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Liquid Alternatives the Opportunities and Challenges of Convergence Liquid Alternatives The opportunities and challenges of convergence September 2016 Lead sponsors Associate sponsors SOCIETE GENERALE PRIME SERVICES PROVIDING CROSS ASSET SOLUTIONS IN EXECUTION, CLEARING AND FINANCING ACROSS EQUITIES, FIXED INCOME, FOREIGN EXCHANGE AND COMMODITIES VIA PHYSICAL OR SYNTHETIC INSTRUMENTS. CIB.SOCIETEGENERALE.COM/PRIMESERVICES THIS COMMUNICATION IS FOR PROFESSIONAL CLIENTS ONLY AND IS NOT DIRECTED AT RETAIL CLIENTS. Societe Generale is a French credit institution (bank) authorised and supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) (the French Prudential Control and Resolution Authority) and regulated by the Autorité des marchés financiers (the French financial markets regulator) (AMF). Societe Generale, London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority (PRA) and subject to limited regulation by the Financial Conduct Authority (FCA) and the PRA. Details about the extent of our authorisation, supervision and regulation by the above mentioned authorities are available from us on request. © Getty Images - FF GROUP SOGE_CIB_1502_EUROHEDGE_205x272_GLOBE_GB.indd 1 15/02/2016 12:14 SPECIAL REPORT/LIQUID ALTERNATIVES The opportunities The mainstream EDITORIAL/SUBSCRIPTIONS and challenges of route for alternative 04 convergence 05 investing This report was researched and written by Philip Moore, special reports writer for Hedge Fund Intelligence. Editor Nick Evans The growth of The fastest-growing [email protected] 06 retail demand 07 section of the Managing director David Antin [email protected] for alternatives hedge fund industry Commercial director Robert Dunn [email protected] Advertising and sponsorship/Europe Ian Sanderson Growth in the US The pros and cons [email protected] liquid alts space of convergence Advertising and sponsorship/US James Barfield 07 08 [email protected] Data and research Siobhán Hallissey [email protected] Production Michael Hunt An expanding Rising institutional 10 investor base 11 demand in the US Subscription sales UK (and for reprints) UK Ruta Balasaityte [email protected] Asia/Europe Joel Dudden Third-party Exploiting [email protected] 12 platforms: 14 geographical US Augusta McKie spoilt for choice? distribution niches [email protected] Hedge Fund Intelligence is the most comprehensive provider of hedge fund news Bright, new shiny Defining the liquid and data in the world. With five titles – AsiaHedge, EuroHedge, InvestHedge, objects? alternatives Absolute Return and Absolute UCITS – we have the largest and the most 17 19 universe knowledgeable editorial and research teams of any hedge fund information provider. We collect and supply information on more than 17,000 hedge funds and funds of hedge funds, and provide comprehensive analysis from across the globe. We also produce a number of highly regarded events throughout the year, including The conundrum The growing US over performance retirement market conferences which attract top-level industry speakers and delegates, and awards 20 fees 20 SOCIETE GENERALE PRIME SERVICES dinners which honour the best-performing risk-adjusted funds of the year. PROVIDING CROSS ASSET SOLUTIONS IN EXECUTION, CLEARING AND Published by Hedge Fund Intelligence, 8 Bouverie Street, London, Asset-raising A broader range of challenges in alternative UCITS FINANCING ACROSS EQUITIES, FIXED INCOME, FOREIGN EXCHANGE EC4Y 8AX, United Kingdom 22 the US 23 strategies AND COMMODITIES VIA PHYSICAL OR SYNTHETIC INSTRUMENTS. Email [email protected] Telephone +44 (0)20 7779 7330 CIB.SOCIETEGENERALE.COM/PRIMESERVICES Fax +44 (0)20 7779 7331 Website www.hedgefundintelligence.com The rise and rise The importance of 24 of risk premia 26 quality control Disclaimer: This publication is for information purposes only. It is not investment advice and any mention of a fund is in no way an offer to sell or a solicitation to buy the fund. Any information in this publication should not be the basis for an investment decision. Hedge Fund Intelligence does not guarantee and takes no responsibility for the accuracy of the information or the statistics contained in this document. Subscribers should not circulate this publication to members of the public, as sales of UCITS regulation: enough is enough? the products mentioned may not be eligible or suitable for general sale in some countries. Copyright in 27 this document is owned by Hedge Fund Intelligence Limited and any unauthorised copying, distribution, THIS COMMUNICATION IS FOR PROFESSIONAL CLIENTS ONLY AND IS NOT DIRECTED AT RETAIL