Third Party Marketing Ban | State Agencies

Third Party Marketing Ban


Third Party Marketing Ban | State AgenciesLately several state agencies have looked into and taken steps to ban the use of third party marketing firms presenting potential investment managers to them, this is because of the recent controversies surrounding politically connected kickbacks on investments made through these third party organizations. While this is a black mark for the third party marketing industry I do not see this as hurting business at all for the industry, I believe that third party marketing will continue to rapidly grow over the next 5-7 years as firms further evolve and focus more and more on the their competitive advantage which is usually their risk management and portfolio management techniques. Here is an excerpt one of the state agency third party marketing ban cases:
A state agency is banning the use of third-party marketing agents by firms trying to obtain investments from New Mexico’s $11 billion permanent funds.

The State Investment Council also voted Tuesday to ban certain campaign contributions by investment firms that have contracts with the agency. The contribution restrictions will apply to the firms as well as their principals, employees and their family members. source
Here is a public response from a third party marketing association on this matter:

The New York State Common Retirement Fund’s ban on the involvement of marketing intermediaries from the investment manager selection process and New York Attorney General Andrew M. Cuomo’s public pension code of conduct will have the unintended result of making marketing and sales practices less transparent and much more difficult to monitor. The restrictions will also serve to limit the ability of smaller and new firms to market to institutional investors as well as limiting worthwhile investment opportunities for pension funds.

Let us be clear: The Third Party Marketers Association’s members firmly support the concept of a code of conduct that governs the decision-making process of public and private investment plans and that leads to the disclosure of any and all conflicts of interest. What we are against is the widespread banning of third-party marketers, who operate in an ethical and professional manner and according to the rules and regulations now in place. source
This article was originally published on Third Party Marketing.com.

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Tags: ban on third party marketers, third party marketing ban, third party marketing, third party marketers, 3pm ban, ban on independent investment marketers, hedge fund, hedge funds
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Single Family Offices Losing Ground

Single Family Offices Losing Ground


As a follow up to a post we put out a few weeks ago, here is some more evidence that multi-family offices may still be growing as some wealth management operations and single family offices struggle:

Citing a collapsing investment market and increased demands from family members, many single-family offices are worried about keeping their doors open, saying that “sustainability” is the biggest challenge they face.

That was a key finding from the “Single-Family Office Study" released last month by Family Wealth Alliance LLC of Wheaton, Ill.

“For single-family offices, assets are down and expenses are up,” said Thomas Livergood, chief executive of Family Wealth Alliance.

“When things are hunky-dory, as they've been for the past few years, nothing is questioned,” he said. “When things start going wrong, everything is questioned.”

Many single-family offices “will need to change,” Mr. Livergood said. source

To learn more about family office wealth management firms please visit FamilyOfficesGroup.com.

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New Hedge Fund Regulations in Connecticut

New Fund Regulations in Connecticut


New Hedge Fund Regulations in ConnecticutHalf a dozen professionals today sent me the news stories on the new hedge fund regulations being put into place in Connecticut. The good news - they don't appear to be extreme and they won't affect many managers who are already registered with the SEC. While many managers don't want to increase costs of compliance I think almost every manager would like to see tools put into place to raise investor confidence in the industry.

Here are some article excerpts discussing these new regulations:

Prompted by the Bernard Madoff investment scandal and other financial failures, Democratic senators called Tuesday for Connecticut to become the first state in the nation to require more disclosure and transparency for hedge funds, private-equity firms, and venture capitalists.

Led by Senator Bob Duff of Norwalk, senators said the move was necessary in order to protect consumers and investors. The bill, which is supported by the Managed Fund Association, states that any firm that is not registered with the Securities and Exchange Commission must still abide by the SEC rules that state that material conflicts of interest must be disclosed to the investors.

"We're not changing the rules. These are the rules the SEC has,'' said Duff, who has been pushing for legislation for three years.

