DOCSLIB.ORG

Prime Brokerage & Hedge Fund Investor Survey 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Prime Brokerage & Hedge Fund Investor Survey 2013 December 2013 Prime Brokerage & Hedge Fund Investor Survey 2013 Technology helps Redefining the The conundrum boutiques support ‘mini-prime’ model of investing in smaller managers for fund managers emerging managers CONTENTS In this issue… 04 Technology helps boutiques support smaller managers By James Williams 07 Focusing on diversification Interview with Duncan Crawford, Newedge 09 Extending reach to the wider community Interview with Jack Seibald, Concept Capital Markets LLC 11 Redefining the ‘mini‑prime’ model Interview with Robert O’Boyle & Julia Bronson, Liquid Holdings Group 12 Hedge Fund Investor Survey: The conundrum of investing in emerging managers By Marianne Scordel 14 The right relationships are vital to success Interview with Kevin LoPrimo, Global Prime Partners Publisher Editor: James Williams, [email protected] Online News Editor: Mark Kitchen, [email protected] Deputy Online News Editor: Emily Perryman, [email protected] Asia News Correspondent: Hans Schlaikier, [email protected] Graphic Design: Siobhan Brownlow, [email protected] Sales Managers: Simon Broch, [email protected]; Malcolm Dunn, [email protected] Marketing Consultant (CI): Leanda Jane Guy, [email protected] Marketing Administrator: Marion Fullerton, [email protected] Head of Events: Katie Gopal, [email protected] Chief Operating Officer: Oliver Bradley, [email protected] Chairman & Publisher: Sunil Gopalan, [email protected] Photographs: NYC & Company, various Published by: GFM Ltd, Floor One, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com ©Copyright 2013 GFM Ltd. 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. PRIME BROKERAGE Hedgeweek Special Report Dec 2013 www.hedgeweek.com | 2 Jefferies. The global investment banking firm. Jefferies offers Experience is our greatest asset. Global Full-Service Platform a full-service integrated prime brokerage platform that includes execution, centralized custody, securities finance and Prime Brokerage capital introduction. By providing the unique combination • Securities Finance of personal attention and leading-edge technology, we • Portfolio Margining & Reporting can accommodate the business requirements of the most • Capital Introduction sophisticated hedge funds. Cash Equities • High-Touch Sales-Trading Prime Brokerage. Our prime brokerage service enables • Agency, Principal & Block clients to trade from anywhere in the world, while centralizing Trading all clearance, settlement, financial and administrative services. • Equity Research Sales We consolidate all transactions into one account and provide • Sector & Event-Driven Strategy outstanding portfolio, attribution and risk reporting through our web-based platform. Electronic Trading Services • Algorithmic Trading • Direct Market Access Commodities & FX. Jefferies Bache is an industry • Portfolio Trading leader specializing in exchange-traded futures & options, commodities and over the counter products including metals FIX Connectivity Solutions and foreign exchange. We deliver expert execution, clearing Managed Futures Clearing and customizable technology solutions to CTA’s, Hedge Funds, institutional investors, producers and commodity Exchange-Traded Futures & Options processors globally. • Financial Futures & Options • Energy • Softs & Agriculturals Futures. Our Futures Sales & Alternative Investment Services team provides a client-first approach. We deliver Foreign Exchange expert execution, clearing, capital introduction and flexible Base Metals & Ferrous Markets world class technology solutions to institutional investors worldwide with 24-hour coverage on all major markets. Precious Metals OTC Prime Brokerage For more information please contact: Jefferies.com Michael Hill Richard Ryan Senior Vice President Vice President Prime Brokerage Services Futures [email protected] [email protected] Investment Banking | Equities | Fixed Income | Commodities | Wealth & Asset Management © 2013 Jefferies LLC. Member SIPC. All rights reserved. UK & Europe: Jefferies International Limited and Jefferies Bache Limited, authorised and regulated by the Financial Conduct Authority. Asia: Jefferies Hong Kong Limited, lecensed by the Securities and Futures Commission of Hong Kong with CE number ATS546. In Shanghai Jefferies maintains a representative office of Jefferies LLC. Jefferies Bache, LLC, Jefferies Bache Limited and Jefferies Hong Kong Limited are affiliates of Jefferies Group, LLC. 11/27/2013 11:36:34 AM OVERVIEW Technology helps boutiques support smaller managers By James Williams Given that around 90% of the hedge opening up a huge opportunity for younger fund industry is dominated by smaller non-bank owned primes like London- managers running between USD100milllion based Global Prime Partners whose