how to start a hedge fund in the eu 2015

40 Pages·2015·9.84 MB·English

HFM
WEEK
S P E C I A L R E P O R T
HOW TO START A HEDGE
FUND IN THE EU 2015
COMPLIANCE
Facing regulatory challenges
PARTNERSHIPS
Working with the right people to grow your fund
TECHNOLOGY
Protecting and strengthening business functions
FEATURING Backstop Solutions Group // Bloomberg // Eze Castle
Integration // Eze Software Group // Finance Malta // Global Prime
Partners Ltd // KB Associates // Linear Investments // Macfarlanes LLP
// Maples Fund Services // netConsult
001_HFMHow2EU-2015_cover2.indd 7 16/09/2015 14:41
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Untitled-1 1 16/09/2015 14:37
HOW TO START A HEDGE FUND IN THE EU 2015 INTRODUCTION
T
his year’s edition of HFMWeek’s report How to
Start a Hedge Fund in the EU, is delivered in an
encouraging period for early-stage funds. Throughout
this report, a ‘healthy market’ for hedge fund launches
is acknowledged by industry members from an array
of different professional backgrounds. These industry
members provide insight on the greatest challenges
and opportunities facing new funds in the EU.
As is to be expected, technology is once again a major talking point in the
industry. Technological sophistication can provide start-ups with leverage to
compete with larger, established funds. But, perhaps more vitally, utilising
technology in an appropriate manner gives managers the tools to meet the
plethora of challenges they will face throughout the life of their fund.
Many of the challenges that funds face, from day one and beyond, are rooted
in regulatory compliance issues. This report provides advice and guidance on
how to meet these challenges efficiently and responsibly.
There are a number of key service providers that are essential for the success
of a fund. Working with the right people, from a technology provider to an
external fund administrator, can be the difference between sustained growth
and failure for a start-up fund. Industry members throughout this report
unanimously emphasise the importance of the right business partnerships for a
new fund, and they provide guidance for making the right decisions in this area.
The contributing individuals in this report bring together a vast amount of
expertise and experience. It is our hope that this year’s edition of HFMWeek’s
report How to Start a Hedge Fund in the EU will provide a unique source of
information and perspective, while encouraging the development and growth of
new funds throughout the EU.
Mike Sheen
Report editor
REPORT EDITOR Mike Sheen T: [phone] [email protected] HFMWEEK HEAD OF CONTENT
Paul McMillan T: [phone] [email protected] HEAD OF PRODUCTION Claudia Honerjager
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CONTENTS
HOW TO START A HEDGE FUND IN THE EU 2015
FUND SERVICES TECHNOLOGY
05 SOLUTIONS FOR AND BEYOND THE START-UP 22 MAKING AN IT INVESTMENT IN YOUR FUND’S
STAGE FUTURE
Palak Patel, global head of product development for Bloomberg’s Phil Ashley, chief information officer at netConsult, talks to
Asset and Investment Manager (AIM), talks to HFMWeek about how HFMWeek about the key IT decisions start-up funds will make
choosing the right service providers can help fund managers meet
challenges through different stages of their fund’s growth FINANCIAL SERVICES
25 CHOOSING A DOMICILE
FUND SERVICES Ivan Grech, head of business development at FinanceMalta, talks
08
CONSISTENT AND STABLE PLAYERS to HFMWeek about Malta’s position as an EU domicile and what it
Stephen Lewis, European head of sales and relationship has to offer start-up funds
management at Maples Fund Services, talks to HFMWeek about the
importance of working with the right service providers, and other RISK MANAGEMENT
issues facing start-up funds in the EU 28 STRATEGIC PARTNERSHIPS: THE OUTSOURCING
MEGA-TREND
TECHNOLOGY Jerry Lees and Gary Newman, chairman and senior relationship
10 WORKING WITH THE RIGHT PEOPLE manager respectively of Linear Investments, discuss six key
Dean Hill, executive director at Eze Castle Integration Ltd, discusses issues facing emerging funds, and the emerging trend of strategic
the importance of selecting the right business service providers, partnerships
and explains some of the key technology factors new funds must
consider when starting out in the EU FUND SERVICES
31
COMMON MISTAKES WHEN CHOOSING A CRM
FUND SERVICES Robert Goldbaum, vice president at Backstop Solutions Group,
13
THINGS TO CONSIDER talks to HFMWeek about the firm’s offering and what funds should
Colin Bridges of Global Prime Partners talks to HFMWeek about the consider when choosing technology providers
different challenges associated with launching a fund, and what the
right service providers can do to give new funds a competitive edge FUND SERVICES
34 INVESTORS ARE KEY
TECHNOLOGY Peter Northcott, executive director at KB Associates, talks to
16 TECH SOLUTIONS TO EARLY-STAGE CHALLENGES HFMWeek about the most important factors for emerging
Gerry Gualtieri, senior managing director of Eze Software Group, talks managers to consider and what assistance his firm can offer
to HFMWeek about the firm’s client-focused technology solutions
37 SERVICE DIRECTORY
LEGAL
19 BRINGING YOUR FUND TO MARKET
