Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
Omgeo North American Advisory Board 20 Jan 2010
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Omgeo North American Advisory Board 20 Jan 2010

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Presentation by Stone House Consulting to Omgeo's North American Advisory Board in January 2010.

Published in: Economy & Finance
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  • Due diligence – hopefully beyond what has already occurred
  • New ideas have had no capital and people unwilling to take riskConclusion: People know the old stuff does not work and people are open to change like never before
  • Transparency and reporting demands – from investors and regulatorsMany hedge fund managers lack the basics: - Error policies - Insurance coverage - Trade tickets - Confirmation checking
  • Madoff and others proved we cannot rely on regulators – or on reputation.How many managers know the overlap in sub-custodians across their multiple custodians or prime brokers?
  • This is not an overwhelming endorsement
  • Examples of transparency that are bad:If you give information to one investor, you need to offer it to all to ensure a level playing fieldProviding transparency on trading activity before executing trades is not the same as providing it afterwardRevealing confidential client information to the wrong partiesPush v. pull
  • Prospectus – provides visibility but not much clarity
  • I have more questions than answers here. But a few thoughts:US HFs will almost assuredly be asked to register with the SECTime to prepare – possibly very littleOnce plans are announced, resources will be in short supply
  • This goes back to transparency – and self-regulatory initiatives
  • Perhaps most will happen on the hedge fund side, but traditional managers are not immune – especially as they enter the alternative arenaTimeliness issues especially with sub-advisory portfolios and fund-of-fund clients – you are only as up-to-date as your slowest managerShould there be a clearinghouse for HF subscription / redemption activity?
  • One outsourcing provider has told us that demand has never been higher.Shift in affirmation model for hedge fund managersContinued interest in outsourcingFund accounting / fund administrationInvestment accounting / operationsDue diligenceComponent outsourcing
  • Traditional investment management staff generally are more knowledgeable and cost less – resulting in lowered costs for many hedge fund managers
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