modus and USD1.5billion in AuM it is perhaps operandi is serve the start-up and emerging little surprise that smaller, boutique prime manager market. brokerage firms are holding their own against “In terms of total industry assets, 80 per bulge bracket prime brokerages owned by cent are probably with the top 10 per cent European and US banks. of managers. That leaves 90 per cent of Banks are now under enormous pressure managers in the marketplace for us. From to strengthen their balance sheets under what I’m seeing, some of the bigger primes Basel III. As a result, their prime brokerage are moving even higher upstream and divisions are becoming ever more ruthless in requiring higher minimum revenues and terms of the size and quality of hedge fund higher minimum sizes (in terms of AuM). managers they are willing to support. This is “I’ve heard of two large primes who have PRIME BROKERAGE Hedgeweek Special Report Dec 2013 www.hedgeweek.com | 4 OVERVIEW recently raised their minimums and that’s intention is to become the top service good news because it means potentially provider in the start-up and emerging more business for firms like us,” explains manager space.” Kevin LoPrimo, Global Head of Hedge Fund O’Boyle adds: “The advantage is we were Services at Global Prime Partners. born in the cloud so we are able to offer Prime brokerage is a massively expensive our solution from a technology standpoint undertaking. Firms need to have significant at an extremely competitive price. Liquid skin in the game to ensure that they Prime Services was born out of our belief have the full suite of trade execution, that there needs to be a full-service offering margining, securities lending, clearing and from front to back across managed services, custodial services in place, as well as non- technology and excellent trade execution: commoditised services ranging from capital offering all of those services on a cloud- introduction to market research, regulatory based platform is effectively what the next consultancy etc. In effect, this requires a generation of hedge funds need.” significant IT spend. For any new manager, the costs of setting One trend that seems to be emerging in up a hedge fund keep rising. Having the the US, in parallel with the rise of boutique ability to keep the IT spend to a minimum primes in Europe, is that of technology yet still receive high-touch support and, at solutions groups moving into the prime the same time, know that the fund’s assets brokerage space. One such firm is recently are being cleared and kept in custody by established Liquid Holdings Group. The tier-one institutions is a significant advantage. Liquid technology platform has been For smaller primes like Liquid and Global developed to support start-up and emerging Prime Partners, developing relationships is managers not only from an execution the name of the game. Indeed, the two firms standpoint via its EMS/OMS solution, themselves have joined forces, with GPP but also to provide pre-trade compliance now using the Liquid platform to extend controls, real-time risk monitoring and even the suite of services – both during and after shadow accounting; all of which is delivered trade execution – to its clients in Europe. on a cloud-based platform. LoPrimo confirms that GPP has broadened What technology firms like Liquid are out its business by establishing clearing and doing is effectively pushing forward the custody relationships with BNY Mellon as evolution of the ‘mini-prime’ model, which well as Deutsche Bank, on top of existing has proved hugely popular in the US but relationships with Nomura and Kas Bank. has, in the view of Robert O’Boyle, EVP of “Working with other service providers Sales & Solutions, been a limited model. opens more doors for us and gives us This is because until now mini-primes more ammunition when we are targeting have focused almost exclusively on providing new managers or looking to open
Load more

Recommended publications
  • New Basis for the Hedge Fund / Prime Broker Relationship
    Ag48 xel Pierron New Basis for the Hedge Fund / Prime Broker Relationship Implementing the Right IT Infrastructure June 2011 Content 3 Executive Summary 5 Introduction 7 Building a New Prime Brokerage Relationship 7 Adoption of the Multi-Prime Model 9 Implementation of Multi-Asset Trading and Multi-Market Strategy 11 Requirements for Greater Transparency and Reporting Capabilities 13 Leveraging IT Infrastructure to Answer New Market Demand 13 The Prime Brokerage Platforms in the Broker-Dealer IT Ecosys- tem 16 Implementing the Right Level of Segregation Between PB and Broker-Dealer Business 17 Multi-Asset Offering May Require Multiple Platforms 18 Reporting: Real Time Updating of Transaction Status 18 Consolidation of Data for Client Portfolio 21 Regional Connectivity: Multiple CCPs and CSDs 21 Buy Vs. Build 24 Conclusion 26 Leveraging Celent’s Expertise 