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Alternative Market Briefing

Exchange-traded instruments: a way to wider distribution universe for hedge funds

Monday, October 07, 2019

Andreas Woelfl
B. G., Opalesque Geneva:

Offshore hedge funds can use the exchange-traded-instrument back door to access the EU and other markets. Andreas Woelfl, founder of iMaps Capital Markets, a firm that offers a platform to transform alternative investments into exchange-traded instruments (ETIs), explains how.

"The solution is interesting for alternative investment managers," he says during an Opalesque TV interview. "Because of iMaps regulatory status, these ETIs can be distributed to the public in the European Union and to qualified investors in Switzerland, Singapore and Hong Kong."

iMaps's ETI platform works in a two-tier structure, he explains. The firm has a Cayman Islands-based segregated portfolio company. Each client, the asset managers, gets a segregated portfolio and manages it. The issuer, the Liechtenstein-based iMaps headquarters, then issues derivative securities with the segregated portfolio as an underlying portfolio. That way, the investor buying the ETI units gets a direct participation in the performance of the segregated portfolio.

"All ETI units are dematerialised in the Swiss clearing system and listed on the Vienna stock exchange, as well as on all major clearing systems," he continues. "That means the investor can buy the ETI unit as easily as an ETF or a stock from th......................

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