CASTING the NET How Hedge Funds Are Using Alternative Data 2 ALTERNATIVE DATA
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Disruptive Regulation: a Secular Investment Opportunity
FEATURED SOLUTION PIMCO Alternatives Disruptive Regulation: A Secular Investment Opportunity AUTHORS It’s been nearly a decade since the global financial crisis Christian Stracke prompted an onslaught of regulations intended to Managing Director Global Head, Credit Research abolish excessive risk-taking and make the financial Tom Collier system safer. Yet the implementation of reforms – and Executive Vice President their disruptive effect on financial business models – Product Manager will peak only over the next few years. As Dodd-Frank and Basel regulations come into force and a further wave of regulatory reform is announced, we believe banks will exit more non-core businesses, specific funding gaps will become more acute and dislocations between public and private markets will become more frequent. Each will create investment opportunities for less constrained and patient capital to capture economic profits being ceded by banks. The lengthy process of financial sector reform is not a surprise given its complexity. Passed in July 2010, for instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act runs to more than 350,000 words. Many details were left to administrators to define – and at the end of 2015, fewer than 60% had been implemented. Basel III regulations, intended to increase liquidity and decrease leverage at banks, were published in late 2009, but will not be fully implemented until 2019. Bankers are already fretting over “Basel IV,” a collection of rules being contemplated that would tighten the screws even further. 2 Featured Solution August 2016 For banks, the cost of Although most banks have increased their capital significantly, they face intense shareholder new regulations is high pressure to improve returns on capital. -
Alternative Funds
GLOBAL PRACTICE GUIDES Definitive global law guides offering comparative analysis from top-ranked lawyers Alternative Funds Introduction Christopher Hilditch, Schulte Roth & Zabel chambers.com 2020 INTRODUCTION Contributed by: Christopher Hilditch, Schulte Roth & Zabel At the beginning of 2020, many alternative (or private) fund all the evidence, be that multiple broker quotes, third-party managers might have been cautiously optimistic. In the year valuation agent inputs, or whatever, needs to be readily at hand ending 31 December 2019, hedge funds had seen average in the event of a challenge. At the same time, it is important to returns in excess of 12% which, whilst not stellar compared to maintain an open dialogue with the fund auditors to ensure that the extraordinary returns seen in the market, was a welcome they are on the same page come audit time. return to good performance after a number of years of poor returns. Private equity funds also showed double digit returns In times of turmoil, there is a renewed focus on liquidity. The over one-year, three-year, five-year and ten-year time horizons. standard redemption terms of an open-ended fund are predi- Of course, some strategies performed better than others – mac- cated on the anticipated usual liquidity of the underlying portfo- ro and long equity amongst hedge fund strategies and buyout lio. However, a crisis such as the COVID-19 pandemic not only among private equity strategies. causes liquidity issues in the market (potentially exacerbating the valuation concerns mentioned above), but is also likely to Notwithstanding, the fund-raising environment continued to create liquidity pressure on a fund as investors seek to redeem be challenging for many, especially for hedge funds. -
Hedge Fund Standards Board
Annual Report 2018 Established in 2008, the Standards Board for Alternative Investments (Standards Board or SBAI), (previously known as the Hedge Fund Standards Board (HFSB)) is a standard-setting body for the alternative investment industry and custodian of the Alternative Investment Standards (the Standards). It provides a powerful mechanism for creating a framework of transparency, integrity and good governance to simplify the investment process for managers and investors. The SBAI’s Standards and Guidance facilitate investor due diligence, provide a benchmark for manager practice and complement public policy. The Standards Board is a platform that brings together managers, investors and their peers to share areas of common concern, develop practical, industry-wide solutions and help to improve continuously how the industry operates. 2 Table of Contents Contents 1. Message from the Chairman ............................................................................................................... 5 2. Trustees and Regional Committees .................................................................................................... 8 Board of Trustees ................................................................................................................................ 8 Committees ......................................................................................................................................... 8 3. Key Highlights ................................................................................................................................... -
