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German institutions: Much deeper understanding of hedge funds and sub-strategies - Opalesque Roundtable

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Since the financial crisis, the learning curve of German institutions about hedge funds and their many sub-strategies has been impressive, and investors demand a much more in-depth discussion of hedge fund strategies. Another factor that helps bringing more alternative knowledge into Germany is that many successful and well known offshore hedge funds have launched UCITS hedge funds. Offshore hedge fund knowledge and strategies are now distributed through UCITS into continental Europe. This is very beneficial to the German market as it provides additional hedge fund expertise to the investors.

Every hedge fund can become "tax transparent" for German investors

I remember when German Investment Act (Investmentgesetz) went into effect in 2004, every investor and manager was backing off saying, “oh, I would like to invest (or have German clients), but to deliver this tax transparency just seems pretty impossible to do...”. Today, every fund can become tax transparent through the cooperation between the tax advisor and the fund administrator. The prices have come down significantly since 2004 and can range between €4,000 per annum for a derivatives driven fund to around €12,000 to €15,000 per annum for tax compliance for a long/short debt fund with large volume and many different assets.

The 2013 Opalesque Germany Roundtable took place June 12 at the office of tax, legal and consulting firm WTS in Frankfurt with:

  1. Marcus Storr, Head of Hedge Funds, Feri
  2. Frank Huttel, Head of Portfolio Management, FiNet Asset Management
  3. Alexander Adsay, Portfolio Manager, Antecedo
  4. Carsten Straush, CEO, German Asset Managers Group
  5. Dr. Randolf Roth, Head of Market Structure, Eurex
  6. Steffen Gnutzmann, Partner, WTS
  7. Robert Welzel, Partner, WTS
This Roundtable was sponsored by Eurex, WTS and Taussig Capital and discussed the following topics:
  • How long can non-AIFMD compliant international asset managers still sell to European clients?
  • Which UCITS funds have on average an annual consistent negative tracking error of sometimes several hundred basis points? Why?
  • What burned the word "hedge fund" in Germany and how to appropriately rename your fund when selling it into Germany?
  • What are German institutions and retail investors looking for?
  • What is THE big time bomb in bonds?
  • How can investors prepare for the markets' worst nightmare: reliving the 1994 scenario when interest rates shot up
  • How the Eurex Repo market helps asset managers managing their variation margins

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