Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
Updated "Introduction to hedge fund data" lecture for MBA E416 Hedge Funds elective at London Business School, E416 Hedge Funds. Critical listing of key issues and open problems.
Investing in Cryptocurrencies and Token Offerings - a how to guideGenson Glier
In this workshop with BlockToken, they discuss how to invest in cryptocurrencies, what due diligence you should complete before investing and various types of investments as well as current market trends.
*this is not financial advice, please be aware of any risks when investing and consult your financial advisors beforehand.
Portfolio Management, Active, Passive, Discretionary Portfolio management services and Non-Discretionary Portfolio management services
OBJECTIVES OF PORTFOLIO MANAGEMENT:
Stable Current Return
Marketability
Tax Planning
Appreciation in the value of capital
Liquidity
Safety of the investment
BA and Beyond 18 - Peter Maeseele and Meritxell Chavigne Jorba - Going agile ...BA and Beyond
This case study documents the early stages of an organisation going Agile, and how that impacts the BA community.
Euroclear still uses a waterfall approach for 80% of its application development, but is in the midst of a transformation towards Agile. It is a clear case of 'steering the oil tanker in a new direction’, facing all the complexities that come with a decentralised, partnered, off-shored model, in a heavily regulated industry (Financial Market Infrastructure).
We’ll share the many lessons we’ve learned along the way, focusing on how we fitted BAs into Scrum, and an initiative that aims to reduce the project initiation lead time by 50%. Expect a very concrete and actionable list of challenges, potential pitfalls, tips & tricks, and how we at Euroclear deal with them. We’ll cover process, knowledge management, change management, document reviews, tooling, etc.
This presentation discusses the importance of having a diversified portfolio with a variety of different kinds of investments and tips on creating a diversified portfolio.
BA and Beyond 18 - Robin Smets - Putting why back into the BA's perspectivesBA and Beyond
Do companies overlook the long-term added value of having BA’s present in the strategical and tactical levels? The BA role should also be about exploring and recommending solutions, rather than only executing detailed analysis on (sometimes) sub-optimal decisions. In the Belgium market, people with the title ‘BA’ generally work as requirements engineers or functional analysts. How can we help to position the BA where they are able to generate better value?
By asking ‘Why’ on strategical, tactical and operational level, BA’s are able to focus on delivering the real value sought by stakeholders. When linking the ‘why’ across those levels, we can leverage affective organizational commitment and generate better outcome in a more efficient and durable way.
Learn how asking why can be a catalyst for demonstrating to organizations why BA’s are of value during the decision-making process.
Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. It may apply to both tangible assets and to intangible concepts such as intellectual property and goodwill.
Investing in Cryptocurrencies and Token Offerings - a how to guideGenson Glier
In this workshop with BlockToken, they discuss how to invest in cryptocurrencies, what due diligence you should complete before investing and various types of investments as well as current market trends.
*this is not financial advice, please be aware of any risks when investing and consult your financial advisors beforehand.
Portfolio Management, Active, Passive, Discretionary Portfolio management services and Non-Discretionary Portfolio management services
OBJECTIVES OF PORTFOLIO MANAGEMENT:
Stable Current Return
Marketability
Tax Planning
Appreciation in the value of capital
Liquidity
Safety of the investment
BA and Beyond 18 - Peter Maeseele and Meritxell Chavigne Jorba - Going agile ...BA and Beyond
This case study documents the early stages of an organisation going Agile, and how that impacts the BA community.
Euroclear still uses a waterfall approach for 80% of its application development, but is in the midst of a transformation towards Agile. It is a clear case of 'steering the oil tanker in a new direction’, facing all the complexities that come with a decentralised, partnered, off-shored model, in a heavily regulated industry (Financial Market Infrastructure).
We’ll share the many lessons we’ve learned along the way, focusing on how we fitted BAs into Scrum, and an initiative that aims to reduce the project initiation lead time by 50%. Expect a very concrete and actionable list of challenges, potential pitfalls, tips & tricks, and how we at Euroclear deal with them. We’ll cover process, knowledge management, change management, document reviews, tooling, etc.