26 Support for Financial Institutions 26 Support for Vendors 28 About Broadridge Executive Summary The financial crisis has changed the relationship between hedge funds and prime brokers for good. With the default and quasi-default of some of the leading providers in the space, funds have realized that they should diversify their prime broker relationships and require more transparency on the operational processes of their prime provid- ers. However, as the funds industry regains momentum, they are more than ever turning to their prime brokers to provide the services that will support business expansion. Hence, prime brokers need to adapt their offering and IT infrastructure to respond to the changing market environment by: Implementing true multi-asset and multi-market capabili- ties. In their quest to generate alpha, funds are expecting their prime brokers to provide an extended product and geo- graphic breadth through one platform.
    [Show full text]
  • Statement of Michael A. Mendelson for Securities Lending and Short Sale
    Written Statement of Michael A. Mendelson, AQR Capital Management LLC Before the Securities and Exchange Commission Securities Lending and Short Sale Roundtable September 30, 2009 Panel 1: Controls on "Naked" Short Selling: Pre-Borrow and Hard Locate Requirements Chairman Schapiro and Commissioners, my name is Michael Mendelson. I am a Principal and portfolio manager at AQR Capital Management LLC, and one of my responsibilities includes portfolio financing. AQR Capital Management is an investment management firm that manages hedge funds, separate accounts and mutual funds. Among others, our investors include pension funds, endowments, and foundations. In employing a disciplined multi-asset, research-driven process, we often take a market- neutral approach that includes the use of short selling. I appreciate the opportunity to appear before you to share my views on securities lending and proposals to further deter “naked” short selling (i.e. selling stock you do not own and for which you haven’t received an affirmative determination that the stock is available for delivery), in particular proposals to mandate pre-borrows or institute a hard locate requirement. Short selling is an essential activity in a market that allocates capital efficiently. Short selling improves market liquidity and lowers transaction costs. Equally important, it makes possible proper price discovery, reducing the likelihood and severity of destructive asset pricing bubbles. But, even as short selling provides helpful economic gains, “naked” short selling can deprive buyers of securities of their legitimate rights. While I believe that there is little basis for the argument that naked short selling played any role in the financial crisis of 2008 or in the failures of either Lehman Brothers Holdings or Bear Stearns Companies, I do believe that naked short selling, or at least naked short selling coupled with the subsequent inability to deliver shares to settle the transaction is a violation of the contractual obligations of the seller of a security or its clearing broker.
    [Show full text]
  • Introduction and Overview of 40 Act Liquid Alternative Funds
    Introduction and Overview of 40 Act Liquid Alternative Funds July 2013 Citi Prime Finance Introduction and Overview of 40 Act Liquid Alternative Funds I. Introduction 5 II. Overview of Alternative Open-End Mutual Funds 6 Single-Manager Mutual Funds 6 Multi-Alternative Mutual Funds 8 Managed Futures Mutual Funds 9 III. Overview of Alternative Closed-End Funds 11 Alternative Exchange-Traded Funds 11 Continuously Offered Interval or Tender Offer Funds 12 Business Development Companies 13 Unit Investment Trusts 14 IV. Requirements for 40 Act Liquid Alternative Funds 15 Registration and Regulatory Filings 15 Key Service Providers 16 V. Marketing and Distributing 40 Act Liquid Alternative Funds 17 Mutual Fund Share Classes 17 Distribution Channels 19 Marketing Strategy 20 Conclusion 22 Introduction and Overview of 40 Act Liquid Alternative Funds | 3 Section I: Introduction and Overview of 40 Act Liquid Alternative Funds This document is an introduction to ’40 Act funds for hedge fund managers exploring the possibilities available within the publically offered funds market in the United States. The document is not a comprehensive manual for the public funds market; instead, it is a primer for the purpose of introducing the different fund products and some of their high-level requirements. This document does not seek to provide any legal advice. We do not intend to provide any opinion in this document that could be considered legal advice by our team. We would advise all firms looking at these products to engage with a qualified law firm or outside general counsel to review the detailed implications of moving into the public markets and engaging with United States regulators of those markets.