Simon Thomas and Sam Brooks of Macfarlanes LLP discuss the
factors European hedge fund managers need to consider when
bringing new products into the market
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HOW TO START A HEDGE FUND IN THE EU 2015 FUND SERVICES
SOLUTIONS FOR AND BEYOND
THE START-UP STAGE
PALAK PATEL, GLOBAL HEAD OF PRODUCT DEVELOPMENT FOR BLOOMBERG’S ASSET AND INVESTMENT
MANAGER (AIM), TALKS TO HFMWEEK ABOUT HOW CHOOSING THE RIGHT SERVICE PROVIDERS CAN HELP FUND
MANAGERS MEET CHALLENGES THROUGH DIFFERENT STAGES OF THEIR FUND’S GROWTH
HFMWeek (HFM): What are some of the biggest chal- partner from the beginning can make a big difference for
lenges that face a manager looking to start a hedge start-up funds. Establishing the right technology founda-
fund? tion and working with the right team of people allows
Palak Patel (PP): When you look at the backgrounds and managers to focus on their mandate and leave technology
expertise of the managers that are starting hedge funds, issues to their technology partner.
generally, these are people whose experience includes Attracting capital is another fundamental challenge.
picking stocks, managing portfolios and managing risk. However, fund managers who can demonstrate they have
All of a sudden they are faced with challenges such as invested in a robust infrastructure to support their com-
picking office space, making sure pliance, operations, and reporting
they have network communica- can position themselves at a dis-
tions, ensuring they implement tinct competitive advantage.
Palak Patel
the right technology and hire the Often clients come to
leads global product ESTABLISHING THE RIGHT
right people to help them raise Bloomberg looking for an opera-
development for
capital. There is a myriad of oper- tional tool and a technology tool.
Bloomberg’s Asset and TECHNOLOGY FOUNDATION
ational challenges that a start-up But one of the things they also get
Investment Manager (AIM),
hedge fund has to face, and often with Bloomberg is the benefit of
an enterprise trading, AND WORKING WITH THE
managers have little experience our community. The diverse com-
compliance and operations
of dealing with these operational munity on our system and the
platform that serves the RIGHT TEAM OF PEOPLE
hurdles. events we host provide opportu-
investment management
What we are doing at nity to discuss capital and invest-
community. ALLOWS MANAGERS TO
Bloomberg is helping start-up ment challenges with colleagues
fund managers with the opera- throughout the industry.
FOCUS ON THEIR MANDATE
tional challenges and investment
challenges they are going to face. HFM: How can a new hedge
AND LEAVE TECHNOLOGY
In addition to helping managers fund best handle all of the
check all of the boxes on the tech- demands from current and
ISSUES TO THEIR
nology and operational side of pending regulations?
running their business, we are also PP: Achieving regulatory compli-
TECHNOLOGY PARTNER
providing tools that help them ance is paramount for any asset
make timely and accurate invest- manager, but can become more
”
ment decisions. difficult when you have deficient
Building the technology infra- technology resources or a piece-
structure to support a new hedge fund’s trading strategies meal approach to addressing all of your requirements.
and operations can be a daunting challenge, so managers In addition to having the right technology that is going
must be highly selective when they choose technology to help hedge fund managers comply with regulation,
partners. it is also important to have a technology partner that
There are a number of different technology vendors out has the resources to keep up with regulatory change. At
there that help people solve very specific challenges that Bloomberg we have operations in the Americas, Europe
managers are likely to face. But then there are technology and Asia. With these operations comes well-resourced
partners like Bloomberg that are uniquely positioned to regulatory teams. These teams not only help our Asset
solve a number of different problems. and Investment Manager (AIM) business, but help us
It is extremely important to choose the right technology understand what changes we need to make to our order
partner that is going to scale with the fund as it grows its and execution management solutions, electronic trading
operations. When you start off with, for example, $25m to platforms and our analytics and data offerings. We benefit
$50m, you have a set of challenges. But as you grow and internally from that scale, but in turn, our clients benefit
you are managing closer to $100m up to $1bn, the level from the fact that we have a presence in almost every juris-
of transparency of your operational control required by diction we operate in. We can ensure their technology is
investors increases. Working with the right technology able to keep up with regulatory change, as well as helping
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HOW TO START A HEDGE FUND IN THE EU 2015 FUND SERVICES
them understand the changes that are going to ensure accurate position data, allowing manag-
impact you in the future. ers to make investment decisions from a single
It is important to take a holistic approach to BLOOMBERG OFFERS A screen.
