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Hedge Funds
Swiss Market
what distinguishes hedge funds from traditional funds is mainly investment strategy and
the absence of regulatory/investment constraints
they can use more aggressive strategies (ie. short selling, arbitrage, options)
use a broad number of investment strategies
exposure to different types orf market risk (ie. interest rate risk, currency risk, term rate risk)
and structural? risk (liquidity risk, credit risk, volatility risk)
driven by institutional investors (over 50%) ie. public pension, endowment plan, family office
increasing concentration as industry matures
hedge funds can be good for increasing returns and diversification of a portfolio
directional strategies (ie. event-driven, equity long/short) increase return and reduce risk of portfolio but are more highly correlated with equity markets
relative value strategies ie. fixed income arbitrage, equity mark neutral, are good for risk reduction and diversification
AHL
GLG
MAN
2/20
Man AHL is a world leading quantitative managed futures manager that operates programmes that are primarily directional in nature, meaning they seek to identify and take advantage of upward and downward price trends. Man AHL has an outstanding long-term track record of absolute returns with controlled risk dating back to 1987. In addition to a well grounded investment philosophy and a dedicated team of investments specialists, Man AHL owes much of its success to robust and finely tuned trading and execution infrastructure. A strong and sophisticated research ethos underpins continual enhancements and refinements in the programmes and infrastructure.
Key facts
* Quantitative investment manager formed in 1987
* Impressive track record spanning more than 20 years
* $23 billion funds under management
* Sophisticated quantitative trading strategies operating 24/7 across over 100 exchanges worldwide
* Highly analytical team of investment professionals
* Based in London, Oxford and Hong Kong
computerized trader (use a computer model to forecast market movements)
23bn under management
historically focused on HNWI, now more inst. investors
computerized program lowers transaction costs (as does a broader client base)
acquired October 2010
ntended to make MAN group more diversified,
partly due to investment strategies that have low correlation to AHL performance
MAN- strength in distribution
GLG- range of liquid strategies
GLG’s focus through its alternative strategies is on preserving clients’ capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and widely respected alternative investment managers with a growing presence in the market for traditional long-only investment products, serving individuals, corporate and institutional clients. GLG’s investment performance reflects the capabilities of its deep and talented team of investment professionals as well as its rigorous and bespoke risk control processes.
manages about 32bn (on MAN-GLG site, as of March 2011)
on GLG site it says 23bn.. as of
initially set up under Lehman Bros.
for Jakub:
internal processes?
personality type?
IM department?
dress code/ attitude?
In the last few years, alternative investments and hedge funds in particular have become part of the standard asset allocation process in the Swiss private banking business as well as for many Swiss institutional investors. This is the case even though, given legal and regulatory constraints, hedge funds may only be distributed in Switzerland by way of private placement, without any public offering. In addition, Swiss law and the practice of the supervisory authority, the
allow for the setting up and the public distribution of collective investment schemes which take different forms and which invest into hedge funds (e.g. investment companies, investment foundations, and funds of hedge funds). These structures have also contributed to the success of alternative investments in Switzerland. For the rest, the on-going revision of the Swiss mutual fund legislation is expected to create additional flexibility in regards to the offering of this type of investments to the Swiss market.
The Swiss market
Switzerland is an important player in the alternative investment arena, especially for hedge funds. Although reliable statistics on this topic are difficult to come by, it is generally considered that, after the U.S., Switzerland is the second-largest market for hedge funds in the world. A number of factors have contributed to this situation.
Performance Fees
Management Fees (AuM(
Investment Marketing Graduate Program
leading provider of hedge funds
effects of the financial crisis: slightly less competition, stricter regulation
acquisition of GLG (dependent on UHNWIs, might increase volatility of aum
valuation appears full
AHL (key performance fee driver for MAN) is improving
Client inflows (management fee driver) increasing
Slower recovery in management fees limited by regulatory attemps
More diversification achieved after the GLG acquisition
AuM provides the basis for generating management fees
recent outflows means these are lower
Notable hedge fund firms
* Amaranth Advisors
* Bridgewater Associates
* Citadel Investment Group
* D.E. Shaw
* Fortress Investment Group
* GLG Partners
* Highbridge Capital Management
* Long-Term Capital Management
* Man Group
* Marshall Wace
* Moore Capital Management[142][143]
* Paulson & Co.[144][145]
* Renaissance Technologies
* SAC Capital Advisors
* Soros Fund Management
* The Children's Investment Fund Management (TCI)
* Tudor Investment[146][147]
12 month program designed to develop graduates in some of the core commercial business areas within Man, with the goal being for the successful candidate to use the acquired expertise in the creation of compelling marketing collateral.
