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What Do Investors Want to Know About Alt Data?

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What Do Investors Want to Know About Alt Data? The long and the short of it www.hfmweek.com ISSUE 496 26 APRIL 2018 CQS TAPS SPM FOR US BUSINESS DEVELOPMENT CHIEF WHAT’S ON THE SEC’S Chris Sutter joins as Hintze’s fi rm continues build out PEOPLE MOVES 05 HEDGE FUND AGENDA ROKOS HIRES CHARITY EXEC ANDREW DEVENPORT AS CEO FOR 2018? Macro fi rm also appoints chief strategy offi cer in London PEOPLE MOVES 07 HFMWEEK EXAMINES KEY HFT EXPERT HAIM BODEK LEADS CRYPTO LAUNCH FOCUS AREAS FOR THE Florida-based joint venture Hyperion Decimus raising assets LAUNCHES 11 REGULATOR ANALYSIS 18 Baml nears sale WHAT DO INVESTORS of Ucits platform WANT TO KNOW after PE talks ABOUT ALT DATA? BlackFin Capital understood to Scotland in 2015. be interested in MLIS business HFMWeek has also learned BY SAM MACDONALD that platform director Dauphou Edi left in March after over a BANK OF AMERICA Merrill decade. His departure followed Lynch (Baml) is in the process that of fellow director James of selling its Ucits platform with Munce in April last year. private equity firms includ- Merrill Lynch Investment ing BlackFin Capital Partners Solutions (MLIS) currently has among those circling, HFM- nine externally-managed funds Week understands. on its Ucits roster. It was the The investment bank has second largest alternative Ucits previously looked to offload umbrella when HFM conduct- the Luxembourg-domiciled ed its latest Ucits platform sur- umbrella but was unable to find vey from October, with $6.5bn a buyer. It is understood a sale in AuM. HFMWeek explores some of the could now be close, although The Marshall Wace TOPS the price is unknown. Ucits Fund and the AQR Global questions and concerns managers BlackFin already has a pres- Relative Value Fund make up will face if they use non-traditional ence in the Ucits space through the bulk of the Baml platform its acquisition of Luxembourg- assets with $4.4bn and $2bn in information sources based third-party ManCo AuM respectively as of the end FundRock Management of March, when over- ANALYSIS 16 03 Company from Royal Bank of all platform AuM was COMMENT HOW CANADA IS OPENING UP ITS HEDGE FUNDS TO RETAIL INVESTORS 14 End-to-end cybersecurity to keep you safe and focused on what matters: your business. Growing threats and regulatory demands are changing the global hedge fund community. Are you prepared for the future? Align’s team of award-winning experts bring over three decades of experience and a full suite of cybersecurity services to provide end-to-end protection and çVfZcW]W^då_bè_ebTecZ^Wcc`bçUdZUW"5æZX^7èTWbcWUebZdèZcdYWÄbcd_åZdc\Z^V. a complete service offering that converges everything you need to stay safe, all in one turnkey solution. Align Cybersecurity’s services include: • Vulnerability Assessments • A Dedicated Client Portal • A Customized Cybersecurity Program • Outsourced Virtual Chief Information • 24x7x365 Threat Monitoring and FWUebZdèBåÄUWbf7<FBFWbfZUWc Response • Employee Cybersecurity Education Protect yourself before disaster strikes. Schedule a free cybersecurity assessment today. 800-877-9980 (US & Canada) www.align.com www.aligncybersecurity.com NEWS If you have a news story for HFMWeek, please email: [email protected] PEOPLE MOVES infrastructure are fully aligned PEOPLE MOVES City Financial global CONTINUED with their Ucits fund platforms, Saba Capital hires COO Thorne departs FROM PAGE 1 which has its own complexities marketing/IR heads and is just not part of a bank’s CITY FINANCIAL’S global COO $7.6bn, according to HFM data. core business model.” BOAZ WEINSTEIN’S SABA Louis Thorne has left the firm after Baml is the latest invest- In March, Baml shut down Capital Management has hired around 18 months, HFMWeek has ment bank to signal a depar- the Gotham US Equity Long/ a head of marketing and investor learned. ture from the Ucits hosting Short Ucits fund, which was the relations, alongside an IR direc- The $4bn London-headquartered space, with Morgan Stanley last latest in a number of closures. tor to work in its New York office, firm, which includes a range of hedge month announcing it was axing HFMWeek revealed in HFMWeek understands. funds such as the Decca Fund and third-party managers from its October that Och-Ziff Capital Andrew Kellerman joins the Cumulus Fund, has promoted CFO FundLogic Alternatives business. Management had shut its $1.6bn credit hedge fund as head of Ed Orlebar to be COO and CFO. Goldman Sachs agreed a European multi-strategy Ucits IR and marketing having previously New York-based Thorne joined deal with Amundi in February fund on the Baml platform been head of private investment cli- City Financial from $43.6bn Fortress for the French asset manager to after a run of redemptions. The ents at investment bank Alex Brown, Investment Group, where he was man- become the investment manag- Passport Capital Global Equity where he worked for six months. aging director and global COO of the er of the bank’s $2.4bn in-house Long Short Ucits and Columbus Russell Brawer, who joined as a liquid markets