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Where Banks Fear to Tread

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Where Banks Fear to Tread The long and the short of it www.hfmweek.com ISSUE 356 9 October 2014 PROTEST IMPACT UNSETTLES HONG KONG HEDGE FUNDS HFMWEEK MEETS Professionals have “wait and see” attitude, says one COO NEWS 03 THE SEC MOORE CAPITAL HIRES SAC’S FORMER LONDON COUNSEL AN EXCLUSIVE INTERVIEW WITH Famida Daniels joins ex-colleagues recruited earlier this year NEWS 05 TOP SEC EXAMINERS ON THE MAIN REGULATORY ISSUES FOR 13-YEAR MORGAN STANLEY VET LEADS LONDON LAUNCH HEDGE FUND MANAGERS Steven Cress wins Trium Capital’s biggest seed ticket so far NEWS 10 FEATURE 19 Ex-Hutchin Hill manager launches WHERE BANKS Decca Capital FEAR TO TREAD BlackRock executive who rose Shahraab Ahmad building to prominence defending the new London-based firm with UK’s hedge fund sector fol- former BlackRock COO lowing the financial crisis in an BY WILL WAINEWRIGHT appearance before the Treasury Select Committee. A FORMER PORTFOLIO The pair met through an inves- manager at Hutchin Hill is tor who was allocated to both starting a new hedge fund in Hutchin Hill and BlackRock. London named Decca Capital Prior to spells there as head of and has hired seasoned opera- alternatives, fundamental equi- tions specialist Doug Shaw as ty COO and head of charities, COO. Shaw worked for Chris Hohn’s HFMWeek has learned that TCI and Gartmore Investment Shahraab Ahmad, who spent Management. five years managing a liquid Decca’s senior team is com- credit strategy for the $2.5bn pleted by Razvan Frumosu, HFMWeek investigates how managers firm, plans to start trading with who will lead business devel- his new firm near the start of opment. He has previously are filling a hole left by the bank next year. worked in various roles for pull-back from traditional lending Ahmad, who left Hutchin Société Générale, JP Morgan Hill in June 2013, is work- and Bank of America. FEATURE 16 ing with Shaw, an eight-year Ahmad has relocated 03 COMMENT MAKE SURE YOU ARE UP TO DATE ON FATCA 14 Does your fund services partner have the AIFMD solution you need? Whether you have your own European management company or need the services of one. If you want a full depositary solution or just a ‘lite’ solution. Regardless of how many EU countries you do business in or how many prime brokers you use. 8FXJMMXPSL`IBSEUPIFMQZPVBDIJFWFZPVSHPBMT developing your customized AIFMD reporting and passporting solutions. We look forward to partnering with you. Contact us at [email protected] or go to www.ubs.com/fundservices Global Custodian Hedge Fund Administration Survey 2014 ROLL OF HONOR 8%6)XQG6HUYLFHV $GPLQVWUDWLRQ6HUYLFHV © UBS 2014. All rights reserved. NEWS If you have a news story for HFMWeek, please email: [email protected] HONG KONG delayed to his knowledge. “There are some drivers that CONTINUED Protest impact unsettles make Singapore more popular FROM PAGE 1 than Hong Kong, such as the life- Hong Kong hedge funds style there and the environment, from New York to London to but I don’t think this movement build Decca and the firm is talk- Professionals have “wait and see” attitude, says one COO will change things. I don’t see an ing to potential investors and Arab Spring-type situation occur- providers ahead of its launch. HEDGE FUND WORKERS IN COO said the unrest, which saw ring – it will only be short-term,” He cut his teeth as a mon- Hong Kong have expressed unease protestors blockade squares and said Alper Ince, a managing direc- ey manager working for JP but don’t expect recent protests main roads in the city centre, was tor at Paamco. Morgan’s credit team before and unrest in the region to have unlikely to damage its status as The protests were sparked by working for Sailfish Capital a seriously adverse impact on its China’s main financial hub. China’s insistence on vetting can- Partners. He joined Hutchin status as a financial hub. “Shanghai and Beijing are not didates before they were cleared Hill, which was founded by for- “We have a wait and see atti- in the right state yet. They do not to stand in Hong Kong elections mer SAC Capital Advisors man- tude,” said Elaine Davis, COO at have the transparency that Hong in 2017. However, the number ager Neil Chriss in 2007. Nine Masts Capital, in reference Kong has,” said the person, speak- of protestors dropped over the Details on fundraising could to recent pro-democracy protests ing on condition of anonymity. weekend. not be obtained. which have divided opinion among “But I think the beneficiary from [email protected] [email protected] sources canvassed by HFMWeek. any trouble will be Singapore.” [email protected] “On the first day of the demon- Singapore is Hong Kong’s main stration we took the precaution of rival