    [Show full text]
  • Prime Brokerage in FOCUS 2021
    Prime Brokerage IN FOCUS 2021 INDUSTRY OUTLOOK BOUTIQUE PRIME BROKERS OUTSOURCED TRADING Buoyancy in hedge funds bodes Client relationships key to rise Extensive capabilities deliver in well for PB business of boutique PBs challenging times Featuring Cowen | IG Prime | Jefferies | Lazarus Capital Partners | Triad Securities World-class integrated prime brokerage solutions Dedicated client service & dealing capabilities Simplified prime structure Unrivalled market access Online reporting & portal Execution, custody & financing Multiple asset class coverage Full service global markets execution with dedicated dealer representative Industry leading rules-based margining across all asset classes Flexible account structures and reporting capabilities fully tailored to the specific needs of each client Institutional grade Prime Services for hedge funds, family offices and HNW private clients www.lazaruscapitalpartners.com Australia | Hong Kong Contact us for a confidential discussion [email protected] CONTENTS 06 INSIDE THIS ISSUE… 04 HIGHER SCRUTINY WELCOMED BY THE INDUSTRY By A. Paris 06 THE IMPORTANCE OF BEING VISIBLE Interview with Barsam Lakani & Leor Shapiro, Jefferies 09 STRONG CLIENT RELATIONSHIPS SUPPORT RISE OF BOUTIQUE PRIME BROKERS Interview with Dale Klynhout, Warren Goward & Nicholas Stotz, Lazarus Capital Partners 12 INDUSTRY SUPPORTIVE OF PRIME BUSINESS DESPITE 09 HURDLES Interview with Jack Seibald, Cowen Prime Services 14 KEEPING STRONG IN A STORM: EXTENSIVE TRADING CAPABILITIES DELIVER Interview with Larry Goldsmith & Michael Bird, Triad Securities 17 DIRECTORY 12 Published by: Hedgeweek, 8 St James’s Square, London SW1Y 4JU, UK www.hedgeweek.com ©Copyright 2021 Global Fund Media Ltd. All rights reserved. No part of this publication may be repro- duced, 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.
    [Show full text]
  • The Impact of Portfolio Financing on Alpha Generation by H…
    The Impact of Portfolio Financing on Alpha Generation by Hedge Funds An S3 Asset Management Commentary by Robert Sloan, Managing Partner and Krishna Prasad, Partner S3 Asset Management 590 Madison Avenue, 32nd Floor New York, NY 10022 Telephone: 212-759-5222 www.S3asset.com September 2004 Building a successful hedge fund requires more than just the traditional three Ps of Pedigree, Performance and Philosophy. As hedge funds’ popularity increases, it is increasingly clear that Process needs to be considered the 4th P in alpha generation. Clearly, balance sheet management, also known as securities or portfolio financing, is a key element of “process” as it adds to alpha (the hedge fund manager’s excess rate of return as compared to a benchmark). Typically, hedge funds surrender their balance sheet to their prime broker and do not fully understand the financing alpha that they often leave on the table. The prime brokerage business is an oligopoly and the top three providers virtually control the pricing of securities financing. Hedge funds and their investors therefore need to pay close heed to the value provided by their prime broker as it has a direct impact on alpha and the on-going health of a fund. Abstract As investors seek absolute returns, hedge funds have grown exponentially over the past decade. In the quest for better performance, substantial premium is being placed on alpha generation skills. Now, more than ever before, there is a great degree of interest in deconstructing and better understanding the drivers of hedge fund alpha. Investors and hedge fund managers have focused on the relevance of asset allocation, stock selection, portfolio construction and trading costs on alpha.
