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Gauging Institutional Interest and the Role of  Regulated Investment Funds in a Post Crisis World 04 October 2011 Dominique Grandchamp, CFA Senior Investment Consultant Mercer (Switzerland) SA [email_address] +41 22 918 10 15
Agenda  2) The Present - Where is the Performance? 3) The Future - How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
The Past - Hedge Funds in a Less Regulated World What Hedge Funds Have to Do Better…. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Agenda  2) The Present - Where is the Performance? 3) The Future - How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
The Present – Where is the Performance? Example: Switzerland’s Pension Fund System Cash Bonds 35% Equities 30% Real Estate 20% Commodities, HFs, PE 8% 7%
The Present – Where is the Performance? Example: Performance last 10 years Cash Bonds Equities Real Estate Alternatives Liabilities 1% 4% 0% 3.5% 5% 3%
The Present – Where is the Performance? Example: Low Yield on Bonds
The Present – Where is the Performance? Challenges ahead… Yield on bonds < Liability growth Uncertain performance of equities coupled with high volatility Look at more defensive, absolute return strategies
Agenda  2) The Present – Where is the Performance? 3) The Future – How to Invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
The Future – How to invest in Hedge Funds? Take into account Investor Expectations Post-2008 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness Embed defensiveness in the equity bucket… …  so as to reduce the overall risk Low  Volatility Small  Cap Broad  market  strategies Emerging  Markets Defensive Strategies  Small Cap Indexed Equities Emerging  Markets Performance Drivers
The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness Index- Strategies  (MSCI World) Beta =1  0 0.25 0.5 0.75 1 1.25 1.5 Beta Equity Strategies Beta < 1 ,[object Object],[object Object],[object Object],Expand the investable universe Beta > 1  ,[object Object],[object Object]
The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness Defensive Strategies Active Managers Heuristic (Fundamental Indexing) Quality Strategies Optimized (Minimum Volatility) Absolute Return Variable Bias Indexed Strategies
The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness CTAs Global Macro Relative Value Long/Short Equity Equities
Long-only Funds Offshore Hedge Funds + FoFs Onshore Hedge Funds (SIFs) 1 2 3 4 Mandates+ Managed Account Platforms 5 Ucits  Hedge Funds 6 Indices+ Replication The Future – How to invest in Hedge Funds? Old and New Access Points
The Future – How to invest in Hedge Funds?  The Great Convergence Trend towards absolute return Increasingly benchmark-agnostic Trend towards “onshorisation” Preference for liquidity and transparency Long-only Ucits III Mandates + Macs Onshore HFs (XIFs) Offshore HFs Liquidity High High High Medium Low Transparency Medium Medium High Medium Medium Asset Control Medium Medium High Low Low Tax Efficiency High High Low Medium Low Low Beta Low Medium High High High Regulatory oversight High High Low High Low Benchmark awareness High Medium Low Low Low Long-only Ucits III Managed Accounts Onshore HFs Offshore HFs
The Future – How to invest in Hedge Funds? Which Access Point for Whom? Banks Pension Plans Insurance Family Office FATCA LPCC UCITS Solvency AIFMD
The Future – How to invest in Hedge Funds? Which Access Point for Whom? Onshore, Ucits III Offshore HFs Family Office   Banks   Insurance   Pension Plans F,D,I,S,P   Pension Plans CH, UK, Holland, Nordics  
The Future – How to invest in Hedge Funds? UCITS Drivers… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Future – How to invest in Hedge Funds? EU goes UCITS….
The Future – How to invest in Hedge Funds? Who does not love UCITS???
The Future – How to invest in Hedge Funds? Who loves UCITS???
Agenda  2) The Present – Where is the Performance? 3) The Future – How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
Ucits Hedge Funds Growth  750+ Ucits Hedge Funds Up and Running # Funds # New Launches Source: Absolute Return
Ucits Hedge Funds Growth 120 Billion EUR AuM reached Source: Absolute Return
Ucits Hedge Funds Growth Length of Track Record Length of track record (years)
Ucits Hedge Funds Growth Fund AuM (EUR)
Ucits Hedge Funds Growth Risks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Agenda  2) The Present – Where is the Performance? 3) The Future – How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
Conclusions Ucits and onshore Hedge Funds will continue to grow Convergence with long-only products Lower performance than in the past, defensiveness is welcome Institutional interest is taking off in selected jurisdictions Fund of Hedge Funds model challenged and struggling Stick to a robust due diligence process Traditional Hedge Funds remain to capture illiquidity premium
www.mercer.com Dominique Grandchamp Mercer (Switzerland) SA Avenue Reverdil 8-10 1260 Nyon Switzerland +41 22 918 10 15 dominique.grandchamp@mercer.com  www.mercer.com

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Gauging Institutional Interest and the Role of Regulated Investment Funds in a Post Crisis World - Presentation: Dominique Grandchamp, CFA, Mercer (Switzerland) SA