Benefit the Investment Marketing team.
rotate in sales, investment management and product teams.
each graduate takes on a specific project that should develop their team.
After the rotation, return to the IM team where the graduate is responsible for writing and managing Man's marketing collateral.
work with senior RMs, invesment management and communications personnel.
*The role will also involve the development, implementation and regular review of a detailed marketing plan.*
Requirements:
-degree in Finance/Business
-a demonstrable, active interest in financial markets
-self-managed, intuitive, and pro-active
-team-oriented
-excellent English, some German
-entrepreneurial mindset, creative thinking
-excellent MS Office skills
My notes:
-important of knowing how to conduct marketing research (read over marketing notes!!)
-great with MS office, prezi
-very interested in both markets and marketing
-want to grow in this direction
-have the skills for it
trends: increasing inst. investors,
developing onshore markets
crisis has helped man attract top talent
known for outstanding distribution and structuring capabilities
distribution channels: institutional investors, broker-dealers, investment platforms, financial advisors and high-net-worth individuals.
Janus is offering investors access to a mutual fund that acts in the same way that most hedge funds act, but without the stiff management fees. More mutual funds such as the one launched by Janus should hit the market this year, opening up a whole new pool of investors to the idea of hedge funds.
AIFMD
UCITS
Affects Professional Investors (ie. Insitutional and Well-Informed)
Alternative Investment Fund Manager Directive
Historically, there have been different regulatory approaches within each country in the EU.
In 2010, the EU approved a law to require hedge funds to register with national regulatory authorities. The EU's Directive on Alternative Investment Fund Managers (AIFMD) was passed by the EU Parliament on November 11, 2010 and is the first EU directive focused on "alternative investment fund managers", including hedge fund managers.[
The directive requires managers to disclose more information, on a more frequent basis, to regulators about their investment strategies.
Countries within the EU are required to adopt the directive in national legislation by early 2013.
affects Retail Investors
on shore
set of European Union Directives that aim to allow collective investment schemes
A collective investment fund may apply for UCITS status in order to allow EU-wide marketing.
Throughout Europe approximately €6.8 trillion are invested in collective investments. Of these funds about 76% are UCITS.
implemented in 2011
This will update the UCITS III Directives by introducing the following changes,
* Key Investor Information (KII)
What do you think are the key challenges facing Man currently, as well as the Financial Services industry as a whole?One key challenge for AI managers will be the myriad of new regulations. The general public singled out the shadow banking system as the key culprit for the financial turmoil and the combination of desperate politicians and inundated regulators has lead to unprecedented overregulation. Whether or not the US Dodd-Frank Act and the EU AIFMD lead to better regulation or only higher compliance costs - MAN will need to streamline internal compliance processes and thereby profit from economies of scale as market leader.The second key challenge for MAN will be to deepen distribution. Targeting retail investors will require compliance with stricter regulations such as UCITS IV, but offers the possibility to charge pre-crisis fees (2/20) and multiply the investor base. The cross-selling of products such as AHL and Man Multi-Manager (and the products of new acquisition targets) is key for success.Please explain why you have chosen to apply for this specific programme at Man.I am applying to the Investment Marketing Graduate Program at Man because the intersection of financial products with marketing is an area in which I excel and which I enjoy.I have a keen interest in writing, as evidenced by my experience in journalism and legal research, as well as my major in Communication Theory. On the GMAT verbal section I scored in the 92nd percentile.I have an equally keen interest in financial markets and products. During my MBA, I specialized in finance because its complexity fascinates me. For my diploma thesis, I analysed and compared two alternative fixed-income investment fund strategies. For a marketing course I spent three months developing a marketing plan on the topic of an alternative investment fund. It was a challenging and satisfying experience that I would love to delve further into, but rather in a professional environment as I experienced during my time at Canmade. In sum, this program fits perfectly in line with my professional goals.