AIFMD) Frequently Asked Questions (Faqs)
Alternative Investment Fund Managers Directive (AIFMD) Frequently Asked Questions (FAQs) November 2011 Contents Scope In a nutshell, what is the AIFMD? 3 Who is subject to the AIFMD? 3 Can an Alternative Investment Fund be distributed to EU retail investors? 4 Can an EU feeder AIF with a non EU master AIF benefit from the European passport under the AIFMD? 4 Is it compliant with the AIFMD if a Luxembourg management company delegates it portfolio management functions for an Alternative Investment Fund to a US AIF Manager? 4 Is it compliant with the AIFMD if a US management company delegates it portfolio management functions for an EU Alternative Investment Fund to an EU AIF Manager? 4 Organisational requirements Does an Alternative Investment Fund marketed in the European Union to institutional investors need to be managed by an EU AIFM? 5 Can a UCITS management company also act as an AIFM? 5 Can a MiFID firm act as an AIFM? 5 Can an AIF have multiple AIFM (for example an EU AIFM and a non-EU AIFM)? 5 Valuation Does an EU AIFM need to appoint an external valuator? 5 Leverage Is there any leverage limitation for the AIFs marketed in the EU? 6 Depositary Does an AIF need to appoint a depositary in its home country? 6 Can the depositary be the same entity charged with the risk management functions of the Alternative Investment Fund? 6 Delegation May an EU AIFM delegate the portfolio management to an asset manager based outside of the European Union? 6 Risk management Are the risk management requirements under AIFMD similar to those for UCITS? -
LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. -
Alternative Investment Fund Managers Directive (AIFMD) Real Estate
Alternative Investment Fund Managers Directive (AIFMD) Real Estate AIFMD requires real estate managers to obtain authorisation, meet on- going operating conditions and comply with transparency and reporting requirements in order to manage and market Real Estate funds within the EU Entities within scope will need to start complying from 22 July 2013 Background AIFMD is likely to affect most Real Estate fund Those EU funds with non-EU managers may be managers who manage funds or have investors in the required to become authorised by 2015 . AIFMs European Union if they are identified as the Alternative managing funds below de minimus aggregate Investment Fund Manager (AIFM) of a particular fund thresholds may only be subject to lighter touch or funds. Limited grandfathering provisions apply, requirements, which include registration with generally exempting closed-end funds which will end regulator, notification of investment strategies, and prior to 2016 or are fully invested by 2013. certain investment reporting. Some of the significant impacts of the Directive Directive area Requirements Impact on Real Estate Remuneration 1) At least 50% of any variable remuneration • Phantom or shadow share schemes will need to be consists of units or shares of the AIF (or implemented if shares in the fund is not permitted. equivalent). • Requirement applies to senior management, those in 2) At least 40% (in some cases 60%) of the variable control functions or individuals whose professional remuneration is deferred over a period of at activities have a material impact on the risk profile of least three to five years (unless the fund life the RE fund they manage. -
KPMG's Global Alternative Investment Practice
FINANCIAL SERVICES KPMG’s Global Alternative Investment practice kpmg.com/investmentmanagement KPMG INTERNATIONAL 2 KPMG’s Global Alternative Investment practice The growth of the alternative investment industry Investors are increasingly looking to investment management industry provide fund managers with the clarity alternative investments since they since the 2008 financial crisis. and confidence to succeed. We have offer the potential for enhanced more than 800 partners and 10,000 At KPMG, our Global Alternative return from a broader, non-traditional professionals serving alternative Investment practice is focused on investment approach while reducing investment clients in 60 major fund hedge funds, real estate funds, private overall portfolio risk. The latest centers globally, complemented equity funds and infrastructure