DOCSLIB.ORG

Family Office 2017 Outlook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Family Office 2017 Outlook March 2017 | bloombergbriefs.com FAMILY OFFICE 2017 OUTLOOK Bloomberg Reports Managing Editor Contents Paul Smith 02 Billionaires Editor Darshini Shah 03 Launches Creative Director 04 Q&A: Jennifer Capouya, GenSpring Family Offices Robert Vargas 06 Hedge Funds Art Director Pekka Aalto 07 Q&A: Clark Cheng, Merrimac Contributing Art Directors 08 Venture Capital Ian Maready Chris Yerkes 10 Q&A: John Tsui, Peninsula House Marketing & Partnership Director 12 Wine Courtney Martens [email protected] 13 Art +1-212-617-2447 16 Philanthropy Advertising Lucy Rosen [email protected] +1-212-617-6759 Reprints & Permissions Lori Husted [email protected] +1-717-505-9701 x2204 To contact the editor responsible Darshini Shah [email protected] +44-20-3525-0790 Produced by Bloomberg Briefs On the Bloomberg terminal at BRIEF<GO> Take your free trial of Bloomberg Brief newsletters today The newsletters pull together reporting, insight and analysis of over 45 senior editorial staff and dedicated economists to help you stay informed and ready for your daily business needs. To set up your free trial Visit bloombergbriefs.com or call us at +1-212-617-9030. Ask about our group subscription savings. © 2017 Bloomberg LP. All rights reserved. This newsletter and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Please contact our reprints group listed above for more information. 1 BILLIONAIRES Many of the World’s Wealthiest People Are Getting Older — and Plotting What’s Next By TOM METCALF LORENZO SERVITJE SENDRA was Nearly Half of the World’s 500 Richest People Are Pensioners the oldest person on the Bloomberg Billionaires Index when he died in February with a $4.2 billion fortune. Thinking ahead, the Mexican billion- aire had already transferred his stake in 60s Grupo Bimbo, the world’s largest bread- 26% maker, to his heirs, enabling them to sidestep what amounts to a $2.1 trillion headache for the wealthy. That’s the total net worth — roughly equal to the gross 50s domestic product of India — controlled 19% by the 218 billionaires over age 70 on the Bloomberg index, a daily ranking of the Over 70 world’s 500 richest people. 40s 44% “By far the biggest handover ever to 8% the next generation is about to happen,” PWC and UBS noted in a 2016 report on billionaires. “Without careful planning, many of today’s fortunes will suffer sub- Under 40 years old stantial erosion.” 3% The problem is most acute in the U.S. and Europe, where about a quarter of Source: Bloomberg Billionaires Index the billionaires on the index are age 80 or older, compared to 20 percent in Asia. In mainland China, where only chemi- media company’s efforts to make deals person and has pledged to give almost cal maker Xu Chuanhua has reached that to stream programs on the internet. all of his $79 billion fortune to charity, a milestone, just 3 percent of the wealth is move that’s been followed by 156 of the in the hands of the elderly, with about 40 Tax-Friendly Structures world’s richest people, including No. 1, percent held by billionaires under age 50. Swedish billionaire Ingvar Kamprad and Bill Gates. Russians have their own version of Germany’s Dieter Schwarz side-stepped the headache, with private wealth con- that risk through elaborate, tax-friendly trolled mostly by a generation of busi- holding structures they created to nessmen who profited from the chaotic control assets when they’re gone. The problem is most post-Soviet economy. For those billion- Italian billionaire Leonardo Del aires, passing the business on isn’t an Vecchio, 81, sold Luxottica Group SpA, acute in the U.S. option when so much of the value is the eyewear business that makes up the and Europe, where tightly woven into personal connections bulk of his $18 billion fortune, to Essilor at the Kremlin. International SA in January. That was about a quarter of In the U.S., Sumner Redstone’s $3.8 to prevent a tug-of-war among his chil- the billionaires on the billion fortune became embroiled in a dren for control of Luxottica as Del bitter and public feud when the 93-year- Vecchio looks to transfer his wealth to index are age 80 or old’s frail health sparked a legal battle the next generation. older, compared to 20 between his daughter Shari Redstone Then there is the Buffett approach. and Viacom Inc.’s former Chief Executive The 86-year-old Berkshire Hathaway Inc. percent in Asia. Officer Philippe Dauman, hobbling the chairman is the world’s second-richest 2 LAUNCHES Former RICHARD FULD IS backing a multifam- at the Marcum MicroCap Conference on Lehman ily office that will help small-business Lehman’s demise, the financial crisis owners manage their personal wealth, and its aftermath. part