CLIENTS. selling or lending of this document is prohibited. All rights reserved. Societe Generale is a French credit institution (bank) authorised and supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) (the French Prudential Control and Resolution Authority) and regulated by the Autorité des marchés financiers (the French financial markets regulator) (AMF). Societe Generale, London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority (PRA) and subject to limited regulation by the Financial Conduct Authority (FCA) and the PRA. Details about the extent of our authorisation, supervision and regulation by the above mentioned authorities are available from us on request. © Getty Images - FF GROUP hedgefundintelligence.com 3 SOGE_CIB_1502_EUROHEDGE_205x272_GLOBE_GB.indd 1 15/02/2016 12:14 LIQUID ALTERNATIVES/2016 The opportunities and challenges of convergence he growth in liquid alternative investment prod- ucts – through alternative UCITS in Europe, and also through the ’40 Act alternative mutual fund THE RANGE OF INVESTMENT market in the US – has been one of the most STRATEGIES AVAILABLE THROUGH significant developments in the asset management LIQUID REGULATED FUNDS IS Tindustry on both sides of the Atlantic in recent years. CONTINUING TO EXPAND, WITH Liquid alts have helped to break down long-standing bound- NEW TYPES OF MANAGERS AND INVESTORS ARRIVING TO SWELL aries between traditional and hedge fund products – enabling THE UNIVERSE OF PARTICIPANTS new types of investors to access alternative investment strategies, providing alternative investment managers with new and fast-growing distribution channels in both the retail and institutional investor arenas, and creating new business opportunities for third-party asset management platforms and service providers in other key areas. Especially in the alternative UCITS space, the opportunities for further expansion remain high – with the range of in- vestment strategies available through liquid regulated funds continuing to expand, and with new types of managers and investors arriving to swell the overall universe of participants. But the global convergence trend that liquid alts have helped to accelerate also brings challenges as well as opportunities – in terms of product control, in terms of regulatory oversight, in terms of potential liquidity risks and in terms of investor protection. In this special report, Philip Moore looks at the growth of liquid alternatives and at the key opportunities and challenges that are arising from a dynamic that is changing the face of the mainstream and alternative investment landscape. Nick Evans, editor, Hedge Fund Intelligence 4 hedgefundintelligence.com 2016/LIQUID ALTERNATIVES The mainstream route for alternative investing “The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.” George Orwell, Animal Farm, 1945 en or 15 years ago, the strategic, funds post 2008 was the change in the govern- regulatory and cultural demarca- ance and culture of the alternative investment tion lines between hedge funds and management industry that accompanied it. traditional products were still clearly Deep-pocketed pension funds, in particular, Tvisible and well-understood. signalled that while they were committed to The progressive erosion of those boundaries increasing their allocations to alternatives, in recent years is probably irreversible. In a they were no longer prepared to stomach the report published in 2013, SEI commented that illiquidity, opacity and lack of accountability “it is no overstatement to say that the move to- that characterised swathes of the hedge fund ward alternative investing has been among the universe. And an increasing number indicated farthest-reaching developments in institutional just as emphatically that they were no longer investing over the last quarter century.” prepared to accept all of the above for a 2+20 As an exhaustive 2012 survey conducted by fee structure they regarded as being unwar- KPMG and AIMA pointed out, the institutional ranted and anachronistic. drift towards alternative investment strategies Some would eventually attest to their dis- had begun well in advance of the 2008 crisis. enchantment by withdrawing entirely from the By then, assets under management (AUM) in hedge fund market, frustrated by high fees and the global hedge fund industry had already impatient with modest performance. CalPERS reached $2 trillion. in the US and the Dutch pension scheme for True, high net worth individuals were still healthcare workers, PFZW, are among the the leading investors in hedge funds. But as best-documented examples
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