2015年-普华永道全球_Global_hedge_fund_distribution_survey_2015_32页_1mb

Summary of Global Hedge Fund Distribution Survey 2015

Core Content

This report, a collaboration between PwC and the Alternative Investment Management Association (AIMA), explores the changes in distribution trends within the hedge fund industry, focusing on how firms are responding to regulatory and market pressures. It highlights the evolving landscape of distribution, the increasing sophistication of investors, and the opportunities and challenges that arise from these changes.

Main Points

Regulation Sparks Distribution Awareness

• The financial crisis has significantly impacted the hedge fund industry, leading to a more regulated environment.
• Regulations such as the EU's Alternative Investment Fund Managers Directive (AIFMD) have forced firms to reconsider their distribution strategies.
• AIFMD has increased compliance and reporting costs, and limited the ability to sell funds in Europe, but also created opportunities for firms to gain EU-wide distribution rights.
• Many non-EU fund managers are either creating EU AIFMs or becoming sub-advisers for EU AIFMs to access the EU market.
• The third-country passporting debate is ongoing, with no immediate decision expected, and countries like the US, Hong Kong, and Singapore are likely to be assessed first.

Increasing Sophistication of Investors

• The hedge fund industry has grown significantly since the financial crisis and continues to do so.
• Investors are now more sophisticated, demanding tailored, outcome-based products and expecting better capital preservation and upside potential.
• There is a growing emphasis on fee negotiation and a preference for professionally managed firms.

What Sells?

• Performance remains the key factor in attracting investors.
• Strong brand recognition, appropriate fee structures, and good service and tax considerations are also important.
• Direct engagement is seen as the most effective sales medium.
• However, sales lead times are long, which can be a challenge for small and start-up funds.

Liquid Alternatives: A Rising Tide?

• Liquid alternatives, such as UCITS funds in Europe and 40 Act funds in the US, are experiencing significant growth.
• These products offer greater transparency, liquidity, and lower fees, making them attractive to investors.
• Growth is evident across the survey, with 81% of firms managing UCITS funds reporting rising assets under management (AuM), and 87% of US managers of liquid alternative funds also reporting growth.
• However, the UK and US are more active in launching liquid alternatives, while continental Europe lags behind.

Distribution Strategies and Market Focus

• The top markets for hedge fund distribution in 2015/2016 are the US, UK, Continental Europe, Switzerland, and Asia-Pacific.
• In the US, defined benefit pension plans are the main target, while in the UK, fund of funds are the primary focus.
• In continental Europe, there is a shift towards targeting high-net-worth individuals.
• In the Middle East, sovereign wealth funds are the main focus, with expected growth in their assets by 2020.
• In Latin America, hedge fund managers are looking to create new products to attract high-net-worth individuals and sovereign investors.

Investor Types and Market Trends

• The main investor types in the US and UK are defined benefit and defined contribution pension plans.
• In continental Europe, insurance companies and banks are the primary targets.
• In Asia, marketing is spread across different types of investors.
• The internationalisation of the Chinese currency and reduced investment barriers are seen as opportunities for investment professionals.

AIFMD and Distribution Challenges

• AIFMD has posed significant challenges for hedge fund firms, particularly in terms of compliance and costs.
• Despite these challenges, many firms have accepted the constraints and adapted their distribution strategies accordingly.
• The report suggests that firms with global operations, experience in regulated products, and the willingness to meet increased requirements are better positioned to benefit from AIFMD.

Key Information

• The survey was conducted in mid-2015 and included 146 AIMA members managing around $550 billion in assets, representing about 20% of the global hedge fund industry.
• The report is aligned with PwC's Asset Management 2020 and Alternative Asset Management 2020 reports.
• The report includes insights from PwC interviews with hedge fund managers, highlighting their distribution strategies and challenges.
• The anticipated new investment by region in 2015/2016 is: US, UK, Continental Europe, Switzerland, and Asia-Pacific.
• The report predicts that by 2020, the distribution landscape will shift, with emerging markets becoming more important due to private wealth growth.
• The report also discusses the potential for new markets and untapped investor types, such as the emerging middle class in developing regions.