Crisis…which one?

Well, it’s hard to tell these days. There are many nominees for the most overused word of the pandemic, but “crisis” must be up there. Today’s crisis du jour is the one facing equity markets. No, no, not the one caused by hedge funds, this time: the one caused by seemingly ordinary people. Ordinary people…

Effective communications in turbulent times

In these turbulent times, it’s hard to escape the “info-load”. We are inundated daily with an ever-increasing volume of communications, from daily government briefings to special press conferences to hour by hour feeds on our social media platforms, all competing for that all important share of our time and attention. While we can agree that…

Alternative liquidity management

As covered in a previous article, the tools that manage how and when investor money is returned have always been a part of the fund documentation for liquid alternative strategies. These liquidity management tools were road tested extensively between 2008 and 2011 and the result is a far better understanding of how best to use…

Hedge fund liquidity since the global financial crisis

Hedge fund liquidity is not just the frequency with which investors can get their money back (i.e. “redeem” from the fund) but also, fundamentally, the ability of the fund to be able to satisfy investor redemptions, when necessary. Historically, at least, investors in hedge funds have tolerated higher levels of opacity in the way hedge…

Substance in the Cayman Islands: Testing times for fund management businesses

The introduction of The International Tax Co-operation (Economic Substance) Law, 2018 (“ES Law”) in the Cayman Islands and the associated regulatory guidance has received a lot of attention lately. Rightly so in many respects, as it further demonstrates the commitment of the Cayman Islands to adopting international best practice standards. The ES Law represents the…

Key points on key people

Your investors have accounted for the risk, but have you? A successful hedge fund depends heavily upon the fund manager’s key decision makers, not just in terms of investment returns (although that is arguably their single most important function) but also the ongoing financial and business management of the fund manager. Without the fund manager,…

Hedge fund activism in distressed situations

For distressed debt investors, the debt markets have in recent times been characterised by surprisingly resilient conditions despite Brexit uncertainty and the mounting case for interest rate rises. The consensus is that these are still fairly healthy times for borrowers, with the state of the markets permitting them to issue cheap debt and refinance large…

Hedge fund trends to watch in 2019

It would be rash, indeed, to put one’s name to any sort of predictions about what to expect in the course of this year, so don’t expect any here! What we can say, however, is that, based on our work with clients in 2018, there were a few trends emerging which we think may have…

New year, old news?

It’s 70 years this year since Alfred Winslow Jones first employed the investment strategy that would go on to become commonly known as a “hedge fund”. Not only am I proud that the man referred to as the “godfather of hedge funds” is a fellow Australian, I am also fascinated by his much wider commercial…

Mind iF I Don’t, too? (MiFID)

With three weeks to go until MiFID II takes effect, this article shines a light on 4 of the issues our hedge fund clients tell us are exercising them most: Research unbundling Telephone taping Transaction reporting LEIs References in this article to “MiFID II” include the MiFID II Directive (2014/65/EU), the Markets in Financial Instruments…

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