DOCSLIB.ORG

Special Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Special Report www.hedgeweek.com special report A Global Fund Media Publication | February 2019 US Hedge Fund Services 2019 Active intelligence Increased volatility AI & robotics for cloud security should favour drive greater US stock pickers efficiency KEY STEPS TO SUCCESS Managing a Start-up or Emerging Hedge Fund in 2019 WEDNESDAY 29 MAY 2019 THE UNIVERSITY CLUB, NEW YORK Hosted by Contact: [email protected] www.globalfundmedia.com GFM-US-HF-Event AD 2019.indd 1 29/01/2019 11:38 CONTENTS In this issue… 04 Higher volatility should favour specialist stock pickers By James Williams, Hedgeweek 11 Time for active managers to prove their worth Interview with Jack Seibald, Cowen Prime Services 14 Standardising digital communication for fund data Interview with Joanna Babelek, HedgePole 17 Applying active intelligence to cloud security Interview with Jed Gardner, Linedata 20 Hedge funds to regain their shine in 2019 Q&A with Frank Napolitani & Jaclyn Greco, EisnerAmper 23 Using AI to better visualise complex data Interview with Mike Megaw, SS&C GlobeOp 25 Make your cloud environment a fortress By Mary Beth Hamilton, Eze Castle Integration 28 Robotics migrates into the desktop Interview with Christine Waldron, U.S. Bank Global Fund Services 30 Standardising the fund administration industry Interview with Robin Bedford, Opus Fund Services 32 Residency of independent directors more important in current market Q&A with Karl O’Reilly, IMS Publisher Published by: Global Fund Media Ltd, 8 St James’s Square, London SW1Y 4JU, UK www.globalfundmedia.com ©Copyright 2019 Global Fund Media Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Investment Warning: The information provided in this publication should not form the sole basis of any investment decision. No investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor. Past performance is no guarantee of future results. The value and income derived from investments can go down as well as up. US HEDGE FUND SERVICES Hedgeweek Special Report Feb 2019 www.hedgeweek.com | 3 OVERVIEW Higher volatility should favour specialist stock pickers By James Williams, Editor in Chief, Hedgeweek The market correction that ripped through Q4 macro factors and was, in many respects, 2018 was perhaps a pre-cursor for increased a necessary event to release valuation volatility this year, and if that is the case, pressure that has been building in US equity active fund managers – especially specialist markets in one of the longest bull market sector-focused stock pickers and short rallies since the Second World War. specialists – could make substantial gains for The question for investors in 2019 is their investors. whether hedge funds can step up and The volatility index (VIX), which some like deliver sustained alpha in a higher volatility to call the ‘fear and greed’ index, spiked environment. above 36 on Christmas Eve while the Some of the most famous managers Dow Jones crashed below 23,000 on 20th continued to shine such as Ray Dalio’s December: a 4,000 point decline from its Bridgewater, whose flagship Pure Alpha October peak. strategy generated 14.6 per cent net of fees, This shake-up was largely driven by as reported by CNBC. D.E. Shaw produced US HEDGE FUND SERVICES Hedgeweek Special Report Feb 2019 www.hedgeweek.com | 4 OVERVIEW similar returns for its Composite Fund, “I do think it’s a good time for returning 11.2 per cent in the year, while another titan of the industry, Renaissance hedge funds. The small and Technologies, saw its RIDGE Fund generate mid-sized space looks really returns north of 10 per cent. attractive. We are allocating These managers are the apex predators, accessible to only the largest institutional to a number of strategies investors and as such represent a tiny including equity long/short, percentage of the overall industry. Not that they all did well. Some funds, event-driven and global macro such as Dan Loeb’s activist-focused Third and I’m positive on 2019.” Point had a challenging year, reportedly Kieran Cavanna, Old Farm Partners down 6 per cent in December alone, according to CNBC. The influence of passive investments, could be another couple of months before whose popularity has skyrocketed since we see those redemptions being met.” the Global Financial Crisis, has created real Kieran Cavanna is the co-founder of Old problems for hedge funds. Those who trade Farm Partners, a New York-based FoHF the markets based on deep fundamental manager that focuses specifically on small research were swept into the vortex in Q4 as and mid-sized managers. Cavanna previously