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P E R S P E C T I V Kenneth G. Tropin Luke Ellis Graham Capital Management Man Group Dr Ray Carroll Robert S. Koenigsberger Andrew McCaffery Neuberger Berman Breton Hill Gramercy Funds Management Aberdeen Standard Investments Paul Sabourin Stuart Roden Polar Asset Management Partners Lansdowne Partners Sir Paul Marshall Marshall Wace Dr Robert C. Merton Massachusetts Institute Sir Michael Hintze of Technology CQS Dr Jane Buchan Dr Campbell Harvey PAAMCO, Duke University, PAAMCO Prisma Holdings National Bureau of Economic Research, Man Group Dr Leda Braga Seth Fischer Systematica Investments Oasis Capital Fiona Frick Unigestion PERSPECTIVES INDUSTRY LEADERS ON THE FUTURE OF THE HEDGE FUND INDUSTRY J. Kyle Bass Hayman Capital Management David C. Haley Philippe Jordan Danny Yong Anthony Kaiser HBK Capital Management Capital Fund Management Dymon Asia Capital Kaiser Trading Group Dr Jim Liew John Hopkins Carey Business School Dr Lasse H. Pedersen New York University Stern School of Business, Copenhagen Business School, AQR Global Asset Allocation Lee S. Ainslie Maverick Capital J. Tomilson Hill Blackstone Alternative Asset Management, Blackstone Omar Kodmani EnTrustPermal Dr Ray Carroll Dr Robert C. Merton Luke Ellis Chief Investment Officer, School of Management Distinguished Chief Executive Officer, Man Group Neuberger Berman Breton Hill Professor of Finance, Massachusetts Andrew McCaffery Institute of Technology Paul Sabourin Global Head of Client-Driven Chairman, Chief Investment Officer and Multi-Manager Solutions, Aberdeen Standard Investments and Portfolio Manager, Kenneth G. Tropin ACKNOWLEDGEMENTS Polar Asset Management Partners Founder and Chairman, Stuart Roden Graham Capital Management Chairman, Lansdowne Partners Robert S. Koenigsberger Sir Paul Marshall Founder, Chief Investment Officer Chairman and Chief Investment Officer, We are grateful for the contributions of and Managing Partner, Marshall Wace the following participants in this paper Gramercy Funds Management Sir Michael Hintze Dr Jane Buchan Founder, Chief Executive Officer Managing Director and Dr Campbell Harvey and Senior Investment Officer, CQS Chief Executive Officer, PAAMCO; Professor of Finance, Fuqua School Co-Chief Executive Officer, of Business, Duke University; Research PAAMCO Prisma Holdings Associate, National Bureau of Economic Research; Investment Strategy Advisor, Man Group Seth Fischer Founder and Chief Investment Officer, Oasis Capital Anthony Kaiser Danny Yong Founder, Philippe Jordan Chief Investment Officer Chief Executive Officer President, and Founding Partner, and Chief Investment Officer, Capital Fund Management Dymon Asia Capital Kaiser Trading Group (CFM) J. Kyle Bass Founder and Chief Investment Officer, Hayman Capital Management Carol Ward Cédric Kohler Michael Peltz David C. Haley Chief Operating Officer, Head of Advisory, Fundana Global Head of Content, President, Man GLG WorldQuant LLC HBK Capital Management Dr Robert Kosowski Dr Lasse H. Pedersen Max Budra Associate Professor, Imperial Axel Pierron John A. Paulson Professor of Finance and Alternative Research Associate, College Business School; Head of Managing Director, Opimas Investments, New York University Stern School of The Alternative Investment Quantitative Research, Unigestion Business; Professor of Finance, Copenhagen Business Management Association Michael Weinberg School; Principal, AQR Global Asset Allocation Dr Leda Braga Dr Anthony Ledford Chief Investment Officer, Founder, Ermanno Dal Pont Chief Scientist, Man AHL Protégé Partners Lee S. Ainslie Chief Executive Officer, Managing Director, Founder, Managing Partner and Systematica Investments EMEA Head of Capital Jennifer Mernagh And the members of AIMA’s Chief Executive Officer, Maverick Capital Solutions, Barclays Investment Strategist, Research Committee Fiona Frick Aberdeen Standard Investments J. Tomilson Hill Chief Executive Officer, Richard Hindley Chairman, Blackstone Alternative Asset Management; Unigestion Hugh Orange Vice Chairman, Blackstone Head of Marketing, Dr Jim Liew ARG Asset Management Chief Financial Officer Assistant Professor of Finance, Omar Kodmani and Chief Compliance Officer, John Hopkins Carey Business School Senior Executive Officer, EnTrustPermal Lansdowne Partners FOREWORD FOREWORD FOREWORD Alfred W. Jones opened the doors of the world’s first hedge This paper is based on conversations with 25 of fund firm almost 70 years ago. He could not have known the leading figures in the hedge fund industry, from founding principals at hedge fund firms, to senior it at the time, but his innovations would sow the seeds of management at multi-asset managers, to industry a new industry that would change the face of investing. academics. Collectively they represent close to 300 years of leadership