compliance requirements. This holistic approach
comes from the realisation that client’s require- SUITE OF SOLUTIONS FOR HFM: How does your offering differentiate
ments are likely to change as they grow or enter itself? What can Bloomberg provide a start-
new asset classes, strategies or markets. Their tech- START-UP FUNDS THAT up fund that other technology providers can-
nology should support the full spectrum of needs not?
PROVIDES THEM WITH
such as pre-and-post-trade compliance, audit trail PP: Bloomberg offers a unique suite of capabili-
reporting, transaction cost analysis and message ties for start-up funds that are largely delivered
A SOLID TECHNOLOGY
archiving so that they can have confidence that all through Bloomberg’s desktop, which fund man-
their bases are covered. FOUNDATION SO THEY agers and traders are generally already familiar
with, or as an auxiliary component. However,
HFM: What is Bloomberg offering to hedge CAN HANDLE DAY-TO-DAY to the hedge fund manager, we are delivering
fund start-ups? everything they need in an integrated fashion and
PP: Bloomberg offers a suite of solutions for start- TRADING AND COMPLIANCE through a single point of contact so they do not
up funds that provides them with a solid tech- have to deal with multiple vendors and technol-
ACTIVITIES
nology foundation so they can handle day-to-day ogy solutions that are not compatible. The suite
trading and compliance activities. These solutions of services includes professional-grade technol-
”
are designed to be scalable and flexible to accom- ogy with a fully-managed, hosted infrastructure
modate future growth. backed by a global service and support team.
We aim to help start-up funds simplify investment Even though we do not provide a consulting service, we
operations, reduce operational risk, and minimise upfront deliver our solutions with a consultative approach. Our
infrastructure costs and long-term overhead. These are the staff has experience of covering hedge funds of all different
things that all funds need to consider, but are especially sizes that trade across all different asset classes and have
important to funds in the start-up phase. different trading strategies. Our clients have the benefit
For start-ups, Bloomberg’s AIM product provides of being serviced by experienced staff, in a manner that is
multi-asset trade execution, portfolio management tools, beyond the standard, transactional approach.
operations and regulatory compliance functionality. Our One of our key strengths is our integration with the
compliance tools provide real-time pre-trade, post-trade Bloomberg Professional service, or terminal, and the com-
and end-of-day monitoring for client, firm and regula- munity of professionals that exist on the terminal. This
tory requirements. They include advanced rule building, provides access to our communication tools and our other
reporting and complete audit history, ability to monitor community tools combined with diverse liquidity pools
and investigate trades and evaluate performance to ensure across multiple asset-classes. This combination is a key
compliance with best execution, mandates and authorised differentiator for us in the market.
counterparties and stocks, as well as conduct surveillance In addition, Bloomberg offers a fully hosted platform, so
to monitor adherence to regulations. there are no servers to manage or upgrade. Our platform
On the execution side, clients have access to our vast includes disaster recovery, mobile access and FIX connec-
order routing network, and deep integration with our tivity to defined prime brokers and fund administrators.
electronic trading systems including a market leading What also must be taken into account, is the integration
Execution Management System in EMSX. From an opera- of news and event information into our workflows. Through
tions perspective, we provide out of the box connectiv- the Bloomberg Professional service, hedge fund managers
ity to multiple prime brokers and fund admins as well as have access to the data, news and analytics relied upon by a
reconciliation tools. We give funds the tools required to community of over 325,000 subscribers globally. n
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Untitled-1 1 16/09/2015 14:23
HOW TO START A HEDGE FUND IN THE EU 2015
CONSISTENT AND
STABLE PLAYERS
STEPHEN LEWIS, EUROPEAN HEAD OF SALES AND RELATIONSHIP MANAGEMENT AT MAPLES FUND SERVICES,
TALKS TO HFMWEEK ABOUT THE IMPORTANCE OF WORKING WITH THE RIGHT SERVICE PROVIDERS, AND OTHER
ISSUES FACING START-UP FUNDS IN THE EU
HFMWeek (HFM): How encouraging would you say employees, on average, are compliance professionals. That
the current market is for new hedge funds launching does not even take into account information technology
in the EU? and data management staff.
