decision. No investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor. Past performance is no guarantee of future results. The value and income derived from investments can go down as well as up.

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 2 HEDGEWEEK GLOBAL AWARDS 2017 The winners AWARDS 2017

Best Long/Short Equity Strategy Best Multi Strategy Fund of Best Fund Accounting and Hedge Fund Hedge Funds Reporting Systems Firm/Supplier Quadra Capital Partners Tages Capital LP Nedelma Inc Best Long Bias Strategy Hedge Best Single Strategy Fund of Best Managed Account Platform Fund Hedge Funds Technology Firm/Supplier Valley Forge Capital Skënderbeg Alternative Investments AG FIS Best Value Orientated Strategy Best Systematic CTAs Best Global Trading Venue Hedge Fund Lyxor Asset Management Deutsche Boerse Sturgeon Capital Ltd Best UCITS Liquid Alternatives Best Global Accounting Firm Best Sector Focused Strategy Fund EisnerAmper Hedge Fund Quadra Capital Partners LLP Best Global Shadow Accounting BlackGold Capital Management LP Best UCITS Liquid Alternatives Firm Best Long/Short Credit Strategy Platform Viteos Fund Services Hedge Fund ML Capital Best Global Regulatory Advisory La Française Investment Solutions Best Event Driven Fund Firm Best Fixed Income Credit Strategy Portland Hill Capital LLP Duff & Phelps Hedge Fund Best Fund Best Offshore Regulatory Advisory Danske Capital Libero Development Fund Firm Best Mortgage-Backed Securities Best ’40 Act Liquid Alternatives DMS Governance Strategies Hedge Fund Fund Best Offshore Regulatory Advisory Serenitas Wavelength Capital Management LLC Firm Best Asset-Backed lending Best Global Index Provider Walkers Strategies Hedge Fund MSCI Best Global Cyber-Security BCA Alternative Income Fund LP Best Global Hedge Fund Services Provider Best Specialist Credit Strategy Administrator ACA Aponix Hedge Fund SS&C GlobeOp Best Global Cloud Services Provider INOKS Capital Best Offshore Hedge Fund Eze Castle Integration Best Equity Administrator Best Global Public Relations Firm Hedge Fund Trinity Fund Administration Ltd CitySavvy SPARX Asset Management Best UCITS Liquid Alternatives Best Global Data Visualisation Best Statistical Arbitrage Hedge Fund Administrator Software Provider Fund Quintillion Limited Broadridge Blue Diamond Asset Management AG Best Global Prime Broker Best Global Consultant in Best Hedge Cowen Prime Services LLC Business Strategy Fund Draycliffe Mohican Financial Management LLC Best Specialist Market Prime Broker Best Global Insurance Provider Best Macro Hedge Fund Invast Global Iron Cove Partners AIP Asset Management Best Global Hedge Fund Research Best Global Law Firm Best Foreign Exchange Hedge Provider Sadis & Goldberg LLP Fund Preqin Hathersage Capital Management LLC Best Offshore Law Firm Best Managed Accounts Platform Harneys Best Commodities Hedge Fund HedgeMark BlackGold Capital Management Best Global Third Party Marketing Best Seeding Platform Firm Best Insurance-Linked Strategies Tages Capital LLP Agecroft Partners Hedge Fund Pillar Capital Management Ltd Best Risk Management Software Best Fund Management Firm/Supplier Recruitment Firm Best Niche Hedge Fund Axioma One Ten Associates Equity Power Fund

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 3 OVERVIEW

Not just surviving… thriving By James Williams

Another year, another fantastic awards the right partner to navigate MiFID II and event. The Reform Club Library, venue of countless other regulatory compliance the 2017 Hedgeweek Global Awards, was demands, has become pivotal to hedge full of optimism and a palpable sense of funds. What has become increasingly excitement at what the year could bring. Of apparent is the need to not only be kept course, there are significant forces of change updated on regulations, but crucially how that hedge funds need to navigate, not least they impact firms. of which is MiFID II, which comes into play “It’s important to help our clients by next January. But as global monetary policy explaining the various nuances in regulation shows signs of divergence, and markets and the way regulation is phrased,” says return to fundamentals, the environment for Julian Korek, Global Head of Compliance and seeking out is improving. Regulatory Consultancy at Duff & Phelps On the regulatory side, working with (sponsor of the Awards lunch). “In the

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 4 OVERVIEW

US, people come from a legal background “For all existing regulations, and whereby they read the regulatory rules and upcoming regulations, we have a process interpret them and they struggle with markets that aims to figure out the requirements like the UK, which is more principals-based and then systematise them. This is then and requires you to provide substance on delivered via a web-based application that what you are doing. helps hedge fund managers collate the “Our global clients appreciate having necessary information and manage the both broad knowledge across the major workflow. We have approximately 600 clients regulatory markets such as those overseen for whom we handle all their regulatory by the FCA, the SEC, etc, but also having processes,” confirms Rahul Kanwar, Head of access to deep, technical expertise as and SS&C GlobeOp. when needed.” Increasing regulatory scrutiny on best Over at SS&C GlobeOp, a division of execution, and conflicted business models SS&C Technologies and one of the world’s will likely benefit Prime-of-Prime providers largest hedge fund administrators, it has built going forward, potentially putting them in a a team of dedicated experts in its regulatory stronger position than single prime brokers. solutions business. One such firm is Sydney-based Invast Global. 14

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 5 “THE AGILITY OF A BOUTIQUE BUILT ON AN INSTITUTIONAL PLATFORM”

Quadra Capital Partners LLP

9-10 Savile Row London, W1S 3PF Tel: + 44 (0)20 3728 4600 Email: [email protected] QUADRA CAPITAL PARTNERS Quadra Capital Partners Best Long/Short Equity Strategy Hedge Fund & Best UCITS Liquid Alternatives Fund

London-based Quadra Capital Partners a fund manager is to deliver value, while at LLP was established in 2013 and became the same time remove market stress for the authorised by the FCA in 2014. An investor,” says Touze. independent investment advisory firm, Being a boutique asset manager, it is Quadra launched with a conviction that it essential that the chemistry is good and that could add real value in the liquid alternatives everyone gets along, says Touze, adding that space, in particular to European institutional the aim is to launch four or five funds and & family offices clients who prefer bring each of them to critical mass: upwards UCITS funds. of EUR1 billion in AUM, respectively. This led Quadra to establishing a SICAV “We are quite agnostic as to what the next UCITS platform in Luxembourg and saw Guillaume Touze, CEO at Quadra strategy might be, provided it fits what we the release of its first fund – Quadra Capital Capital Partners LLP are trying to achieve as an organisation and Global Equity Alpha – in August 2015; a resonates with the market.” UCITS V-compliant global long/short equity Culturally, Quadra Capital takes a multi- fund with a USD2 billion AUM capacity. thematic approach to trading. It is impossible Guillaume Touze is CEO of Quadra to track 10,000 global equities so one has to Capital. Formerly, he was CEO of Barclays take an angle. Asset Managers, overseeing EUR20 billion in “Our angle is to select based AUM in Europe. on three macro themes that we felt were “We built Quadra with a team of partners, uncorrelated to one another. These were each of who had enjoyed success in larger Demographics, Resource Scarcity and organisations,” says Touze. “We were all in Innovation, within which we explore various our forties at the time and hence, an investor sub-themes,” says Touze. came up with the name, Quadra Capital. To qualify, each must have at I like the idea that the name of the firm least 30 per cent of their turnover. This originated with a client.” concentrates idea generation in a universe Quadra’s other key executives include of 500 to 600 stocks, within which Moucan Chris Egbunike, COO and Paul-Georges and his team apply bottom-up fundamental Moucan, Partner and Head of Equities. analysis, further reducing the universe to Before joining Quadra, Moucan worked 150 stocks. as Global Head of Equities at Amundi, “We then pick what we believe to be where he first developed the global equity the top 50 stocks, typically 35 long and 15 long/short strategy in 2005, which he short. This is something you can do at the replicates today. boutique level. We have a team of 2 analysts “There are very few global long/short who do this fundamental research and the equity strategies within UCITS that have an fund’s performance is a testimony of our established track record. Last year, the fund capacity to generate value in the strategy,” did well. On a 12-month rolling period, it asserts Touze. generated 13.8 per cent for a volatility of 5.7 On winning two awards this year, Touze per cent (as of March 2017); this is one of remarks: “It was fantastic to obtain such a very few UCITS funds delivering a Sharpe strong peer recognition after one year only ratio above 2. That is the most important and we will do our best to continue to build number, beyond performance. The real job of a successful adventure going forward!” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 7 WE PRACTICE LAW

BUT WE LIVE BUSINESS Sadis & Goldberg represents over 800 hedge and private equity funds. Above all else, we value our client relationships. Our attorneys strive to provide excellent, consistent, practical and efficient legal services. We distinguish ourselves from other law firms by assisting our clients in the development of their businesses. This comprehensive approach has often earned us recognition as one of the top five law firms in the U.S. for our hedge fund practice. Invest a few minutes to learn what our attorneys can do for your business.

Best Global Law Firm 2016 - 2017 Best Hedge Fund Best Law Firm of the Year - USA Private Funds Best North American Law Firm USA 2013 - 2016 Law Firm of the Year Law Firm 2016 InterContinental Finance Lawyers World ACQ Law Award Hedgeweek Awards 2011 - 2016 2011 - 2016

Investment Funds’ Financial Services Industry Fund Law Firm of the Year Private Funds Law Law Firm of the Year Law Firm of the Year - USA Corporate LiveWire Firm of the Year Finance Monthly Acquisition International Global Fund – 2016 M&A International 2010 - 2016 2013 - 2017 Global Award 2013 - 2016

Hedge and Private Equity Fund Formation | Transactional Counseling Compliance Services | Regulatory Representation | Litigation | Derivatives Tax, ERISA and Estate Planning | Real Estate

551 Fifth Avenue, 21st Floor ,New York, NY 10176 212.947.3793 | www.sglawyers.com SADIS & GOLDBERG Sadis & Goldberg LLP Best Global Law Firm

Sadis & Goldberg LLP is one of New York’s upon by its clients and other third parties to leading financial services focused law firms. opine on such trends and often participates Known both domestically and internationally in or hosts industry events where the firm, as a dominant force in the financial services its clients and colleagues, and other market sector, Sadis & Goldberg serves clients participants can exchange their collective throughout the world and was recently observations and perspectives. ranked as one of the top five law firms for Sadis & Goldberg takes pride in their hedge fund launches in the 2016 Preqin collegiate team-oriented environment. Global Hedge Fund Report. Client matters are assigned to lawyers of The Financial Services Group is headed appropriate seniority with the necessary up by partner Ron Geffner and comprised Ron Geffner, partner at Sadis partner supervision. of 15 attorneys that have each spent a & Goldberg LLP Unlike many of their competitors, Sadis’ significant amount of their career practicing lawyers are remunerated by performance in the private fund space, providing a rather than billings and collections compelling roster of seasoned legal advisers. alone. This model provides the following Many of the attorneys were trained at advantages to their clients: (i) direct access the world’s largest law firms, firms that to the partners; and (ii) partners delegate specialise in the private fund space and/or the work to the appropriate level to ensure have prior working experience with the US the work is done cost-efficiently. The firm Securities and Exchange Commission. All places significant emphasis on training and of the attorneys in the group embrace the teamwork within their group structure, thus entrepreneurial spirit of the firm. ensuring a consistent quality to their clients. They routinely handle a diverse range Because of the Sadis & Goldberg’s market of enquiries providing legal counsel to leading practice in financial institutions over 900 funds including domestic and and investment funds, the firm refers an international financial institutions, family exceptional number of mandates to other offices, hedge funds, private equity funds, professionals globally. venture capital funds, real estate funds and “We enjoy very strong relationships commodity pools. with leading offshore legal counsel and “At Sadis & Goldberg, we see ourselves other professionals in leading international as businessmen practicing law. We actively centres of onshore and offshore finance, involve ourselves with and often assist such as the Cayman Islands, Bermuda, the our clients in the development of their British Virgin Islands, Luxembourg, Ireland, businesses,” comments Geffner. the United Kingdom, Jersey, Guernsey, The firm’s client base is comprised of all Malta, Mauritius, Cyprus and Hong Kong. sizes, backgrounds and investment sectors. Further, by virtue of representing several This client base represents a significant hundred vehicles with percentage of the whole private fund investment managers domiciles throughout industry’s’ market share, providing the firm the world, our market share give us a unique with a usual awareness of current market perspective on the global investment funds behaviours, favoured commercial terms and industry,” states Geffner. other industry trends. This unique access to On winning this year’s global award, current market information allows the firm Geffner comments: “The Hedgeweek Awards to advise their clients with both experience rank amongst the top global awards and legal counsel and timely business we are honoured to be recognised by our intelligence. The firm is regularly called industry in this category.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 9 FIS FIS Best Managed Account Platform Technology Firm