Hedge funds are sparsely regulated pools of money that belong to highly wealth individuals, who generally must put a minimum of $1 million into the fund. Many hedge funds are involved in risky investments and many have closed or are closing because of the collapse on Wall Street that started last September with the implosion of Lehman Brothers. source

We are looking forward to seeing all the hedge funds move to Nevada. Actually, when you think about it, the convenience factor alone is reason enough to make the move. A lack of proximity to Washington is also a major point for the trip West. source

For more information on hedge fund regulations and compliance please see our Hedge Fund Regulation Corner.

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Pequot Capital & Arthur Samberg | Hedge Fund Tracker

Pequot Capital & Arthur Samberg


One thing has been made very clear over the past 18 months, in the United States if you are accused, publicly suspected or charged with insider trading or fraud you are done. On the one hand this may serve well in scaring off some bad apples who may otherwise operate within more gray waters but it also hurts business in the fund management industry and destroys individual businesses as well. Below is a short article excerpt on Pequot Capital:
Arthur Samberg, among the best-known hedge-fund managers, is closing down his firm amid an ongoing investigation into possible insider trading.

"Public disclosures about the continuing investigation have cast a cloud over the firm and have become a source of personal distraction," Mr. Samberg wrote in a letter that was sent to investors of his Pequot Capital Management Inc source

To read our Hedge Fund Tracker Profile on Pequot please see this link: Pequot Capital Management Hedge Fund Profile.

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Prime Brokers Hiring More Staff

Prime Brokerage Firms Hiring


Prime Brokerage Firms HiringHere is a short article excerpt on how banks have once again begin to expand their prime brokerage operations. I personally have not heard of any hiring sprees by prime brokerage departments or mini primes over the last two months, but I do know that with a wealth of experienced prime brokerage professionals in NYC without bonuses or sometimes employment that sevearl prime brokers are being opportunistic and bringing the best professionals they can find in house. Here is the article excerpt:

During the bleakest days of last October–November, few banks were touting their prime brokerage operations. Hedge fund liquidity dried up, banks lost appetite to lend to these institutions, and prime brokerages were backed into a corner. However, this business is making a comeback and banks are starting to rehire, as Hugh Chow reports.

A hiring drive by Barclays Capital and Bank of America Merrill Lynch is highlighting the ambitions of smaller players in the opaque world of Asian prime brokerage, an industry that seemed to be on the ropes after the collapse of Lehman Brothers late last year.

Barcap is looking for a head of prime services Asia-Pacific, after advanced negotiations with ex-UBS banker, Matt Pecot, fell through at the 11th hour last week. The firm's prime services division includes a prime brokerage – the business of lending and providing other trading-related services to hedge funds.

Meanwhile an internal announcement on May 18 by BoA Merrill heralded the appointment of former Tremont Capital Management and Morgan Stanley man James Fallon as a director on the Asia-Pacific financing sales team. Fallon's job will be to drive the business of lending to hedge fund clients in this region. source

This article was first published on Prime Brokerage Guide.com.

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Credit Default Swaps Definition & Explanation Video

Credit Default Swaps Definition

Here is a short video on Credit Default Swaps and how hedge funds sometimes position their portfolios to profit based on positive or negative movements within the markets.


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Hedge Fund & Bank Discussion Video

Hedge Fund & Bank Discussion Video

This video talks about the futures of hedge funds, regulation, and the stability of banks in the US vs. Europe.


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Hedge Fund Investments & Risks | Video

Hedge Fund Investments & Risks

Below is a short video on hedge fund investments, current market risks and how hedge funds have been involved within the recent crisis. This video discusses the blame placed on hedge funds, the importance of trust in the industry right now and whether fund of hedge funds are going to continue to exist within their traditional form. If you are reading this article through our daily email newsletter and would like to watch the embedded video on our website please click here.