of a comeback effort by the former “Why has the belly of America been CEO Fuld head of failed investment bank Lehman ripped out?” he said at the time. “The Brothers Holdings Inc. small companies can’t get financing.” Matrix Wealth Partners, in regis- Matrix Wealth Partners provides Emerges tering as an investment adviser in another avenue for Fuld to court small December 2016, disclosed that it’s and mid-sized businesses, many of partly owned by Fuld. The New York- which are closely held. He won’t be as Backer based firm’s other owners are Matthew involved in the day-to-day operations Rubin and Justin Gaines, both of whom of the multifamily office, which shares come from Neuberger Berman, a the same Manhattan address as Matrix of Wealth- former Lehman money-management Advisors. Daily management will be left unit that oversaw about $255 billion at to Rubin, 45, an architect of Neuberger the end of September. Berman’s investment-strategy group, Advisory The multifamily office will comple- and Gaines, 33, who worked closely with ment Matrix Advisors, a consulting Rubin in building the unit. firm that Fuld set up in the aftermath of Money managers only register Firm Lehman’s September 2008 bankruptcy with the U.S. Securities and Exchange to help small and medium-sized compa- Commission if they expect to oversee By MILES WEISS nies raise cash, according to the filing. at least $150 million of assets within 120 Fuld’s clients could hire days of filing their application, so the Matrix Advisors to help multifamily office may already have them sell their closely held clients lined up. businesses, then turn to Rubin declined to comment on Matrix Wealth Partners for whether he had managed money on advice on how to invest behalf of Fuld while at Neuberger the proceeds. Investment Berman, though both he and Gaines banks such as Morgan confirmed that they had known the Stanley, Goldman Sachs former chief executive officer while he Group Inc. and the former was running Lehman. Fuld was travel- Lehman have employed ing and wasn’t available for comment, similar strategies. according to a spokeswoman. Alexander “It’s a tried-and-true Samuelson, a Neuberger Berman spokes- approach,” said Guy man, declined to comment. Moszkowski, an analyst at Autonomous Research. “If ‘New Initiative’ Richard Fuld you are Goldman and you Like other multifamily offices, Matrix help a company go public,” Wealth will help clients allocate their he said, “you are going to try very hard money among asset classes, assist in to be” the private wealth manager for selecting hedge funds and other invest- the entrepreneur who cashed out. ments, and provide services such as cash flow analysis, estate planning and Matrix’s Roots tax management. The new firm also will Fuld, 70, formed Matrix Advisors in early incorporate the closely held businesses 2009, months after the collapse of the owned by their customers into their firm that he had built into the nation’s investment plans, Rubin said in a tele- fourth-largest investment bank. He phone interview. otherwise has kept a low profile after “This is a new initiative to really Lehman’s bankruptcy, a seminal point in broaden out some of the activity that has the global financial crisis. been done historically,” Rubin said. In 2015, Matrix Advisors consulted on Matrix Wealth will charge an annual the sale of the National Stock Exchange fee of 90 basis points, or 0.9 percent, and, according to a Reuters report, for the first $10 million under manage- Fuld also set up a New York real estate ment, according to the registration. firm called Matrix RE Brokerage. Fuld Its fees decline after assets exceed PHOTO: BRENDAN SMIALOWSKI/BLOOMBERG BRENDAN PHOTO: broke his silence that year by speaking that amount. 3 Q&A Equities and Alternatives Attractive in 2017, De-Emphasize Fixed Income: GenSpring Darshini Shah interviewed Jennifer Capouya, deputy chief investment officer of GenSpring Family Offices, on Feb. 22. Her comments have been edited and condensed for clarity. XXExpects traditional stock market investments to return about 7 percent and the bond market returning closer to 2–3 percent in the “long term” XXLikes long-short strategies to capitalize on falling market correlations, and global macro strategies to capture the trends in rates, currencies and commodities XXGenSpring’s AUM total $8.6 billion, with AUA of $11.6 billion “We’re still anchoring portfolios with a tilt toward the U.S. and we like sectors that are more cyclically orientated — energy and financials, for example.” Q: What is your outlook for traditional Q: What do you expect in the near term? investments over the long term? A: We see an economy and markets — a clear framework with an alignment A: Longer-term, we expect traditional that are at a crossroads.