FIS is a global financial services technology Hedge360’s technology but also FIS as a key company, with a focus on technology, partner to deliver that technology.” consulting and outsourcing solutions. The rise of exotic asset classes such FIS serves more than 20,000 clients in as bank loan strategies and direct lending over 130 countries and employs more strategies has become a key growth area than 55,000 people worldwide. It is a for FIS. As Headley notes, Front Arena is Fortune 500 company and is a member of extremely well suited to the trading, valuation Standard & Poor’s 500® Index. Its cloud- and risk measurement of OTC derivatives, based Hedge360 platform provides a full with all of the valuation capabilities built into suite of technology capabilities to support the system from the ground up. managed accounts, from fund administrators Trevor Headley, Head of “We are taking solutions that have through to platform providers and hedge Product Management at FIS deep roots in these asset classes and the fund managers. overarching mandate of Hedge360 is to bring “With respect to the hedge funds, we’ve them into one platform to make them more certainly seen a rising demand from fund deliverable and accessible to hedge fund managers offering managed account managers. It is opening up the market for versions of their strategies,” says Trevor us. With respect to bank loans, we have a Headley, Head of Product Management product set that is plugged in to key data at FIS. “They look to us to provide the providers to support clients and we are technology that helps them a) run the currently closely evaluating the direct lending managed account on the respective platform space to see how our capabilities can be from a portfolio accounting perspective and enhanced,” states Headley. b) allocate and split trades to provide a full, Technology capability and the capacity consolidated view across the portfolio, both to deliver are key features of any leading from a valuation and a risk measurement MAP technology provider. In that regard, FIS perspective.” is one of the largest technology providers Hedge360 integrates two best-of- on the Street. That, says Headley, “gives breed solutions: Front Arena, a real-time, us credibility but also the capability to enterprise-wide platform for portfolio, trading deliver best-in-class technology, consulting and risk management used by some of the expertise, and the ability to operate much largest hedge funds and fund administrators more as a full-service provider. to manage their multi-strategy portfolios. And “Hedge fund businesses become slightly VPM, a real-time, multi-currency accounting more complex as they take on managed and investment management solution. account mandates. We see true value in One of the key strengths of the Hedge360 being able to service, not just the platform platform, says Headley, “is that we recognise providers, but also individual hedge fund clients have a wide variety of requirements clients who are running these managed and different sensitivities to the way account strategies alongside their flagship technology is managed. With some of our funds,” says Headley. large hedge fund clients, who have the scale On winning this year’s award, Headley and internal expertise, we have the option of comments: “We are very happy to be providing an on-premise platform solution to recognised by Hedgeweek’s readers for provide a seamless flow of information”. what we are doing both from a platform “Most clients, however, look to us to technology perspective, and empowering provide a fully managed service whereby end clients. This is an area we are highly they leverage not only the full capability of committed to and value.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 10 EISNERAMPER LLP EisnerAmper LLP Best Global Accounting Firm

With over 1,500 employees in international expertise is not much different to that found locations, over 250 employees and 40 in the middle-market, where the costs are partners dedicated to the financial services more palatable.” practice, EisnerAmper LLP has the breadth To be published later this spring, to handle global engagements and provide EisnerAmper recently conducted a hedge comprehensive guidance and support to its fund survey, garnering 244 responses roster of hedge fund clients. across fund managers with an aggregate EisnerAmper currently services over 1,300 AUM of nearly USD400 billion. In terms of hedge funds and 200 private equity/venture the number one item keeping them awake capital sponsors. Whomever the client, the at night when passing operational due firm always strives to speak their language Frank Napolitani, Director, diligence, 35 per cent of respondents cited and avoid using technical accounting jargon. Financial Services at cyber security. EisnerAmper LLP A “clients first” approach is central to the “We read about cyber attacks on a EisnerAmper philosophy. It is often chosen daily basis but there are so many attacks both as an alternative to “Big 4” firms as well happening that we never hear about. It’s a as a supplementary advisor to funds that use big deal for fund managers today, as well Big 4 firms. According to Frank Napolitani, as investors and service providers,” says Director, Financial Services at EisnerAmper Napolitani. LLP, EisnerAmper provides Big 4 experience To deal with the cyber threats facing and sophistication, “with the rates and the industry, EisnerAmper has a cyber personal attention more characteristic of a security advisory team within the overall smaller firm”. consultancy practice. “Our reputation for delivering proactive, He notes that whilst outsourcing the responsive, high quality service is due, in compliance function remains popular among part, to our commitment to partner level fund managers, particularly those with less involvement. Our partners are more actively than USD250 million in AUM, one of the engaged and spend more time with their biggest areas of growth is the outsourced clients than is the norm among larger firms,” CFO business. he says. “We have proposed on 24 new fund Recently, EisnerAmper has won a number launches already this year, and only two of significant fund launch mandates away of them will launch with a CFO. Spending from the Big 4. Some of these launches USD70,000 on outsourcing the CFO function have received the backing of well known compared to an internal spend of USD400,000 global investors and as Napolitani remarks: on talent and technology, is a huge advantage “When it comes to passing operational due and importantly, it is becoming an accepted diligence and vendor selection by well-known practice among institutional investors here in investors of that calibre, it is very helpful for the US,” states Napolitani. us to win those mandates. On winning this year’s award, he “The CFOs of these particular fund concludes: “We are honoured and proud to launches – the largest being USD250 be recognised by Hedgeweek as the Best million – have worked with middle-market Global Accounting Firm. This speaks to firms in the past and I think they realise the commitment we have to our clients in that, rather than have a higher touch from providing high quality service and expertise an upper middle-market firm, the technical by our dedicate partners and staff”. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 11 NEDELMA INC Nedelma Inc Best Fund Accounting and Reporting Systems Firm

Nedelma Inc is a software product solutions • IT departments, helping technology company. Its flagship product, The Portfolio people address business ad-hoc requests Amalfi™ platform, offers multi-asset, multi- much faster. language, multi-currency dynamic reporting Nedelma enjoyed multiple milestones and and data visualisation, as well as analytical made various enhancements to the platform capabilities to the asset management industry. last year. Those milestones, says Medvinsky, Users can analyse and view data from related to Nedelma’s responses to user multiple perspectives using a combination of articulated needs. attributes, formulas and values, with extensive “We implemented functionality that options for dynamic customisation. enhances a user’s ability to monitor regulatory “Our management team has held senior Michael Medvinsky, CEO at and compliance issues, to mitigate reputational positions at Goldman Sachs, UBS, GE Nedelma risk and improve the web and mobile Capital, Mitsubishi UFJ, Deutsche Bank experience for investors. Our automated and we apply our extensive expertise and processes also substantially reduce manual firsthand knowledge to develop and enhance errors by delivering a consistent framework Nedelma’s products,” says Nedelma CEO, and set of repeatable results, which help to Michael Medvinsky. lessen reputational risks.” “We saw a recurring set of needs not In light of increased regulation, the being met by the industry so we developed reporting needs of fund managers have a unique, client-focused set of solutions changed considerably. Managers are that empower users to meet those needs. increasingly expected to deliver a broader, We also recognised the need for native deeper, more transparent set of reporting solutions, which we also offer. Our native responses to all stakeholders, especially solutions work across different environments regulators and investors. and devices: desktop, web, iPad.” Asked how Nedelma has risen to Portfolio Amalfi™ seamlessly aggregates this ever-changing challenge, Medvinsky P&L, risk, exposures, third party and articulates: “We continue to develop and in-house data making it available across add user-relevant features that address these different environments. Anyone using these increasing sets of reporting demands the software, whether it’s the CFO, CIO, placed on managers. Furthermore, our portfolio manager, or operations team, can enhancements to Amalfi help managers in work remotely without having to rely on their capital retention and capital raising others to complete important tasks. efforts – we provide a real competitive To that end, Portfolio Amalfi is designed to advantage.” Portfolio Amalfi enables end- benefit a wide spectrum of users: users to share fund information with • Senior managers (CEO, COO, etc), offering investors in their local language and them a CEO dashboard that provides empowers users to provide multi-currency holistic views across their firms, anytime results. Moreover, Portfolio Amalfi provides and anywhere; track records, the fund’s performance over • Portfolio managers, operations personnel, a user-defined period and other valuable senior managers, research and risk investor-focused information and outputs. analysts, enabling them to make decisions Medvinsky attributes winning a third more effectively and efficiently; consecutive award to having a laser focus • Sales and marketing representatives on user empowerment. “What makes us during the fundraising process, especially different is that we combine our attention when travelling; to users with our delivery of a solution set • Investors, providing them with more that empowers users to see across their transparency; entire company.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 12 PILLAR CAPITAL MANAGEMENT Pillar Capital Management Best Insurance-Linked Strategies Hedge Fund

Pillar Capital Management (‘Pillar’) was The choice of taking risk in different founded in 2008 and is headquartered in geographic locations will depend on Bermuda. The firm manages open-ended favourable pricing compared to the loss Bermuda incorporated funds invested in the expectancy. There are, says Velotti, target global property catastrophe risk market. “peak” zones where pricing is more The senior management team at Pillar, attractive, but Pillar will monitor other headed up by CEO and CIO, Stephen Velotti, zones as well. has an average of 25 years’ experience in “The focus will generally be on higher the insurance linked securities marketplace. expected loss / higher rate-on-line (‘ROL’) Deal access is a critical element of any layers. However, Pillar will evaluate the entire successful ILS manager. In that context, last Stephen Velotti, CEO and CIO efficient frontier. If a potentially better risk/ year Pillar reviewed over 1,600 opportunities at Pillar Capital Management reward can be attained by moving to lower with an 87% declination rate, with Velotti expected loss layers then we will execute explaining that alpha is generated from this,” confirms Velotti. judiciously selecting the best securities on Given the nature of the firm’s strategy, such a high submission count, producing a market risk is best evaluated from the more robust portfolio. perspective of the reinsurance markets “Our core investment strategy is focused versus financial markets. on building a diversified portfolio comprised Rather than target returns, Pillar’s strategy of a majority of Traditional Reinsurance is to develop a portfolio that considers the trades (at least 70%) with a lower reliance risk/ reward of the portfolio and, in particular, on Cat Bonds, Retro and Industry Loss the tail of the portfolio’s distribution. Warrantees,” explains Velotti. “The high “We believe the portfolio should be percentage of risk committed through the developed using the Omega Score. The use of traditional reinsurance contracts Omega Score is an excellent metric for differentiates Pillar from competitors who are judging the risk/reward trade off and usually more narrowly focused.” ultimately the downside risk to the investor. Pillar’s success stems from its people, Portfolio metrics are evaluated utilising process and information, as well as its Pillar’s proprietary Pillar Risk Optimization disciplined underwriting approach, says System (‘PROS’) platform,” explains Velotti. Velotti. “Pillar is comprised of people In terms of the market outlook for who have focused their careers in the 2017, Velotti observes that the current Cat reinsurance market. Our process starts is dominated by low coupon with extensive market access based on the transactions that have low multiples in team’s relationships and sourcing business relation to historical averages. across a broad spectrum of brokers and “Low multiples and low coupon intermediaries. The information we use is transactions are not overly attractive at the based on a comprehensive deal database moment. Traditional private reinsurance that we have compiled from all the deals transactions exhibit better pricing and we’ve priced over the years. multiples,” says Velotti “The large volume of deal flow allows On winning this year’s award, he adds: us to control the tail risk by diversifying via “We believe this award comes on the heels single state, single country, regional and of controlled growth of our AUM, and super regional programmes in lieu of relying investor recognition of our prudent and on national account and worldwide covers,” disciplined approach to risk selection and explains Velotti. capital preservation.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 13 OVERVIEW