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Hedge Fund Startup Event - Manager Needed

Hedge Fund Startup Event


We are putting together a panel for a hedge fund startup up event scheduled for June 18th, 2009. We are looking for a hedge fund manager who would like to be on a panel sharing startup stories with other small hedge fund managers. We are looking for tips on forming a fund, raising capital, hiring talent and wearing multiple hats while running a hedge fund business.

If you are a hedge fund with less than a 5 year track record and under $100M in assets under management please email me directly at Richard@HedgeFundgroup.org.


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Hedge Fund Tracker Updates

Hedge Fund Tracker Updates


Our team has recently updated the Hedge Fund Tracker profiles on the following funds:

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Hedge Fund Inflows of over $15B in April

Hedge Fund Inflows


Below is a short article from Bloomberg on the level of hedge fund asset inflows for April, the highest seen in 9 months now:

Hedge funds attracted $15.4 billion in April, the biggest inflow in nine months, as managers had their best performance in more than three years on surging global stock prices, according to Eurekahedge Pte.

Gross inflows to the industry were the largest since August, based on preliminary estimates, according to Ankur Samtaney, an analyst at the Singapore-based research firm. The Eurekahedge Hedge Fund Index, tracking more than 2,000 funds globally, gained 3 percent in April, bringing its year-to-date advance to 3.9 percent, based on 70 percent of the funds reporting, the firm said in a report.

Hedge funds benefited as global stocks surged 11 percent in April, as measured by the MSCI World Index of shares in 23 developed nations. Fund managers are beating global benchmarks in 2009 after suffering the worst year on record in 2008. source

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Asset Based Lending & Loans | ABL Hedge Funds

Asset Based Lending & Loans

Here is a short video on Asset Based Lending and a high level overview of how asset based loans are evaluated and made. While some ABL funds have been doing well lately relatively few HNW investors are familiar with how they operate and what types of risks are involved within such funds. If you are viewing this article through our daily email newsletter please click here to watched the embedded video below.



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Investing in Diamonds as an Alternative Investment

Investing in Diamonds

Here is a short video on investing in diamonds as an alternative investment. To view this video through your email inbox please click here.


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Information Technology Support & Management Services

Information Technology Services

Below please find a listing of firms which specialize in providing information technology services to hedge funds and investment firms.

Empaxis is a leader in providing middle and back-office outsourcing and reconciliation services for asset managers and hedge funds across North America, Europe and Asia. With over $30 billion in AUA and growing, Empaxis provides its clients with a robust, highly flexible back-office processing and support service that can be tailored to fit each client’s unique business vision while ensuring scalability and cost efficiency.

Contact:


Stephen Van de Wetering

Empaxis Data Management, LLC

840 Apollo Street, Suite 206 

El Segundo, CA 90245

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Barrons' Top 100 Hedge Funds