ETFs and other passive products recorded managed the hedge fund selection team at losses. Hedge funds who operate perfectly Soros Fund Management. sound trading strategies designed to He says that while no one can ever know generate uncorrelated returns could not help how the markets will perform, “I do think but be buffeted by index moves. it’s a good time for hedge funds. The small As CNN reported, the S&P 500 was up and mid-sized space looks really attractive. or down more than 1 per cent nine times We are allocating to a number of strategies in December and 64 times for the calendar including equity long/short, event-driven and year. “In all of 2017, that happened only eight global macro and I’m positive on 2019. times,” it reported. “You saw big dislocations in Q4 but risk Hopefully, what this shake-up will do is assets have ripped back up in the last few bring markets back to earth and operate weeks; biotech as a sector is up 11 or 12 per on fundamental principles, rather than be cent alone. Things are more volatile, it could artificially inflated by years of central bank go either way, but I think a lot of managers intervention. who are geared towards volatility and thrive, If it does, this could augur well for come what may, could do very well this specialist hedge funds who operate in the year,” says Cavanna. middle-markets, away from the titans referred In his view, the markets have gotten to above, and allow them to demonstrate distorted because of the market cap- why, in more challenging markets – rather weighting of all the money that has gone in than a one-stop bull market rally – hedge to passive funds and index products. funds can deliver good risk-adjusted returns, “I can’t say whether that will persist or that passive investments simply cannot. end but I do think the flood of passive “Some of the new managers we were money has slowed and many distortions working with in Q4 have now either launched that have been built up could unwind to or are preparing to launch,” comments Jack some degree… I’m not hearing the whole Seibald, Global Co-Head of Cowen Prime ‘Well, I can just buy the S&P 500 for 5 basis Brokerage and Outsourced Trading. “I think points’ argument from investors at all any we will see more funds close this year that more. Nobody knows whether we will enter have long outlasted the patience of their a recession in 2019, how much further bond investors. The downdraft didn’t happen until yields might tighten. I do think selective deep into the fourth quarter. Many funds allocations to specialist active stock pickers have 90-day redemption periods so even if could be on investors’ minds this year,” redemption notices were filed at year-end it he says. US HEDGE FUND SERVICES Hedgeweek Special Report Feb 2019 www.hedgeweek.com | 5 OVERVIEW Seibald notes that the drops in market “A good 80 to 90 per cent values in December were both “precipitous and sustained”. “Yet in the first four or of hedge fund managers five trading days of January, some of our today probably haven’t seen managers were up substantially: a few as a bear market. We’ve been much as 20 per cent. The selling pressure abated and stocks found their footing again,” in a bull market for the past says Seibald. eight years or more. It is “The question is, do investors judge hedge fund managers on interim results a time to be more nimble or the realised value of the investments and thoughtful around they’ve made? It’s the USD64,000 question. trading than it is to be a How patient is the hedge fund allocator community going to be? I saw funds down steadfast investor.” 10, 15 per cent in December alone and John Rende, Copernicus Capital they’ve nearly recovered those losses in Management January. They haven’t reached their high watermarks of three months ago, but they’ve haven’t seen a bear market. We’ve been certainly regained a good percentage of the in a bull market for the past eight years or drawdowns we saw in December.” more. It is a time to be more nimble and Much of the volatility in Q4 was macro- thoughtful around trading than it is to be a driven and linked primarily to fears of what steadfast investor.” the US Federal Reserve would do regarding This nimbleness and dexterity could interest rates and the impact that Chinese benefit smaller hedge funds more than their tariffs could have on the US market. larger, billion dollar peers who do not have “When you have a correction that the capacity to trade opportunistically as aggressive, in terms of the speed and doing so would be too big a signal to others, magnitude of volatility, correlations go up,” causing the markets to move against them.