5 “We have a core philosophy of focusing regulations continue to favour those Prime-of- on where we think the market or regulators Primes who have structured themselves in a should be and work towards delivering a way that benefits all market participants and solution that suits this future state,” asserts promotes transparency,” adds White. Gavin White, CEO of Invast Global. The more support that hedge funds This is particularly true in a global receive in these matters, the more time they environment dominated by regulatory can devote to the task at hand of trading and change. Increasingly, managers need spotting the next best market opportunity. to think about: What are the regulators Credit markets, in particular, are proving looking to achieve? What specific structural attractive for managers to generate returns changes do we feel need to be made to on the long side as well as short. benefit market participants and satisfy future La Française Investment Solutions, regulatory states? How can we structure our part of the EUR60 billion La Française business and our products to best cater for Group, manages the flagship LFIS Vision this future? – Credit Opportunities Fund, a long/short “We realise this could take time but feel credit vehicle. that our approach will be rewarded as Renaud Champion is Head of Credit 23

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 14 BLUE DIAMOND ASSET MANAGEMENT Blue Diamond Asset Management Best Statistical Arbitrage Hedge Fund

Blue Diamond Asset Management is an how much Blue Diamond thinks it can trade independent privately owned company based in relation to the strategy. “With a strategy in Pfaffikon, Switzerland. The team of four like ours,” says Stark, “it takes a long time investment professionals and one COO has to prove to investors that you can deliver a singular focus on trading equity volatility. repeatable performance. For a long time Since the strategy launched on 30th we were at USD50 million, then suddenly September, 2011 it has generated a net we had a jump to USD150 million. As the annualised return of 21.34 per cent. fund grew, existing investors topped up their To demonstrate the robustness of the allocations. It created a snowball effect in strategy, it has generated positive returns terms of AUM growth.” during both negative and positive S&P 500 Jonas Stark, CEO/CIO at Blue There are a few key features that months, showing low correlation to hedge Diamond help Blue Diamond stand out from the funds and negative correlation to CTA indices. competition. Firstly, it has a singular focus “Last year the strategy returned 21.78 per on equity volatility. Having such a targeted cent net and we increased the AUM from approach is important if one wants to beat USD150 million to USD400 million. Most of the competition. “Secondly, whilst we run a our assets are from sophisticated institutional systematic strategy one of the key success investors like pension funds, insurance factors is that we’ve adapted the strategy companies and foundations” confirms Jonas over time. We’ve conducted quantitative Stark, CEO/CIO of Blue Diamond. research on the market to improve the The Non-Directional strategy uses strategy and harness new opportunities as systematic, proprietary investment processes they’ve arisen. to capture opportunities arising in the equity “It’s important to try and constantly volatility markets to generate attractive risk- improve how one trades the markets. That’s adjusted returns. The strategy’s investment how the team works, we are always seeking process seeks to identify and exploit out new opportunities,” stresses Stark. inefficiencies arising from the price level Blue Diamond has also spent a lot of and term structure of liquid, listed equity time getting its operational processes to a market volatility-related instruments. It very high level. It now has two dedicated establishes spread positions to capture these programmers who are responsible for a inefficiencies, explains Stark. proprietary portfolio management and back- “We believe that market inefficiencies office system. exist and that while these inefficiencies “Everything from fee reconciliation to wax and wane, robust research, rigorous cash management and reporting to clients risk management, and diligent position is fully automated. Fewer manual processes management can allow a manager to significantly reduce operational risks and continue to maintain its edge. This is costs. And that is something that investors especially true in markets like the VIX futures really appreciate when they meet us. and options where there are an increasing “A good operational infrastructure allows number of new and diverse volatility-related us to better work with clients and focus exchanged traded and privately placed on the investment strategy rather than products,” he says. get caught up in daily operational tasks Currently, the fund is closed to new that offer no value add to the investor,” investors. It is close to capacity in terms of explains Stark. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 15 IOATIE IC I F H HEDE FUD I

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Iron Cove Partners (‘ICP”) is a leading full- is unique about each client’s organisation service national insurance brokerage firm and learning about its intricacies. “It is serving the financial services industry. imperative that we ask the pertinent and Headquartered in Garden City, Long Island, relative questions that are specific to their ICP is a trusted advisor with decades of business. In doing so, we identify all of experience and over 150 Hedge Funds as the risks specific to their business and are clients. ICP provides cutting edge brokerage well positioned to provide a robust risk and consulting services to some of the management solution,” states D’Agostino. globes largest financial institutions. Secondly, ICP provides all clients and The company provides the full spectrum prospects with a high level of advice of insurance products and services including Louis D’Agostino, Senior and consultation around the various Employee Benefits, Commercial Property Vice President at Iron Cove insurance contracts specific to the asset and Casualty, Transactional Insurance as Partners management industry. well as Private Client, Life Insurance and “Thirdly, by educating our clients we Estate Planning. empower them to make well-informed It specialises in meeting the unique decisions regarding the various liability insurance demands across all areas of exposures and risks their organisations face. the financial services industry including: Lastly, our proposals and advisory work investment advisers; hedge funds; private provided during the process allow our clients equity funds; mutual funds; broker-dealers, to make informed and educated decisions and investment banks. regarding insurance protection.” Decades of experience in placing and The level of coverage that a hedge fund negotiating complex financial institution risks, might look to put in place will very much coupled with a vast array of benchmarking depend on where it is in its business cycle data enables ICP clients to make educated i.e. a start-up/emerging manager versus an decisions around adequacy as well as select established manager. That said, all firms a programme that is in line with their peers. must carry the standard business lines of “Our Hedge Fund Insurance Services team coverage such as Employee Benefits (or PEO is constantly looking to find ways to improve Solution) and/or Office Insurance. and increase the level protection for our “The more established managers or larger clients,” comments Louis D’Agostino, Senior start-up funds would carry Management & Vice President. “On a continual basis we Professional Liability (D&O/E&O), Executive survey the markets in an effort to determine Benefits such as Key Person Life and how the market is addressing some key Disability as well as Fidelity and Cyber and pivotal coverage issues. This market protection,” explains D’Agostino. “In order intelligence, coupled with our long-standing of greatest concern to least concern, hedge relationships, enables us to negotiate the funds are most interested in insurance most competitive terms and pricing available products that address the transfer of for our clients at time of initial placement or regulatory risk, investor risk, the ever- to expand coverage annually at renewal.” increasing cyber risk and general business The firm employs a proprietary 4-step Iron risk. The policies we procure on behalf of Cove Process: Learn, Educate, Empower our clients address all of the above and the and Protect. uptake is specific to their circumstance and The first step involves determining what risk appetite.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 17 TAGES CAPITAL Tages Capital Best Seeding Platform

Tages Capital was founded in 2011 and • Tages Rotella UCITS Fund* (Systematic has offices in London, Rome and Milan. CTA); Key executives at the firm include: Panfilo • Tages Atreaus Macro UCITS Fund* Tarantelli, Founding Partner; Jamie Kermisch, (). Partner and CEO; Salvatore Cordaro, In 2016 Tages Capital also launched Tages Founding Partner and CIO; Sergio Ascolani, Alternative Risk Premia Fund in an AIF Founding Partner, and Umberto Quadrino, structure domiciled in Ireland. Partner and Chairman. In total, Tages Capital supports institutional Since inception, the Group has grown to investors across four key business oversee USD9.6 billion of assets (as at end areas: bespoke solutions (often driving of 2016) with 140 staff. With approximately Jamie Kermisch, CEO at Tages seeding and acceleration of hedge funds); USD2.2 billion in alternative assets under Capital infrastructure investments; distressed credit management, over USD625 million has (non-performing loans), and UCITS liquid been deployed into seeding vehicles and alternative funds. opportunities. Discussing its hedge fund seeding model, Over the years, Tages has continuously Jamie Kermisch, CEO, says that Tages evolved its business model launching many focuses mainly on emerging managers new funds and initiatives. In 2013, the firm “where we see the most alignment for raised USD200 million for Tages Emerging our investors. As part of our investment Opportunities, a vehicle dedicated to decisions, we often come across excellent seeding and providing acceleration capital new managers who are eager for seed to emerging managers. Also that year, it or acceleration capital (a locked up multi- launched the USD200 million Tages Frontier year capital commitment in return for some Fund, a unique fund of Frontier Market interest in the broader business, typically a hedge funds. revenue share). In 2015, the firm established an “However, the journey starts with us firstly infrastructure investment business with deciding if a manager is truly differentiated the first fund focused on the solar sector and world class. Only after taking a close raising up to EUR300 million. The Tages look at the manager and their investment Helios Fund (photovoltaic infrastructure fund) strategy, would seeding become an option to is now the 3rd largest operator of Italian be discussed.” photovoltaic plants. In Kermisch’s view, experience, resources, Tages Capital’s innovation in hedge judgement and high integrity are all fund investing includes new growth in the critical aspects of running a successful liquid alternatives/UCITS space. Last year, seeding platform. Tages began to launch UCITS absolute “Our investment and management team return single manager funds on the Tages have decades of experience investing in International SICAV fund platform domiciled hedge fund managers and alternatives. in Luxembourg. We can bring that to bear in terms of Currently, the Tages UCITS Alternatives sourcing and identifying world-class talent, funds range includes: negotiating excellent outcomes for our • Tages Fore UCITS Fund (Global credit investors, and ensuring we protect all areas long/short); of downside where possible. One key • Anavon Global Equity Long/Short UCITS element is our flexibility and desire to listen Fund (Global equity long/short); *New fund launches to the manager’s concerns and ambitions. • Tages Cygnus Europa Event Driven UCITS proposed in the first half of This makes Tages an attractive partner,” 2017, subject to regulatory n Fund* (European event driven); approval. remarks Kermisch.