    [Show full text]
  • Prime Brokerage Survey SURVEY | PRIME BROKERAGE
    Prime Brokerage Survey SURVEY | PRIME BROKERAGE is completed with clients’ of the hedge funds concerned most likely unaware and certainly unaffected. However, it is clear that in the current climate, some providers at least have found it hard to maintain a cool exterior. The last twelve months have seen a growing number of rumours and stories of major prime brokers asking large numbers of clients to leave at relatively short notice. Similarly pricing and availability of credit, the willingness to accept deposits and sudden imposition of drastic increases in minimum revenue/fee levels are talked about by competitors and clients like. The facts of individual stories may be subject to interpretation and distortion by competitors. However, the number and consistency of information, as well as a body of anecdotal evidence, point clearly to the notion that something out of the ordinary is taking place. A reassessment of relationships within individual prime Back to basics brokers and a reshuffling of clients among them are underway. Whether what has happened to date represents the New rules and regulations are forcing hedge funds and bulk of any adjustment that is needed or prime brokers to re-evaluate who they work with and why. is merely the precursor of more drastic changes still to come remains to be seen. In any event from a client perspective 014 was a solid year for hedge brokerage, deciding at each stage how there is no room for complacency, funds continuing the steady much capital to allocate and how each however big the firm. 2recovery from the financial crisis.
    [Show full text]
  • Ex-Commonwealth PM Set to Launch $500M Macro Fund LAUNCH
    The long and the short of it www.hfmweek.com ISSUE 497 3 MAY 2018 INFRAHEDGE CEO BRUCE KEITH DEPARTS AFTER 7 YEARS HFM EUROPEAN 2018 $30bn MAP co-founder to be replaced by Andrew Allright PEOPLE MOVES 03 PERFORMANCE AWARDS DEUTSCHE PUTS PRIME FINANCE BUSINESS UNDER REVIEW HF head Tarun Nagpal to leave bank after 15 years PRIME BROKERAGE 07 EX-GRUSS CAPITAL PROS PREP EVENT-DRIVEN FUND HFMWEEK REVEALS ALL Indar Capital expected to launch later this year LAUNCHES 10 THE WINNERS AWARDS 23 Ex-CommonWealth PM set to launch $500m macro fund Christopher Wheeler readies between 2013 and 2016. London-based CJW Capital CommonWealth closed BY SAM MACDONALD down last year as Fisher depart- ed to join $26bn Soros Fund FORMER CITADEL AND Management. CommonWealth Opportunity From November 2016 until Capital portfolio manager Chris- March this year, Wheeler is topher Wheeler is set to launch a understood to have traded a sub- LAUNCH macro fund with at least $500m stantial macro sleeve for Citadel. initial investment, HFMWeek He previously spent five years has learned. with London-based liquid multi- ANALYSIS Wheeler is starting London- asset business Talisman Global NUMBERS SURGE IN 2017 based CJW Capital Management Asset Management. He earlier with backing from a large asset worked at Morgan Stanley. manager and is looking to begin CJW Capital could become trading this year, HFMWeek one of this year’s largest HFM Global’s annual survey shows understands. European start-ups, amid a num- He registered the firm with ber of prominent macro hedge equity strategies remained most in UK Companies House on 23 fund launches.