Barrons' Top 100 Hedge Funds


Hedge Fund Name & Strategy
  1. Paulson Advantage Plus | Event Driven
  2. Balestra Capital Partners | Global Macro
  3. Vision Opportunity Capital | Relative Value
  4. Paulson Enhanced | Merger Arbitrage
  5. Quality Capital Mgmt - Global Diversified | Global Diversified
  6. Altis Global Futures Portfolio - Composite | Managed Futures
  7. Belvedere Futures Strategy | Managed Futures
  8. Pivot Global Value | Global Macro
  9. RG Niederhoffer Diversified (Offshore) Class B | Global Macro
  10. Horseman Global | Equity Long/Short
  11. SCP Sakonnet | Equity Long/Short
  12. Global Trading Strategies | Global Macro
  13. Element Capital Master | Global Fixed Income
  14. Friedberg Global Macro Hedge | Global Macro
  15. Platinum Partners Value Arbitrage | Multi-Strategy
  16. Touradji Global Resources | Global Macro/Commodities
  17. SAC Capital Int’l | Equity Long/Short
  18. SMN Diversified Futures | Managed Futures
  19. Harbinger Capital Partners Offshore | Event/Distressed
  20. Willowbridge Associates Argo | Managed Futures
  21. Oculus | Multi-Strategy
  22. RG Niederhoffer Negative Correlation | Global Macro
  23. Amplitude Dynamic Trading | Managed Futures
  24. Passport II - Global | Equity Long/Short
  25. Hyman Beck Global Portfolio | Managed Futures
  26. Titan Return Class AR | Volatility Arbitrage
  27. Transtrend DTP - Enhanced Risk (USD) | Managed Futures
  28. Odey European (USD) | Equity Long/Short
  29. MaxQ Fund (USD) | Global Macro
  30. Man AHL Diversified | Managed Futures
  31. NuWave Combined Futures Portfolio (2X) | Managed Futures
  32. Graham Capital K4 | Global Macro
  33. Moore Global | Global Macro
  34. Winton Diversified Futures | Managed Futures
  35. Peninsula Tactical Macro Strategy | Global Macro
  36. Banyan Capital | Global Macro
  37. Brevan Howard MasterFund Class A (USD) | Global Macro
  38. Abraham Trading | Managed Futures
  39. Millburn Multi-Markets Program | Managed Futures
  40. Eagle Global | Global Macro
  41. Tewksbury | Managed Futures
  42. MKP Opportunity | Fixed Income Arbitrage
  43. Welton Global Directional Portfolio | Managed Futures
  44. Eclipse Capital Mgmt - Global Monetary Program | Managed Futures
  45. 5Atlas Global (Unrestricted) | Multi-Strategy
  46. Quantum Endowment | Multi-Strategy
  47. GMO Tactical Opportunities | Equity Long/Short
  48. AJW Offshore II | Long Only Equity
  49. Sprott Offshore (USD) | Equity Long/Short
  50. Eckhardt Trading (Standard) | Managed Futures
  51. Millburn Diversified | Managed Futures
  52. QFS Global Macro | Global Macro
  53. Tell | Global Macro
  54. Aspect Diversified (USD) | Managed Futures
  55. Capula Global Relative Value | Global Fixed Income
  56. GMO Mean Reversion | Global Macro
  57. Quantitative Global | Managed Futures
  58. Elliott Mgmt | Multi-Strategy
  59. Aviva G7 Fixed Income (Tranche 1 - GBP) | Fixed Income Arbitrage
  60. Brookdale Int’l | Equity Market Neutral
  61. DigiLog Capital Full Portfolio | Managed Futures
  62. Sunrise Capital Expanded Diversified | Managed Futures
  63. Stratus Fund 2X | Multi-Strategy
  64. Owl Creek II LP | Event Driven Value
  65. Crabel Capital Multi-Product | Multi-Strategy
  66. EMF Fixed Income | Fixed Income Arbitrage
  67. Trafalgar Catalyst Series B (USD) | Event Driven
  68. King Street Capital | Distressed Securities
  69. Libra | Equity Long/Short
  70. Argonaut Global Macro | Global Macro
  71. AM Master III | Volatility Strategy
  72. Cazenove Euro Equity Absolute Return Class A (Euro) | Equity Long/Short
  73. Sola | Credit Long/Short
  74. YA Off-Shore Global | Equity Long/Short
  75. Prologue (Master Fund) | Global Fixed Income
  76. Halcyon Off-Shore Asset-Backed Value | Distressed Asset-Backed Securities
  77. Boronia Diversified | Managed Futures
  78. Discovery Global Opportunity | Global Multi Asset
  79. Stillwater Asset Backed Offshore | Asset-Based Lending
  80. New Castle Market Neutral Master | Equity Market Neutral
  81. Restoration Offshore | Distressed Securities
  82. Brownstone Partners Catalyst Master | Distressed Credit
  83. Criterion Capital Partners | Equity Long/Short
  84. HT Asian Catalyst | Asian Emerging Markets
  85. Galleon Buccaneers | US Equity Long/Short
  86. Pershing Square Int’l | Equity Long/Short
  87. Rotella Polaris (Diversified) | Managed Futures
  88. MKP Credit | Structured Credit
  89. Cura Fixed Income Arbitrage Master | Fixed-Income Arbitrage
  90. Chesapeake Capital (Diversified Program) | Managed Futures
  91. Torrey Pines | Equity Long/Short
  92. Sandler Associates | Equity Long/Short
  93. Castle Creek Arbitrage | Convertible Arbitrage
  94. Caxton Global | Global Macro
  95. Galleon Int’l | Multi-Strategy
  96. York Credit Opportunities | Distressed Securities
  97. Galtere Int’l Master | Global Macro
  98. Wharton Asian Arbitrage | Arbitrage
  99. Ascend Partners II | Equity Long/Short
  100. Tiedemann Falconer Partners | Equity Long/Short
For the full list please click here.

