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Opalesque UCITS intelligence

Industry Leaders: Six leading platforms analyze 2013

Monday, February 10, 2014


Your key achievements in 2013:

Alceda has applied for a licence as an Alternative Investment Fund Manager ("AIFM") with Alceda Asset Management GmbH in Germany and Alceda Fund Management S.A. in Luxembourg.

As an authorised AIFM in Germany and Luxembourg, Alceda will be allowed to perform internal management functions like portfolio and risk management, administration and marketing.

In 2013 Alceda partnered with new fund managers from the US, Asia and Australia and has expanded its international network with AFINA Holdings to offer services and products to the Latin American market.

Your vision for 2014:

After years of stalled growth the global asset management industry has returned to a growth path. But the wide variation in performance amongst managers, products and regions is challenging investors. Big regulatory changes are sweeping the financial industry which has led to an increasing demand for individual structuring solutions. We are confident that funds under the AIFMD will have the same 'gold standard' as the UCITS brand and as a result, we believe that Luxembourg will continue to be the worldwide leader in cross-border fund distribution. The AIFMD is accelerating the change from offshore to onshore as managers today often run both onshore and offshore vehicles to attract investors from different jurisdictions.

Your positioning:

Alceda is a leading, bank-independent specialist in structuring solutions for traditional and alternative investment strategies. We cover the entire range from concept development of investment vehicles for classic to complex investment strategies, from the alternative investment area and fund redomiciliation, to the realisation of fixed asset investments. Our client base includes international initiators and investors such as asset managers, banks, family offices, investment managers, pension funds, foundations and pension plans. Number of external funds: 60 Top raising funds in 2013: • Tideway UCITS Funds - Global Navigator
• LOYS Sicav - LOYS Global System
• PPF ("PMG Partners Funds") - CP Global BioPharma Fund
• MEGA TREND FUNDS - ECPI Sustainable Global Mega Trends
• PPF ("PMG Partners Funds") - LPActive Value Fund

Contacts: Michael Sanders, CEO and Chairman of the Board Alceda Fund Management S.A.


Your key achievements in 2013:

Our Platform's key achievements in 2013, are threefold :

1. Strong asset raise: we doubled our AUM YoY from $770m to over $1.6bn

2. Diversification: we launched a variety of new funds, across Fixed Income, CTAs and Global Macro

3. Strong performance: an equally-weighted portfolio of our funds would have returned 11.5% in 2013, exceeding industry indices.

Your vision for 2014:

Looking ahead to 2014, we would like to continue the positive trends that we have seen in 2013. Ideally, one large area of focus is diversification. We want to expand our global macro and credit offering, and ensure that we continue to launch best of breed managers. In terms of asset raise, we would like to see more funds exceed the $100m and $200m mark and continue to grow the assets of the platform. Given the strong track records of many strategies now (+2 years), we are aiming to see strong consistent returns. One of primary goals is ensure that we are fully aligned with our investors' interests. To address this, we have already introduced lower platform fees, on a tiered basis (as a function of sub-fund AUM). Your positioning:

We continue to see ourselves as an exclusive bestof- breed platform. We aim to provide high quality managers, as opposed to being a "fund supermarket". We see ourselves as providing a diverse range of strategies for investors, and look to continue to diversify this offering.

Number of external funds: 19

Top raising fund in 2013:

The MS PSAM Global Event UCITS Fund was the top raising fund in 2013, increasing its assets under management by 130%, from EUR163 m to EUR 372m as of 31 December 2012.

Contacts: Stephane Berthet, Executive Director Morgan Stanley | Institutional Equity Division, Stephane.Berthet@morganstanley.com LYXOR Your key achievements in 2013: 2013 was a transformational year for the Lyxor Alternative UCITS Platform. We spent the year to reshuffle our product range and entered into new partnerships with 3 managers who are highly recognized in their field of expertise. Following the fund launches, we planned and executed a broad marketing campaign including several European road-shows, a targeted advertising plan, the creation of a wide range of marketing materials and a strong sales push all along the year. More than 600 investors and prospects have been contacted and results are very encouraging with 2 funds now exceeding the critical $100m AuM mark less than 1 year after launch. Performance is also promising since the funds delivered double-digit absolute returns 2013 and have consistently ranked above their peers.

Your vision for 2014:

Our vision for 2014 is to capitalize on the strong efforts we have put into building our leadership and make in 2014 these 3 funds blockbusters. We strongly believe that we now tick all the boxes required by our investors: the pedigree of our managers is of the highest quality, the track record after a 1 year launch is outstanding, the critical AUM threshold of $100M is now exceeded for the majority of funds and all investment strategies (merger arbitrage, alternative credit–event driven, managed futures) are attractive considering the expected market environment for 2014. We do not target any number of new funds in the next 12 months although we have great ambitions in this activity and may decide to add 1 or more funds as the right opportunity arises.