Load more

Recommended publications
  • Hedge Fund Spotlight
    Welcome to the latest edition of Hedge Fund Spotlight, the monthly Hedge Fund Spotlight newsletter from Preqin providing insights into the hedge fund industry, May 2015 including information on investors, funds, performance and more. Hedge Fund Spotlight uses information from our online product Hedge Fund The $1bn Club Online, which includes Hedge Fund Investor Profi les and Hedge Fund Analyst. Largest Hedge Fund Managers In this month’s feature article, we take a look at the ‘$1bn Club’, a group of the world’s largest May 2015 hedge fund managers, and identify the traits and characteristics that are unique to this Volume 7 - Issue 4 distinguished group which controls a vast proportion of industry capital. Page 2 FEATURED PUBLICATION: Largest Investors in Hedge Funds The 2015 Preqin Sovereign Following on from our feature article, we take an in-depth look at the ‘$1bn Club’ of institutional Wealth Fund Review investors allocating at least $1bn to hedge funds, including the signifi cance of this group, investment preferences and new entrants to the Club. Page 5 The 2015 Preqin Industry News Preqin Sovereign Wealth Fund Review Following the UK general election in May, we take a look at the hedge fund industry in the UK. Page 8 In association with: alternative assets. intelligent data More from Preqin: Hedge Fund Research See what’s new from Preqin this month in the hedge fund universe. Page 9 To find out more, download sample pages or to purchase your copy, please visit: Preqin Investor Network www.preqin.com/swf We examine the activity of the investors on Preqin Investor Network to see which fund types, strategies and regions are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in April.
    [Show full text]
  • Tomorrow's Titans 2016 Introduction
    ADAM BERNSTEIN SCOTT BESSENT DIANE MCKEEVER CARSON BLOCK DIDRIC CEDERHOLM EDWARD V. DENOBLE T. TROY DIXON MIGUEL FIDALGO KEVIN GRIFFIN PHILIP HILAL MATTHEW IORIO DAN KAMENSKY MARC LIPSCHULTZ/DOUG OSTROVER POOJA MALIK MARK MCKENNA JOHN MELSOM JAMIE MENDOLA DAVID MENERET DENNIS RUGGERE/ THOMAS EINHORN ZACHARY SCHREIBER PAVANDEEP SETHI BOAZ SIDIKARO RAJIV SOBTI NICK TILLER ASHWIN VASAN SHAHRAAB AHMAD ELIF AKTUG SIMON DAVIES CHRIS DALE GERLOF DE VRIJ ANDREW DICKSON GREGOIRE DOOMS BRUCE EMERY DAVID FEAR JAMES HOLLOWAY/IAIN BUCHANAN FREDRIK JUNTTI STEPHEN KIRK SELVAN MASIL EDWARD MISRAHI JOSEPH OUGHOURLIAN NEIL PHILIPS/JONATHAN FAYMAN FEDERICO RIGGIO CHRIS ROKOS MICHAEL SIDHOM NEIL TOFTS GUILLAUME TOUZE/PAUL-GEORGES MOUCAN JASON BROWN ARJUN MENON LYLE PAKULA YUET WEI WAN ADAM BERNSTEIN SCOTT BESSENT DIANE MCKEEVER CARSON BLOCK DIDRIC CEDERHOLM EDWARD V. DENOBLE T. TROY DIXON MIGUEL FIDALGO KEVIN GRIFFIN PHILIP HILAL MATTHEW IORIO DAN KAMENSKY MARC LIPSCHULTZ/DOUG OSTROVER POOJA MALIK MARK MCKENNA JOHN MELSOM JAMIE MENDOLA DAVID MENERET DENNIS RUGGERE/ THOMAS EINHORN ZACHARY SCHREIBER PAVANDEEP SETHI BOAZ SIDIKARO RAJIV SOBTI NICK TILLER ASHWIN VASAN SHAHRAAB AHMAD ELIF AKTUG SIMON DAVIES CHRIS DALE GERLOF DE VRIJ ANDREW DICKSON GREGOIRE DOOMS BRUCE EMERY DAVID FEAR JAMES HOLLOWAY/IAIN BUCHANAN FREDRIK JUNTTI STEPHEN KIRK SELVAN MASIL EDWARD MISRAHI JOSEPH OUGHOURLIAN NEIL PHILIPS/ JONATHAN FAYMAN FEDERICO RIGGIO CHRIS ROKOS MICHAEL SIDHOM NEIL TOFTS GUILLAUME TOUZE/PAUL-GEORGES MOUCAN JASON BROWN ARJUN MENON LYLE PAKULA YUET WEI WAN ADAM BERNSTEIN