funds. estimates on global assets under by KPMG’s audit, tax and advisory Our member firms combine their management (AUM) confirm the services and network of member firms depth of local knowledge with our steady re-emergence of the alternative across the globe. global cross-border experience to © 2015 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. KPMG’s Global Alternative Investment practice 3 Shifts in the industry landscape Growing demand for as they look to reduce volatility and • Internally, fund managers encounter diversification manage downside risk in their investors’ a range of challenges, from a portfolios. Alternative investments weak knowledge base among The ongoing low rate environment provide diversification by investment their salesforce (sparking a need has investors considering alternative strategy, portfolio manager, industry for education and training), to investments to provide diversification sector, geography and liquidity needs. -
Patient Capital Outperformance
Patient Capital Outperformance: The Investment Skill of High Active Share Managers Who Trade Infrequently Martijn Cremers Ankur Pareek University of Notre Dame Rutgers Business School First draft: December 2013 This draft: September 2014 This paper documents that among high Active Share portfolios – whose holdings differ substantially from the holdings of their benchmark – only those with patient investment strategies (i.e., with long stock holding durations of at least 2 years) outperform their benchmarks on average. Funds trading frequently generally underperform, regardless of Active Share. Among funds that infrequently trade, it is crucial to separate closet index funds – whose holdings largely overlap with the benchmark – from truly active funds. The average outperformance of the most patient and distinct portfolios equals 2.30% per year – net of costs – for retail mutual funds. Stocks held by patient and active institutions in general outperform by 2.22% per year and by hedge funds in particular by 3.64% per year, both gross of costs. JEL Classifications: G12, G24 Contact info: Martijn Cremers: 264 Mendoza College of Business, University of Notre Dame, Notre Dame, IN 46556, Phone: 574‐631‐4476, Email: [email protected]. Ankur Pareek: Rutgers Business School, 1 Washington Park, Newark, NJ 07102, Phone: 973‐353‐1646, Email: [email protected]. We thank the Q‐Group for financial support. Electronic copy available at: http://ssrn.com/abstract=2498743 Introduction Which, if any, actively managed portfolios can outperform passive benchmarks? The previous literature has documented that, on average, the long‐term net performance of actively managed mutual funds is similar to the performance of their benchmark (with actively managed funds generally underperforming their benchmarks but without strong statistical significance on average). -
Wealthstyles
WealthStyles Investing in insurance Mary and Tom are both 40 years old, he explains to them, is unlike other types of insurance have two school-age children and have in that you can hold a wide selection of investments fully paid off the mortgage on their within a universal life policy. Interest earned by those home in downtown Calgary. Although investments grows on a tax-deferred basis, which retirement is still 20 years ahead of makes universal life an attractive option for people like them, they’ve managed their money Mary and Tom who are already “maxing-out” their wisely and invest the maximum RRSP contributions and are looking for additional tax- amount in their RRSPs each year. advantaged investing opportunities. They’ve also set up an RESP for their The following charts show how the tax-deferral children’s education, and annually advantages of universal life insurance help investments contribute as much as they are allowed grow. We have compared Manulife’s InnoVision to that tax-deferral structure. universal life insurance to an alternative investment Still, they have money left over to invest. They like the that does not shelter earnings from tax. fact that their RRSPs and RESP make it possible for Clearly, the cash value in the InnoVision policy far their assets to compound tax-free, maximizing their exceeds the net investment balance of the alternative returns over the long term, and they wonder if there investment. Moreover, the investment accounts within are other investment solutions that provide similar universal life insurance give Mary and Tom plenty of benefits. -
The JOBS Act at Year One: a Changing Hedge Fund Communications Landscape