This presentation discusses the importance of having a diversified portfolio with a variety of different kinds of investments and tips on creating a diversified portfolio.
BA and Beyond 18 - Robin Smets - Putting why back into the BA's perspectivesBA and Beyond
Do companies overlook the long-term added value of having BA’s present in the strategical and tactical levels? The BA role should also be about exploring and recommending solutions, rather than only executing detailed analysis on (sometimes) sub-optimal decisions. In the Belgium market, people with the title ‘BA’ generally work as requirements engineers or functional analysts. How can we help to position the BA where they are able to generate better value?
By asking ‘Why’ on strategical, tactical and operational level, BA’s are able to focus on delivering the real value sought by stakeholders. When linking the ‘why’ across those levels, we can leverage affective organizational commitment and generate better outcome in a more efficient and durable way.
Learn how asking why can be a catalyst for demonstrating to organizations why BA’s are of value during the decision-making process.
Asset management, broadly defined, refers to any system whereby things that are of value to an entity or group are monitored and maintained. It may apply to both tangible assets and to intangible concepts such as intellectual property and goodwill.
Market Outlook: Hedge Funds 2017 – Discover the Changing OutlookFIS
The hedge fund industry has ridden out a very tough period, leaving the truly tried and tested funds next to newcomers of the highest quality.
Keeping up with the demands made by prime brokers, regulators and investors will require top-notch management of resource and operations. These can help to control costs and deliver outperformance by enabling a greater level of agility to handle challenging markets.
To enable a more flexible operational base within their firms, hedge fund managers need to assess their existing provision of IT and services, along with partner relationships.
View this slideshow to discover the changing outlook for hedge funds from their own perspective as well as from key market analysts.
Hedge funds (The Indian Context and the Regulatory Framework)Sham Chandak
This presentation in a broad sense gives an idea about the hedge funds, their objectives, their participants, their evolution. It talks about how India attracts the eye of Hedge Fund managers world wide. The growth potential in India as an emerging economy. The various types of Hedge Funds and the strategies implemented. The indices which track Hedge Fund performances around the globe. Some empirical findings about the absolute returns generated by hedge funds. The regulatory framework in India for Hedge Funds as a part of Alternative Investment Funds as guided by SEBI
Introduction to L&T Investment Management PPT provides us overview, Vision statement, Key Goals and Investment Philosophy of L&T Mutual Funds. It highlights the mutual fund product range along with Equity investment team structure and Fixed income investment team structure. This PPT also explains the Orgnization structure of L&T Mutual Funds in detail.
"How to maximize your potential to attract US capital" by John Bautista TheFamily
By John Bautista, Partner at Orrick.
Join us IRL next time! http://meetup.com/thefamilyspecialevents
The contents of this video are intended for general information purposes only and should not be considered or construed as legal advice. The distribution of this presentation or its content is not intended to create, and receipt of it does not constitute, an attorney-client relationship. (The views set forth herein are the personal views of the presenters and do not necessarily reflect those of Orrick, Herrington & Sutcliffe.)
TRADE LIKE A HEDGE FUND - Harness the Power Of Technology to Gain Market Edge...Geoffrey Hossie
Presentation by Geoffrey Hossie of Pairtrade Finder to the Marbella Business Institute, 24 February 2017.
An introduction to Pair Trading and Why It Matters To You.
Quantopian is Launching a Crowd-sourced Hedge Fundkelmstrom
Crowd-sourcing opens a fire hose of ideas.
Diversity of ideas will result in a diversified hedge fund portfolio.
Quantopian has unique access to tens of thousands of quants which allows for idea generation at an unprecedented scale.
Quantopian provides a platform for you to build, test, and execute trading algorithms. Live trading algorithms can become part of our crowd-sourced hedge fund where top quant talent is matched with outside investor capital.
https://www.quantopian.com/home
Visium Asset Management LP (“Visium”) is an investment firm dedicated to generating high-quality, non-correlated returns in a variety of market environments.