business. He hired sev- systematic Ucits funds as well Circle’s CCI Healthcare Long- director of marketing and investor eral Fortress operations staff at City as taking ongoing control and Short Ucits Fund also recently relations at the end of February, was after being brought on himself. oversight of the $3.5bn plat- shuttered. previously head of business devel- He began his career at Tudor form, Goldman Sachs Fund Baml closed the Fenician opment and IR at credit hedge fund Investment Corporation, where he Solutions (GSFS). Equity Long Short Fund in Pamli Capital Management for six spent over eight years serving in vari- A senior Ucits platform exec December after a fall in AuM. years. ous middle and back office roles. said banks no longer see the area In April last year, Baml’s In January, Saba’s IR head Joy Orlebar became CFO at the end as strategically important. Beach Point Diversified Credit Semple joined Paul Singer’s $34bn of 2017 and was previously director He added: “It does not come fund was shut down following a hedge fund Elliot Management as of business management for the City as a surprise that banks have wave of withdrawals. marketing director. Last week, for- Financial Cumulus Fund. recently been asking themselves Baml and BlackFin declined mer Saba IR VP Christian Massey City Financial and Thorne declined whether their investor relations, to comment. joined $9bn Advent Capital to comment. operational and compliance [email protected] Management. [email protected] [email protected] IN THIS lthough the alternative Ucits to MNPI and privacy rules (p16-17). growth story continues at pace, With a several firms offering hedge ISSUE investment banks are falling funds various new alternative data A out of love with the platforms sources, vendor due diligence is key FUND MANAGER INDEX which host and often distribute many to ensure data has been appropriately Bayforest Technologies 6 hedge fund liquid alts vehicles. gathered and cleaned, especially in the HFM recently reported that Morgan current climate where privacy con- Citadel 6 Stanley was shutting its $3.9bn Ucits cerns have become a hot political and CQS 5 platform to external managers, while regulatory issue. Goldman Sachs has handed over con- Elsewhere, HFM was in Washington Cygnus Asset Management 5 trol of its $3.5bn platform to Amundi. to hear the SEC’s hedge fund priorities Forte Securities 10 This week HFM has learned that for the year. After speaking to regula- EDITOR’S Baml is looking to sell off its $7.6bn tors and hedge fund legal pros at the FS Investments 11 Ucits platform, with private equity firm event, we’ve condensed the top five Fulcrum Asset Management 5 VIEW BlackFin Capital Partners among the take-aways for managers (p18-19). PAUL MCMILLAN suitors (p1-3). Among them, the SEC’s advertis- GAM 10 Baml came second in the last HFM ing rule is to be overhauled after years Hyperion Decimus 11 Ucits Platform Survey and has big of no-action letters. Given that it was [email protected] names such as Marshall Wace and adopted in 1961, this part of the rule- Jabre Capital Partners 10 AQR onboard. However, large banks book is long overdue a rethink. The @mcmillan_paul Jeschke Capital 5 are increasingly deciding such plat- SEC said the current ban on testimo- forms are not core and can cause pos- nials was outdated in an age of social Kimura Capital 10 sible conflicts with other services they media and it could make related revi- Pine River 6 are offering asset managers, such as PB, sions to the general solicitation rule. which can be expensive to manage. Hearing the wide range of regula- Rokos Capital Management 7 Much has been written about the tory interpretations hedge funds Saba Capital Management 3 rise of alternative data as managers apply when formulating social media look to sharpen research capabilities. policies, a clear, simple and modern Structured Portfolio Management However, as we report this week, inves- approach should be welcomed, if it (SPM) 5 tor ODD professionals are keeping a provides appropriate flexibility and a close eye to ensure firms are staying on proper understanding of the way busi- Winton 5 the right side of the law when it comes ness communication has evolved. Q WorldQuant 5 26 APR – 2 MAY 2018 HFMWEEK.COM 3 INDEX PERFORMANCE Apr 2017 – Mar 2018 YTD RETURNS SOURCE: HFM GLOBAL PERFORMANCE DATABASE GLOBAL US EUROPE ASIA EQUITY HEDGE FUNDS Center Lake Capital ($99m) Sosin Partners ($246m) MACRO MANAGED FUTURES EVENT-DRIVEN Center Lake Capital Management CAS Investment Partners LOWS 12 & 10 8 HIGH 34.7% 23.6% 6 HIGHS BENCHMARKS Silver 8 Partners ($135m) Pantera Bitcoin Fund ($168m) 4 Silver 8 Capital Pantera Capital Management Compound Return (%) Return Compound 2 0 -2 MARKET MONITOR AprMay Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar LOW -33.1% -52.2% PAGE HOW WILL TECHNOLOGICAL CHANGE AND ESG DISRUPT THE HEDGE FUND SECTOR? Nearly 70 years after journalist Alfred W Jones launched the fi rst hedge fund, trade body Aima has gathered the thoughts of the founders of some of the biggest global hedge fund fi rms and academics to understand what the future might hold.
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