The JOBS Act at Year One: A Changing Hedge Fund Communications Landscape The private world of hedge funds is looking more like Madison Avenue. Hedge funds today are everywhere – in daily headlines, social media, public web sites, live TV coverage, and even highly visible Las Vegas bashes. They are also increasingly in the portfolios of institutional and retail investors. Once a shadowy, inaccessible and little understood part of the asset management world, hedge funds are growing, diversifying, extending product lines, acquiring competitors, targeting new markets, stepping up client relations – in short, acting more and more like the large, sophisticated businesses they’ve become. Driving and supporting this business transition is a changing attitude toward and approach to marketing communications. As hedge funds have grown to $2-trillion-plus in assets, they are tackling issues and opportunities like brand, visibility and reputation, all in the face of stiff competition. September 23, 2014, marks the first anniversary of the enactment of the Jumpstart Our Businesses (JOBS) Act, and provides an opportunity to look at how hedge fund communications have evolved. The JOBS Act was designed to spark U.S. economic growth in part by allowing hedge funds to solicit accredited investors. As a result, hedge funds are now allowed to employ tactics such as engaging the media, building accessible web sites, advertising and even social media. And while neither we nor others point to the JOBS Act as the sole driving force behind the implementation of new communications strategies by hedge funds in recent years, no one denies that these changes are taking place. -
61610249.Pdf
Requested Request ID Requester Name Organization Request Description Date 08-00033-FIFO Cohan, William - Westar Energy Inc 8/18/2008 10-00001-CONG McHenry, Patrick House of Representatives FOIA Log For 2009 and Explanation of Data 3/25/2010 10-00002-CONG Austria, Steve Congress of the United States Parsons Securities Inc aka Columbus Equities 7/19/2010 International Inc 10-00003-GOVT Reed, Ellen Cotton & Company Defense Contract Audit Agency Agreement 2/26/2010 10-00004-GOVT Thomas, Kenneth - Correspondence between Chairman Bernanke 8/4/2009 and Chairman of SEC from January 1 2009 to July 31 2009 10-00005-GOVT Galeassi, Christina US Department of Labor Deway and Boyle Capital Management X-17A- 3/22/2010 5's Annual Audit Repots 10-00006-GOVT Davies, Christopher The Financial Services Authority Calamos Advisors LLC 4/6/2010 10-00007-FIFO Christensen, Eric Snohomish PUD Morgan Stanley & CO Inc and Morgan Stanley 2/19/2010 Subsidiaries 10-00007-GOVT Learoyd, Jenna Moore & Van Allen PLLC Just For Feet Inc referral from FBI 3/13/2008 10-00008-GOVT Froot, Steven Boies, Schiller & Flexner LLP American International Group (AIG) 9/24/2009 Independent Consultant Reports Referred by DOJ 10-00009-FIFO Dukes # 37823037, - Financial Warfare Club Inc and Marcus Dubois 5/14/2010 Marcus Dukes 10-00009-GOVT Osaki, Larry Federal Correctional Institute JT Wallenbrock and Associates Citadel Capital 7/26/2010 Management Group and Larry T Osaki 10-00010-FIFO Willingham, Brain Diligentia Yolanda Holtzee Communicaitons with the SEC 7/20/2010 10-00010-GOVT Barry, -
Alternative Investments— Insights for Individual Investors
WHITE PAPER 2009 ALTERNATIVE INVESTMENTS— INSIGHTS FOR INDIVIDUAL INVESTORS OVERVIEW HIGHLIGHTS This is a challenging time for investors. New demands are being The changing investment environment placed on them as many fi nancial and economic experts confi rm Alternative investments in perspective that the investment returns of the past twenty-fi ve years are Emulating the practices of leading institutional investors not necessarily indicative of the next quarter century’s may help individual investors meet their goals performance. Moreover, conventional diversifi cation and long- Implementing an investment strategy using alternative term growth strategies need to evolve to keep pace with the vast asset classes number of Americans who are on the cusp of extended and active retirements. The straightforward investment strategy of emphasizing These factors, though challenging, also make it an exciting U.S. stocks and bonds that worked for previous generations of time for investors as they search for new asset classes that investors may not be enough going forward. It remains unclear can potentially add value to their overall asset allocation. Many what direction U.S. stock and bond returns will go in the future. institutional investors and high-net worth individual investors have Is it possible that the twenty-three year cycle of falling interest discovered alternative investments. Are individual investors next? rates that fueled U.S. stock and bond returns from 1982 to 2005 is over? In this paper, we will review the changing investment environment, defi ne alternative investments, assess their potential CURVANOMICS and examine the role they can play in a portfolio positioned for 10-YEAR TREASURY YIELD (1982–2008) new diversifi cation and long-term growth opportunities.