    [Show full text]
  • Ex-Goldman Energy Head Taps Commodity Finance
    The long and the short of it www.hfmweek.com ISSUE 406 4 FEB 2016 CREDIT SUISSE’S EMEA PRIME CO-HEAD TO LEAVE ARGENTINA Dougal Brech departing to pursue own interests PEOPLE MOVES 06 OPENS UP EX-BLUEMOUNTAIN DUO LAUNCH EM RELATIVE VALUE FUND MEET THE FUND WHOSE Pair are spotting price dislocation opportunities 10 LAUNCHES PM BECAME ARGENTINA’S EX-GOLDMAN ENERGY HEAD TAPS COMMODITY FINANCE GAP FINANCE SECRETARY Neil West is chairman of Kris Tremaine’s start-up Kimura Capital LAUNCHES 11 ANALYSIS 23 Alt mutuals fight THE ALPHAPIPE-HFMWEEK back against SEC SERVICE PROVIDER derivatives plans Managers consider legal hedge funds have discussed SNAPSHOT challenge; CFTC structure floated the possibility of a procedural challenge to the rules, claim- Q4:15 BY SAM DALE ing the SEC would be exceed- ing its authority in the way it is LEADING ALTERNATIVE looking to impose the leverage MUTUAL fund managers limit. are plotting a fierce fightback Managers also say they have against the SEC’s derivatives been in early-stage talks with proposals through extensive the CFTC about the creation lobbying and a potential legal of a liquid alts structure operat- challenge and are even pushing ing outside of the ’40 Act with for a CFTC-regulated liquid alts similar rules to the European structure. Ucits regime. These talks Our research shows the latest market Rule 18f-4, proposed in began before the SEC’s deriva- December, would impose an tives plans were announced share shifts across prime brokers, exposure-based leverage limit but have grown in importance of 150% and strict asset segre- since then, say managers.
    [Show full text]
  • Societe Generale, Citco Fund Services, Dechert, Lyxor Asset
    Sponsored by: Societe Generale, Citco Fund Services, Dechert, Lyxor Asset Management, KPMG Ireland and RFA Congratulations to EuroHedge on your fi rst 20 years We’re with you for the long term 2018 Citco Treasury manage all cash movements 2018 2017 and balances in one location CitcoConnect Citco Waterfall data room and online carried interest computation subscription for investors 2016 CitcoOne game-changing real-time Our advanced solutions, reporting cutting-edge technology and steadfast commitment to take service to the next level ensures we remain the 2009 Æxeo Investor (AXI) leading administrator in the integrated allocation, fee calculation alternative assets industry and investor reporting 2002 Æxeo straight-through processing and real-time data Eurohedge 20 advertisement Dec 2018 v9.indd 1 19/12/2018 09:04 03 INTRODUCTION From humble beginnings to institutional industry When the first issue of EuroHedge was published in January 1999, the small handful of European hedge funds in existence managed $15bn YEARS OF between them. To call it an industry would have been an exaggeration. In trading terms, the magazine’s launch was a long bet on the prospects of a tiny corner of asset management which used sophisticated investing techniques to post high returns. Having noticed the growth in American hedge funds, the founders of this magazine believed it might just catch on in Europe. It proved a worthwhile trade. From a humble start, Europe’s community of hedge funds has grown into an industry managing more than half a trillion dollars in offshore funds, and plenty more in Ucits Main sponsors and other product types besides.
