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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 don’t 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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Battle of the Quants: London, Oct. 22nd, Royal Automobile Club
Designed for quantitative managers, institutional investors, allocators, and data experts, the Battle of the Quants - London provides a unique forum to exchange ideas, challenge conventional thinking, and build relationships with the people driving the evolution of quantitative trading.
Join me for the 21st "Battle" in London, the Quantitative Allocators Roundtable and Data Roundtables are highly regarded. For details: www.battleofthequants.com
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Free allocator registration: Apex Invest Europe, Zurich, 27-28 October
I've attended Apex Invest events twice. They are among the conferences where I would tell an allocator: clear the two days.
Apex Invest Europe keeps the manager count at 50 and the allocator-to-manager ratio at 2:1, so LPs are the majority in the room. But the programming is what brings me back - the keynotes and panels are genuinely excellent, and the allocators I talk to say the same.
Opalesque has free allocator registration: https://bit.ly/45ZOk7X
The Dolder Grand does not hurt either ;-). Please reach out if you have any questions.
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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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| Inside Fasanara Capital: How Europe's most granular multi-strategy platform was built from fintech credit |
"Diversification is not aspirational. It's hard work."This Opalesque VIRTUAL MANAGER VISIT takes us to London's Mayfair district to meet Fasanara Capital. Over 15 years the firm has grown from a specialist in technology-enabled asset-based finance into a global alternative investment platform coveri...
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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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