HFM Global Distribution Summit
22 May 2017
Date: 22nd May 2017
Venue: Clothworkers Hall, London, UK
Why attend?
- Find out how to raise money from new investors all over the world
- Gain proactive tips on how to effectively market your products
- Hear experts discuss the regulatory challenges which may be experienced by fund managers attempting to access the US markets and other jurisdictions
- Gain in-depth insights into forming a UCITs model, and hear the pros and cons of using an incubator platform to access new markets
Agenda:
8.45am: Registration and Breakfast Refreshments
9.30am: Welcome from Chair
9.30am-10.15am Panel: Mastering the Dance of International Marketing: how to best understand the needs of potential allocators
Managing Director for Apex UK, Paul Spendiff, joins this panel to discuss the nuances managers need to know when encountering new markets. This includes discussion on structural preferences, cultural differences, and really knowing your investors’ needs.
Talking Points:
- What steps should one take when exploring a new market?
- Engaging in meaningful research and getting people on the ground: how often do international investors expect to see you?
- Understanding regional differences: what are their different goals and what products and portfolios can help reach these goals? In particular, breaking down the different regions of Asia, Africa, and South America
- Do different regions prefer different structures? What structures are popular in each region?
- How to best align your message: do you need to update your pitch book?
- Keeping up to date with the latest regulation: how often do you consult with compliance when seeking a new market? How do you best align decision making within your firm?
- Tech due diligence: how does one understand technical strategies when they’re not a tech expert? If running a tech-heavy firm, how do you explain this to your investors?
- Hedge funds don’t often have the best reputation: how do you overcome skepticism, particularly in markets that are unfamiliar with your offerings?
10.15am-11.00am Panel: Unlocking Ucits & exploring alternative vehicles
A panel discussion on the various questions surrounding UCITS and their potential to become a leading structure in the hedge fund sector globally.
Talking Points:
- Ucits are becoming more and more sophisticated—what factors are influencing your interest (or lack of) in using Ucits? Is their harmonization a positive move for the sector?
- How are Ucits gaining access to alternative strategies—what are more efficient ways to develop products to make alternatives available in Ucits compliant ways?
- Developing your own Ucits v. hopping on a Ucits platform: pros & cons of both?
- Analysing the needs for complex v. simple Ucits strategies: in what circumstances is one preferable over another?
- Ucits in Asia & emerging markets: how do you go about setting up a Ucits in every country?
- The demand of Ucits regulation: what changes are coming up (Ucits V), what are the key differences between other offshore vehicles, & is it truly the better route to generate alpha?
- With an upcoming Brexit, are Ucits the safest place to be now?
- Will homegrown Ucits soon become non-existent (evolving into AIFs instead)?
- Tax ramifications for investors across jurisdictions
- Are Ucits where boutique firms have an advantage?
- What about New Ucits?
11.00am Refreshment Break
11.30am-12.15pm Morning Workshops
| Platform Performance: Not Just for Start Ups | Going Global: Rules & Regulation |
| An in-depth workshop on the viability of using platforms in new markets as well as any challenges one may undertake.
|
In this large group workshop, we’re exploring the nitty-gritty details of global regulation from the roller coaster of the US’ new administration to up-and-coming markets in Asia and Latin America. |
| Talking points:
§ What are the pros and cons of utilizing an established platform versus venturing out alone? What challenges may you encounter and what benefits do they provide? § What general guidelines must one consider when choosing a platform provider? What are necessities versus luxuries? § What are the different offerings of platforms in new markets? § How might you discuss with potential platform providers what options would work best for your firm? § Are there any specific services which you’d seek from a platform provider? § Would you consider testing out a new strategy on a platform? Any examples of positive or negative outcomes? § What regulatory options should you consider when deciding to use a platform? § If you use a platform, how do you get the best out of your marketing legally? What is the risk of them mis-marketing your fund? Do you have a plan of action?