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 18 QUINTILLION LIMITED Quintillion Limited Best UCITS Liquid Alternatives Fund Administrator

UCITS products are enjoying significant management company to the investment growth in Ireland as many fund managers manager. The combination of our operating look to establish these products to environment and leading technology fits well compliment their existing fund offering with meeting the rising interest in UCITS confirms Linda Gorman, CEO of Quintillion among US and European fund managers.” Limited, a European-based affiliate of U.S. Another factor that works in Quintillion’s Bancorp Fund Services. favour from an investment management Over the last five years, Ireland has perspective, relates to a recent CBI white experienced an 81 percent growth in UCITS paper on outsourcing, which indicated that funds, which, according to the Central up to 61 per cent of administration services in Bank of Ireland figures, as of 31 December Linda Gorman, CEO of Ireland are outsourced to other jurisdictions. 2016, total EUR1.578 trillion in AUM. UCITS Quintillion Limited Quintillion does not fit into this category currently account for approximately USD6 – it operates from Ireland as a centre of billion of U.S. Bancorp’s worldwide AuA of excellence and simply does not outsource. USD110 billion. The benefit is that the client knows that the Ireland is now home to just over entire service team is based in one location, 4,000 UCITS funds, and with uncertainty taking real ownership of the service, which is surrounding Brexit and the potential barriers critical in a daily UCITS environment. to entry this could create, Gorman says “We need to be nimble, knowledgeable that UCITS, and other European domiciled and reactive as an administrator without fund structures are “becoming a key focus going down the outsourcing route, which of European managers, as well as US some of our competitors have done,” says managers, looking to access the EU market”. Ken Somerville, Chief Operations Officer “Quintillion is well placed to support these at Quintillion. products. We operate in a highly controlled “With our knowledge and experience, we environment and employ a daily operations can help managers navigate the market, and cycle for all funds that we administer. This clearly understand UCITS requirements and is the perfect discipline for UCITS funds infrastructure. Hedge fund managers have that require daily NAVs and daily liquidity,” turned to UCITS vehicles to accommodate a says Gorman. broader range of investors” When Quintillion was established 10 years Before launching a UCITS vehicle, Gorman ago, it had a specific objective of servicing notes that Quintillion team will always the investment management industry with shares its experience with the client in initial leading edge technologies combined with discussions. an experienced talent pool. “This approach “Managers may not be familiar with is a core philosophy. Today as part of the depositary role, or how the various U.S. Bancorp Fund Services our dedicated restrictions and expenses of running a product and strategy group is a component UCITS work. With our clients, we take a of an enterprise wide team, focused on partnership approach and help them to extending and deepening our product consider all the issues surrounding the offering across a range of different areas,” management of fund products, including states Gorman. UCITS,” states Gorman. “Our open IT infrastructure has enabled On winning this year’s award, Gorman us to clearly meet the requirements of comments: “We are proud to be recognised UCITS reporting, from the depositary to the for the quality of our UCITS offering.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 19 You manage, we operate

ML Capital is your structuring expert for UCITS and AIFMD fund solutions. Helping clients bring new products to the market simply and cost effectively is just one way that we deliver value. Our specialist team will structure and operate your fund, while our experienced sales team will support your asset raising ambitions. +353 1 535 0912 [email protected] mlcapital.com

Dublin | London | Geneva Authorised and Regulated by the Central Bank of Ireland

1532 ML Capital-Advert (A4 Portrait)-V2.indd 1 05/11/2014 5:27PM ML CAPITAL ML Capital Best UCITS Liquid Alternatives Platform

ML Capital, one of Ireland’s leading “The solutions that we develop are always management company groups, has grown to with the investors’ needs in mind. We listen exceed USD3.2 billion of AUM over the last to our clients to find out exactly what it is 12 months. Its growth trajectory has enabled they require from an investment objective ML Capital to evolve from being just a and then we find underlying managers and leading UCITS platform operator to become products to meet those objectives. a fund solutions provider, servicing both “We try to anticipate what investors’ managers and investors alike. appetite will be that we may not yet be As Cyril Delamare, CEO of ML Capital accommodating on our platform, or which explains, the firm offers two distribution the broader investment universe does not yet services to investment managers, to best Kenneth Sim, Head of Sales at accommodate,” says Sim. service clients. ML Capital What sets ML Capital apart is their The first of those services is active focus on bringing to market talented fund distribution. This, says Delamare, involves managers with proven expertise in running the active promotion of funds and managers their strategies inside established well-known on the MontLake UCITS platform to an brands or in specialist boutiques globally. extensive and ever expanding network of Hence offering an alternative to more investors across Europe, the needs for which mainstream investment products. are continuously evolving. “Our clients are asking us to provide them “The second service is passive distribution, with investments that offer a good level of very often overlooked by managers and diversification and to do so in a manner traditional management companies but a that won’t suppress their wider portfolio in vital component of a successful distribution a bull market environment; low cost, highly strategy to ensure fund managers are efficient strategies that are able to capture effectively positioned in the marketplace. market trends. An illustration of this would be This service is offered to all fund manager medium to long-term CTAs, partners and focuses on market accessibility which have played a key role in clients’ and visibility, ranging from the regulatory portfolios, as is evidenced by the recent requirements of passporting to specific growth in UCITS managed futures AUM. investors needs such as tax reporting, “Alternative credit strategies have also platform access and much more. been popular with our clients, given their Depending on the needs of fund current heavy exposure to the traditional managers, ML Capital offers active fixed income sector, they are looking for distribution support to a select number of ways to diversify,” explains Sim. managers, which are assessed by the ML ML Capital also takes a rigorous Capital team to determine whether the fund approach, with respect to operational due meets the demands of their clientele. diligence. This gives investors’ confidence Some managers, says Delamare, don’t as they know that each manager is want active distribution support, “they just highly credible. want structuring expertise and passive On winning this year’s award, Delamare distribution services because they already concludes: “We are delighted to have been have their own sales team, distributors, etc. awarded such an accolade. Winning this Other managers, however, will come to us to award for the second time will certainly provide the full suite of distribution services, drive us to continue on our upward trend both active and passive”. and cement our positioning within the Kenneth Sim, Head of Sales for ML market space as the leading UCITS platform Capital, oversees the global sales team. provider and fund structure.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 21 LA FRANÇAISE INVESTMENT SOLUTIONS La Française Investment Solutions Best Credit Long/Short Manager

La Française Investment Solutions (LFIS) “We have built a platform that is able was founded in 2013 and has a clear value to track, trade and risk monitor market proposition for the marketplace: to recreate, dislocations and opportunities,” says operationally speaking, an investment bank Sarfati. “We are a multi-asset player with in an asset management company. a strong relative value approach. To do “This is based on our unique DNA that this requires pragmatism and a strong combines asset management, with a focus on emphasis on quantitative techniques and risk quantitative techniques and structured credit, management.” and thanks to the strong To manage the USD6 billion of AUM, experience of the team in capital markets,” LFIS runs two main pillars. The first pillar comments Arnaud Sarfati, co-Founder and Arnaud Sarfati, co-Founder is Alternative Investments, within which Head of Business Development. and Head of Business the firm manages its flagship LFIS Vision Development at LFIS LFIS currently has USD6 billion in assets – Credit Opportunities Fund, a long/short under management and is part of La credit vehicle, whilst the second pillar is its Française Group, which had EUR60 billion in Investment Solutions business. aggregate AUM at the end of December 2016. Around USD1.8 billion of the USD6 billion LFIS’s co-Founder and current CIO/CEO is in assets are held in Alternative Investments, Sofiene Haj-Taieb. Previously, he was Deputy the rest is in Investment Solutions,” confirms Head of Global Markets at Societe Generale Sarfati. He adds that because LFIS wanted Corporate and Investment Banking, working to recreate the infrastructure of an investment alongside Sarfati for 15 years. Renaud bank within an asset management company, Champion, Head of Credit Strategies at LFIS, it was important that they developed their own has 18 years’ experience, having previously valuation tools and risk management tools. worked as Co-Head of the Corporate Credit Renaud Champion, Head of Champion expands on this point: Team at AXA Investment Managers. Credit Strategies at LFIS “When we launched LFIS Vision – Credit “Within the credit team we have a wide Opportunities in 2013, we plugged external breadth of experience investing in many tools such as IntexSolutions, Inc, (analyses aspects of the credit asset class with structured credit deals) and UBS Delta experience across research, trading and into our in-house front-to-back solution. portfolio management. Michael Hattab- We use these sorts of external tools to Maruani, Senior Portfolio Manager, has provide risk analytics on the positions in the a strong trading background and was fund and upload the results back into our previously Head of US Credit Equity own systems.” at BNP Paribas. In terms of the culture at LFIS, Sarfati Stephanie Ferrieu, also a Senior Portfolio believes that having the backing of a strong Manager, has 20 years’ experience and has majority shareholder – Crédit Mutuel Nord a credit risk background, having formerly Europe – coupled with the fact that the worked at rating agencies and doing credit founders and partners at LFIS own 49 per research alongside me at AXA Investment cent of the company, means that “We not Managers,” explains Champion. only take comfort from having the backing This combination of capital markets of a larger organisation, we also have expertise and asset management expertise the capacity to bring an entrepreneurial allows LFIS to operate as a next generation mindset to the partnership. That is a good asset management company. combination for attracting top talent.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 22 OVERVIEW

14 Strategies at LFIS. He explains that the aim differentiates us from our peers is our focus of the fund is to generate through-the-cycle on moving across the as the performance whilst remaining agnostic on credit cycle rolls out,” adds Champion. credit and the various segments within the On the global equities side, London-based asset class. Quadra Capital, manager of Quadra Capital “We want to try and find the cheapest Global Equity Alpha, a UCITS V-compliant longs, within a wide range of credit assets, vehicle, takes a unique multi-thematic as the name of the fund suggests,” says approach to identify the most promising Champion. “This ranges from vanilla trades. Specifically, it uses three themes corporate bonds to structured credit and in its stock selection programme that are also cash assets and complex credit uncorrelated to each other: demographics, derivatives. We screen the entire credit resource scarcity and innovation. market in Europe and the US to find the “It is impossible to track 10,000 global cheapest longs.” equities so you have to take an angle,” says “We want to be sure that we capture Quadra Capital CEO, Guillaume Touze. ”Take everything within the credit space and demographics, for example. One firm we like that we pick out the right longs. What is Mead Johnson; one of the leading infant 34

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 23 G L O B A L

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50+ YEARS OF FINANCIAL EXPERIENCE PUBLICLY LISTED PARENT COMPANY REGULATED AUSTRALIAN ENTITY (ASIC) Since 1960, the Invast Group has been Our Japanese parent company, Invast Invast Global is authorised and regulated providing institutional traders, funds and Securities Co., Ltd (8709.JQ) was listed by the Australian Securities and global brokerage firms with innovative, on the JASDAQ stock exchange in Investments Commission (ASIC) and is a reliable access to the full spectrum of March 2006. holder of an Australian Financial Services global financial markets. License 438283.

Contact Us: +61 2 9083 1333 • [email protected] INVAST GLOBAL Invast Global Best Specialist Market Prime Broker

Sydney-based Invast Global is a subsidiary world’s largest non-bank liquidity providers: of Japanese listed Invast Securities Co “We now aggregate liquidity from XTX Ltd. Employing a prime-of-prime model, Markets, Citadel Securities, Lucid Markets, Invast leads the industry in the provision Virtu Trading and CCM Alpha.” of multi-asset high-quality, non-bank Prime Aside from regulatory and client-driven Services. It provides credit intermediation, demands, White says that technology has access to liquidity (both OTC and exchange) also meant that a well backed Prime-of- and comprehensive trading platforms/API Prime such as Invast is able to deliver “an connectivity options. extremely high quality execution venue “It has been an exciting and rewarding for OTC priced markets such as FX. Our few years. Our business model has Gavin White, CEO at Invast aggregation systems in both NY4 and LD4 proved successful and we have benefitted Global deliver transparent pre- and post-trade significantly from the transformation seen in access to approximately 20 bank, non-bank the prime services industry over that period,” and ECN liquidity providers. Such access says Gavin White, CEO of Invast Global. would not have been available in such a “2016 was a particularly satisfying year, cost effective manner even two years ago.” with strong growth in demand from clients Credit intermediation is a key component in all asset classes and record revenue and of Invast’s offering. With access to four prime turnover metrics for our global multi-asset facilities it is able to offer its clients the NOP prime services facility, PurePrime™.” they need to scale their business on terms White confirms that as the curtain fell that are flexible enough to suit their needs. on 2016 Invast Global had cemented a 142 “When you combine this flexible credit per cent YoY increase in total active client intermediation with the exceptional liquidity accounts, along with a 113 per cent increase we have curated within our aggregation in total turnover YoY. systems, you begin to see how Invast as a “We have had great feedback from clients, non-bank Prime-of-Prime, in conjunction with many of whom have previously been clients some of the best non-bank price makers in of Tier 1 Investment Banks. It is satisfying FX globally, can provide a compelling offering. when they tell us that they were not aware “We named our facility PurePrime because it a non-bank alternative of such high quality is the most transparent form of prime services existed,” says White. He stresses that another that a client can access without a Tier 1 prime unique feature of Invast Global’s success is in broker of their own,” explains White. allowing small/medium clients access to the To further enhance the offering throughout 2017, Invast will be working to build out an aggregated liquidity venue for an increased range Equity Indices and Commodity products. In addition, Invast will continue to expand the range of coverage in synthetic equities to include a broader range of emerging markets and ETF based instruments. “This year, we are continuing to invest heavily in our proprietary back office and risk technology, to ensure that we can accommodate and adapt to increased client demands. Comprehensive back office reports are a vital tool to allow our clients to Gavin White collects effectively manage their business with us,” the award from GFM’s n James Williams says White.