    [Show full text]
  • Guide to Investment Banking Services and Prime Brokerage Services
    J.P. Morgan Securities LLC (“JPMS”) Guide to Investment Banking Services and Prime Brokerage Services Thank you for your interest in working with JPMS. We believe our knowledge and experience, combined with our broad range of products and services, will provide the foundation to help you realize your goals. JPMS and its affiliates (collectively, “J.P. Morgan”) comprise a full service securities firm and a commercial bank engaged in securities trading and brokerage activities, as well as providing investment banking, asset management, financing, and financial advisory services and other commercial and investment banking products and services to a wide range of corporations and individuals. Inside this Guide, you will find information to help you understand our prime brokerage services and investment banking services so that you can choose what works best for you. We provide details on our products and services, as well as those we offer from third-party providers. You will also learn about the compensation that JPMS, in connection with the services described herein and, if applicable, its investment professionals, can reasonably expect to be paid from the sale of the products and for the services available through JPMS. JPMS is a registered broker-dealer and investment adviser with the Securities and Exchange Commission (“SEC”). JPMS is also a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”), the Municipal Securities Rulemaking Board (“MSRB”) and the Securities Investor Protection Corp. (“SIPC”). We perform the investment banking and prime brokerages services described herein solely in our capacity as a registered broker-dealer. For more information on our investment advisory services, please see Part 2 of our Form ADV, available at https://adviserinfo.sec.gov/firm/brochure/79 and Form CRS, available at https://www.jpmorgan.com/jpmpdf/1320748684033.pdf.
    [Show full text]
  • Capitalizing on Diversity and Returns: INVESTING with WOMEN MANAGERS
    100WHF W est Coast Senior Practitioner Conference Capitalizing on Diversity and Returns: INVESTING WITH WOMEN MANAGERS Wednesday April 2, 2014 7:30 AM-12:30 PM PricewaterhouseCoopers 3 Embarcadero Center San Francisco, California 94111 Hosted by: 100 Women in Hedge Funds PricewaterhouseCoopers Sponsored by: Progress Investment Management Company Morgan Stanley 100 Women in Hedge Funds is proud to host our inaugural, by invitation only West Coast Senior Practitioner Conference. Connect with allocators already focused on diversity and emerging managers. Top-tier institutional allocators who currently invest with women-led and women-owned hedge and long-only funds, or are eager to initiate new relationships, will participate on two panels and also attend short one-on-one meetings with representatives of diverse firms. As a Senior Practitioner attending this by-invitation-only and intimate gathering, you’ll get the latest on: • Allocators' insights into the current allocation landscape; • Factors that will drive or inhibit increased allocations to women hedge fund managers; • How diversity fits within their respective overall strategies; • Allocators’ perspectives on manager evaluation and best practices. The half-day forum will offer you unparalleled opportunities to ask questions of individual institutional allocators and to formally introduce yourself and your firm to this highly desirable audience. Updated as of March 2, 2014 1 AGENDA 7:30 am REGISTRATION AND BREAKFAST Meet and greet the allocators, fellow managers, and sponsors. 8:00-8:15 am Introductory and Welcoming Remarks Do Women Managers Deliver Differentiated Alpha? Presented by 100WHF and PricewaterhouseCoopers 8:20-9:05 am First Allocator Panel: Understanding the Current and Prospective Landscape In an off-the-record session, hear the allocators’ insights into the current allocation and investment landscape and what factors will inhibit or drive increased allocations to women-led and owned firms.
    [Show full text]
  • Prime Brokerage Survey
    [SURVEY | PRIME BROKERAGE] The 2020 PRIME BROKERAGE SURVEY 46 Global Custodian The Hedge Fund Annual 2020 [SURVEY | PRIME BROKERAGE] he 2020 Prime Brokerage Survey was conducted in what Tmight be described as unusual circumstances, with both providers and respondents working’ remotely’ SAFE AND as the COVID-19 pandemic gathered pace. It was also a time when both PBs and their clients were feeling their way through a period of extreme market RELATIVELY volatility with attendant risks and collateral demands. We are therefore particularly grateful to all those who engaged with the process this year in what can only be SOUND described as trying. In the end the survey received 545 completed and Unlike the 2008 financial crisis, the COVID-19 validated responses allowing us to pandemic does not appear to have dented the faith provide analyses of 14 prime brokers. Unlike the financial crisis of the hedge funds have in their prime brokers. previous decade, the COVID-19 pandemic does not appear to have dented faith in financial institutions Category Average Score Average Score Previous Year Difference in the same way, as evidenced by the Asset Safety 6.27 6.34 -0.07 relatively high score for Asset Safety. Capital Introductions 5.47 4.90 0.57 At the other end of the scale, Capital Introductions and Technology remain Client Services 5.88 5.77 0.11 among the less well appreciated Consulting 5.69 5.76 -0.07 aspects of prime brokerage offerings, Delta 1, Swaps and Financing 5.86 5.67 0.19 though the score for the former has Foreign Exchange Prime Brokerage 5.94 5.75 0.19 improved considerably since last year and is now rated Good overall rather Listed Derivatives 5.84 5.78 0.06 than merely Satisfactory.
