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April 2015 AlphaFOR INSTITUTIONAL INVESTORS & ASSETQ MANAGERS FINANCIAL ESG FACTORS TECHNOLOGY Something to aim Europe dominates for or crucial? in Fintech growth END OF AN ERA EASYJET Are institutions ENTREPRENEURS leaving hedge Start-ups take flight funds behind? EUROPEAN M&A INTO AFRICA Where are we Investment in the cycle? opportunities Backing bricks & mortar Clearbell’s Manish Chande on commercial property funds and their sudden attraction www.AlphaQ.world Source new investors Be the first to know about investors’ fund searches View performance of individual funds Customize performance benchmarks to meet your needs Access profiles for over 17,200 hedge funds Conduct market research and competitor analysis Develop new business Find out how Preqin’s Hedge Fund Online can help your business: www.preqin.com/hedge [email protected] | +44 (0)20 3207 0200 alternative assets. intelligent data. Editorial he hunt for diverse streams of alpha is intensifying, and skill- based risk-adjusted returns are the Holy Grail for all investment Tmanagers. Global Fund Media (GFM) brings you AlphaQ, a bimonthly compendium of investment ideas, skill and talent across all asset classes. Dip into expert articles about investment as diverse as real estate ETFs to the easyJet entrepreneurs making advances in the world of Fintech. We ask whether institutional investors are abandoning hedge funds; what’s the state of play in European private M&A and can the ubiquitous cloud offer derivative risk management? ON R AlphaQ is also a subscription-based online analytical, product ROST R development and marketing resource for institutional investors, wealth LEANO E advisers and investment managers, allowing them to share best-in-class ideas and strategies with their peers through the bimonthly journal. Subscribers will have access to a choice of daily online news on their chosen asset classes delivered to them each morning, plus the opportunity to contribute relevant articles in the bimonthly journal, which is distributed globally to investors. Managing Editor AlphaQ combines research and analysis into current investment Beverly Chandler Email: [email protected] themes, with manager profiles and directional thinking on global market Contributing Editor James Williams developments. Email: [email protected] Subscribers will also have access to a pool of archived news and feature Online News Editor Mark Kitchen Email: [email protected] articles plus performance data on asset managers from GFM’s suite of Deputy Online News Editor online news sites: Leah Cunningham Email: [email protected] • Institutional Asset Manager Graphic Design Siobhan Brownlow • Private Equity Wire Email: [email protected] Sales Managers • Hedgeweek Simon Broch Email: [email protected] • Property Funds World Malcolm Dunn Email: [email protected] • Wealth Adviser Marketing Administrator • Etfexpress Marion Fullerton Email: [email protected] • Global Fund Data. Head of Events Katie Gopal Email: [email protected] Head of Awards Research Complimentary networking events Mary Gopalan Email: [email protected] Subscribers will be invited to complimentary networking events where Chief Operating Officer Oliver Bradley they can listen to short TED-style talks on diverse themes. The first Email: [email protected] events will take place in New York this September and London in October. Chairman & Publisher Sunil Gopalan Email: [email protected] Subscribe now and join us as we track the world’s leading investors and Published by asset managers in their quest for solid investment returns. GFM Ltd, Floor One, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Beverly Chandler Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com Managing editor, AlphaQ ©Copyright 2015 GFM Ltd. Email: [email protected] 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. AlphaQ april 2015 www.AlphaQ.world | 3 Contents April 2015 AlphaFOR INSTITUTIONAL INVESTORS & ASSETQ MANAGERS FINANCIAL ESG FACTORS TECHNOLOGY Something to aim Europe dominates for or crucial? in Fintech growth END OF AN ERA EASYJET Are institutions ENTREPRENEURS leaving hedge Start-ups take flight funds behind? EUROPEAN M&A INTO AFRICA Where are we Investment in the cycle? opportunities 05 30 33 Backing bricks & mortar Clearbell’s Manish Chande on commercial property funds and their sudden attraction 05 End of an era for hedge funds? 