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The Alternative Investment Management Association’s AIMA Journal The global forum for the global hedge fund industry Cyber security for p34 hedge funds The development of the non-bank finance market p39 Benchmark reform ― for better or worse p47 Shanghai-Hong Kong Stock Connect: Understanding the issues p60 Q4 2014 www.aima.org Number 101 Contents AIMA updates From our members 5 34 Editorial: Making a difference on our Cover story: Cyber security for hedge funds members’ behalf By Matthew Martindale, Director, KPMG By Jack Inglis, CEO, AIMA 7 Q4 AIMA regulatory and tax submissions and summaries 9 Q4 regulatory, tax and policy developments 24 AIMA news in brief 25 Q4 press releases, media coverage and blog posts 28 39 AIMA events and webinars The development of the non-bank finance market in Europe and the opportunity it 77 presents for asset managers By Pat Wall, Partner – International Tax New members of AIMA Structuring, and Colin Farrell, Senior Manager – International Tax Structuring, PwC Dublin 82 Sponsoring Members and Global Partners 41 Mario Draghi, moral suasion and Eurozone banks By Ben Funnell, Portfolio Manager, Man GLG 45 Reporting under EMIR ― what lies ahead? By Ian McLelland, CEO, DTCC Derivatives Repository Ltd 47 Benchmark reform ― for better or worse By Lucy Frew, Financial Regulatory Partner, Kemp Little continued ► AIMA Journal Q4 2014 2 Contents 52 69 Big data’s impact on hedge fund investing Loan origination ― a new frontier for Irish By Heinrich Merz, Deputy Chief Investment investment funds Officer, Permal Group By Shay Lydon, Partner, Matheson 55 72 Putting the JOBS Act to work: New platforms FCA acts on concerns over risky coco bonds for building hedge fund reputation By Robin Henry, Partner, Collyer Bristow LLP By Thomas Walek, President, Peppercomm 74 57 Project Verde ― Impact on asset managers Launching your fund on a proper platform and insurers By Steve Bernstein, Chief Executive Officer, By Jagdev Kenth, Director of Risk and SinoPac Solutions and Services Regulatory Strategy, Financial Institutions Group, Willis 60 Shanghai - Hong Kong Stock Connect: Understanding the issues By Helen Fok, Consultant, Clifford Chance Hong Kong 64 Central bank policy divergence: With new FX trends may come surprises and volatility By Bluford Putnam, Chief Economist, Strategic Intelligence & Analytics, CME Group 66 Why opt-in class actions are likely to change the way asset managers approach group litigation By Paul Baker, Managing Associate, and Gerard Heyes, Supervising Associate, Simmons & Simmons LLP The AIMA Journal is published quarterly by the Alternative Investment Management Association Ltd (AIMA). The views and opinions expressed do not necessarily reflect those of the AIMA Membership. AIMA does not accept responsibility for any statements herein. Reproduction of part or all of the contents of this publication is strictly prohibited, unless prior permission is given by AIMA. © The Alternative Investment Management Association Ltd (AIMA) 2014. All rights reserved. AIMA Journal Q4 2014 3 25% DISCOUNT available until 31 January 2015 The HedgeFund Intelligence European Summit 2015 Incorporating EuroHedge Summit and InvestHedge Forum 28-29 APRIL 2015 PALAIS DE LA BOURSE, PARIS Bringing together the best of both the EuroHedge Summit and the InvestHedge Forum, the HedgeFund Intelligence European Summit will take place on 28-29 April 2015 in Paris. The Summit is the leading alternative investment management event in Europe. The HedgeFund Intelligence European Summit will explore how hedge funds, funds of funds and investors are evolving – within themselves and in their relationships with each other - and will discuss how to exploit the available opportunities as well as how to successfully navigate the challenges in today’s investment landscape. To book your place, please visit www.hfieuropeansummit.com * NB. All registrations are subject to approval by HedgeFund Intelligence. Only end investors (such as sovereign wealth funds, pension funds, endowments and foundations) and CEOs, CIOs and portfolio managers from funds of funds qualify for free places. 