for pre-eminence as Asia’s DECURA AND UBS BATTLE IN COURT preparing our business continuity main financial hub and sources plan in [case] the protest escalated said increased turbulence in Hong DECURA GROUP AND UBS faced off in The latest stage in the contest to a level that prevented staff from Kong could see more financial court last week in the latest stage of centred on what evidence would be getting to the office safely,” said workers move to the city-state. their legal tussle over a business deal permissible in court, after UBS filed an Raymond Kwok, COO at Sparx However, a prime broker in the the two parties agreed in 2012. application that certain documents be UBS stands accused by Decura, regarded as irrelevant and not form Asia Investment Advisors, adding region told HFMWeek he was not which has brought the action, of part of the trial, which is expected to that there hasn’t been any disrup- aware of hedge fund managers reneging on its agreement to provide start later this year or early in 2015. tion to their normal working day planning to relocate because of clients for its managed account and The firms declined to comment. since the protest started. the unrest, nor had any planned algorithmic trading businesses. [email protected] Another Hong Kong-based launches or investments been IN THIS nlike the US, European tax relief from stamp duty. launch activity has been One obvious line of defence is the ISSUE pretty static this year with role hedge funds have taken on in Uuncertainty around the lending to businesses that the tradi- FUND MANAGER INDEX introduction of the AIFMD casting a tional banks can no longer service shadow across the region. due to new regulatory constraints. Atticus Capital 5 Balyasny Asset Management 6 But with the directive now in- In this issue we take a closer look Bell Rock Capital Management 6 force, a decent number of managers at some of the opportunities hedge BlackRock 1 EDITOR’S we’ve spoken to have been readying funds are eyeing as banks move away Bremner Capital 5 launches for the start of next year to from anything but “cookie cutter” Broadmeadow Capital 9 VIEW Caxton Associates 6 ensure they will have full-year trad- lending (p.16-17). BY PAUL McMILLAN Columbia Mgmt Investment Advisors 7 ing histories. Asset-backed finance, P2P lend- Cress Capital Management 10 We report this week on one such ing, bridging loans and niche areas Decca Capital 1 [email protected] launch, Decca Capital, which will see such as invoice factoring were all EIM 5 @mcmillan_paul former Hutchin Hill portfolio man- highlighted as popular options in Gartmore Investment Management 1 p.5 Good Harbor Financial 9 ager Shahraab Ahmad move from this week’s reader survey ( ). Gottex 8 New York to London to lead the firm HFMWeek was also at the SEC’s Graham Capital 8, 10 and ex-Blackrock executive Doug offices in Washington last week to Hitchwood Capital 8 Shaw take on the COO role (p.1). interview senior staff at the Office Hutchin Hill 1,3 Investcorp 7 Shaw will be well known to of Compliance Inspections and Kings Peak Asset Management 11 many readers for his strong defence Examinations about their current Lodestar Capital Group 5 of the hedge fund sector at a UK outlook for the sector (p.19). Meditor Capital 6 Parliamentary hearing following the Although the pair were tight- Metacapital Management 11 2008 financial crisis. lipped around current investigations Moore Capital Management 5, 6 Nine Masts Capital 3 It is a role he may need to reprise into cyber security and liquid alter- Pershing Square Capital Management 11 if the Labour Party gains power at natives (for now), they offered some QSI 10 next year’s general election given its useful guidance on the type of things Rasini Fairway Capital 6 stated objective of hammering the the regulator is looking out for as Sparx Asia Investment Advisors 3 hedge fund sector through new poli- well as its top supervisory priori- Stenham Asset Management 8 Signet 8 cies such as scrapping intermediary ties. Q TCI 1 Winton Capital Management 8 York Capital Management 6 9-15 OCT 2014 HFMWEEK.COM 3 INDEX PERFORMANCE 8 Sep - 6 Oct 2014 (%) YTD RETURNS SOURCE: HSBC ALTERNATIVE INVESTMENT GROUP FTSE 100 NASDAQ S&P500 HFR INDEX HEDGE FUNDS 1.5 LOWS Pharo Gaia Merchant Commodity 1.0 & Fund Fund 0.5 0.0 HIGH 32.17% 32.14% HIGHS BENCHMARKS -0.5 -1.0 CC Asia Absolute Mellon Offshore Alpha -1.5 Return Fund Access Fund -2.0 08/09 10/09 12/09 16/09 18/09 22/09 24/09 26/09 30/09 02/10 06/10 MARKET MONITOR LOW -21.25% -15.81% PAGE SOUTH AFRICA HEDGE FUNDS South Africa-based hedge funds managed assets of more than R53.6bn ($4.8bn) as of 30 June, a 27% increase on the R42.2bn ($3.7bn) managed the previous year, according to research from Novare Investments.
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