Managing startup equity (Equity For Startups)Kesava Reddy
Among the more important decisions that an entrepreneur makes is that of raising capital. Many choices have to be made in this context: Debt versus Equity. Own funds versus Funding from outside investors and so on. These choices have long term implications for the entrepreneur as well as the start-up. Equity funding is essential for the growth of a startup. Apart from providing critical funding equity investors also often bring added value by way of connections and strategic advice.
At the same time raising equity capital means sharing control and sharing wealth with the investors in the firm. Allowing investors to engage with the management of the startup calls for a certain degree of compatibility between the investor and the management of the enterprise. Absence of such compatibility can lead to unhappy relationships between the investor and the management team.
All things considered, managing the equity of a start-up is among the most critical decisions that an entrepreneur needs to make. It involves many trade-offs on the entrepreneurial journey. Which makes Managing the Equity of A Start Up a challenge. What does dilution of equity mean? How does the arithmetic of dilution work? How does an entrepreneur decide on when to raise equity? And how much of equity to raise?
Part of the all day Venture Fast Track: http://www.thecapitalnetwork.org/programs/venture-fast-track/
Plan for funding: What Stage Is Your Business and What Are Your Options
Is your business an idea, in the midst of formation, or ready to raise capital? The first step to identifying what comes next is understanding the stage of your business.
Join our fundraising experts for an in-depth discussion of what options you have for funding and how to decide which ones are right for you and for your company.
Topics covered will include investment criteria, time to closing, investment range, success rates, control features, compliance requirements, and the overall costs of capital from each such source.
Experts:
- Ben Littauer – Boston Harbor Angels & Walnut Venture Associates
- Panos Panay – Sonicbids
Module 7 Wealthtech of the very popular fintech elective at the Queen Mary University London. The course was very popular, attracting over 200 Chinese and international students.
The first large-scale study of the systematic liquidity shock in hedge fund universe, presented at a regulatory workshop in Oct 2008 and published in early 2009.
Digital (Robo) Investment using Exchange Traded FundsDrago Indjic
An invited talk to undergraduates taking Portfolio Theory at University of Belgrade, 13 May 2016 based on lecture given at Judge Business School, Cambridge two weeks earlier. A brief introduction to "robo" investment advisory foundations using ETFmatic as a case study.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. Data on Hedge Funds
• Regulated “alternative” industry
– “Ex-offshore“ size, growth
– MBA/COO perspective
• Entrepreneurial
– Mostly small, private craftsman business
• Product: (private) investment funds
– Alternative investment strategies: reference,
business and market data
– Alpha gentrification
3. Macro View
• Size of AUM: $2.7t (est. 2014Q1)
• ~ ETF products, top 3 SWF or <Blackrock $4.4t
• Exceeds pre-crisis peak (2007); >50%+ over low
$1.3 tn (1Q09); inflows $26b (2013); ~10k funds;
difficult “births”, extremely concentrated industry
• $105b AQR vs $157b SPDR ETF
• Better businesses today
• Consolidated, more regulated value chain
• “Survivors”: in 2008 managed futures strategies
made +15% (then “underperformed”)
4.
5.
6. Not Mainstream - Yet
• UK data:
– 450 businesses (FCA)
– Top 49: $480 bn AUM
• “Liquid alternatives”
– 1400 UCITS (HFR)
– Not yet active ETFs
• Scalability?