    [Show full text]
  • Christopher Rokos
    From: Hannah Jarrett <[email protected]> To: "[email protected]" <[email protected]>, "[email protected]" <[email protected]> Date: Wed, 10 Aug 2016 12:14:19 +0000 x-originating-ip: [10.10.5.116] Subject: URGENT LEGAL NOTICE: - Christopher Rokos Dear Sirs Please see the attached legal notice for your urgent attention, regarding your article available at the following URL: https://www.mail- archive.com/[email protected]/msg00687.html Yours faithfully Hannah Jarrett Hannah Jarrett | Executive Assistant to Chris Rokos Rokos Capital Management LLP|23 Savile Row| London |W1S 2ET T: +44(0)20 3764 0611 M: +44(0)7786121514 Tory donor court report pulled from Guardian website Sat, 19 Mar 2016 02:41:03 -0700 Tory donor's spending exposed in bitter divorce settlement http://www.theguardian.com/politics/2016/mar/11/tory-donors-spending-exposed- in-bitter-divorce-settlement The extraordinary spending habits of a star London hedge fund manager worth 660m and a big Tory party donor have been exposed in a bitter divorce settlement.< Christopher Rokos, 45, faced demands from his ex-wife, Veronica Antonio, for annual allowances including £5,000 for their seven-year-old son's swimming lessons, £10,555 for wine to entertain the parents of their child's friends and 6,000 for Uber cars to drive him to and from school. The judgment noted that Rokos had been handing over a 'grand total' of 267,000 a year, including such sums such as 19,500 for [The child's] birthday party, 8,500 for vet's bills and 5,000 for 'clothing for [the child]'.
    [Show full text]
  • Manager Intelligence Analysis Launches
    SPECIAL REPORT MANAGER INTELLIGENCE ANALYSIS LAUNCHES HFMWEEK TAKES A LOOK AT THE BIGGEST PROSPECTS FOR NEXT YEAR ew managers this year have had some prett y well as family offi ces, are focused on investing in founder’s big shoes to fi ll, given that 2015 was the year share classes or anchor deals, where they can get signifi cant of the “mega launch”, explains Omeed Ma- discounts on the fees paid without taking an economic stake lik, head of BAML’s emerging manager pro- in the new fi rms. gramme and US prime brokerage distribution. “Th ere are a lot more negotiations occurring between the “Th ere were a number of anomalous, idi- endowment/foundation/family offi ce set about what the osyncratic events last year that led to some massive launches.” appropriate market rates are for new launches although not NTh ese events – such as the closure of Ziff Brothers’ hedge every launch is created equal.” fund unit and the conversion of SAC Capital Advisors into In Asia, where marquee launches have also been less prev- Point72 Asset Management – have not had the same impact alent over the last 12 months, the emphasis on fee negotia- this year. Instead, seeding activity from the likes of Reservoir tions is equally strong. Group and HS Group and the resolution of non-compete “Th ese days, if managers are not off ering a separately man- disputes have shaped this year’s list, with regulatory con- aged account, they’re considering diff erent share classes,” says straints also aff ecting the number of new ventures.
    [Show full text]
  • FAMILY OFFICE MONTHLY July 2016
    (305) 503-9077 FAMILY OFFICE MONTHLY July 2016 Upcoming Family Office Conferences in 2016 CapitalCon August 18th The Edison Ballroom New York, NY elcome to the July edition of Family Office Monthly. We are getting ready for CapitalCon W2016, our capital raising and investor relations workshop in NYC on August 18th. If you are a Charter Member of the Family Office Club you can attend this event 100% free with your The Family Office Real membership and we encourage you to visit FamilyOffices.com to see all of the other exciting events we have planned for 2016-2017. Estate Summit th Beyond the events, we hope you access our extensive family office resources such asFamily Office September 30 Monthly, database solutions, family office training programs, webinars, and more. If you would The Edison Ballroom like to learn more about how we can work with you and your family office, please contact our client services specialists at [email protected] and by phone (305) 503-9077. New York, NY Soros Family Office Alum Team Up Hidden Dangers of Running a with Tsai’s Former COO Large Single Family Office The Family Office It didn’t take long for the executives who until It is important to discuss the topic of the Super Summit recently managed George Soros’ wealth to most painful and dangerous parts of running th team up with another billionaire, Alibaba’s vice a single family office as it is often held up as November 28-30 chairman Joseph Tsai ... Page 2 adesirable or enviable type organization to JW Marriott Marquis Chicago Family Offices Backs work for or have in place for your family, but it is not all rainbows and liquidity ..