Stephen Lewis (SL): From a service provider perspective, To help circumvent this trend, new launches can engage
the current market for new hedge fund launches is gener- with specialised service providers who take a holistic
ally quite encouraging. But is also very much dependent view of the regulatory environment. In addition to help-
on a fund’s characteristics. Certain services provided by ing reduce the significant regulatory risk that the current
fund administrators are unquestionably becoming natural environment presents, they can also provide the regula-
extensions of day-to-day fund operations, but as fund man- tory and data professionals, systems and advisory services
agers begin to view them as such, they are also becoming required to ensure compliance.
far less willing to accept higher fees for what they believe
Stephen Lewis is the
should be standard provisions. As a result, there tends to HFM: There are a number of factors that play an
regional head of sales and
be a particular size and level of activity that some larger important role in the success of a hedge fund. From
relationship management
service providers would want to see before engaging with the fund administrator to the prime broker, auditor,
in Europe at Maples Fund
a fund. Fortunately for some of the smaller funds and new legal counsel, and technology provider, how impor-
Services. He has over 25
launches, there is a growing segment of mid-sized players tant is it to work with the right key service providers?
years of experience in the
that can provide them with high SL: Service providers can unques-
financial services sector and
levels of service at a lower price tionably be an integral part of a
is responsible for oversight,
point to support their entry into fund’s success. Beyond the solu-
and expansion of the fund
the market. tions themselves, service pro-
administration and middle WE BELIEVE THAT FUND
Regulatory approval is also a viders differentiate themselves
office businesses across the
major part of the work required to by having a deep understanding
firm’s European offices. ADMINISTRATORS TODAY
get a new fund off the ground and and appreciation of the propri-
can be quite onerous. However, etary elements of the systems and
MUST MOVE AWAY FROM
the environment today is much operational needs that set manag-
more promising than it used to ers apart, and maintain a commit-
THE TRADITIONAL SERVICE
be with an increased number of ment to fostering meaningful rela-
specialised service providers that tionships with them. At Maples
PROVIDER ROLE TO BECOME
can help guide a fund through the Fund Services, we pride ourselves
process. on our philosophy of continuous
A TRUE EXTENSION OF
innovation and forward thinking,
HFM: What are the greatest built on the pillars of proven pro-
THEIR CLIENTS’ OPERATIONS
regulatory challenges that new cesses, experienced people and
funds will face in the EU? flexible technology. We recognise
TO TRULY ADD VALUE TO
SL: Simply being aware of the that a standardised approach to
multitude of regulations can be outsourcing no longer applies and
THE INVESTMENT DECISION-
one of the biggest challenges new service providers must be dynam-
funds face. Once that awareness is ic in responding to clients’ needs
MAKING PROCESS
established, funds are then tasked as they evolve.
with understanding and executing Additionally, service providers
”
against each specific regulation, can further add value by maintain-
a process that can be especially ing relationships with other pro-
daunting. Each structure and each strategy is faced with viders of complementary services. As part of the Maples
different requirements and ongoing compliance to various group, we have access to legal expertise from international
regulations, which often requires a significant investment law firm, Maples and Calder, and fiduciary services via
in infrastructure and operational resources. In fact, The Maples Fiduciary, a division of MaplesFS. We also main-
Cost of Compliance industry report produced by AIMA, tain relationships with a number of prime brokers, audi-
the MFA and KPMG, showed that 15% of hedge fund tors and other key hedge fund service providers.
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FUND SERVICES
HFM: What are the most important factors so an administrator that provides a comprehen-
new funds should consider when choosing a sive core offering that can be customised with
hedge fund administrator? IT IS IMPORTANT FOR FUNDS other ancillary services can be quite attractive.
SL: Selecting a hedge fund administrator requires
careful thought and consideration. There is also TO CONSIDER THEIR FUTURE HFM: How can the right hedge fund admin-
a great deal of uncertainty for buyers of fund istrator help a new fund to succeed?
GROWTH AND EVOLUTION
administration services in the wake of recent SL: Previously, service providers were simply
acquisitions, exits of major players and general required to be timely and accurate but today’s
AND HOW THE SERVICE
industry consolidation. Fund managers should fund manager demands a more robust, com-
focus their search on consistent and stable play- PROVIDERS THEY ENGAGE prehensive offering. A good fund administra-
ers who can provide high quality service and tor must now go above and beyond to provide
a high-touch experience. We believe that fund WITH CAN CONTINUE TO superior industry insight and expertise, dem-
administrators today must move away from the onstrate technological prowess and offer cus-
traditional service provider role to become a true SUPPORT THEM AS THEIR tomisable solutions that meet the needs of each
extension of their clients’ operations to truly add individual client.