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 25 Dedicated Managed Accounts Next Generation Hedge Fund Investing

HedgeMark, a BNY Mellon company, specializes in supporting institutional clients in the development and operation of their own private hedge fund dedicated managed account platforms.

Our Dedicated Managed Account solution allows clients to outsource the set-up, implementation, ongoing operations and risk and performance analytics associated with operating their own custom hedge fund managed account platform.

To learn more visit www.hedgemark.com.

An investment in hedge fund strategies is speculative, should be discretionary capital set aside for speculative purposes, involves a high degree of risk and is not suitable for all investors. Investors could lose all or a substantial portion of their investment and must have the financial ability, sophistication, experience and willingness to bear the risks of an investment long term. Hedge fund strategies may be significantly leveraged and performance may be volatile. Accounts pursuing hedge fund strategies commonly enter into swaps, futures, forwards, options and other transactions for various hedging and/or speculative purposes that can result in volatile fund performance. No representation is made that any Dedicated Managed Account’s investment process, objectives, goals or risk management techniques will or are likely to be achieved or be successful or that any Dedicated Managed Account or any underlying investment will make any profit or will not sustain losses. The risks of investing in hedge fund strategies will not be negated or even mitigated by HedgeMark’s platform, analytic tools, compliance policies or monitoring and no assurance is given that any Dedicated Managed Account will not be exposed to risks of significant trading losses. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. HedgeMark Advisors, LLC is an SEC-registered investment adviser. Services are provided by BNY Mellon and its various affiliates. ©2017The Bank of New York Mellon Corporation. All rights reserved.

HEDGEMARK HedgeMark Best Managed Accounts Platform

HedgeMark, a BNY Mellon Company, is “Ultimately, when you have regarded as a pure play dedicated managed your own DMA you control account provider, in that HedgeMark assists clients in setting up and operating their own your own destiny. The only private managed account platforms. limitation is the liquidity of The HedgeMark DMA model, explains HedgeMark CEO Andrew Lapkin, is to the underlying assets.” empower the investor to select the managers Joshua Kestler, HedgeMark that it wants on its DMA platform. “The fund selection and due diligence functions are performed by the investor or its advisor Andrew Lapkin, CEO at A lot of press coverage recently has and we then coordinate the onboarding HedgeMark focused on institutions exiting hedge funds of the manager including coordinating the but the devil is in the detail; a number of process of negotiation of the investment investors are continuing to invest in hedge management, Prime Broker, FCM and ISDA funds but via managed account structures. counterparty agreements and continue this “We’ve spent a lot of time educating support through the life of the fund.” investors on the benefits of managed 2016 was another positive period of growth accounts; indeed, we’ve been doing this for the platform: In the 12 months ending since HedgeMark’s inception and we are 31st December, 2016, HedgeMark’s assets seeing a move among a number of the increased by 6.8% from USD8.8 billion to large investors to use dedicated managed USD9.4 billion. Most of HedgeMark’s growth accounts as the primary, or only way, to was in full DMA service assets, which invest in hedge funds,” says Lapkin. Joshua Kestler, President and increased by USD2.4 billion to USD5.8 billion COO at HedgeMark He adds that for large allocators in in total; a 70% increase from December 2015. particular, managed accounts give them the HedgeMark currently services over 60 opportunity to negotiate fees and expenses private funds. Overall growth for the platform that they are more comfortable with. was offset slightly by declines in UCITS and There are a couple of reasons for this. ’40 Act mutual fund assets (in respect of Firstly, the DMA is outside of the manager’s which HedgeMark provides a subset of its main fund and this gives the manager services), which currently total USD3.6 billion. greater flexibility to reduce or customise fees The focus on fees, fund expenses and (for example, no management fee and a transparency are three key aspects to higher performance fee). why investors are embracing the use of Secondly, the HedgeMark model provides dedicated managed accounts. Institutional the investor with another argument for investors recognise that managed accounts why fees should be reduced. HedgeMark are an effective way to address the first two is responsible for many of the non- aspects and the enhanced transparency can investment functions of the fund, minimising help them build more effective portfolios of a manager’s responsibilities, potentially investment managers. reducing both cost and risk on the “Our DMA business continues to grow manager’s side. because of these continued industry “Ultimately, when you have your own pressures faced by hedge fund managers, DMA you control your own destiny,” says and a desire among investors to improve Kestler. “The only limitation is the liquidity of the overall structure of their hedge the underlying assets. We believe that in the fund investments,” adds Joshua Kestler, future this will become the best-in-class way HedgeMark’s President and COO. of accessing the hedge fund asset class.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 27 HATHERSAGE CAPITAL MANAGEMENT Hathersage Capital Management Best Foreign Exchange Hedge Fund

Hathersage Capital Management LLC is annualised gains with an IR exceeding 1.25 a discretionary global macro investment since inception, has also exhibited low manager founded in 1991. The firm is a negative correlation with global equities foreign exchange specialist, expressing its over its life. global macro views strictly in G10 currencies, “Although the drivers affecting currency using interbank spot, forwards and pair valuations can change very quickly and vanilla options. prices can move accordingly, the currency The portfolio management team at markets remain the most liquid of all financial Hathersage has a wealth of experience in markets. It is this depth of available liquidity the foreign exchange markets. Members of that allows for tremendous scalability in the team have been managing substantial Bill Lipschutz, principal, G10 absolute return strategies” comments FX-only portfolios for more than three CIO and head of portfolio Bill Lipschutz, principal, CIO and head of decades. The team combines that management at Hathersage portfolio management. Capital Management experience with its knowledge of options This means that equity centric portfolios pricing and options trading in structuring a can invest in enough size to find meaningful portfolio of directional exposures based upon diversification through active currency fundamental macroeconomic analysis. managers. Though Hathersage is considered In today’s marketplace, investors have a boutique manager as far as global macro begun to take notice of the several absolute goes, Lipschutz doesn’t mind, stating that return currency strategies currently available “while the firm has plenty of capacity, which provide low or negative correlation it continues to position itself first and with global equities or equity . foremost as a return generator not as an In the case of Hathersage’s macro asset gatherer”. strategies, a closer look reveals historically On winning this year’s award, Lipschutz low or negative correlation when global says: “Organisations such as Hedgeweek equities are rising and highly negative in part serve to shine a light on the many correlation when global equities are falling talented service providers in our financial dramatically (defined as an MSCI price industry. We are honoured to be included in change greater than 1 standard deviation). such esteemed company.” n In other words, when global equities have experienced extreme downside market dislocation, Hathersage’s macro strategies have produced outsized gains. On the Citi Access Managed Investment Platform, the Hathersage G10 Macro Access Strategy, a strategic macro portfolio, was the top performer in 2016, returning 38.39%. The strategy has generated a 23.49% annualised return since the inception of the platform in 2011 – number one on the platform. Hathersage also offers a more traditional tactical -based strategy, the Hathersage G10 Daily Access Strategy, on Citi’s Carl Husselmann the Citi Access Platform. This strategy, up collects the award on behalf of Hathersage Capital 10.54% last year and having generated 11.51% Management

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 28 THE WORLDWIDE LEADER IN DMS Governance (DMS) is the worldwide leader in fund governance with more than 225 professionals representing leading investment funds with exceeding $330 billion. DMS excels in delivering high quality Fund Governance, International Tax Compliance, AIFMD, UCITS, Banking, Custody, Trust, Corporate and Outsourcing solutions across a diverse range of investment fund structures and strategies.

Matthew Brown Derek Delaney Executive Director I London Managing Director I Dublin

[email protected] [email protected] (p) +44.020.3709.6901 (p) +353.1.619.2304 (c) +44.7880.322.561 (c) +353.86.798.1370

Daniel Forbes Laurent Leclercq Executive Director I New York Head of Distribution I London

[email protected] [email protected] (p) +1.212.257.5052 (p) +44.2037.096.903 (c) +1.646.823.2512 (c) +44.7531.010.406

Dawn Cummings Francine Balbina Executive Director I Cayman Islands Executive Director I São Paulo

[email protected] [email protected] (p) +1.345.749.2419 (p) +55.11.2787.6213 (c) +1.345.325.1974 (c) +55.11.9905.8021

Darren Gorman Niaz Khan Director I Luxembourg Managing Director I Hong Kong

[email protected] [email protected] (p) +1.353.1.619.2325 (p) +852.3478.3822 (c) +1. 353.87.940.0041 (c) +852 9137 3236

CAYMAN ISLANDS | DUBLIN | HONG KONG | LONDON | LUXEMBOURG | NEW YORK | SÃO PAULO DMS GOVERNANCE DMS Governance Best Offshore Regulatory Advisory Firm

DMS Governance Ltd (DMS) is the BNY Mellon, ICBC, Goldman Sachs, etc, on worldwide leader in fund governance with behalf of clients and perform various execution more than 225 professionals representing services, such as treasury cash management leading investment funds with assets under and allocating to funds.” management exceeding USD330 billion. Last year DMS Europe secured over 90 DMS delivers high quality Fund new fund mandates. In addition, it has over Governance, International Tax Compliance, 100 risk clients to whom it provides a range AIFMD, UCITS, MiFID, Banking, Custody, of risk and regulatory reporting services, Trust, Corporate and Outsourcing solutions including Annex IV reporting under AIFMD, across a diverse range of investment fund Form PF and increasingly Solvency II structures and strategies. Conor MacGuinness, Managing reporting. “We’ve just had our third anniversary as Director, DMS Offshore MacGuinness says that approximately Investment Services (Europe) a management company in Europe. We’ve one third of the funds are umbrella funds been fully authorised as an AIFM and a while the rest are standalone funds where UCITS management company since 2014 the client wishes to customise the structure, and we’ve enjoyed core growth in that choose their board of directors, fund business, with a good mix of client names administrator, etc, and DMS IMS acts as the and a corresponding increase in AUM,” AIFM or UCITS management company. confirms Conor MacGuinness, Director, DMS By taking care of all the operational, Investment Management Services (Europe) regulatory and compliance demands, as Limited* (“DMS IMS”). well as helping with distribution, DMS can DMS Europe is headquartered in Ireland, support fund managers with European with additional offices in London and funds with a full compliment of services Luxembourg. Anne Storie, CEO of DMS that allows managers to focus singularly on Governance Speaking recently to Hedgeweek, Anne alpha generation. Storie, CEO of DMS Governance, said: “The “The growth of the European management demand for our European range of solutions company business is where we’ve seen the has exceeded expectations to the degree most success over the last 12 months and we that we have doubled our footprint in Ireland expect it to be a key driver in 2017 as well. and Luxembourg. We’re listening to our “Our team does everything from helping clients, and what the industry is facing in clients to set up their funds in Ireland or terms of regulation, and we’re working to Luxembourg, to guiding them through the find the right solutions. We have a duty to do entire life cycle of the fund. We support them so being governance experts.” on all of the regulatory compliance issues so As well as supporting clients who wish to that they can focus squarely on managing launch UCITS funds or Alternative Investment the fund,” says MacGuinness. Funds, using DMS IMS as the appointed “In addition, we offer full independent AIFM or UCITS management company, DMS portfolio risk management. We can take can also provide MiFID/MiFID II services, in portfolios from fund administrators plus such as trade execution, verification and data from other sources and provide a fully settlement, following the acquisition of a independent risk overview.” MiFID authorised firm last year. On winning this year’s award, “This provides additional investment MacGuinness comments: “DMS are expertise to our management company to *DMS Investment delighted to win this award. It is testament help us better oversee all the funds that we Management Services to the strong team we have built and our manage,” explains MacGuinness. “We are also (Europe) Limited is continued focus on meeting regulatory regulated by the Central n able to act as an aggregator and trade with Bank of Ireland demands and client needs.”