|
Talking points:
New Markets Review: § What countries have the greatest regulatory barriers and how do you overcome them? § Where is it useful to set up an office and do the benefits outweigh the costs? § Any every country has different rules regarding reverse solicitation, how do you sort through what is acceptable? § Cap Intro—what amount of risk is associated with cap intro in each country and is it worth it to take a chance or better to play it safe? § Will Brexit put greater stress on marketing in European countries? Are you prepping for a ‘full Brexit’? § Middle East—private placement rules, RS changes, registration rules; Latin America—regulation evolving country-to-country, local platform preference; Asia—local regulation for each country, varies widely United States Update: § The new US president’s stance on regulation: will it be a clean slate? How will this affect foreign marketing efforts? § Dismantling Dodd-Frank—is it possible and how will this change the regulatory landscape? § Will compliance have time to take a breather as the SEC becomes more ‘business-friendly’? Costs decrease? Decrease in reporting requirements? § What current opportunities are available for marketing in the US? What exemptions are useful and are you eligible?
|
| Experts:
Stephane Berthet, Founding Partner, Hyphen Alternative Advisors Russell Hart, COO & Partner, Alcova Asset Management
|
Experts:
Reggie Dodge, CCO & Legal Counsel, Emso Asset Management |
12.15pm-1.00pm Morning Workshops (repeat)
| Platform Performance: Not Just for Start Ups | Going Global: Rules & Regulation |
| An in-depth workshop on the viability of using platforms in new markets as well as any challenges one may undertake.
|
In this large group workshop, we’re exploring the nitty-gritty details of global regulation from the roller coaster of the US’ new administration to up-and-coming markets in Asia and Latin America.
|
| Talking Points:
§ See above. |
Talking points:
§ See above.
|
| Experts:
Stephane Berthet, Founding Partner, Hyphen Alternative Advisors Russell Hart, COO & Partner, Alcova Asset Management
|
Experts: |
1.00pm Lunch
2.00pm-2.45pm Roundtables
Change Up: Managing the impact of fee demands:
A roundtable discussion on the increasing fee pressures and new fee structure offerings.
Talking Points:
- Fees & expenses—how are you accommodating the squeeze on fund expenses?
- Are compliance costs the primary concern of tighter budgets?
- What expectations do you have for domestic v. foreign investors’ fees? Which countries have unique rules and fee options?
- Do fee structures in different global markets affect your decision to work in that market?
- What are your investors’ current perspective on the fees you offer? Is it worth exploring new options? Where are investors most willing to negotiate on fees?
- The fall of ‘2 and 20’: The Teachers Retirement System of Texas (alongside Albourne Partners) has introduced the ‘1 or 30’: is this structure likely to take on?
- Any new fee realignments on the horizon?
- Are there any alternative measures you’re using to overcome the fee burden?
Beyond Britain: Exploring European domiciled funds and structuresTalking Points:
A roundtable discussion on the various European structure offerings and their possible advantages in the situation of Brexit.
- Exploring alternative vehicles—breaking down the ICAV, RAIF, MAIF
- Any new vehicles developing?
- How can you find a fund vehicle to meet all your needs—does a ‘one size fits all’ option exist?
- What you need to know about third country passporting: is Britain moving closer to this possibility?
- What will happen to UK domiciled funds? Are you keen to look more into Irish, Malta, and Luxembourg vehicles?
- What advantages are available in European-domiciled funds? What disadvantages? What factors are worth considering in regards to your firm?
Capital Fundraising Opportunities: Where is the money going?
An expert-led roundtable discussion seeking to discover where exactly the money is going, what are the latest attractive strategies and vehicles, and assessing their viability for the future.
Talking Points:
- In the past few years, there has been much flux in the hedge fund sector—where is the money going?
- How does a manager convince an investor of a fund’s reliability when times are turbulent?
- What new strategies are popping up? How viable are they?
- New smart beta & passive strategies—how are they faring?
- Increase in technical strategies utilising quant, AI, & systematic analysis: are these strategies reliable and consistent?
- What about for start-ups? Will the intense compliance demands combined with low management fees squelch new blood before they begin? How can new launches compete?
Social Media Management: What does and doesn’t belong online?
Talking points:
A roundtable discussion on the managing the grey area of your firm’s online presence.
- How do you best structure your online presence in light of being transparent to potential investors but also limiting access of information to retail investors?
- What are you allowed to say to a non-professional audience?
- Should certain information be password protected? If so, how can you protect yourself against potential online threats?
- What is necessary to have on your company website? What about your LinkedIn or other social media profiles?
- How might you also liaise with your compliance team to not cross any regulatory boundaries?
- What about employees’ social media access: do you have a policy in place?
2.45pm Refreshment Break
3.00pm-3.45pm Roundtables (repeat)
3.45pm-4.30pm Roundtables (repeat)
4.30pm Drinks Reception
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