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Advisors and Alternative Investments

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Advisors and Alternative Investments RESEARCH Q2 2018 ADVISORS AND ALTERNATIVE INVESTMENTS Use of alternative investments varies widely depending on the business model of the advisor, but a majority of practitioners share common views on where and why to invest. Private equity funds and hedge funds represent the largest alternative allocations within the modern wealth management portfolio, but interest in direct deals is projected to be higher than both asset types moving forward. IMPORTANT INFORMATION: This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by iCapital. Past performance is not indicative of future results. Alternative investments are complex, speculative investment vehicles and are not suitable for all investors. An investment in an alternative investment entails a high degree of risk and no assurance can be given that any alternative investment fund’s investment objectives will be achieved or that investors will receive a return of their capital. The information contained herein is subject to change and is also incomplete. This industry information and its importance is an opinion only and should not be relied upon as the only important information available. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed, and iCapital Network assumes no liability for the information provided. This information is the property of iCapital Network. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. Products offered by iCapital are typically private placements that are sold only to qualified clients of iCapital through transactions that are exempt from registration under the Securities Act of 1933 pursuant to Rule 506(b) of Regulation D promulgated thereunder (“Private Placements”). An investment in any product issued pursuant to a Private Placement, such as the funds described, entails a high degree of risk and no assurance can be given that any alternative investment fund’s investment objectives will be achieved or that investors will receive a return of their capital. Further, such investments are not subject to the same levels of regulatory scrutiny as publicly listed investments, and as a result, investors may have access to significantly less information than they can access with respect to publicly listed investments. Prospective investors should also note that investments in the products described involve long lock-ups and do not provide investors with liquidity. Securities may be offered through iCapital Securities, LLC, a registered broker dealer, member of FINRA and SIPC and subsidiary of Institutional Capital Network, Inc. (d/b/a iCapital Network). These registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed the entities, products or services discussed herein. iCapital and iCapital Network are registered trademarks of Institutional Capital Network, Inc. Additional information is available upon request. © 2018 Institutional Capital Network, Inc. All Rights Reserved. KEY FINDINGS • Private equity (PE) funds are the most commonly used alternative investment, with 77% of advisors maintaining allocations, followed by hedge funds (61%) and private direct deals (15%). • Almost half (48%) of wirehouse advisors maintain allocations to PE funds of between 5% and 10%, whereas over 70% of registered investment advisors (RIAs) and independent broker-dealers (IBDs), respectively, allocate less than 5% of total client portfolios to PE funds. • Investment returns are the most cited reason for investing in alternatives across all asset types and advisor business models. • Finding more appropriate clients is consistently cited as the most important issue impacting advisors’ ability to invest in alternatives. • About half of independent advisors (both RIAs and IBDs) cite ease of access as a continuing issue impacting their ability to invest in PE funds and hedge funds, compared to less than one-in-ten wire- house advisors. • The vast majority of advisors (87%) intend to maintain or increase their private equity fund allocations over the coming year. • While 54% of advisors plan to maintain their hedge fund exposure, 39% plan to invest less, although wirehouse advisors are more bullish on these investment strategies than their independent peers. • Although participation in direct private deals is proportionately lower than other alternative asset types, advisors are even more enthusiastic about them with 93% looking to maintain or increase exposure over the next 12 months. — 1 — ADVISORS & ALTERNATIVE INVESTMENTS Demand for alternative strategies is growing as advisors seek to differentiate A 2017 PwC in an increasingly competitive market and investors look to maintain returns in a changing environment. Today, the traditional 60/40 portfolio comprised of report forecasts public equities and fixed income is forecasted to generate about half of what it has historically with significantly more volatility1, creating a pressing need that alternative for new sources of diversification and growth in high-net-worth portfolios. investments will Simultaneously, alternative investments such as private equity funds, hedge surpass $21 trillion funds and direct private deals are becoming more mainstream. An October 2017 PwC industry report forecasts that alternative investments will surpass in assets by 2025, $21 trillion in assets by 2025, more than doubling in size in eight years and reaching 15% of all global assets under management2. more than doubling Much of this growth has been enabled by the rise of new technologies and in size in eight platforms that have made it possible to efficiently aggregate thousands of years and reaching individual high-net-worth investor commitments, thereby opening access to opportunities that previously were only available to large institutions. 15% of global Advisors are increasingly taking advantage of these choices to offer a diverse range of alternative investments to their clients. However, certain assets under obstacles to high-net-worth investment in alternatives identified in prior management. iCapital research, such as illiquidity, high minimums and access to high quality offerings, still exist. Varying levels of client wealth and legacy institutional structures also create differences in ease of access to alternative investments across traditional brokerages and independent advisory firms. What is clear is that all types of advisors are increasingly interested in alter- natives and looking for ways to incorporate new exposures and strategies, particularly private equity, into client portfolios. As increasing private wealth and an evolving alternative investment landscape continue to stoke advisor demand for these asset classes, we expect that innovations in technology and product offerings will further democratize alternatives for the high-net- worth market and serve advisors with more accessible solutions. 1 Can a 60/40 Portfolio Still Produce Solid Returns?, Financial Advisor IQ, July 5, 2017 2 Asset & Wealth Management Revolution: Embracing Exponential Change, PwC, October 2017; https://www.pwc.com/gx/en/asset-management/asset-management-insights/assets/ awm-revolution-full-report-final.pdf — 2 — More About METHODOLOGY: BENCHMARKING ADVISORS Business Models AND ALTERNATIVES For the purposes of this study, Alternative assets can be complex, spanning multiple structures and strat- the respondents are categorized as follows. Please note that firm egies while possessing a variety of mechanics and characteristics. At the names are provided for illustrative same time, the high-net-worth market has historically been under-allocated purposes only. to alternatives, as compared to institutional investors, leaving many individual investors and their closest advisors without a deep or comprehensive Wirehouses knowledge of the various asset types comprising the category. To ensure These respondents include that we had a sample of knowledgeable respondents, this research initiative representatives (employees) was built around advisors who have some experience with alternative of large bank brokerages and investments and have clients to whom they are currently providing these private banks. These professionals are supported by a centralized kinds of opportunities. home office that helps establish priorities and provide operational The study was conducted with more than 450 advisory professionals infrastructure. They deliver their inquiring about their use of and perspectives on private equity (PE) funds, clients a range of full-service hedge funds, and direct private deals on behalf of clients. “Direct deals” as investment, banking and financial used in this report covers investments in small- and mid-size privately held services and may collect commis- sions and/or asset-based fees. companies, startups, and other private assets such as intellectual property Examples of firms: Merrill Lynch, rights and royalties, but excludes private real estate investments. Wells Fargo, JP Morgan. Of the advisors surveyed, slightly over half (55%) are RIAs, about a third (29%) Independent Broker-Dealers These respondents operate in operate within IBDs and 16% service clients at “wirehouses” (Exhibit 1). a substantially similar way to wirehouse
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