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Alternative Investments in Finland a Closer Look at the Nordics Smallest Hedge Fund Market - May 2016 - May 2016

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Alternative Investments in Finland a Closer Look at the Nordics Smallest Hedge Fund Market - May 2016 - May 2016 May 2016 PROMOTION. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR PUBLIC DISTRIBUTION Corporate Governance What makes Finland and other Nordic markets so att racti ve Finnish Hedge Funds Introducing key players of the Finnish Hedge Fund Universe VARMA Punching above its weight in Hedge Fund Allocati on Challenges Facing the Finnish Economy Alternative Investments in Finland A Closer look at the Nordics smallest Hedge Fund Market www.hedgenordic.com - May 2016 www.hedgenordic.com - May 2016 Contents INTRODUCTION HedgeNordic is the leading media covering the Nordic alternati ve investment and hedge fund universe. A PANORAMIC VIEW COMMODITY VARMA The website brings daily news, research, OF CHALLENGES FACING THE FINNISH ECONOMy INVESTMENTS IN PUNCHING ABOVE ITS WEIGHT IN HEDGE FUND ALLOCATION analysis and background that is relevant FINLAND to Nordic hedge fund professionals and those who take an interest in the region. HedgeNordic publishes monthly, quarterly and annual reports on recent developments in her core market as well as special, indepth reports on “hot topics”. HedgeNordic also calculates and publishes the Nordic Hedge Index (NHX) and is host to the Nordic Hedge Award and organizes round tables and seminars for investment professionals. Upcoming Industry & Special Reports: 08 28 June 2016: HedgeNordic Industry Report IMPROVING NET RETURNS NEW FUND LAUNCH: CORPORATE GOVERNANCE IN CHALLENGED TIMES GRAMONT CAPITAL IN FINLAND AND THE NORDIC June 2016: REGION Alternati ve Fixed Income Strategies September 2016: ESG / SRI in the alternati ve space 36 22 44 with Interview Jarkko Martilainen Varma Director Hedgefuds, 15 Contact: Nordic Business Media AB ALTERNATIVE BOX 7285 NOKIA Improving Net Returns The Editor – My opening lines... New Fund Launch: Gramont Capital INVESTMENT FUND SE-103 89 Stockholm, Sweden FINLAND´S SACRED 4 22 36 in Challenged Times PHONEHEDGE Corporate Number: 556838-6170 VAT Number: SE-556838617001 Hedge funds in Finland– The Art of uti lizing Science Nokia – Finland’s sacred Phonehenge Finnish insti tuti ons adds to Hedge Fund 24 in Asset Management 41 6 exposure but largely ignore home market Direct: +46 (0) 8 5333 8688 Mobile: +46 (0) 706566688 Insurance-linked securiti es Corporate Governance – A panoramic view of Challenges facing Growing investor demand 44 in Finland and the Nordic Region Email: [email protected] 8 the Finnish Economy 26 for insurance risk exposure 12 www.hedgenordic.com Alternati ve Investment fund Commodity Investments in Finland 12 Regulati on in Finland 28 A FINNISH INVESTOR’S THE FINNISH -Selected Issues- PERSPECTIVE ON ASIAN REAL ESTATE MARKET Picture Index: 2jenn– shutt erstock.com, Syaheir Azizan – Passion Palett e of a CTA Pioneer HEDGE FUNDS shutt erstock.com, tlegend – shutt erstock.com, Aleksandar Varma punching above its weight 31 Mijatovic – shutt erstock.com, docstockmedia – shutt er- in hedge fund allocati on stock.com, Iakov Kalinin – shutt erstock.com, isak55 – 15 shutt erstock.com, Mikael Damkier – shutt erstock.com, Oleksiy Mark– shutt erstock.com, esfera – shutt erstock. The Finnish real estate Market A Finnish investor’s perspecti ve com, urbanbuzz – shutt erstock.com, Tashatuvango – 34 shutt erstock.com, Vasilev Evgenii – shutt erstock.com, 18 on Asian hedge funds Pinkyone – shutt erstock.com, mtrommer – Fotolia.de, 41 18 34 fl yfi sher – Fotolia.de PAGE PAGE 2 3 www.hedgenordic.com - May 2016 www.hedgenordic.com - May 2016 Economy with many strengths and • World Economic Forum – Global Competitiveness Index distinctive culture and traditions 2014 rank: 4/144 Besides local strong IT know-how that supports operational • World Economic Forum – Sustainability adjusted GCI efficiency, Finland has a strong democratic tradition with Index 2014 rank: 3/113 many products and services designed especially for the main population - the most known phenomena of which • World Economic Forum – Global Gender Gap Index are the minimalist and functional Nordic design goods. 2014: 2/142 Strong rule of law, as Finland is ranked at 4th place on the • The Fund for Peace – Fragile States Index 2014 rank: index, is also especially favorable for investor protection. 