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Government Bailout of Investment Banks Not Hedge Funds

Government Bailout of Banks

Here is a video on the future of hedge funds. This video discussion with Suzanne Murphy and Mark Daniel confirms that while hedge funds had a tough year last year they are doing well this year. She also confirms what I commonly stress here that perhaps hedge funds making money in every market condition is a misconception, hedge funds have still preserved capital better than the broad markets have over the past few years. The video discusses how asset flows in the industry are stabilizing and many groups are beginning to allocate new capital to hedge funds.

This video also discusses how new hedge fund regulations will be coming into place, the question is can the hedge fund regulators effectively regulate.

The greatest quote of this video: "hedge funds were not the cause of this financial crisis. The hedge funds are not being bailed out here, investment banks and car companies are." If you are viewing this article through our daily email newsletter please click here to watch the embedded video now.












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The Direct Funding Preservation Alliance

Direct Funding Preservation Alliance


The Direct Funding Preservation AllianceA new trade group was recently formed to help improve the public and industry image of PIPE investments. This is needed, I have heard many professionals say that this is one of the 3-5 types of hedge fund strategies that they do not want to touch within their portfolio. Here is short article excerpt on this development:
Companies that make private investments in public equities, also known as PIPE investments, have formed a trade group to educate the public about what they do.

The Direct Funding Preservation Alliance will attempt to squelch misconceptions of PIPE investors, who have been criticized as predatory investors who take advantage of companies desperate for money. Membership will include PIPE investors and industry vendors, organizers say.

Even within the publicly maligned hedge-fund industry, PIPE funds have been looked at by some as a seedy back-alley ... source

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Family Office Assets Growing

Family Office Assets Growing


Family Office Assets GrowingBelow is an excerpt from an article discussing another recent survey pointing to the growing trend for HNW individuals and families to have their assets managed by a family office instead of a traditional financial planner or wealth management firm:

High-net-worth investors are moving their money to multifamily offices, according to a new study that will be released Monday by New York-based accounting and financial services firm Rothstein Kass.

Fully 40% of wealthy investors who moved money this year said they had chosen a family office as their new provider, according to the study, "The Multifamily Office Solution."

High-net-worth families are “gravitating to the family office model because of the holistic approach to wealth management and personalized attention that they can provide,”

This article was originally published on Family Offices Group.com.

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Family Office Growth During Recession

Family Office Growth


Family Office Growth During RecessionMany business dinners over the past 18 months have revolved around the topic of "what does well during a deep recession or depression?" Here is a recent article about how family offices
have benefited from the events within the financial sector over the past few years:

Tumbling markets and redemption waves have been murder on hedge funds, but the turmoil will free up top-tier talent for a quiet but well-heeled corner of the market: family offices.

The world's wealthiest, not content to hand their fortunes to brokers and banks, can afford to build their own money management businesses. These offices, which would never be considered by top fund managers during the go-go years, suddenly look attractive thanks to their stable capital and long-term investment horizon.

"You follow the money. Right now that is leading people to family offices," said Greg Coules, a former hedge fund manager...source


This article was first published by the Family Offices Group on FamilyOfficesGroup.com.