2248 Hedgefund A4 Advert.indd 1 12/12/2014 14:51 Address from the CEO EDITORIAL: Making a difference on our members’ behalf By Jack Inglis, CEO, AIMA As the year Industry image draws to a Our evidence-based published research is close, I wanted demonstrating the real value of hedge funds to take this to the economy and to investors, and we are opportunity to gradually altering the embedded misperceptions highlight some of our industry. of the key areas where AIMA is Global influence making a real Each year we create new records for the difference on number of forums we host that help our our members’ members tackle the important issues that behalf: affect their businesses. In addition to the key financial hubs across the US and Europe, these extend from Cayman to Canada, Sydney to AIMA expertise Singapore, Hong Kong & Tokyo. In increasing numbers, our members are directly accessing our strong bench of senior New markets staff for guidance and advice. This year we signed a cooperation agreement with AMAC in China in recognition of the future Policy and regulation importance of inbound and outbound capital Our proactive engagement with policy flows to and from the country and have hosted makers and regulators across the full suite of forums in Shanghai and Beijing. legislation impacting our industry (e.g. AIFMD, UCITS V, MiFID, global derivatives reforms, Member engagement CPO registration, dealing commissions, Member involvement is at all-time highs. The beneficial ownership rules and the Net Stable power of our organisation is the huge input Funding Ratio) continues to secure significant and active engagement of our members on our improvements to initial regulatory proposals. many committees, thus enabling us to quickly get to the heart of what really matters to our Compliance & training members. Delivering value to our members is We are expanding our toolkit of implementation my number one priority and I look forward to guides and increasing the number of hedge continuing our work on our members’ behalf fund manager training programmes for hedge in 2015. fund staff in all three global regions. • 2015 AIMA membership renewal: We have distributed invoices to our main contacts Sound practices at member firms for memberships due for In re sp o ns e to high d e mand, we are signifi cantly renewal as of 1 January 2015. Anyone with extending our library of sound practice guides any questions or requiring a copy of their and DDQs, available only to AIMA members. invoice can contact us at [email protected]. AIMA Journal Q4 2014 5 ENTREPRENEURIAL ASSET MANAGEMENT INSTITUTIONAL FRAMEWORK Man is one of the world’s largest independent alternative investment managers and a leader in liquid, high-alpha1 investment strategies. With our clients’ needs at our core, we offer a comprehensive suite of absolute return and long- only funds through our performance-driven investment engines. We believe that the key to extracting repeatable alpha from capital markets is to provide an institutional framework for our entrepreneurial asset managers to operate in, allowing them to focus solely on alpha generation and research. www.man.com 1. Alpha is widely considered to be a measure of the ‘value added’ by an investment manager. It is therefore regarded as a proxy for manager or strategy skill. Alpha is sometimes described as outperformance of a benchmark or the return generated by an investment independent of the market – what an investment would hypothetically achieve if the market return was zero. Alternative investments can involve signifi cant risks and the value of an investment may go down as well as up. This material is for information purposes only and it is not intended to be a solicitation or invitation to invest. This is proprietary information of Man Investments Limited and its affi liates and may not be reproduced or otherwise disseminated in whole or in part without prior consent from Man Investments Limited. Alternative investments can involve signifi cant risks and the value of an investment may go down as well as up. Past performance is not indicative of future results. For information on Man, its products and services, please refer to man.com and/or contact a qualifi ed fi nancial adviser. This material is communicated by Man Investments Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Germany: To the extent this material is used in Germany, the distributing entity is Man (Europe) AG, which is authorised and regulated by the Liechtenstein Financial Market Authority (FMA). CH/14/0517-P Government and regulatory affairs Q4 AIMA regulatory and tax submissions and summaries Please note that the hyperlinks in this table are restricted to AIMA members — please log in to www.aima.org. DATE AUTHORITY DESCRIPTION 9 December UK Register of people with significant control (PSC register) Department for Business Innovation and Skills 4 December CBI Fund Management Company Effectiveness - Delegate Oversight 3 December ASIC Proposed class order 2 December CFTC Proposed Regulations Concerning Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants 1 December FSB Submission - Cross-Border Recognition of Resolution Actions 28 November HKEx Submission - Concept Paper on Weighted Voting Rights 27 November EC DG Competition’s White Paper Towards more effective EU merger control 24 November Office of the Submission - Prudential
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