NEEDS CHANGE
value to the investment decision-making process. Perhaps most importantly, a relationship
It is important for funds to consider their with the right fund administrator should foster
”
future growth and evolution and how the ser- trust and confidence. The fund administrator
vice providers they engage with can continue to support should absorb as many operational pain points as pos-
them as their needs change. For example, a new launch sible so that the fund manager can focus on his core
may need a more basic set of services than a larger, more competencies and singular goal of generating alpha for
established fund with more sophisticated requirements investors. n
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HOW TO START A HEDGE FUND IN THE EU 2015
WORKING WITH THE
RIGHT PEOPLE
DEAN HILL, EXECUTIVE DIRECTOR AT EZE CASTLE INTEGRATION LTD, DISCUSSES THE IMPORTANCE OF SELECTING
THE RIGHT BUSINESS SERVICE PROVIDERS, AND EXPLAINS SOME OF THE KEY TECHNOLOGY FACTORS NEW
FUNDS MUST CONSIDER WHEN STARTING OUT IN THE EU
HFMWeek (HFM): Are you seeing a healthy market tions. We see a lot of service-provider companies com-
for new hedge fund launches in the EU? ing into the market with little or no experience and no
Dean Hill (DH): Yes. I think going into 2016 we will concept of what it takes to service a client in such a
see an increase in terms of the amount of new hedge demanding and fast-paced environment.
fund launches across the UK and European mar- Eze Castle Integration has been building up its repu-
kets. Not only are these launches coming more fre- tation for over 20 years now. We will continue to do so
quently, but their size, structure and launch AuM through our dedication of servicing to the alternative
is greater than anything we have seen in the last investment industry.
two-to-three years. It is certainly on the uptake. What we are seeing across the market, in terms of
hedge-fund launches, is the selection of the right part-
HFM: What do you see as the greatest regulatory ners and providers across all aspects of the business is
Dean Hill is executive
challenges facing new hedge funds in the EU? absolutely critical.
director of Eze Castle
DH: Overall compliance and regulatory stipulations
Integration UK and also
driven down from the SEC and ultimately picked up by HFM: How much of a consideration should cyber-
leads the international
the FCA are driving significant changes in the way that security be for early-stage funds?
new business teams in
new, and indeed existing, hedge DH: Cyber-security has been
London and Asia. Mr.
funds operate. Accountability the industry buzzwords for
Hill’s career in technology
across business functions have 2015. It will continue to be so
started with one of the UK’s
put an end to the days of ‘box right through 2016 and possibly
largest telecoms providers
ticking’ in areas such as due dili- beyond.
where he held numerous CYBER-SECURITY SHOULD
gence. The most common cyber-
positions from engineering
I think the biggest challenge security threats that we are
to business development BE TAKEN AS A SERIOUS
that COOs are now facing is seeing mainly consist of ‘spear-
and account management.
that they are now much more phishing’ and other phishing
CONSIDERATION FOR ANY
accountable for areas of their attacks on companies and indi-
business and operations where viduals within those companies.
FIRM THAT COULD BE
they may not have significant We have had clients that have
insight. Technology, especially been attacked and we have seen
PERCEIVED AS AN EASY
the growing focus on cyber-secu- it happen to other companies in
rity, is one such area. As a result, the marketplace.
TARGET FOR FRAUDULENT
choosing reputable and estab- Cyber-security should be tak-
lished outsource partners is key. en as a serious consideration for
OR MALICIOUS ATTACK
any firm that could be perceived
HFM: There are a number of as an easy target for fraudulent
”
factors that play an important or malicious attack.
role in the success of a hedge Criminals are becoming more
fund. From the prime broker to and more sophisticated in their
fund administrator, auditor, legal counsel, and tech- approach to corporate fraud and extracting money from
nology provider, how important is it to work with the victims. Security in any firm should be one of, if not
right key service providers? the highest, priority. It is important in order to protect
DH: Selecting the right service providers is probably business, reputation and members of staff.
the most important decision a new or established hedge Again this comes back to selecting the right vendors
fund will make. to outsource services to. It will have a direct impact on
Competition in the market is at its highest at all lev- security risks and averting these risks. At Eze Castle
els. Funds are trying to attract institutional investment Integration, for example, we have built layers of security
from other regions, and investors are looking to work into our Eze Private Cloud solutions to help ensure
with individuals with a solid pedigree and companies user data is protected from the data centre to the
that have a solid background in providing proven solu- desktop.
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