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Hedge Fund Investors Moving Back Into Hedge Funds

Hedge Fund Investors

Hedge Fund Investors Moving Back Into Hedge FundsWhile hedge fund have been hit with redemption notices and industry fraud I believe that many are doing very well right now and hundreds more are being launched each quarter. Below is a short excerpt from a recent Economist article:
...A recent survey of most of the world’s big hedge fund investors, by Goldman Sachs, suggests that clients remain surprisingly happy. Only 15% of their assets are subject to “gates” that stop them withdrawing money, suggesting there is little pent-up demand for further redemptions. Indeed, recent comments by several big managers indicate money is flowing back into their funds now. And, according to the survey, clients think funds of funds will continue to supply just over half of hedge-fund assets under management. source

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April 2009 Hedge Fund Performance Video

April 2009 Hedge Fund Performance

Here a recent video on hedge fund performance in April 2009. If you are viewing this through our email newsletter please click here to see the embedded video below.



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Regulations in Bermuda

Regulations in Bermuda


Below is an article about recent hedge fund and investment regulations put in place in Bermuda. This has been added to our Hedge Fund Guide to Bermuda.
Two new legislations were introduced in Bermuda January 1, requiring regulated financial institutions to comply with various obligations under the recently updated legislative framework, according to Cayman Islands law firm Conyers Dill & Pearman.

The firm said that the updated legislation defines ‘Financial Institutions’ as persons who, among other things, carry on the business of a ‘fund administrator’, or are ‘operators’ of investment funds.

The BMA expects Financial Institutions, under its supervision, to address their management of the relevant risks in a thoughtful and considered way, and to establish and maintain systems and procedures which are appropriate and proportionate to the risks identified. source

Read more about hedge fund activity in Bermuda within our Hedge Fund Guide to Bermuda.

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Hedge Fund Incubation Services | Article

Hedge Fund Incubation Services


Hedge Fund Incubation ServicesBelow please find a short article excerpt on hedge fund incubation and seeding. This resource is being added to our guide on Hedge Fund Startups and will also be published on Hedge FundStartup Guru.com. Here is the excerpt:

In 2006 if someone suggested that it was a good idea to be seeding and incubating hedge funds, I would have been highly skeptical. Managers who were any good were raising large amounts of capital on their own on day one, mediocre managers were able to start with credible amounts of day one capital and even managers who while talented had no idea how to run an investment management business could get into business. The hedge fund seeder faced insurmountable adverse selection problems.

Hedge fund managers willing to give away either a share in their management company or a share of their fees tended to be of lower quality. You didn't want to be seeding them.

Hedge fund managers of good quality but who understood the business development support role of a seeder and were happy to work with one were labeled as poorer quality and found it difficult to raise capital, so also were from a business perspective, less attractive to a seeder.

Seeding was simply a negative signal to the market all around.

In fact, seeders play an important part in the hedge fund industry. They provide all kinds of support that the fledgling hedge fund manager simply doesn't want to bother with such as infrastructure, business development and marketing, a stable base of capital, corporate governance, risk management and a host of intangibles such as a sounding board for trade or business ideas.

Of course until the adverse selection problem was resolved, none of this really mattered. And well it should be. The adverse selection up until the middle of 2007 was severe.

2008/2009. What's changed? Investors risk appetite has been drastically reduced. The number of new funds starting up is down drastically, the number of fund closures is up drastically. The size of the hedge fund industry has halved in size by assets under management according to several of the usual industry sources such as HFR, Eurekahedge and surveys conducted by the major prime brokers. source

View over a dozen additional resources on starting a hedge fund on Hedge Fund Startup Guru.com or within our Hedge Fund Startup Guide here on HedgeFundBlogger.com.

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Tags: Hedge Fund Incubation, Services for small hedge funds, hedge fund startup services, incubating a hedge fund
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