7. Basic Economics
• Demand: (cheap) “Alpha”
– End investors: direct and indirect sourcing,
not yet “smart” indexing
• Intermediaries: FoHF (1/3 of total AUM)
– “professional” fund market imperfections; off-
shore fund services industry
• Supply: start ups vs mature businesses
– Hedge fund managers as innovators; never
too big to fail (LTCM; Pelaton)
8. 2010s
• Financial “repression”
– Hedge funds as the exit strategy: “unbundling”
of bank’s proprietary trading desk
– An employee/trader has to become an
entrepreneur - including raising his own funds
and funding the venture
• EU AIFMD, US Dodd-Frank, etc
– business costs, clearing fees etc increasing
– Fear of start-ups and early stage investing
9. Demand and Distribution
• Institutional investors
– “Unconstrained” investors: direct or indirect
• Pension funds
– Strategic asset allocation (policy portfolio)
• %alternatives (PE, RE); % HFs; %”strategies”
• “Private” (HNW) vs emerging retail
– “GACTA”: An investor domiciled in X buys
units of fund domiciled in jurisdiction Y
• KYC, AML client classification
10. Creating HF Exposure
• Thriving
• Direct, but advised: outsourced due diligence, non-
discretionary
• Managed Account Platforms
• Extinct and endangered
• FoHF: full outsourcing - consultant’s stronghold
• Disappeared: Structured (capital protected)
• 2010s: Emerging retail
• Liquid Alternatives: UCITS and index products
11. Fund Management Company
• Approved personnel in the regulated entity
• On-shore, taxed: (UK: FCA) LLP (private LLP
agreements); staff, systems, service contracts
• Off-shore Ltd, manages off-shore fund: corporate
“substance” and governance, off-shore authorised
(eg. Guernsey FSC)
• Start-up, not a listed company
• True Hedge Fund: Manager(s) = Founders-
owners; micro-enterprise (think credit score); cash-
flow sensitive; taxable; Careful structuring
13. Legals
• People: Partnership agreement
• Equity%: control and economics; designated
partners(not salaried)
• Fund management company
• Articles of incorporation: fund governance issues
• Investment management agreement with fund
• Fund: private placing memorandum
• Subscription forms (FATCA: often “non US”)
• Service agreements
• Counterparties, directors, distributors …
14. Service Agreements
• Counterparties: Prime broker(s)
– (+) Bank: securities custody, lending and
financing
– (-) Most senior creditor: re-hypothecation
(Lehman; MF Global)
• Fund Administrator
– NAV Calculator, registrar and transfer,
depositary bank etc
• Auditor, legal, secretarial services …
– Compliance, 3rd party marketing, IT …
15. Micro-Enterprises
• Owner/Manager’s LLP
– Staff <10: the largest are still SME!
• Median “fund” AUM <$50m
– Today less profitable then in the past;
significantly higher cost of seed capital
• Very few long-term survivors and “brands”
– Most new funds liquidated within 5-7 years
– not unlike many other start-ups or products
16. Voluntary Transparency
• “Market research” databases
• HFR, Lipper, Morningstar: not prices (NAVs):
Lagged, non-verified performance estimates for
fund share classes and fund “boiler plates”
• “catalogues” of 1,000+ management companies by
market research specialists
– No standard identifiers
• Self-selection and survivorship bias: the largest,
the smallest and “defunct” funds excluded
• No CUSIPs/LEI. Bloomberg etc blank; data is not
for sale by fund administrators or brokers
19. Fund Labeling
• What exactly is an investment strategy?