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 30 COMPREHENSIVE SOLUTIONS FOR INVESTMENT MANAGERS

KERAG E BRO E SER IM VIC PR ES

DESIGNED TO Portfolio Analytics Custodian LET YOU FOCUS & Middle Office Options

ON WHAT’S IMPORTANTBusiness Execution Consulting Services

Cowen Prime Services offers a comprehensive suite of brokerage and related services that provide traditional

and alternative investment managers with solutions Capitalthat are customizable and scalable.Financing The & frm was built by former investment managers to serve hedge fundIntroduction managers, managed accountStock platforms, Loan institutional investors, family offces, and registered investment advisors with turn-key solutions designed to free its clients to focus on their core competencies. Our offering features Tworld-classechnology custodyClient and clearing options, multi & Reporting Services asset class capabilities, leading execution and order management systems, a seasoned execution desk, a range of fnancing options, a highly professional operations and customer support team, comprehensive portfolio reporting capabilities, and capital introduction.

Jack D. Seibald Michael S. Rosen Kevin LoPrimo Managing Director, Managing Director, Managing Director, Global Co-Head of Global Co-Head of Head of International Services Prime Brokerage Services Prime Brokerage Services 516.746.5718 516.746.5723 44.20.7071.7555 [email protected] [email protected] [email protected]

www.cowenprime.com Member: FINRA, NFA and SIPC COWEN PRIME SERVICES Cowen Prime Services LLC Best Global Prime Broker

Cowen Prime Services LLC continues to to onboard new business in London and attract established institutional-quality hedge we have a meaningful pipeline that we are fund managers as well as start-ups and currently working through”. emerging managers. This is thanks to its “Outsourced trading clients are treated ability to provide managers with the financial in a similar manner to our PB clients. We stability of a large bank as the counterparty provide operational support and full shadow in tandem with a service offering that accounting and reconciliation, which are provides tailored solutions. being well received as they are a necessary Cowen Prime’s clients can choose to use requirement for a lot of fund managers. We outsourced middle-and back-office support have the ability to provide them with the as well as outsourced trading to limit their Mike Rosen, Global Co-Head capabilities that make them institutionally infrastructure spend, and when one factors of Prime Brokerage at Cowen sound and more acceptable to large Prime Services in that all the usual prime brokerage services allocators,” says Rosen. – trade execution and clearing, securities Jack Seibald, fellow Global Co-Head of lending, financing, research and capital Prime Brokerage at Cowen Prime Services, introduction – are also part of the package, points out that recently the firm has been it is easy to appreciate why Cowen Prime focusing on doing things slightly differently Services is leading the way in the boutique with respect to the capital introduction events prime space. it organises in New York and other regional “Everyone is focused on being as centres: “We just hosted one such event in productive as possible, whilst at the same New York, which was a little different in that time maintaining the highest standards of we decided to highlight not just the mangers care. By outsourcing trading and financial we had selected, but also the research talent reporting, for example, to a firm like ours, Jack Seibald, Global Co-Head at Cowen in the sectors that those managers investment managers are able to achieve of Prime Brokerage at Cowen trade in. The managers who presented Prime Services that,” says Mike Rosen, Global Co-Head of operate in three industry sectors – healthcare, Prime Brokerage, Cowen Prime Services. energy and TMT. Our researchers contributed He says that the past year was an to the panel discussions specific to the issues important period for Cowen Prime Services driving investments in those sectors. We to do the groundwork from a technology thought doing such an event for institutional capability perspective to provide a much allocators would give them a different insight larger, more institutionally orientated into how each manager thinks about investing business, “as evidenced by the type of in their respective sector.” clients we are now onboarding. We continue The background that Seibald and Rosen share as former portfolio managers, added to the fact that Brett Yarkon, Cowen Prime’s Head of Capital Introduction, was formerly an allocator for a large , “helps us to differentiate the capital introduction process from others in the marketplace,” comments Seibald. He confirms that the team sees a disproportionate number of sector specialists when pitching for new business, “either for our PB business or our outsourced trading business. That’s fine though. Having a tailored Kevin LoPrimo & Jack Seibald offering for those managers continues to work receive the award from James n Williams for them and us,” says Seibald.

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 32 ACA APONIX ACA Aponix Best Global Cyber-Security Services Provider

ACA Aponix, a division of ACA Compliance receiving end of cyber security services in Group, provides financial services firms our previous roles.” with a 360-degree, independent approach ACA Aponix employs a phased approach to technology risk and governance. The to working with each new client. At the ACA Aponix team conducts comprehensive beginning of an engagement, ACA Aponix risk assessments to help fund managers will visit the client and conduct an initial risk identify potential gaps and vulnerabilities assessment to identify any issues. in their information security framework “Part of that assessment involves making in order to mitigate associated risks to recommendations and helping clients their business. determine how to fix the issues we identify,” At a high level, the ACA Aponix Kris Lau, Senior Principal continues Lau. “Then, we will typically product offering involves performing risk Information Security run mock audits to identify and address Consultant at ACA Aponix assessments, mock audits, vendor due any outstanding issues in advance of any diligence, network penetration testing potential visit by the regulator. (both internal and external), training “A major part of our offering, therefore, is (which includes phishing exercises), trying to help clients build a comprehensive tabletop exercises, and helping clients information security programme, not just for produce a Written Information Security the sake of satisfying the regulators but to Programme (WISP). get clients accustomed to viewing security Vendor risk is one of the biggest concerns as a normal part of their business. Then, of clients currently. Many service providers no matter what regulatory inspection comes may have access to managers’ IT networks along or what new threat emerges, they are and data, and whilst in the past this was prepared as well as possible.” not generally regarded as a risk to their The last thing fund managers should do is organisations, that is no longer the case. compartmentalise cyber risk. Fund managers Consequently, over the last year ACA are increasingly recognising that the effects Aponix has expanded its due diligence of a cyber breach are reputational as well as practice, hiring a new director to further financial and should not be viewed differently strengthen that side of the business as than any other risks to which the business clients look to keep a closer eye on their is exposed. service providers. “A comprehensive information security “Many of the recent high-profile hacking programme should be an integral part of a episodes have involved service providers firm’s overall risk management. We involve as opposed to the managers themselves,” everyone from senior management to the says Kris Lau, Senior Principal Information most junior staff when running mock audits Security Consultant at ACA Aponix. and tabletop exercises. Helping to spread that “We’ve also expanded our offering to awareness across an organisation, should, in include portfolio company due diligence to our view, help to mitigate cyber risk,” says Lau. support private equity managers; this is a On winning this year’s award, Lau says: “It big area of focus for us. The experience of is an honour. Our dedication to our clients, the ACA Aponix team really sets us apart the services we provide, and our focus on from our competitors and is, in my view, team training enable us to routinely update our biggest asset. Many of us have come our offerings to help keep clients protected from the buy-side and have been on the from evolving cyber security risks.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 33 OVERVIEW

23 milk powder production companies. They strategy to retrofit into a liquid category. have a big exposure to Emerging Markets, “Our systematic strategy, utilising liquidity where some 25 per cent of their turnover calculations on data, has not changed. We comes from China. China has scrapped the were built to give a liquid positive return one child policy and this has led to a huge stream in any economic environment. We increase in milk demand.” have not changed our process and look Funds like Quadra Capital are appealing forward to helping our clients and outperform to investors because they fall into the ‘liquid our peers who are trying to squeeze pieces alternatives’ category, offering daily/weekly of a strategy into a category.” liquidity and greater investor protections. This is also an area that leading seed Another such firm enjoying success in the investor, Tages Capital, is targeting. Last marketplace is New York-based Wavelength year, Tages began to launch UCITS absolute Capital Management. return single manager funds on the Tages “Liquid alternatives provide access to International SICAV fund platform domiciled alternative strategies at lower costs, with in Luxembourg and the firm sees further more regulatory oversight, a higher degree opportunities in 2017. of liquidity, and greater transparency than “We see good opportunities to grow our hedge funds,” says Wavelength co-founder, geographical footprint and work with many Mark Landis. “In the first wave of liquid new investors across all our core areas, strategies that came to market, many hedge including seeding, liquid alternatives/UCITS fund managers utilised sub pieces of their investing, customised and specialist portfolio 48

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 34 WAVELENGTH CAPITAL MANAGEMENT Wavelength Capital Management Best ’40 Act Liquid Alternatives Fund

Established in 2013, New York-based a variety of risk measures and dimensions Wavelength Capital Management is an including net and gross exposures, position independent investment management firm concentration, beta, liquidity, and volatility. specialising in liquid, transparent, and cost- Reflecting on the growth of the business effective investment solutions designed to in 2016, Landis confirms that Wavelength preserve assets and produce returns in any achieved a number of significant milestones, economic environment. underscoring its stated goal to be a trusted “We focus on research-driven, insights partner to both clients and employees powered by technology,” says Mark Landis, alike “and strive to deliver the best balance who co-founded Wavelength with Andrew of risk and return for their wellness and Dassori. “We invest using a systematic Andrew Dassori collects the financial future”. approach that applies quantitative tools to award “We are a systematic investment process fundamental economic and market manager and run our business using the information. We seek to empower our clients same systematic, processes we utilise through transparency in what we do, sharing for investing. We continue to develop the our thought leadership, and our mission is to business side accordingly. Although, we have deliver the best balance of risk and return for exceeded our original plan and goals set their financial future.” forth when we started the firm, making sure Wavelength uses up to 100 years’ worth of we stick to our stated strategy map and not historical data and utilises implicit machine deviate is important. I often quote Benjamin language to make the most educated Franklin, which sums up our philosophy: deployment of its clients’ capital, says Landis. ‘Without continual growth and progress, such Currently, Wavelength runs three investment words as improvement, achievement, and products. Its flagship product, the Wavelength success have no meaning’. Interest Rate Neutral Fund, is a fixed income- Landis highlights three core values since focused 40 Act mutual fund that leverages Wavelength’s inception that he believes set a quantitative, systematic process utilising it apart from its peers. Firstly, collaboration features of machine learning. It is designed to (both external and internal); constant dialogue produce returns and preserve capital during between the Wavelength team and their rising and falling interest rate environments. investors is key to achieving close alignment Longwave Advisor is a digital wealth of interests and ensuring that Wavelength management platform for RIAs and Private helps investors to meet their investment Banks offering automated investment objectives. Secondly, cultural excellence. services and is, says Landis, “the first digital “We are committed to our people and their advisor to feature factor-based investing”. success is our success. We constantly look The third product, Global Macro Signals, to better hone skills, apply talents and value is an institutional product that utilises all contributions. We surrounded ourselves with three phases of Wavelength’s portfolio smart people who view things differently construction: macro risk budgeting, factor from the way one person is inclined to see signals and an overall risk metric overlay. them The third core value is transparency. Landis explains that risk is managed We seek to uncloak investing through the systematically from a top-down portfolio sharing of our research and ideas between perspective as well as from the bottom-up, ourselves and, more importantly, our on a strategy specific level, to control for investors,” comments Landis. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 35 CITYSAVVY CitySavvy Best Global Public Relations Firm