    [Show full text]
  • Bloomberg Briefs
    Friday March 10, 2017 March 10, 2017 The Long and the Short: How Managers Are Playing Upcoming Elections Elections in the Netherlands next week will set the tone for upcoming ballots in France and in Germany that will determine whether the voter anger that prompted the U.K.’s Brexit decision and brought Donald Trump to the White House is reverberating across mainland Europe. Here we take a look out how hedge fund managers are betting around this year's elections. Tepper Is Long Europe Stocks, Short Bonds Europe Good Investment After 'Dust Settles' David Tepper, the founder of Appaloosa There's value to be found in European risk assets Management, is betting long on European stocks in the infrastructure, energy, defense and despite the political risks with the upcoming financial sectors, according to Algebris French election. Investments. "It’s a probability game in Europe," Tepper said "Strong macro data and a recovery in corporate March 8 in an interview on CNBC. Valuations fundamentals make Europe a good investment there are "much much lower" compared with the Source: Algebris after the political dust settles," Alberto Gallo, Source: U.S. He doesn’t expect French presidential partner and portfolio manager, wrote in his latest Bloomberg/ Andrew Harrer candidate Marine Le Pen, a staunch nationalist report, released March 8. who advocates that France leave the euro, to win He pointed to three catalysts that can reprice European the election, though its outcome remains a concern, he said. assets: Marine Le Pen losing in France, a normalization in — Simone Foxman and Vincent Bielski monetary policy and a post-election opening of Germany to fiscal stimulus.
    [Show full text]
  • Bloomberg Briefs
    This document is being provided for the exclusive use of DAVID MASCIO at DELLA PAROLA CAPITAL MANAGEMENT LLC Tuesday June 30, 2015 www.bloombergbriefs.com Alternative Investment Group to Start ESG Fund FLASHPOINT: GREECE BY SIMONE FOXMAN, BLOOMBERG NEWS Hedge funds expect the Alternative Investment Group, the $1.5 billion Southport, Connecticut-based fund of crisis to blow over after funds, is starting a strategy to invest in environmentally and socially responsible hedge the country's voters back funds, according to an e-mail to investors, a copy of which was obtained by Bloomberg. austerity programs in the "Sustainability is increasingly an important issue for many investors and we believe the July 5 referendum: Special fund is the first institutional-quality sustainable fund of hedge funds to focus on this section area," Sanford Brown, a managing director responsible for business development, wrote in the e-mail. INSIDE The fund, which will start July 1, intends to allocate money to managers that already invest in a socially responsible manner. Alternative Investment Group will screen Saba Capital risk officer Dmitry Green underlying managers' investments with a rating firm that analyzes companies' joins Mariner Investment Group: On The environment, society and corporate governance practices, according to the letter. Move Managers won't be able to take bullish positions in the 200 largest public coal, oil and gas companies, though they won't automatically be forced to sell other companies with Florida State Board of Administration poor ESG ratings. plans to increase its allocations to global Money managers of all types are increasingly starting investment products that macro funds: From The Minutes incorporate ESG criteria.
    [Show full text]
  • Service Provider Intelligence Analysis Launches
    SPECIAL REPORT SERVICE PROVIDER INTELLIGENCE ANALYSIS LAUNCHES HFMWEEK TAKES A LOOK AT THE BIGGEST PROSPECTS FOR NEXT YEAR ew managers this year have had some prett y well as family offi ces, are focused on investing in founder’s big shoes to fi ll, given that 2015 was the year share classes or anchor deals, where they can get signifi cant of the “mega launch”, explains Omeed Ma- discounts on the fees paid without taking an economic stake lik, head of BAML’s emerging manager pro- in the new fi rms. gramme and US prime brokerage distribution. “Th ere are a lot more negotiations occurring between the “Th ere were a number of anomalous, idi- endowment/foundation/family offi ce set about what the osyncratic events last year that led to some massive launches.” appropriate market rates are for new launches although not NTh ese events – such as the closure of Ziff Brothers’ hedge every launch is created equal.” fund unit and the conversion of SAC Capital Advisors into In Asia, where marquee launches have also been less prev- Point72 Asset Management – have not had the same impact alent over the last 12 months, the emphasis on fee negotia- this year. Instead, seeding activity from the likes of Reservoir tions is equally strong. Group and HS Group and the resolution of non-compete “Th ese days, if managers are not off ering a separately man- disputes have shaped this year’s list, with regulatory con- aged account, they’re considering diff erent share classes,” says straints also aff ecting the number of new ventures.
    [Show full text]
  • 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.
    [Show full text]