Fri, Nov 27, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications

French Institutions show more interest in hedge funds - France Roundtable

Sign up here for our free Roundtable Scripts - get this unique intelligence by email as Opalesque publishes them:

For the last five years, hedge fund performance has been below its historical average, and most institutions in France did not increase their allocation. This seems to be changing in 2013 when with the changed dynamics in the financial markets investors’ expectations have moved from capital preservation to competitive performance, and are more willing to embrace higher volatility.

In the context of a global portfolio with somewhat stretched valuations and shorter overall market cycles, investors have now many good reasons to evaluate the merits of alternative strategies. More new ideas, trading and investment strategies have become available for investors. One reason for that is that a lot of people who were running strategies internally at banks are now leaving to either set up or join hedge funds – two firms represented at the Roundtable are such spin-outs.

AIFM and UCITS V: Inspired by French regulations

People often think that the AIFM directive is only targeted at hedge funds, which is far from true, particularly in France. About two thirds of the 600 French asset management companies will eventually be AIFM authorized, and the majority of funds domiciled in France is not UCITS and will fall under the category of AIF. Against this background, it is worth noting that a number of provisions in AIFMD are directly inspired from the French regulation framework. This is one of the reasons why French asset management companies tend to have it easier to adjust to than some of their European competitors. For example, the rules on depository both in AIFMD and tomorrow in UCITS V are very much inspired by French rules, as these have been widely acknowledged as protective and efficient. There are other examples, such as valuation or the prevention of conflicts of interests.

The Opalesque 2013 France Roundtable, sponsored by Lyxor and Eurex, took place on June 6th 2013 in Paris with:

  1. Edouard Viellefond, Managing Director, Autorité des marchés financiers (AMF)
  2. Frederic Lebel, Co-CEO and CIO, OFI MGA
  3. Jean-François Comte, Founding Partner, Lutetia Capital
  4. Xavier Lattaignant, Head of Alternative Multi-Management, SCOR Global Investments
  5. Jad Comair, Founder and CIO, Melanion Capital
  6. Nathanaël Benzaken, Managing Director, Lyxor
  7. Paul Beck, Executive Director, Eurex
The group also discussed:
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November