Twelve-years old CitySavvy specialises Hirst has been working with asset in creating communications programmes management and hedge fund clients for 15 for asset management sector firms and years, over which time she has seen a clear financial institutions. “Our core expertise is change in mindset as it relates to PR. international media relations programmes “I find alternative asset managers have and profile raising for clients via thought become a lot more conscious of the need to leadership, engagement with business and take on board professional communications media outlets, conference participation and expertise. The requirement may not be to so on,” comments Henrietta Hirst, Managing splash their name everywhere – indeed Director of CitySavvy. very often the opposite – but they now “We also do issues management and Henrietta Hirst, Managing understand they need to work with someone response, reputation management, fund Director of CitySavvy who can help them navigate the marketplace launches and investor marketing, which we and more effectively communicate with their have been very busy with over the last 12 many stakeholder groups including influential months. This includes production of pitch third party observers” says Hirst. books, fund factsheets, and helping clients Performance is still the key metric to be prepare ahead of investor roadshows.” judged on, but beyond that managers need CitySavvy has a wide range of clients that to build their reputation and credibility. include: Hedge Fund Research, PAAMCO, “At the same time, it’s important to be Eclectica Asset Management, Janus Capital, able keep managers out of the headlines Nordea, Invesco, China Post Global and when required. If they start to over- Robeco, to name but a few. The firm works communicate and become too prominent out of hub offices in London and Amsterdam in the media, investors start to worry. We but represents clients globally. understand the dynamic of the marketplace Commenting on its relationship with to ensure the right balance is struck in CitySavvy, Stephen Oxley, Vice Chairman, terms of how prominently they position PAAMCO (a leading FoHF manager) said: themselves. “The firm combines a unique thoroughness “They appreciate working with a PR of approach and professional capability agency that they can rely on as a top table with a high standard of personal client advisor, much as they rely on legal advisors,” attention. They understand our business says Hirst. and it is clear they are well steeped in the Going forward, CitySavvy wants to ensure disciplines of asset management firms. They that it continues to attract and work with offer intelligent senior level counsel combined well-established fund management groups, with effective targeted media outreach.” especially mid-sized billion dollar firms, to CitySavvy is very much a high-touch, support their strategic communication needs. boutique agency that focuses significant “We want to be recognised as an agency resources on every client relationship. that understands its clients and delivers the “We intimately understand each of our right solutions for those clients individually, clients as individual firms, we don’t take a whatever their size,” adds Hirst. cookie cutter approach. It’s very much based On winning this year’s award, she on careful thought and close collaboration comments: “It’s the total passion that we with the client on an individual basis. bring to our work that I believe helps us to The longevity of our client relationships win awards like this. Our network is broad is, I believe, testament to this considered and diverse within the industry so to have approach. We’ve been working with PAAMCO that validation from our peers is hugely since 2004, for example,” confirms Hirst. rewarding.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 36 HARNEYS Harneys Best Offshore Law Firm

Harneys operates through 14 international collegiate atmosphere and flexible teams locations and its global funds practice advises allow Harneys to work across departments on all aspects of offshore investment funds, and offices. establishment, maintenance and restructuring “We challenge the industry by bringing both in distressed and planned scenarios. personality to the table with our clients. The firm’s investment funds practice has We have a different culture to a lot of other continued to grow, particularly in Cayman, offshore law firms. Rather than simply where Harneys has rapidly closed the gap provide an anonymous service from a between it and other firms in the jurisdiction distance, if a client is looking for an offshore through a number of key hires, including law firm to be their back-office legal team Appleby’s former global head of investment Ian Gobin, Partner at Harneys and care about every aspect of their funds, Ian Gobin, who joined at the start business, and provide real value at the right of 2016 along with team members Matt price point, they should look no further than Taber (partner), Jonathan Bernstein (senior Harneys. Ultimately, our job is to make the associate) and several other key executives life of a general counsel and fund manager including Cayman head of business as easy as possible and to make those development, Michelle Bolingbroke. referring work to us look good in the eyes of “We are targeting a wider client base and their clients,” comments Gobin. we’ve engaged in an extensive marketing Gobin says that chemistry is incredibly campaign for the last 12 months, which important when choosing the right offshore continues and builds into the extensive law firm, just as it is between the manager marketing undertaken by our Vancouver and and investor. BVI offices” says Gobin. “I joined the Firm at a “As part of that chemistry, delivering time when Harneys had been looking to focus on your promises is absolutely key. When more on the North American market, which, we speak with a prospective client and along with our existing strength in South explain our bespoke service and offering, America, through our offices in Sao Paulo and occasionally people can be sceptical, as Montevideo and Asia, through our offices in that’s not the experience they have generally Hong Kong, Singapore, Shanghai and Tokyo, had with offshore legal services. However, will all be key growth areas in 2017.” once they realise that what we claim to Harneys prides itself on being able to offer is actually true, they quickly become offer bespoke services to clients, whether our biggest fans and start referring us to institutional or boutique managers. Its size, their peers. For us, it’s all about execution. We deliver on the promises we give to our clients,” asserts Gobin. He says that the end of 2016 was incredibly strong and, if Q1 2017 is anything to go by, “it’s going to be a record year for us”. On winning this year’s award, Gobin says: “By challenging the industry norms, and at the same time holding onto our core values and historical roots, we are innovating and enhancing the market for offshore. In addition, we recognise that a large part of winning the award goes to our clients and our business partners and friends in the industry. To them, Sean Scott collects the award n from GFM’s James Williams we would like to extend a huge thank you.”

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 37 ONE TEN ASSOCIATES One Ten Associates Best Fund Management Recruitment Firm

London-based One Ten Associates is institutions who are looking for that first a specialist recruitment firm set up by move into a hedge fund, whereas mid-level Founding Partner, Mush Ali, in 2011 to operations professionals seems to be getting service the non-investment hiring needs cut as more funds are relying heavily on of the hedge fund and private equity outsourcing operations.” sector. Mush is a qualified accountant who Last year saw One Ten win a mixture previously worked at KPMG and General of interesting mandates, helping both Electric before switching to recruitment larger established managers with strategic in 2004. key hires both at the junior and senior One Ten Associates has grown its end as well as helping start-up managers reputation by blending technical expertise in Mush Ali, Director at One Ten with their initial key first hires on the non- the alternatives sector with an established Associates investment side. candidate network across the private equity, To capitalise on the growth in the private hedge fund, asset management, real estate, equity and private debt market, One Ten infrastructure and service provider sectors. hired an experienced recruiter with over “We do not recruit for front-office 6 years of experience specifically in that investment roles. We focus entirely on market in January 2016 to build out One non-investment roles in the middle and Ten’s Private Equity, Real Estate and Debt back office including compliance, finance, Practice, focusing on finance and operations operations, sales and marketing and legal,” recruitment. confirms Mush. “Private equity is a real growth market, In terms of sourcing the ‘right talent’, funds are continuing to grow and hedge Mush explains that it is a constantly moving fund managers are themselves beginning target. There is, he says, no substitute for to look at alternative investment areas, meeting a client and a potential candidate launching direct lending funds. We believe in to see if there is a fit. “This is something the research methodology at One Ten and where we have always excelled because we have also built out our research function are all experienced recruiters at One Ten. significantly in 2016 with two key hires. Over time, we’ve learnt to spot talent that This has proved invaluable for us when would work well with certain clients and not dealing with the variety of client demands,” with others.” says Mush. He says that the impact of market Looking ahead, he says that one of regulation has led to a large uptick in the goals for the next 12 months will be managers needing compliance professionals. to consider expansion opportunities in The compliance space is a fast evolving Ireland and Luxembourg as well continued recruitment market, which year on year investment in experienced industry becomes harder to source the best talent. recruitment talent in London. “It is also more expensive for our clients to “There are opportunities, especially in recruit from this talent pool because they are Luxembourg. The Irish market is very well in demand,” states Mush, adding: trodden but we are keeping our options “In terms of operations, we have seen open. Right now, 95 per cent of the work we an increased focus on the junior end of do is still London-based,” says Mush, noting the market, where hiring managers have a that Q1 2017 was the best quarter since One bias toward bright talent sitting in sell-side Ten’s inception. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 38 Voted Best Global Cloud Services Provider

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Fe\>cfYXcE\knfib  64 Fe\=`eXeZ`Xc:cfl[  6, Gfn\i`e^k_\@e[ljkip XXXFDJDPN

#0450/]$)*$"(0]%"--"4])0/(,0/( -0/%0/]-04"/(&-&4].*//&"10-*4]/&8:03, 4"/'3"/$*4$0]4*/("103&]45".'03% EZE CASTLE INTEGRATION Eze Castle Integration Best Global Cloud Services Provider

Supporting more than 400 investment “As certain services in management firms and thousands of global the cloud become more users, it’s easy to recognise the impact the Eze Private Cloud platform has made in standardised, our ability to recent years – perhaps best solidified with support those services will recognition as Hedgeweek’s Best Global Cloud Service Provider in 2017. continue to be a vital aspect Discussing what makes Eze Castle of our overall offering.” Integration’s premier cloud platform stand out Mary Beth Hamilton, Eze Castle Integration from the competition, Mary Beth Hamilton, Vice President of Marketing, says that it Mary Beth Hamilton, Vice comes down to a couple of key factors. President of Marketing at Eze managers have the ability to get institutional- Castle Integration “One is the core infrastructure and the ECI calibre infrastructure on day one, “as well as Link network we’ve built and continued to benefit from the myriad of security measures make investments in, adding new features we’ve implemented that an organisation and capabilities to support our clients’ needs would not necessarily receive if they used – everything from enterprise collaboration tools a basic public cloud solution or tried to and unified communications to enhancements replicate what we offer in-house.” of our global private network. With ECI She adds that as the cloud becomes the Link we are providing clients with direct more standard way for firms to implement their connections to their key counterparties – from infrastructure, the way to stand out from the FIX to trading to market data – and it is all competition will be based on the core client managed end-to-end by our dedicated team. service that Eze Castle Integration provides as “And that directly ties into the second it continues to evolve its cloud capabilities. differentiator, which is security. Our cloud is “Providing outstanding client service supported by robust and redundant security has always been a primary focus for us,” layers, including next-generation firewalls asserts Hamilton. “We are adding new tools and intrusion detection and prevention to measure our clients’ satisfaction (survey capabilities. We use a third-party managed and feedback tools) immediately after they security provider that constantly monitors interact with our help desk. We also reach the cloud 24x7 to ensure the infrastructure is out to clients on a quarterly basis to ensure protected at all times. they are getting the level of service they “Additionally, we’ve incorporated a number need and expect. As certain services in the of in-demand security features to protect cloud become more standardised, our ability and support the end user. We utilise a tool to support those services will continue to be called Duo for multi-factor authentication that a vital aspect of our overall offering.” is delivered to a client’s mobile device to As well as private cloud adoption, interest log securely into the cloud. We also provide is also building in hybrid cloud solutions for secure file sharing capabilities using a tool clients who wish to take advantage of select called Varonis DatAnywhere, which is just capabilities in the public cloud. as convenient as a tool like Dropbox, but “In 2017, our R&D and product teams are provides more security and control of files,” looking at the right types of hybrid cloud explains Hamilton. solutions to introduce that address not only Large established hedge funds, as well as clients’ increasing security needs, but also start-ups, continue to migrate to the cloud allow them to take advantage of features and based on the robustness of today’s cloud technologies emerging in the public cloud infrastructure. As Hamilton points out, fund space,” says Hamilton. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 40 Driving the future of fund administration

HEDGE FUNDS PRIVATE EQUITY FUNDS REAL ESTATE

SS&C is the #1 fund administrator in the world. Across the globe we help frms achieve their goals, efciently helping them manage operations, regulations and IT infrastructure. SS&C has thousands of specialists and locally-based fund accounting and operational staf to give you full transparency and support – allowing you to do what you best, manage and grow your business. Now that’s a winning combination.

ssctech.com/fundadministration SS&C GLOBEOP SS&C GlobeOp Best Global Hedge Fund Administrator

