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Editor's Note
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France is the second largest savings market in the world, right after the U.S. A real strength of the French market is the diversity of the industry and the number of entrepreneurial asset managers. Of the approximately 600 asset managers in France, two-thirds are small and medium sized, and some 30 asset managers are created and authorized each year. By the July 22nd 2014 deadline for implementing the AIFMD, the French regulator AMF expects to have 350 registered Alternative Investment Fund Managers (AIFMs.) in the country.
As a result of the Alternative Investment Fund Management Directive (AIFMD), most of the service providers have increased prices. Some smaller firms have decided to change service providers in order to react and cut costs. While European fund managers certainly appreciate the benefits of their European passport for cross-border marketing, tax issues remains as their most prominent concern, and probably the last hurdle to distribution in countries like the U.K. and Germany. Nevertheless, over time AIFs could potentially become as popular as UCITS both inside and outside of Europe.
Investors should be aware that European hedge fund managers dont just only launch UCITS or Alternative Investment Funds (AIFs): according to ERAAM, European single hedge fund managers also launched 83 Cayman funds in 2013. However 89% of the AUM was within nine funds - certainly a very high concentration. New investor groups like U.S. based pension funds and others have started to discover European opportunities, offered by European managers, in sectors as diverse as:
- European equities
- European corporate credit and loans
- New fields like financial credit or in the management of liquidity buffers (HQLA)
- Smart Beta 2.0
- Securitization
- European distressed
- Investments with longer durations like real estate, infrastructure and infrastructure debt.
The Opalesque 2014 France Roundtable discusses those opportunities in-depth. The Roundtable was sponsored by Lyxor and Eurex and took place June 3rd 2014 at the Paris office of Lyxor with:
- Natasha Cazenave, Head of the Asset Management Regulation Division, AMF
- Denis Beaudoin, CEO, Finaltis
- Olivier Kintgen, CIO, Eraam
- Antoine Rolland, CEO, New Alpha Asset Management
- Fabrice Dumonteil, CEO, Eiffel Investment Group
- Paul Beck, Executive Director, Eurex / Deutsche Boerse Group
- Christophe Baurand, Head of Alternative Investments, Lyxor Asset Management
The participants also discussed:
- What are the two opportunities European incubators see coming out of regulations?
- Why do European incubators love Asian managers?
- Who is driving the strong momentum of UCITS funds?
- What is the opportunity in long-term and SME financing?
- How European Market Infrastructure Regulation (EMIR) can lead to less risk and reduced costs
- What is the road to success for an emerging manager? Which mistakes can be avoided?
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15. FERI Hedge Funds Day Bad Homburg Sept. 17
Since 1987, FERI has been synonymous with independent investment expertise and is now one of the leading multi-asset specialists in the German-speaking world. We combine our outstanding expertise in traditional and alternative investments with experience, innovation, and sustainability. More than 280 employees at eight locations in four countries work every day to safeguard and sustainably grow our clients' assets.
Experience a day (on site or join online) in the world of hedge funds! In addition to interesting insights into the strategies of international hedge fund managers, you can look forward to an exciting panel discussion on the topic "Long/Short Equities - Hedge Funds Made in Germany."
More information, registration: events@feri.de
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Legends4Legends Conference β Amsterdam, Oct. 1
Join Theta Capital for the 10th edition of Legends4Legends on October 1 in Amsterdam - an exclusive gathering of around 350 institutional investors, family offices and UHNWIs exploring the institutional adoption of blockchain and digital assets.
This year's theme:
"From Speculation to Institutional Adoption: How Blockchain is Rewiring the Global Financial System"
The conference focuses on where traditional finance and crypto are converging, the major real-world use cases emerging today, and how increasingly important infrastructure for the AI economy is being built on-chain.
Legends4Legends is deliberately different from typical industry conferences: no retail, no sales pitches and no noise. Every attendee, including Theta's own team, is asked to leave the pitch at home, creating an environment where managers and allocators can speak candidly.
The speaker lineup includes:
- Mark Cutis - Managing Director, Office of CEO, Abu Dhabi Investment Council
- Joe Marenda - Head of Hedge Fund Research & Digital Assets, Cambridge Associates
- Chris Perkins - Head of Crypto, Franklin Templeton
- Patrick J. Witt - Executive Director, President's Council of Advisors for Digital Assets at the White House
- Robert Leshner - Founder, Compound & Superstate; GP, Robot Ventures
- Haseeb Qureshi - GP, Dragonfly
- Tarun Chitra - Founder, Gauntlet; GP, Robot Ventures
- Matt Walsh - GP, Castle Island Ventures
- David Pakman - GP, CoinFund
- Min Teo - GP, Ethereal
- Lasse Clausen - GP, 1kx
- Scott Lawin - President, Pantera Capital
- Tyler Spalding - Co-founder, Flexa; Founder, Anvil Protocol
A limited number of invitations are available through Opalesque, particularly for institutional allocators who are curious about blockchain and digital assets but haven't yet found a credible way into the space.
If you are interested in attending, or know an institutional allocator who would benefit from joining, please register here:
https://luma.com/legends4legends?coupon=OP-26
Attendance is limited to 350 allocators and all registrations are subject to approval by Theta Capital.
As always, Legends4Legends supports Alternatives4Children, with every seat filled contributing directly to children's education.
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Family Office Forum ZURICH Nov. 10-11, Dolder Grand
Join Opalesque founder Matthias Knab at the 13th Prestel & Partner Family Office Forum in Zurich along with 100+ Family Offices!
This is YOUR opportunity to:
- Meet private investor peers in person
- Be part of a trusted community in a "safe place"
- Share experiences and views
- Access information across Family Governance & Investment best practice topics.
Investors attend for free, if you are interested in joining, let me know (email knab@opalesque.com and I'll make an introduction to the organizers.
I can also facilitate discounted tickets for investment managers / service providers given my 10+ year relationship with the organizers, please reach out as well.
See here for agenda and more information: https://prestelandpartner.com/familyofficeforumzurich.html
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| AlternativeSoft's Laurent Favre on the Future of Fundraising: AI, Avatars, and a Click to Invest |
“In five years, all will be done with AI.”Raising capital is one of the biggest challenges for hedge fund managers, while discovering and analyzing promising small to mid-sized funds is a time-consuming task for allocators.AlternativeSoft, a platform trusted by 150 institutional clients ...
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Interested in featuring your firm here? Contact us
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| Technical Research Briefing |
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S&P FUTURES (@ES) Daily
Currently: Long Looking to: Sell @ 4,118.75
As of 3/21/21 @ 7:58pm EST: 3,896
LAST WEEK: We suggested buying dips to 3,875 with stops on a close below 3,840 and with a target for selling longs / getting short at 4,118.75.
UPDATE: S&P futures had a terrible day Thursday and limped into the weekend. Right now, we put possible short-term ceilings at 3,918 or 3,950. If 3,918 holds as short-term resistance, we will look for a dip in the ES futures to 3,818 3,820. If 3,950 is tested and holds as resistance instead, we will look for a dip to 3,848 3,850 to follow. After this bounce and subsequent dip, we will be buying S&P futures aggressively (unless evidence presents itself that forces us to change our opinion) near one of those support levels.
We would look to buy dips to either 3,849 or 3,818.50 with stops honored on a close below 3,847 and 3,815, respectively. The upside target for either entry will be 4,119. NO SHORTING RIGHT NOW!
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