  • 1. Gauging Institutional Interest and the Role of Regulated Investment Funds in a Post Crisis World 04 October 2011 Dominique Grandchamp, CFA Senior Investment Consultant Mercer (Switzerland) SA [email_address] +41 22 918 10 15
  • 2. Agenda 2) The Present - Where is the Performance? 3) The Future - How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
  • 3.
  • 4. Agenda 2) The Present - Where is the Performance? 3) The Future - How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
  • 5. The Present – Where is the Performance? Example: Switzerland’s Pension Fund System Cash Bonds 35% Equities 30% Real Estate 20% Commodities, HFs, PE 8% 7%
  • 6. The Present – Where is the Performance? Example: Performance last 10 years Cash Bonds Equities Real Estate Alternatives Liabilities 1% 4% 0% 3.5% 5% 3%
  • 7. The Present – Where is the Performance? Example: Low Yield on Bonds
  • 8. The Present – Where is the Performance? Challenges ahead… Yield on bonds < Liability growth Uncertain performance of equities coupled with high volatility Look at more defensive, absolute return strategies
  • 9. Agenda 2) The Present – Where is the Performance? 3) The Future – How to Invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
  • 10.
  • 11. The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness Embed defensiveness in the equity bucket… … so as to reduce the overall risk Low Volatility Small Cap Broad market strategies Emerging Markets Defensive Strategies Small Cap Indexed Equities Emerging Markets Performance Drivers
  • 12.
  • 13. The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness Defensive Strategies Active Managers Heuristic (Fundamental Indexing) Quality Strategies Optimized (Minimum Volatility) Absolute Return Variable Bias Indexed Strategies
  • 14. The Future – How to invest in Hedge Funds? Hedge Funds increase Defensiveness CTAs Global Macro Relative Value Long/Short Equity Equities
  • 15. Long-only Funds Offshore Hedge Funds + FoFs Onshore Hedge Funds (SIFs) 1 2 3 4 Mandates+ Managed Account Platforms 5 Ucits Hedge Funds 6 Indices+ Replication The Future – How to invest in Hedge Funds? Old and New Access Points
  • 16. The Future – How to invest in Hedge Funds? The Great Convergence Trend towards absolute return Increasingly benchmark-agnostic Trend towards “onshorisation” Preference for liquidity and transparency Long-only Ucits III Mandates + Macs Onshore HFs (XIFs) Offshore HFs Liquidity High High High Medium Low Transparency Medium Medium High Medium Medium Asset Control Medium Medium High Low Low Tax Efficiency High High Low Medium Low Low Beta Low Medium High High High Regulatory oversight High High Low High Low Benchmark awareness High Medium Low Low Low Long-only Ucits III Managed Accounts Onshore HFs Offshore HFs
  • 17. The Future – How to invest in Hedge Funds? Which Access Point for Whom? Banks Pension Plans Insurance Family Office FATCA LPCC UCITS Solvency AIFMD
  • 18. The Future – How to invest in Hedge Funds? Which Access Point for Whom? Onshore, Ucits III Offshore HFs Family Office   Banks   Insurance   Pension Plans F,D,I,S,P   Pension Plans CH, UK, Holland, Nordics  
  • 19.
  • 20. The Future – How to invest in Hedge Funds? EU goes UCITS….
  • 21. The Future – How to invest in Hedge Funds? Who does not love UCITS???
  • 22. The Future – How to invest in Hedge Funds? Who loves UCITS???
  • 23. Agenda 2) The Present – Where is the Performance? 3) The Future – How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
  • 24. Ucits Hedge Funds Growth 750+ Ucits Hedge Funds Up and Running # Funds # New Launches Source: Absolute Return
  • 25. Ucits Hedge Funds Growth 120 Billion EUR AuM reached Source: Absolute Return
  • 26. Ucits Hedge Funds Growth Length of Track Record Length of track record (years)
  • 27. Ucits Hedge Funds Growth Fund AuM (EUR)
  • 28.
  • 29. Agenda 2) The Present – Where is the Performance? 3) The Future – How to invest in Hedge Funds? 4) Ucits Hedge Funds Growth 1) The Past - Hedge Funds in a Less Regulated World 5) Conclusions
  • 30. Conclusions Ucits and onshore Hedge Funds will continue to grow Convergence with long-only products Lower performance than in the past, defensiveness is welcome Institutional interest is taking off in selected jurisdictions Fund of Hedge Funds model challenged and struggling Stick to a robust due diligence process Traditional Hedge Funds remain to capture illiquidity premium
  • 31. www.mercer.com Dominique Grandchamp Mercer (Switzerland) SA Avenue Reverdil 8-10 1260 Nyon Switzerland +41 22 918 10 15 dominique.grandchamp@mercer.com www.mercer.com

Editor's Notes

  1. Defensive strategies stabilize portfolios and reduce the overall portfolio risk towards a more balanced allocation. You can play with these building blocks.
  2. Objective: Target equity-like return while decreasing the volatility Construct a portfolio of stocks with low beta and cross-correlation Sophisticated quant models to maximize diversification and minimize risk
  3. Largest 10 funds have 30% of assets
  4. Fees lower , but operational costs higher