experience in the hedge fund industry and over $500 billion in assets under management. We would like to thank them again for Andrew McCaffery their participation in this paper, and for sharing their Global Head of Client-Driven and Multi-Manager Solutions, The story of the hedge fund industry since then Many have questioned what the future holds for the insights with us. Aberdeen Standard Investments (ASI) has been one of continued growth and innovation. hedge fund industry, given its history of innovation. The picture those individuals painted in our Today’s hedge fund firms trade in everything from What kind of products will hedge fund firms offer to conversations was of an industry embracing change vintage wines to risk factors, using cutting-edge their new investor? How will they reconcile profits while staying true to its primary focus of delivering mathematics to manage risks and even to execute with social responsibility? Will hedge fund firms even for investors. They were excited about the challenges trades—the stuff of science fiction in Jones’s days. exist in the future, or will they have been replaced they faced and optimistic about their ability to evolve At the same time, the industry’s investors by artificial intelligence systems? If they do still and remain valued partners to their clients. Far from have changed. The benefits of hedge funds are no exist, and are still staffed with humans rather than failing to embrace change, hedge fund firms are longer restricted to the few. Pensions, university machines, how will hedge firms navigate the coming thriving on it, exploring new ways of protecting and endowments, and sovereign wealth funds now generational change in leadership? growing the capital of their investors. number amongst the industry’s largest investors. The Alternative Investment Management This paper is also the result of the dedication Jack Inglis The industry is also increasingly open to retail Association (AIMA) and Aberdeen Standard of the members of AIMA’s Research Committee, CEO, The Alternative Investment investors, meaning that everyday investors are able Investments (ASI) decided to answer those questions. who sifted through hundreds of pages of interview Management Association (AIMA) to access the same financial innovation and rigorous We are delighted to introduce Perspectives: Industry transcripts and spent months writing, editing, and risk management that was once only available to the Leaders on the Future of the Hedge Fund Industry, our look rewriting dozens of drafts. We would like to take this wealthiest investors. at the future of the hedge fund industry. opportunity to thank each of them for their efforts. PERSPECTIVES PERSPECTIVES INDUSTRY LEADERS ON THE FUTURE OF THE HEDGE FUND INDUSTRY INDUSTRY LEADERS ON THE FUTURE OF THE HEDGE FUND INDUSTRY 6 7 EXECUTIVE SUMMARY EXECUTIVE SUMMARY EXECUTIVE SUMMARY 1. A PARADIGM SHIFT 2. ENDURING ALPHA, ENDURING VALUE 3. MAN AND MACHINE LEARNING 4. INVESTING, RESPONSIBLY The hedge fund industry is experiencing a significant Despite what some critics have said, alpha is not becoming Artificial intelligence and other cutting-edge quantitative Whilst good governance has always been important to transformation. In the past customers tended to use impossible to produce. Alpha has, and always will be, the rarest techniques will soon become crucial to the hedge fund industry. investors, different forms of responsible investment are now unconstrained investors such as hedge funds to achieve alpha, form of returns. Purely picking individual securities to gain Both systematic and discretionary hedge fund firms will need to increasingly becoming more widely adopted across the hedge while relying on traditional active and passive fund managers an edge is increasingly difficult, given the wider availability use machine learning (a subset of artificial intelligence) in order fund industry. Today’s investors expect their investments to for beta. This industry model is now being replaced by a new of once-valuable financial information and the fact that to process information and make the best investment decisions reflect their values and to account for long-term environmental range of investment solutions, each tailored to the needs markets are more efficient than in the past decades. Further, possible. Artificial intelligence will be particularly important in risks; hedge fund firms are responding to investor demand. of an increasingly diverse investor universe. Collectively, recent years have witnessed some investment strategies quickly short-term trading: firms operating in this area will likely need While responsible investment can, in some cases, these new solutions constitute a paradigm shift in the hedge delivering returns. Consequently, expectations
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