Load more

Recommended publications
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • Richest Hedge Funds the World's
    THE WORLD’S DR. BROWNSTEIN’S WINNING FORMULA RICHEST PAGE 40 CANYON’S SECRET EMPIRE HEDGE PAGE 56 CASHING IN ON CHAOS FUNDS PAGE 68 February 2011 BLOOMBERG MARKETS 39 100 THE WORLD’S RICHEST HEDGE FUNDS COVER STORIES FOR 20 YEARS, DON BROWNSTEIN TAUGHT philosophy at the University of Kansas. He special- ized in metaphysics, which examines the character of reality itself. ¶ In a photo from his teaching days, he looks like a young Karl Marx, with a bushy black beard and unruly hair. That photo is now a relic standing behind the curved bird’s-eye-maple desk in Brownstein’s corner office in Stamford, Connecticut. Brownstein abandoned academia in 1989 to try to make some money. ¶ The career change paid off. Brownstein is the founder of Structured Portfolio Man- agement LLC, a company managing $2 billion in five partnerships. His flagship fund, the abstrusely named Structured Servicing Holdings LP, returned 50 percent in the first 10 months of 2010, putting him at the top of BLOOMBERG MARKETS’ list of the 100 best-performing hedge CONTINUED ON PAGE 43 DR. BROWNSTEIN’S By ANTHONY EFFINGER and KATHERINE BURTON WINNING PHOTOGRAPH BY BEN BAKER/REDUX FORMULA THE STRUCTURED PORTFOLIO MANAGEMENT FOUNDER MINE S ONCE-SHUNNED MORTGAGE BONDS FOR PROFITS. HIS FLAGSHIP FUND’S 50 PERCENT GAIN PUTS HIM AT THE TOP OF OUR ROSTER OF THE BEST-PERFORMING LARGE HEDGE FUNDS. 40 BLOOMBERG MARKETS February 2011 NO. BEST-PERFORMING 1 LARGE FUNDS Don Brownstein, left, and William Mok Structured Portfolio Management FUND: Structured Servicing Holdings 50% 2010 135% 2009 TOTAL RETURN In BLOOMBERG MARKETS’ first-ever THE 100 TOP- ranking of the top 100 large PERFORMING hedge funds, bets on mortgages, gold, emerging markets and global LARGE HEDGE FUNDS economic trends stand out.
    [Show full text]
  • 2016 | Investment Management Industry Review
    NEW YORK 535 Madison Avenue, 19th Floor New York, NY 10022 +1 212 207 1000 SAN FRANCISCO One Market Street, Spear Tower, Suite 3600 San Francisco, CA 94105 +1 415 293 8426 DENVER 999 Eighteenth Street, Suite 3000 Denver, CO 80202 +1 303 893 2899 MEMBER, FINRA / SIPC SYDNEY Level 2, 9 Castlereagh Street Sydney, NSW, 2000 +61 419 460 509 BERKSHIRE CAPITAL SECURITIES LLC (ARBN 146 206 859) IS A LIMITED LIABILITY COMPANY INCORPORATED IN THE UNITED STATES AND REGISTERED AS A FOREIGN COMPANY IN AUSTRALIA UNDER THE CORPORATIONS ACT 2001. BERKSHIRE CAPITAL IS EXEMPT FROM THE REQUIREMENTS TO HOLD AN AUSTRALIAN FINANCIAL SERVICES LICENCE UNDER THE AUSTRALIAN CORPORATIONS ACT IN RESPECT OF THE FINANCIAL SERVICES IT PROVIDES. BERKSHIRE CAPITAL IS REGULATED BY THE SEC UNDER US LAWS, WHICH DIFFER FROM AUSTRALIAN LAWS. 2016 | INVESTMENT MANAGEMENT INDUSTRY REVIEW LONDON 11 Haymarket, 2nd Floor London, SW1Y 4BP United Kingdom +44 20 7828 2828 BERKSHIRE CAPITAL SECURITIES LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (REGISTRATION NUMBER 188637). www.berkcap.com NEW YORK | SAN FRANCISCO | DENVER | LONDON | SYDNEY About Berkshire Capital Partners Berkshire Capital is an independent, employee-owned investment bank specializing in M&A H. Bruce McEver R. Bruce Cameron Caleb W. Burchenal +1 212 207 1001 +1 212 207 1013 +1 303 893 2899 [email protected] [email protected] [email protected] in the financial services sector. With more completed transactions in this space than any other investment bank, we help clients find successful, long-lasting partnerships. Robert P. Glauerdt Ted J. Gooden Bomy M. Hagopian Founded in 1983, Berkshire Capital is headquartered in New York with partners located in San +44 20 7828 0024 +1 212 207 1043 +1 415 293 8426 Francisco, Philadelphia, Denver, London and Sydney.
