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Alternative Market Briefing

How fund of hedge funds houses Cube Capital, Signet have innovated since '08

Thursday, June 27, 2013

amb
Scott Gibb
Benedicte Gravrand, Opalesque Geneva:

The fund of fund space has seen significant changes since the financial crisis, and the less value-added methods have been disappearing. A couple of fund of hedge fund managers describe how their companies have been adapting to the post-2008 environment during the recent Opalesque UK Roundtable.

Scott Gibb, Partner and Portfolio Manager at Cube Capital, a $1.3bn alternative asset management business, said: "The so-called 'concierge' model whereby the fund of funds (FoF) simply provided access to hedge funds.... has been dis-intermediated by investment consultants to a large degree – they do research on large, brand name managers and make recommendations to large allocators as to which one to invest with, charging a small fee for the advice. This is rational as the 'concierge' fund of funds typically underperformed given their high and undeserved fees."

There are models that are still alive and that are thriving, he continues. The very large FoF, which offer lower fees, high diversity, low volatility products and managed accounts continue to attract assets. So do those which offer specialised products such as macro, fixed income, or emerging market products. They are different from concierge funds in that add value in such things as heightened transparency, extensive due diligence......................

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