    [Show full text]
  • UCITS Alternatives
    UCITS Alternatives 0 Contents UCITS Alternatives Introduction Page 2 Why should we consider establishing a UCITS alternative investment fund and why now? Page 2 Do we need to offer the UCITS to retail investors? Page 4 Can we pursue our alternative investment strategies within the parameters of a UCITS? Page 4 Can we engage in borrowing/leverage? Page 12 Can we appoint a prime broker? Page 14 What about liquidity requirements and asset diversification? Page 15 Can we charge a performance fee? Page 15 Does UCITS regulation mean more compliance and corporate governance? Page 16 Are there any regulatory requirements relating to us as the promoter/investment manager of the fund? Page 16 Are Irish UCITS liable to Irish tax? Page 17 Can we convert our existing alternative investment fund to a UCITS? Page 17 Why choose Ireland? Page 19 If UCITS does not fit for us, are there any non-UCITS fund options in Ireland we could consider? Page 20 Contact Us Page 21 1 UCITS Alternatives Introduction 2009 saw a significant increase in the number of UCITS being established which pursue what would typically be considered to be alternative investment strategies. This trend is expected to continue in 2010. Interest in UCITS alternatives is evident both from asset management firms which have existing regulated funds and are seeking to explore the alternative space within the UCITS framework as well as from alternative asset management firms which have, until now, principally managed what might loosely be described as unregulated funds. We have prepared this briefing paper to address some of the more pertinent questions being raised by asset managers considering the establishment of UCITS alternative investment funds.
    [Show full text]
  • Form CPO·PQR, "You" Means Ihe CPO
    TEMPLATE: DO NOT SEND TO NFA CFTC Form CPO·POR OMS No,: 3038-= POOL QUARTERLY REPORT FOR COMMODITY POOL OPERATORS READ THESE INSTRUCTIONS CAREFULLY BEFORE COMPLETING OR REVIEWING THE REPORTING FORM, THE FAILURE TO ANSWER ALL QUESTIONS COMPLETELY AND ACCURATELY OR THE OMISSION OF REQUIRED INFORMATION MAY SEVERELY IMPACT YOUR ABILITY TO OPERATE AS A COMMODITY POOL OPERATOR. This document is not a rcponing form, Do not send this document to NFA. It is a template thai you may use to assist in filing the electronic reporting form with the NFA£It: htlp:ffvNJW.nfaJulures,org. You may fill out the template online and save and/or print il when you are finished or you can download the template and/or print it and fill it out laler. DHiNED TERMS Words that are underlined in this form are defined terms and have Ihe meanings contained in the Definitions ofTerms section. GENERAL Read the InslrucHons and Queslions Carefully Please read the instructions and Ihe questions in this Form CPO·POR carefully. A question Ihal is answered incorrectly because il was misread or misinterpreted can severely impact your ability to operate as a CPO. In Ihis Form CPO·PQR, "you" means Ihe CPO, Callihe Gill wilh Queslions If there is any question about whether particular information must be provided or about the manner in which partiCUlar information must be provided, conlact the CFTC for clarification. 67 TEMPLATE: DO NOT SEND TO NFA POOL QUARTERL Y REPORT FOR COMMODITY POOL OPERATORS REPORTING INSTRUCTIONS 1. All CPOs Arc Required 10 Complete and File Ihe Fonn CPO·POR Quarterly All CPOS afe required to complete and file a Form CPO-PQR for each Reporting Period during which they satisfy the de~nition o[CPO and operale at least one Pool The Form CPO·PQR is required to be ~Ied wllh the NFA within 15 calendar days of the lasl day of the Reporting Period 1.
    [Show full text]