    [Show full text]
  • US Mainstream Media Index May 2021.Pdf
    Mainstream Media Top Investors/Donors/Owners Ownership Type Medium Reach # estimated monthly (ranked by audience size) for ranking purposes 1 Wikipedia Google was the biggest funder in 2020 Non Profit Digital Only In July 2020, there were 1,700,000,000 along with Wojcicki Foundation 5B visitors to Wikipedia. (YouTube) Foundation while the largest BBC reports, via donor to its endowment is Arcadia, a Wikipedia, that the site charitable fund of Lisbet Rausing and had on average in 2020, Peter Baldwin. Other major donors 1.7 billion unique visitors include Google.org, Amazon, Musk every month. SimilarWeb Foundation, George Soros, Craig reports over 5B monthly Newmark, Facebook and the late Jim visits for April 2021. Pacha. Wikipedia spends $55M/year on salaries and programs with a total of $112M in expenses in 2020 while all content is user-generated (free). 2 FOX Rupert Murdoch has a controlling Publicly Traded TV/digital site 2.6M in Jan. 2021. 3.6 833,000,000 interest in News Corp. million households – Average weekday prime Rupert Murdoch Executive Chairman, time news audience in News Corp, son Lachlan K. Murdoch, Co- 2020. Website visits in Chairman, News Corp, Executive Dec. 2020: FOX 332M. Chairman & Chief Executive Officer, Fox Source: Adweek and Corporation, Executive Chairman, NOVA Press Gazette. However, Entertainment Group. Fox News is owned unique monthly views by the Fox Corporation, which is owned in are 113M in Dec. 2020. part by the Murdoch Family (39% share). It’s also important to point out that the same person with Fox News ownership, Rupert Murdoch, owns News Corp with the same 39% share, and News Corp owns the New York Post, HarperCollins, and the Wall Street Journal.
    [Show full text]
  • Nomura-Greentech-Gen
    Sustainable Technology and Infrastructure Monthly Market Update // May 2021 Performance of Key Market Indices1 250% 200% 150% 127.3% 100% 43.9% 37.7% 50% 37.6% 0% May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 1 Index Performance May Ending Versus May YTD CY 2020 52 Wk High 52 Wk Low MSCI World Index 1.4% 10.8% 14.1% (0.0%) 38.7% NASDAQ Composite (1.5%) 6.7% 43.6% (2.8%) 44.9% S&P 500 0.5% 11.9% 16.3% (0.7%) 40.0% NASDAQ Clean Edge Green Energy (3.6%) (10.9%) 182.4% (29.1%) 133.2% Denotes Nomura / Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquirer Transaction Description Birdseye Renewable Dominion Energy, a power and energy company, acquired Birdseye Renewable Energy, May 11 Dominion Energy Corporate M&A Energy a utility-scale solar developer, for an undisclosed amount Transactions Resource Innovations, an energy consulting company, acquired Nexant, an energy May 12 Nexant Resource Innovations services and software firm, for an undisclosed amount Date Company Transaction Description Einride, a Sweden-based manufacturer of autonomous trucks, raised $110mm in Series B financing from May 6 Einride Temasek, Soros Fund Management, EQT Ventures, Build Capital Partners, Ericsson Ventures, Maersk Growth, NordicNinja VC, Norrsken VC, Northzone Ventures and Plum Alley Private Company Back Market, a U.S.-based marketplace for renewed electronics goods, raised $335mm in Series D financing Capital Raises May 18 Back Market led by
    [Show full text]
  • Concordia Summit Report Page Header Text
    CONCORDIA THE 2016 CONCORDIA SUMMIT REPORT PAGE HEADER TEXT A LETTER FROM OUR FOUNDERS The 2016 Concordia Summit held on September 19th and 20th at the Grand Hyatt New York was our largest and most ambitious Summit to date, bringing together over 2,000 thought leaders from across sectors. We addressed a range of global challenges through the lens of partnerships. As a convenor, campaigner, and idea incubator, Concordia catalyzes action through shared- value approaches. Concordia not only promotes partnerships - we are actively building them through our Campaign series. At this year’s Summit, we explored partnership-based solutions to issues including labor trafficking, energy, migration, cancer research, food security, gender parity, and more. This report provides insight into the robust discussions held at the 2016 Summit and how Concordia will channel these conversations into concrete action through our Campaigns. It is our hope that key takeaways from the Summit and our work will inspire actors from across sectors to identify new avenues for collaboration. Concordia’s community is united by the common conviction that, together, we are greater than the sum of our parts. Only together can we tackle the challenges that face all of us. Sincerely, Nicholas M. Logothetis Matthew A. Swift Co-Founder and Chairman Co-Founder, Chairman & CEO PAGE HEADER TEXT DAY ONE DAY TWO SEPTEMBER 19 SEPTEMBER 20 Grand Hyatt New York Grand Hyatt New York BY THE NUMBERS FEATURED SPEAKERS Hon. Madeleine Albright 23 Chair, Albright Stonebridge Group; HEADS OF STATE & GOVERNMENT Chairman Of The Board, National Democratic Institute Nicos Anastasiades President, Republic Of Cyprus H.E.