SS&C GlobeOp, a division of SS&C processing presence it has given us a Technologies, one of the world’s largest fund large footprint with allocators (endowments, administrators, has a clear strategic vision of pension plans). We see those types of what it takes to be a successful player in the entities becoming increasing buyers of fund fund administration space. administration services.” One key ingredient is the ability to SS&C GlobeOp’s current group AuA is a accumulate a deep pool of talent, both little over USD1.3 trillion. organically and through acquisitions. Shortly, SS&C GlobeOp will be introducing “Last year we acquired Citi’s Alternative its Fund Hub product, which is aimed directly Investor Services business, which comprised at the fund allocator space. Fund Hub will both a hedge fund group and a private Rahul Kanwar, Head of SS&C allow endowments and other institutions equity group,” says Rahul Kanwar, Head of GlobeOp to take care of the due diligence process, SS&C GlobeOp. “For us, this was primarily as well as determine the rates of return on a talent play. The acquisition gave us 1,400 managers they are potentially considering. people with significant expertise in the fund “We are also enhancing the process for administration space.” transactions, exceptions and other parts of Further talent was added last year a fund’s lifecycle. Typically, the way the fund through the acquisition of Wells Fargo Global administration space has evolved has been on Fund Services in September 2016 and the providing information. If you’ve got a portfolio, acquisition of Conifer Financial Services in it’s the fund administrator’s job to compare that December 2016. A second key ingredient, to the street and identify any differences. says Kanwar, is making sure that technology “The next step in that evolution is to keeps pace with client activity. deploy smart technology (i.e. machine “We think, given that we are a software learning) to automatically identify those company at our core and in control of differences and resolve them. I think you will the systems that we use, we are able to start to see more of an artificial intelligence enhance technology and innovate at a component to how we operate, certainly faster rate than the majority of the market,” with respect to identifying and processing comments Kanwar, adding that both the Citi exceptions,” confirms Kanwar. and Wells Fargo acquisitions have helped Few fund administrators, if any, have built SS&C GlobeOp increase its footprint in Asia, their own platform that they own all the “which we see as a key growth market”. source code to. This is working very much “Also, with respect to the Conifer deal, to SS&C GlobeOps’ advantage. in addition to enhancing our West Coast As the overall technological framework of the industry gets smarter, “we can constantly evaluate and determine how to apply new developments, in a way that maximises our clients’ processes and makes them more efficient,” says Kanwar. He says that it has been a promising start to 2017, in terms of winning new mandates and building the pipeline. “We are seeing a pick up in the Asia market by virtue of our having a larger footprint in the region but also there seems to be more fund launch activity. We have SS&C’s Tom Kirkpatrick won a number of mandates there and we collects the award from James Williams expect that to continue.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 42 AGECROFT PARTNERS Agecroft Partners Best Global Third Party Marketing Firm

Agecroft Partners was founded by Don screened pretty quickly. It’s the remaining Steinbrugge, who has 33 years of experience 5 per cent that take a lot of time to do in the institutional investment management deep due diligence,” says Steinbrugge. He industry, including previously serving as the mentions that one of their managers was head of sales for one of the world’s largest near capacity and will be closing soon to hedge funds and institutional investment new investors and as a result they are in the management firms. process of identifying a new hedge fund to “Agecroft has changed the model of add to their platform. hedge fund third party marketing,” says Once a new manager is added, Agecroft Steinbrugge. “Most third party marketing works to add value to its clients by focusing models are based on leveraging personal Don Steinbrugge, founder of on the following three components: relationships and doing extensive Agecroft Partners • Quality of product entertaining. Ours has been to build a global • Quality of message brand with a reputation as an industry • Distribution strategy thought leader, strong institutional investment To be successful at raising assets, managers knowledge and representing very high quality have to have a high quality product that managers” ranks well across each of the selection Agecroft Partners has been a prolific factors that investors use. writer of industry thought pieces and white In addition, a manager needs a concise papers. Often asked to share their thoughts linear message that clearly articulates what with the media on the hedge fund industry, their differential advantage is across each of they have also been a regular guest on those selection factors. Bloomberg Television and CNBC and have “One of our main objectives is to ensure spoken at more than 100 leading industry that the product is strong, and secondly conferences. that the marketing message is as strong as “This has helped us to attract some of possible to enhance investors’ perception of the highest quality hedge fund managers to the fund. represent and has also allowed us to access “The third component of raising assets many institutional investors that other third is the marketing strategy. Reaching out to party marketers have difficulty accessing,” a wide selection of investors and setting states Steinbrugge, who adds: “In our latest up qualified meetings. It also requires article we predicted the top 10 trends in making sure that we have the right follow- the hedge fund industry for 2017, which has up strategy in place for each prospect. been widely covered in the media”: https:// Building momentum in asset growth is vital www.linkedin.com/pulse/top-10-hedge-fund- to successfully raising assets; because industry-trends-2017-don-a-steinbrugge- raising asset is not linear it is exponential, as cfa?trk=pulse_spock-articles. the hedge fund’s brand grows in the market Agecroft is highly selective of the firms it place,” says Steinbrugge. represents by utilising an institutional quality On winning the award again this year, due diligence process in manager selection. Steinbrugge remarks: “We are honoured to This begins by leveraging its industry-leading have won this award in six of the last seven reputation to attract high calibre managers years. Most importantly we are happy that requiring marketing support. the market place approves of the job we “95 per cent of hedge funds can be are doing.” n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 43 © 2017 Duff & Phelps Corp. All rights reserved. DUFF & PHELPS Duff & Phelps Best Global Regulatory Advisory Firm

With all the regulatory developments in whether it will impact fund passporting and recent times, and the ominous spectre distribution across Europe under AIFMD, of MiFID II looming large, it is fair to say whether they should move parts of their that these are busy and exciting times for business, etc. We’ve seen no signs of this regulatory advisory firms. Duff & Phelps is happening, however, at the moment. With no exception, with Julian Korek, Global Head the UK leaving the EU there will be potential of Compliance and Regulatory Consultancy, opportunities to refine regulation. This could confirming that Duff & Phelps’ global clients lead to the creation of new fund products are interested in four issues, at present. with a different regulatory regime. A lot of The first is MiFID II, a hugely complex people are asking what that may look like. regulatory change that is set to impact the Julian Korek, Global Head of “A third area of interest for our clients asset management community. Compliance and Regulatory relates to Asia, where markets such as Hong Consultancy at Duff & Phelps “We are still awaiting some of the Level Kong have introduced senior management 3 details to be published. When we had regimes, such as we have in the UK. This our last count, there were 1,384 pieces will make senior management accountable of information to look through, so it’s a for controls and governance in licensed huge issue for firms to wade through all of organisations,” explains Korek. this and work out how best to respond,” The fourth issue relates to the Trump says Korek. presidency, in particular what the impact To help with this, Duff & Phelps has on US regulation such as the Dodd-Frank produced a solution named MAST: MiFID Act could be, going forward. Korek expects Analyser Solution & Tracker. This enables there to be no more than a bit of tinkering people to fast track in and identify, according around the edges. “It will very hard to repeal to the permissions they have, what rules the Dodd-Frank Act in its entirety but there are likely to hit them and identify a ‘To do’ might be some elements that get removed,” list for the areas that will require amending. says Korek, adding that the strength of They can then track the progress of those Duff & Phelps is its ability to provide global amendments by using the tracker component coverage yet operate as a single team. of MAST. It’s a sophisticated tool that “This gives our clients consistent Korek confirms has taken nine months to knowledge and expertise on the various build, bringing together all the rules and regulatory developments. We are able to regulations and systematising them. put regulation into an operational context,” “What we are saying to the industry, is says Korek. n that given the need for MiFID firms to start transaction reporting, they need to think about it sooner rather than later because it is likely going to require new systems, implementing those systems, testing them and so on. The quicker buy-side firms engage with this, the better, in order to get the support of their preferred vendor(s).” “We already have a number of asset management clients using MAST, as well as a number of service providers,” confirms Korek. The second key issue, he says, is Brexit. Duff & Phelps’ Marie Barber collects the award from “UK, US and Asian clients want to know James Williams

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 45 WE’RE HONOURED TO BE AWARDED THE BEST RISK MANAGEMENT SOFTWARE FIRM

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Axioma was founded by Chief Executive the view of risk should be, and sell that Officer Sebastian Ceria in 1998 and is a particular methodology to the marketplace. leading provider of innovative risk and “We, on the other hand, provide the platform portfolio management solutions, supporting for people to look at their strategies in very the industry’s largest, most sophisticated specific ways,” adds Webster. hedge fund managers and asset At a time when the nature and complexity management groups. The company’s product of risk – driven in part by increased offering enables clients to consistently regulation – is growing, providing risk and effectively analyse risk in order to tools for managers that understand the improve investment strategy, risk reporting importance of risk and want to embed that and operational efficiency across an entire Ian Webster, Chief Operating into their selling proposition, is a powerful organisation. Officer at Axioma proposition. When they go to meet asset Axioma Risk provides an enterprise view owners, who themselves are becoming of risk for the firm providing risk analysis, much more discerning and knowledgeable stress testing and comprehensive reporting about risk management, Axioma’s client can capabilities. Axioma Portfolio offers an demonstrate that they monitor risk in their integrated suite of tools for holistic portfolio portfolios in very specific ways. construction, testing and rebalancing. Axioma “Asset owners are pressing hedge fund Portfolio leverages Axioma’s industry-leading managers on the total cost of ownership and modelling library as well as a full suite of risk making sure there is a real value proposition models for portfolio construction across a being offered. Our clients want to be able broad range of investment approaches. With to prove this using our risk analytics and Axioma Portfolio Analytics, clients are able performance analytics, and demonstrate to run a series of tests on their portfolios, that they have a compelling story to tell,” illuminating both risks and sources of returns says Webster. for attribution in both ex-ante and ex-post Axioma Portfolio can best be thought of analyses. And Axioma Risk Model Machine as the front office tool for those who are tailors risk models for better portfolio constructing portfolios. Quite often, in the construction, more accurate performance portfolio construction phase, they will be measurement and risk monitoring in line with using a risk model. Axioma Risk meanwhile, individual investment needs. is geared more towards the middle office “Our Axioma Risk product enables function for risk reporting production. hedge funds to look at risk from a front- “We have an underlying layer of models office perspective when doing portfolio and analytics, which is consistent across the construction, and for the middle-office to do firm, and sets of functionalities that sit on top risk reporting for investors and regulators; of Axioma Portfolio to support the various this gives them an enterprise view of multi- functions, such as front office portfolio asset class risk across their organisation. construction or risk reporting. Ultimately, we Our clients are sophisticated and it is believe risk should be an integral part of the important to allow them to tailor their view of investment process and not just regarded as risk,” explains Ian Webster, Chief Operating an overlay or as a reporting function when Officer at Axioma. managers are developing their strategies,” Most vendors offer what they think explains Webster. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 47 OVERVIEW

34 management as well as infrastructure Award winners clockwise needs,” explains Andrew Lapkin, CEO of from top: Renaud Champion, investment,” says Jamie Kermisch, CEO, HedgeMark. “They are able to leverage La Française Investment Tages Capital. “This year Tages will launch Solutions; Frank Napolitani & HedgeMark to operate the platform, but some exciting new funds and expand our Nicholas Tsafos, EisnerAmper; importantly, maintain greater ownership, and specialist alternatives offerings.” Henrietta Hirst, CitySavvy; long term portability. Linda Gorman, Quintillion As institutional investors become “Many institutional investors are not more sophisticated with their allocation comfortable investing with smaller managers programmes, the more they are considering because of operational concerns. Investors the use of segregated managed accounts can overcome those concerns using a on private platforms. This is reaping dedicated managed account. It gives them dividends for HedgeMark, a BNY Mellon access to a broader pool of talent, and to Company and one of the industry’s leading innovative investment ideas that previously pure play dedicated managed account might not have been a viable investment providers. option,” concludes Lapkin. HedgeMark’s DMA business model From managers to platforms and service is to help institutional investors set up providers alike, the 2017 Hedgeweek Global and operate their own managed account Awards underscored the enduring ability of platform. “Every client gets their own the hedge funds industry to thrive, no matter bespoke platform fully customised to their how challenging the conditions. n

HEDGEWEEK AWARDS Special Report Apr 2017 www.hedgeweek.com | 48