Your positioning:

As an asset manager, we adopt a selective approach, focusing on quality and performance only. In early 2013, Lyxor launched 3 new single UCITS hedge funds, offering genuine exposure to star managers and niche strategies:

- Lyxor / WNT Fund, managed by Winton Capital Management, is designed to give direct and genuine exposure to Winton's expertise through direct investments in UCITS eligible assets,

- Lyxor / Canyon Credit Strategy Fund, managed by Canyon Capital Advisors, is designed to benefit from Canyon's +20-year experience in event-driven creditoriented strategies. The strategy offers a powerful alternative to traditional credit investing in a context of rise of interest rates.

- Lyxor / Tiedemann Arbitrage Fund, managed by TIG Advisors, is designed to give access to a pure alpha strategy playing merger arbitrage deals from both a long and a short perspective. Number of external funds: 3 Top raising fund in 2013: Contacts: Nathanael Benzaken, Head of the UCIT platform, Nathanael.bensaken@lyxor.com

MontLake UCITS Platform

Your key achievements in 2013:

Throughout the year of 2013, ML Capital was proud to add a further two sub-funds to the MontLake UCITS Platform Plc, namely the MontLake Open Field Capital Technology UCITS Fund and the MontLake FVC Alternative Risk Premia UCITS Fund. Furthermore, Open Field Capital is the most successful fund launch on the platform to date seeded with 103mln USD day one. Simultaneously, the platform and the Skyline UCITS Fund both doubled in AUM in 2013, highlighting the continued success of our distribution capabilities. Finally, the DUNN WMA UCITS Fund has been awarded the 'Best Performing CTA UCITS Absolute Return Fund' of 2013 by UCITS Alternative Index (UAI) and the Pegasus UCITS Fund has been recognised as one of the 'Best Performing European Funds' as quoted in the City AM.

Your vision for 2014 :

As we commence a new year, the MontLake UCITS Platform plans to broaden its product range in the first quarter, with key fund launches in the following strategies;
• US Long/Short
• Discretionary Global Macro; and
• Emerging Markets Long Only

Furthermore, the MontLake UCITS Platform aims to increase total AUM from $500mln to $850mln - $1bln. Most importantly, ML Capital will strive to continuously provide investors with access to top quartile performing asset managers within their respective strategies.

Your positioning :

The MontLake UCITS Platform will continue to position itself as the leading independent UCITS Platform, offering investors a broad range of strategies with unrivalled performance, accessing new lucrative markets such as the Nordics. The MontLake UCITS Platform will soon penetrate the USD1bln in AUM level, cementing the products institutional quality infrastructure and distribution capabilities. Finally, ML Capital aims to offer investors a selection of best in class long only and hedge fund managers, as we believe that both are complementary and can be placed alongside one another on the MontLake UCITS Platform.

Number of external funds: Currently 7, increasing to 10 by the end of Q1 2014.

Top raising fund in 2013:

MontLake Open Field Capital Technology UCITS Fund raised over 100mln USD from day one.

MontLake Skyline UCITS Fund raised 90mln USD, more than doubling its AUM.

Contact: James Fortnum, james@mlcapital.com

Schroder GAIA

Your key achievements in 2013:

2013 saw a marked acceleration of the Schroder GAIA business as we successfully launched 3 new funds: Schroder GAIA Sirios US Equity, Schroder GAIA Cat Bond and Schroder GAIA Avoca Credit and AUM on the platform grew by almost 100% from 31 Dec 12 $1.77bn to 31 Dec 13 $3.37bn.

Your vision for 2014:

Our vision is to continue to remain focussed on servicing our clients whilst selectively adding high quality managers where we see strong demand in order to complement our existing fund range.

Your positioning:

The Schroder GAIA platform is well positioned in the market as one of the few dedicated alternative UCITS platforms offered by a global asset manager. A recent report from Alix Capital highlighted the Schroder GAIA platform is one of the largest and fastest growing in terms of assets and having the highest average AuM per fund. A big part of our success stems from the fact we are incredibly selective in terms of whom we partner with as opposed to being an access platform and we have a great distribution team globally.

Number of external funds: 4

Top raising fund in 2013: Schroder GAIA Sirios US Equity $1bn

Contacts : Andrew Dreaneen, Head of Schroder GAIA Product & Business Development

This article was published in Opalesque UCITS intelligence.
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