Global ARC

Hedge Fund Operations & Investor Alignment- Issues

What currently constitutes best practice hedge fund transparency, fee structures and contractual terms?

Do Asian investors require more transparency than their US and European counterparts? Why is this the case? Have pre-investment disclosure requirements increased post-2008 and what do investors ask from their managers now to get comfortable? How have investors implemented best practice in hedge fund transparency such as the HF Standards Board, Open Protocol and how has this helped? How do investors analyse fee structures components such as return after fees, max percentage of fees, hard dollar cap on fees and what is seen as fair and acceptable? How important are fees now compared to transparency and terms?  What are the hardest terms to negotiate for and how much are investors willing to give up to get them?

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Last Updated on Tuesday, 29 January 2013 18:48

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What currently constitutes best practice hedge fund due diligence?

Are pensions and endowments currently allocating sufficient resources to the operational demands of hedge fund investing? What role can new operational and due diligence systems such as managed accounts and risk management systems play in helping investors assess hedge funds? How can institutional investors best judge the quality of a hedge fund’s internal risk management systems? Investors are being urged to focus more on qualitative factors when judging hedge fund managers; by their very nature qualitative judgements are more difficult to systemise and codify, something which is essential for process driven large institutional investors: how can investors square this circle?

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Last Updated on Tuesday, 29 January 2013 18:48

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Best Practice - Recent developments in hedge fund manager selection practices

In a world where markets and fund managers seem to be so highly correlated, how can institutional investors add value?  Can these investors produce alpha through manager selection, or are they destined to produce returns that roughly match those of the broader hedge fund industry. To what extent do qualitative and quantitative factors play a role in assembling the lowest risk, highest return portfolio?  Has this changed in the past 5 years?

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Last Updated on Tuesday, 29 January 2013 18:48

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Drafting a Bill of Investor Rights.

Many institutional investors were deeply disappointed with what they felt were the trampling of their interests by hedge funds in 2007 and 2008, and loud calls arose to reform hedge fund remuneration structures to better ‘align’ hedge fund and investor interests. However, with the return to slightly more normal market conditions and the resumption of institutional inflows into the industry the volume of these complaints seems to have abated.

Does this reduction in decibelage indicate that investor concerns have been met or does it merely reflect investor resignation to any meaningful change? What role should the larger institutional investors and their representative bodies being playing in this dialogue?

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Last Updated on Tuesday, 29 January 2013 18:48

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Managed Accounts.

Managed accounts continue to grow in popularity amongst institutional investors. By segregating their investments in pockets separate from the main fund the investor not the hedge fund manager retains primary control over the assets. Not only do the managed accounts promise to protect the investors’ assets but they also offer investors the opportunity to customise the composition of their investment rather than having to exactly replicate the hedge fund manager’s wider portfolio. However, in line with their growing popularity has come an increasingly wide range of managed account platforms. This growing choice has left many investors confused as how best to proceed.

Our panel will examine how investors can best select the managed account platform that satisfies their requirements, and how managed accounts products are likely to evolve over the next five years.

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Last Updated on Tuesday, 29 January 2013 18:48

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