1/178 Nordic asset managers have a high percentage number of signatories with the United Nations Principles of • The Cato Institute – Human Freedom Index 2012 rank: Responsible Investing (UNPRI). The large institutional 3/152 investors in this region have taken an active lead in promoting it and requesting their invested asset managers • Martin Prosperity Institute – Global Creativity Index to sign up to these principles. Responsible investing is still 2011 rank: 3/82 an item that continues to be defined and measured by many market participants. Despite all this, the feeling is, as Monty Python famously put it, “Finland, Finland, you ́re so sadly neglected.” And we HedgeNordic Project Team: Glenn Leaper, Pirkko Juntunen, Jonathan Furelid, Tatja Karkkainen, Kamran Ghalitschi, Jonas Wäingelin Another notable area where there has been world-leading must admit, even as a publication focusing on the Nordic progress is Gender equality. Finland ranks second on the Hedge Fund and alternative investment space, we may Global Gender Gap index and is globally known for its not yet have given the market the attention it deserves. progressive gender equality. Finland has strong traditions in In this special report on the Finnish alternative investment this respect, it was the first country in Europe to introduce universe we want to make up for it by playing our part to The Editor voting rights to women. Nevertheless, there is still an put Finland on the map! On why we decided to do a special report on Finland... uneven gender ratio in asset management even in Finland. The publication shall not just focus on the hedge fund Gender equality issues are relevant to the company culture space, introducing local managers and allocators alike, as With only 15 funds out of the 154 constituents of the Finnish institutional investors are well-experienced, and whole the financial services sector. For example, if well as foreign players active on the market. Much more, Nordic Hedge Index (NHX) being classified as Finnish, sophisticated and eager allocators to alternative investments. a system appears unfair to its participants, it adds more the report shall act as a one stop shop and give the Finnish Finland represents the smallest group of managers in the For a long time a quick trip to Helsinki has been an insider uncertainty and short termist thinking. The financial sector alternative investment space an opportunity to present country breakdown of the Nordic Hedge Fund Universe tip among eager sales people looking for big tickets - but as a whole does employ a large number of women, but themselves as a whole. (disregarding Iceland, which has no managers or funds the word is out! Especially the large Finnish institutions are still the asset management sub-sector seems to attract a listed in the NHX). The quantity, however, tells us little regularly pursued as much appreciated investors. Finnish disproportionately low amount of women. Enjoy the HedgeNordic Special Report on the Finnish about the quality of the managers and the outstanding mangers however, find it harder to attract due-diligence, Alternative Investment Space! talent active in numerous fields of the hedge fund space. research and investment teams for an on-site visit as the country is out of the travel path of the main financial centers. Indices that underline strong Finnish economic and business environment: Finland has much to offer The fund management industry is relatively nascent in Finland, which makes it less prone to path dependencies • Reporters Without Borders - World Press Freedom for those looking for long- and more open to new innovative approaches and Index 2016 rank: 1/180 term business relationships practices. Due to the nature of Finnish regulation many hedge funds are open for retail investors and not only for • Transparency International – Corruption Perceptions based on mutual trust institutions. The economy also ranks high, at second place, Index 2015 rank: 2/168 on the global anti-corruption index. • World Justice Project – Rule of Law Index 2015 rank: 4/102 Aside from hedge fund managers, there is a wealth of Finland has much to offer those who are looking for local players active in the alternative investment universe, partners for long-term business relationships based on • European Patent office – European patent applications Kamran G. Ghalitschi ranging from real estate to private equity and venturecapital, mutual trust, in a stable business environment enhanced per capital 2015: 4/50 CEO / Publisher HedgeNordic alongside even more exotic investment propositions. by cutting-edge technology. PAGE PAGE 4 5 www.hedgenordic.com - May 2016 www.hedgenordic.com - May 2016 programs were active as of April 2016, out of these 14, 4 were HEDGE FUNDS IN FINLAND from Estlander & Partners. In 2008 the total number of Finnish Finnish institutions adds to hedge fund exposure but largely ignore home market hedge funds stood at 18. The fact that Finnish institutions By Jonathan Furelid – HedgeNordic look abroad to find investment opportunities is likely to apply to Finnish institutional investors are among the most active when it comes to hedge fund investments, hedge funds as well as to other however the lack of local options has made institutions focus on foreign funds rather than adhering to asset classes given the limited the ”home bias” often present when sourcing
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