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Mutual Funds: The New Hedge Fund Seeders - - Opalesque Roundtable

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Mutual funds can already do many of the investments that hedge funds are allowed to do, and the last piece for the U.S. SEC to change is the fee structure. But some multibillion mutual funds have developed new ways to utilize and work with hedge fund managers by allocating to them through separate accounts. The mutual funds get daily liquidity, can overlay their own risk management and oversight and are able to pull the plug any time they need to.

Thus, some mutual funds in the U.S. have become the new seeders for hedge fund managers, basically replacing some of the traditional seeders and putting significant amounts of capital to work. This Roundtable also discusses how hedge funds can raise millions with 40 Act funds in the RIA and variable annuity product space.

Meanwhile, investments in hedge funds among the 200 largest U.S. retirement funds increased by 20% in 2012, representing a five-year growth of approximately 67%. Moreover, the average public pension is anticipated to maintain allocations to hedge funds of anywhere from 5% to 10%. Currently, there are significant differences in allocations to hedge funds by public pension plans with some public pensions that have no allocation to hedge funds whatsoever while others have up to 27% in hedge funds.

Information does not equal knowledge - what is proper risk management?

In risk management, the trend has shifted from purchasing a risk software to engaging a turn-key risk consultant. Most risk managers and most organizations have more data than they could have ever wanted, and in many cases they have no idea what to do with it. Kimberly Mounts, one of our Roundtable participants, compared it to purchasing a Lear jet and getting it delivered, but then having no way to fly it - you also need the right fuel, a pilot and the navigation tools to get you to where you want to go. Moreover, risk measurement can be "garbage in, garbage out" when the big picture (e.g. how hedges are set up) gets lost through a fixation on daily position reports. What should investors expect when engaging a risk consultant?

The Opalesque 2013 West Coast Roundtable - sponsored by Sunrise Capital, the California Hedge Fund Association, Eurex andTaussig Capital - took place May 5th in Las Vegas with:

  1. Chris Ainsworth, COO and CFO, Maerisland Capital
  2. Joe Childrey, Founder & CIO, Probabilities Fund
  3. Chris Dopp, Senior Vice President, Eurex
  4. Jason Gerlach, Managing Partner, Sunrise Capital Partners
  5. Michael Kao, Founder and CEO, Akanthos Capital Management
  6. Kimberly Mounts, Founder & CEO, MAP Alternative Asset Management
The group discussion explored the following themes:
  • How Michael Kao achieves idiosyncratic option-like payoffs in capital structure long/short trades
  • When does diversification become “diworsification”?
  • Opportunities in global telecom and cable, media and gaming
  • How to overcome the extensive search costs required to identify early emerging managers
  • Five years after 2008, should investors still be afraid of structured, credit default or “collateralized anything”? When is structured credit becoming overcrowded?
  • “Buying the dips”: Is now the right time to go into managed futures?
  • Why has Eurex launched futures on French and Italian bonds alongside their traditional German products?
  • Why have California-based alternative managers over the long haul outperformed industry benchmarks by greater amounts and more consistently than other managers?

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The Opalesque Roundtable Series offers unparalleled intelligence on the most important global hedge fund jurisdictions and their players. The Roundtable Series is a free publication from Opalesque and is continually updated. Please scroll down to view the full selection of our Roundtables - covering the globe!

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