26 Social media for asset managers James Williams examines why pension SEI’s Lori White explains how social www.AlphaQ.world fund managers are ditching hedge funds media platforms such as Twitter and LinkedIn can help investment managers 08 EasyJet entrepreneurs Companies featured in market their businesses Randeep Grewal looks at the this issue: phenomenon of the easyJet entrepreneur 29 The ESG phenomenon • Accenture (other low cost airlines are available) and ESG is increasingly important for • Access China why start-ups are taking flight investors and companies alike, writes • Arabesque Partners Beverly Chandler. New research from • Barclays 11 The rise and rise of Fintech LGT Capital Partners and Mercer • Barings Beverly Chandler reports on Accenture’s confirms that investors are key in • BlackRock latest annual survey on this fast growing pushing this forward • CalPERS sector • China Merchants Bank 30 The spread of liquid alternatives 13 Backing bricks & mortar • Clearbell Capital LLP ’40 Act funds are only part of the liquid Clearbell’s Manish Chande tells Beverly alternatives narrative says Michael • CMS Chandler why commercial property Bernstein of Lyxor Asset Management • Derivitec funds are currently proving attractive to • Deutsche Bank institutional investors around the world 33 A quantitative approach • EQT Partners Arabesque Partners’ Omar Selim makes • Fidelity 14 Hedge fund outlook the case for a quantitative approach to • FinTech Innovation Lab Barclays Strategic Consulting team sustainable ESG investment London reports on the outlook for global hedge • Foundation Asset funds, based on investor sentiment 35 Investing in Africa Management Diane Radley of Old Mutual Investment • Industrial and 17 Plausible alternatives Group, examines how to unlock the Commercial Bank of Declan Canavan, JP Morgan Asset potential for private market investment China Management, describes how insurance in Africa • iShares companies generate higher returns from • Intralinks different types of alternatives 37 Cyber security: A multi-pillar approach • Level39 Intralinks’ Todd Partridge advises a 19 China A-Shares: too big to ignore • LGT Capital Partners multi-pillar approach to guard against Tim Nash of Access China, examines cyber attack • Lyxor Asset why Chinese A-Shares are simply too big Management an opportunity to miss 40 Cloud derivatives • JP Morgan James Williams meets the Derivitec team • Mercer 21 Challenging the illiquidity myth who showcase how best to manage • Old Mutual Patrick Adefuye, analyses the key derivatives risk through the cloud • Pantheon Ventures findings of a recent Preqin survey of • Permal Group asset managers 43 European M&A • PFZW Beverly Chandler discusses a new study • Ping An Insurance 23 Bridging the gap by CMS with Martin Mendelssohn, which Michael Riak of Pantheon Ventures, • Preqin finds private company M&A in Europe reports on the US retirement crisis and • Rathbones enjoying a major uplift how private equity can bridge the gap • SEI 44 Building assets • Shanghai Stock 25 Virtual real estate James Williams interviews EQT Partners Exchange Beverly Chandler interviews BlackRock’s who have established a new European • SL Advisors Tom Fekete on how the company’s new real estate platform to focus on London • Syz Asset Management iShares product brings illiquid property to and the Nordics • Unigestion the trading table AlphaQ April 2015 www.AlphaQ.world | 4 Hedge Funds End of an era for hedge funds? James Williams examines why pension fund managers are ditching hedge funds. ince September, CalPERS, and to large-scale outflows. We think it’s more recently Dutch pension going to be the opposite, with more sfund PFZW, have divested their money coming in.” hedge fund allocations. CalPERS said Not everyone is ebullient on the it spent USD135 million in hedge fund prospects of hedge funds. There are fees in its last fiscal year and USD115 some who believe that the sheer size million the year before. of the hedge fund industry, which now Fees were clearly an issue, as was totals more than 8,000 hedge funds, is the complexity of categorising their overcapitalised, making it harder for hedge fund investments, but the institutions to generate outperformance question is: Are these outlier events from their hedge fund portfolios. Simon or the early symptoms of a more Lack, founder of SL Advisors,
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