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Jeroen Tielman Benedicte Gravrand, Opalesque Geneva for New Managers:

As founder of the IMQubator seeding platform, Jeroen Tielman has seen the industry change and new models develop over the last five years.

For a start, the initial tickets for emerging hedge fund managers need to be much larger, more in the region of $75 to $100m. But those managers have to deal with a difficult funding climate, high business costs, a regulatory burden, and competition with their larger and more established peers. They need access to proper distribution, he says.

"There are some big developments taking place, which really require a partnership-type of relationship between the capital and the manager," he tells Matthias Knab during a recent Opalesque TV interview. And that can be a very interesting development in the context of convergence between traditional and alternative asset managers, which could also be related to outcome-based benchmarking (as opposed to traditional benchmarking). Outcomes are defined in terms of risks, or in terms of cash flows over times, he explains. And this is connected to the convergence phenomenon he has been observing.

The convergence between traditional and alternative asset managers raises interesting questions, he notes. How can a traditional manager liaise with the specific expertise ......................

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