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New Managers May 2013

News & Perspectives

You get one shot as a manager

Phillip Chapple, Executive Director with KB Associates UK, a boutique operational consulting firm, told Opalesque's UK-based writer Beverly Chandler that he had already seen 59 potential hedge fund launches so far this year, even though he deems only eight are viable as new businesses. Shortly after he arrived at KB in 2010, he started up a different service helping start up hedge fund managers to build their whole infrastructure with investor requirements in mind, "driven by the fact that a lot of prime brokerage teams had been slimmed back but investor expectations had gone up."

"We see a flow of potential start-ups and we are honest with them about their chance of making it" Chapple says. Currently in London, KB has 41 clients for whom they have prepared or are preparing due diligence. "The flows from investors means that due diligence happens immediately but many investors or conduit investors won't tell you why you have failed - you get one shot as a manager with a lot of them as they don't tend to revisit. The conduit guys look at 1,000 managers to find the 100 so they don't have time to help the managers to get up to standard." (Full Opalesque Exclusive)

AIFMD could asphyxiate new fund launches

Michael Oliver Weinberg is Adjunct Associate Professor at the Columbia Business School where he is currently teaching a course he created on Alternative Investing in Pension Plans. In terms of regulations, Weinberg said on Opalesque Radio that the EU's AIFM Directive is "more of a bane than a boon," as it is too complex and likely to asphyxiate new fund launches and damage existing funds, both in Europe and out of Europe.

"We believe it will result in a significant retrenchment in non-EU domiciled managers who currently have such presence but deem it no longer worthwhile," he notes. But on the positive note, he adds, the managers that stay - most likely......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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