    [Show full text]
  • "Ideas" in Development from George Soros: Power and Influence Through Philanthropy?
    Munich Personal RePEc Archive "Ideas" in Development from George Soros: Power and Influence through Philanthropy? Saab, Samer Johns Hopkins University - SAIS November 2005 Online at https://mpra.ub.uni-muenchen.de/1878/ MPRA Paper No. 1878, posted 23 Feb 2007 UTC “Ideas” in Development from George Soros: Power and Influence through Philanthropy? By Samer Y. Saab Johns Hopkins University School of Advanced International Studies Ideas in Development Prof. Gilbert Khadiagala Fall 2005 Table of Contents I. Soros: Philosopher King or Global Manipulator....................................................................3 1. Life and Times ...........................................................................................................3 2. Business Claims to Fame (Infamy)............................................................................3 3. Philanthropy Network................................................................................................4 4. Influences and Building Blocks .................................................................................7 5. Ideas ...........................................................................................................................8 i. On Globalization........................................................................................9 ii. On Capitalism, Market Fundamentalism, and Financial Markets ...........10 iii. On “Open Society” and Democracy........................................................13 6. Keynes and Soros.....................................................................................................15
    [Show full text]
  • PEI Responsible Investment Forum New York 2019 Preliminary
    co-hosted by: March 5-6 | Convene, 730 Third Ave Preliminary attendee list ACON Investments Clayton Dubilier & Rice InstarAGF Asset NYC Mayor’s Office of Roark Capital Group Management Pension & Investments Adams Street Partners Colonial Consulting The Rockefeller Foundation Institutional Limited Partners Oak Hill Advisors American Industrial Partners Cypress Real Estate Advisors Second Swedish National Association Oak Hill Capital Partners Pension Fund (AP2) Anthesis Group Darby Private Equity Invesco Oaktree Capital Segal Marco Advisors Arcadis Dancap Family Investment Jaguar Growth Partners Management Office Sightway Capital Avista Capital Partners The Jordan Company Office of the New York City Development Capital Sixth Swedish National Aqua Capital Comptroller Strategies Kayne Anderson Capital Pension Fund (AP6) Australis Partners Advisors OPTrust Private Markets EcoVadis Soltiles Avanath Capital Kimmeridge Energy Oregon State Treasury Emerging Energy & Soros Fund Management Management Company Bain Capital Double Impact Environment Investment Pacific Community Ventures Spring Associates Group Kirkland & Ellis The Baupost Group Paine Schwartz Partners Spruceview Capital Partners EnCap Investments KKR Benefit Street Partners Partners Group Star Mountain Capital Episcopal Diocese of Klaff Family Investments Berkshire Partners Paul, Weiss, Rifkind, Wharton Pittsburgh StepStone Group BlackRock Private Equity LAVCA & Garrison ERM Strategic Partners Fund Partners Lexington Partners Pearl Energy Investments Solutions EQT Partners Blackstone
    [Show full text]
  • 100 Women in Hedge Funds Educational Programs
    100 WOMEN IN HEDGE FUNDS 2ND ANNUAL GALA RAISES $2.4 M FOR RIGHT START/INFANT ACADEMY AND THE AFTER SCHOOL CORPORATION/NEW YORK CITY DEPARTMENT OF EDUCATION AFTER SCHOOL PROGRAMS New York, NY, November 20, 2003 – More than $2.4 million was raised for the Right Start/Infant Academy and The After School Corporation (TASC) /New York City Department of Education After School Programs at 100 Women in Hedge Funds 2nd Annual Gala fundraiser. This year’s event netted more than triple the amount raised last year. The black-tie event was held on November 18th at Cipriani on 42nd Street with more than 670 in attendance. “We are extremely grateful to our members and supporters for contributing so generously in the current climate of declining philanthropic contributions,” said Leslie Rahl, Chair of the 100 Women in Hedge Fund Philanthropy Committee and a member of the 100 Women in Hedge Funds Executive Committee. At the event, The 100 Women in Hedge Funds Foundation honored legendary hedge fund investor George Soros and Elaine Crocker, President of Moore Capital. The “100 Women in Hedge Funds’ Effecting Change Award” was presented to George Soros for his contribution to education. Elaine Crocker was presented with the “100 Women in Hedge Funds’ Industry Leadership Award” for her dedicated work as a pioneer in the hedge fund industry. Proceeds from the gala will be donated to two organizations: The Right Start/Infant Academy is a program developed in conjunction with the Robin Hood Foundation, which will focus on early childhood development, by working with children and their parents in under-served neighborhoods.