– 1980s descriptive taxonomies: no standards
beyond labelling: elicited by interviews and
case studies; exposures vary across assets
universe and over time
• Lack of verification
– Transparency: necessary, not sufficient
criteria; Silver bullet: pre-trade controls
• Danger: overpaying for Beta-like service
20. Indicative “Strategies”
• Not all “hedge” funds deploy hedging
strategies
Equity Hedge
38.52%
Emerging Markets (Total)
5.53%
Distressed Securities
2.74%
Equity Market Neutral
5.94%
Equity Non-Hedge
7.84%
Event-Driven 7.28%
FI: Arbitrage 2.78%
FI: Convertible Bonds
0.25%
FI: Diversified 2.56%
FI: High Yield 1.14%
FI: MBS 1.37%
Convertible Arbitrage
3.70%
Short Selling
0.76%Sector (Total) 6.71%
Macro 2.15%
Market Timing 3.65%
Merger Arbitrage 3.78%
Regulation D 0.52%
Relative Value Arbitrage
2.77%
Strategies by # of Funds (ex FOF) 2002
21. Fund “Stars” and “Awards”
• Hedge Fund Review Americas 2014: NYC, July 24th
”Hedge funds reporting to the BarclayHedge database are
automatically entered in the performance categories. All other
managers are encouraged to download and complete an entry form
... (and) also invited to enter the qualitative categories, which reward
achievements in product development, innovation and client service”
“This year the awards also recognise best bespoke FoHF provider
and best advisory team from a fund of funds”
“The hedge fund investment process relies on more than just
numbers and the evaluation process recognises this”
23. Transparency
• Full position transparency (to institutions)
• “The exit rights of hedge fund investors put hedge fund
managers on a much shorter leash than managers of
public corporations and other types of investment funds”
24. Business Data
• Mostly private, lagged and age fast
– Static reference data
• Fund offering memorandum, counterparties
– Business
• Due diligence: staffing, references, accounts
– Portfolio
• Classic: investor letters, weekly NAVs, portfolio
exposure and holdings: “Opera” standard
• Real-time: HedgeMark
25. Risk/Reward
• Evaluate Total Hedge Fund Risk
– Mostly business risk: contractual, SME, “key
man” (“exit” - no EV), equity financed
– Lesser portfolio and market risk (“hedged”)
• Benefits
– Unique profiles (NAV in gold or oil): not
dependant on underlying assets (Betas)
– Negotiable; business co-ownership (PE-like);
– Alpha supply/demand => price?
26. Cash-flow vs Systemic Risk
• Small funds: Tyranny of TER
– (+) Performance/flows/age
– (-) AUM <$100m for a long time
• Mega funds: FCA “systemic”
– Top 49: 64x NAV Gross Notional Exposure;
$210tn turnover (inc STIR)
($1,000)
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
27. Investment “Game”
• Minimum required AUM to consider fund
• “high %AUM is the partner’s capital”, “stamp of
approval from a respected seeder”
• Average investment size
32. CA#100037
• Deep Asset Management, M&A, Risk Control and Market experience
Chief Executive Officer - Jon Oyvind Eriksen
─ 15 years of international CEO experience. Executed several M&A opportunities.
Chief Risk officer - Sanjay Agarwal
─ 7 years of International and emerging markets M&A risk control experience with 8 years of corporate
treasury experience. Chartered Certified Accountant in UK and India.
Chief Financial Officer - Livia Popa
─ 7 years of Hedge Fund financial controller experience. Specialist in acquisition analysis.
Client Relationship Manager - Mike Huang
─ Product specialist with Halbis, a leading global asset management company. 3 years of sales and
marketing experience in structured products with HSBC.
Head of Research - Stefan Slowinski
─ 8 years Equity Research experience with SG. 2 years M&A experience at Salomon Brothers.
Head of Trading - Jun Lin
─ Futures trading specialist, 5 years experience of trading experience.
32
The Alpha Team – Absolute Return M&A specialists
Group 5
Jun Lin
05/05/2009
Sanjay Agarwal
Jon Oyvind Eriksen
Livia Popa
Mike Huang
Stefan Slowinski
33. Conclusion
• Global political economy
– “Re-regulation”
• New investment contracting and passive /
active boundaries
– Aligned interests
– Separation of funds and managers (limits fund
investors’ right to claim management
companies’ residual earnings or “profits”)
– ETFs
34. References
• “FoHF face fight for cash with consultants”, Reuters, April 28, 2014
• “HFR Q1 2014 in Review”, HFR Webcast 663 809 923, 23 April 2014
• “Going Mainstream: Developments and Opportunities for Hedge Fund
Managers in the ’40 Act Space”, Barclays Prime Services, April 2014
• 12th Deutsche Bank's Alternative Investment 2014 Survey
• http://springboardtm.files.wordpress.com/2014/03/deutsche-twelfth-annual-
ai-survey.pdf
• No need for any protection in 2014? The worst strategy: tail hedge, 3rd:
CTA)
• The top 50 HF firms have been in business for an average of 22 years. The
average age of the founders of the top 50 funds is 54