    [Show full text]
  • Wall Street Money in Washington 2019–2020 Campaign and Lobby Spending by the Financial Sector
    2019–20 March 2021 Election Cycle Wall Street Money in Washington 2019–2020 Campaign and Lobby Spending by the Financial Sector In the 2019–20 election cycle, Wall Street banks and financial services interests reported spending $2.9 billion to influence decision-making in Washington.1 That total – officially reported expenditures on campaign contributions and lobbying – works out to $4 million a day. A total of 591 financial sector companies and trade associations spent at least $500,000 each during this period. In the last election cycle, the financial services industry boosted spending on politics to its highest level ever, a full 50 percent above the previous record of $2 billion in the presidential cycle of 2015-16. The extraordinary amount of cash reflects the industry’s enduring effort to influence policy no matter which party controls Congress and the executive branch. It also reflects, for those Democrats who sought their party’s presidential nomination, an expensive primary process. Wall Street poured money into campaign coffers of both presidential candidates and seems to have made a particular effort to preserve Republican control of the Senate to both lock in pro-industry measures passed during the Trump administration and to forestall reform under President Biden.2 Notably, the contributions from the financial sector3 to organizations making independent expenditures exploded in the 2019-20 cycle, to more than double the level reported in the last presidential cycle. All these contributions flowed before the country began a much-needed debate on corporate money in politics in the wake of the Jan. 6 insurrection at the U.S.
    [Show full text]
  • An Allocators View on Effective Hedge Fund Marketing: Part II
    1 > An Allocator’s View on Effective Hedge Fund Marketing: Part II > www.novus.com An Allocator's View on Effective Hedge Fund Marketing: Part II By Joe Peta & Stan Altshuller What is effective hedge fund marketing? The world of marketing has changed, and it’s critical for managers to rethink how they communicate with investors by taking a moment to see things from the investor’s point of view. Investors today have access to more information than they can effectively consume. They are being bombarded by emails, mar- keting brochures, pitch books, and bold claims from managers competing for their capital. Increasingly, this sort of “push market- >ing” is having less impact on investors who have heard it all before. To be competitive in today’s environment managers need to 2 > An Allocator’s View on Effective Hedge Fund Marketing: Part II differentiate themselves by clearly demonstrating Organizational structure is often highlighted in their value to the investor through data-supported marketing documents but few talk about organi- narrative. zational ‘health’. What is the reason the fund was An increasing number of innovative managers launched? What are your beliefs and guiding prin- have evolved their marketing efforts by tapping ciples? If you are clear on those and you dedicate technology and data analytics to help them time to them in your messaging, you are more quantify the value they deliver. Through the use likely to attract strong, long-term partners who of portfolio intelligence tools, they have gained share your values. >an edge in raising and retaining capital. Demon- The rest of the article will focus on our final strating their skill and highlighting the drivers point – and one we feel is most critical in sep- behind their investment process, these managers arating effective marketing from mediocre.
    [Show full text]
  • 2021 Proxy Statement
    SUNNOVA ENERGY INTERNATIONAL INC. 20 East Greenway Plaza, Suite 540 Houston, Texas 77046 April 8, 2021 Dear Stockholder: You are cordially invited to join us for our 2021 Annual Meeting of Stockholders (the "Annual Meeting") to be held virtually on Wednesday, May 19, 2021 at 9:00 AM, Houston Time, at the principal executive office of Sunnova Energy International Inc., 20 East Greenway Plaza, Houston, Texas 77046. Due to the public health impact of the novel coronavirus outbreak (COVID-19) and to support the health and well-being of our management and stockholders, NOTICE IS HEREBY GIVEN that the Annual Meeting of the Company will be held in a virtual meeting format only. The virtual meeting may be accessed at www.proxydocs.com/NOVA. There is no in-person meeting for you to attend. The Annual Meeting will be held on Wednesday, May 19, 2021 at 9:00 AM, Houston Time. You are entitled to participate in the Annual Meeting if you were a stockholder as of the close of business on March 22, 2021, the record date. To attend the Annual Meeting, you must register in advance, using your control number and other information, at www.proxydocs.com/NOVA prior to the deadline of May 14, 2021 at 5:00 PM Eastern Time. Upon completing your registration, you will receive further instructions via email, including your unique link that will allow you to access the Annual Meeting and vote online during the meeting. You will also be permitted to submit questions at the time of registration. You may ask questions that are confined to matters properly before the Annual Meeting and of general Company concern.
    [Show full text]