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AIMA’S ROADMAP TO HEDGE FUNDS – 2012 EDITION.pdf
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AIMA’s original Roadmap to Hedge Funds quickly became the most-downloaded publication in the association’s 22-year history, despite having been released at the height of the global financial crisis in September 2008. Four years on, it remains a powerful guide to investors seeking to create and manage a hedge fund portfolio. Written in a wry, witty style, it was a success not only because it was the world’s first collaborative educational guide for institutional hedge fund investors, but because it demystified the hedge fund industry at a time when misconceptions around issues such as short-selling, fees, transparency and risk were widespread. It had a global readership and in 2010 was even translated into Chinese.
Much clearly has changed in the four years or so since the original edition was released. While much within the 2008 Roadmap remains relevant, there has been a recognition within AIMA and its Investor Steering Committee, which co-ordinated the original release as well as reviewing this edition, that the time had come for a substantial update to be published. This edition is what emerged from those discussions.
As with 2008, the new edition of the Roadmap has been authored by Alexander Ineichen, one of the leading authorities on hedge funds. Alexander started his financial career back in the 1980s, and the Roadmap reflects his considerable knowledge. In addition to the Roadmap, he is the author of the most printed research publications in the documented history of UBS - “In Search of Alpha - Investing in Hedge Funds” (October 2000) and “The Search for Alpha Continues - Do Fund of Hedge Funds Add Value?" (September 2001). He is also the author of "Absolute Returns - The Risk and Opportunities of Hedge Fund Investing" (Wiley Finance, October 2002) and “Asymmetric Returns - The Future of Active Asset Management” (Wiley Finance, November 2006).
Broadly speaking, what this new edition has set out to do is to explain the continuing relevance of hedge funds after the tumult of the last four years. All of the data from the 2008 edition have been updated, and Alexander has identified new trends and developments.
It is worth recording that amid the upheaval, hedge funds in general have recovered fairly well from the crisis. At the time of writing, the industry had just reached a new peak of $2.2 trillion in assets under management[1]. We believe the key force behind this rebound has been the evolving hedge fund investor base.
What is undeniable is that attitudes to hedge fund investing have changed since 2008. Hedge funds are now a truly institutional product. Pension funds have become a lot more familiar with the asset class, and, as a result, continue to seek hedge fund investments as a means to diversify away from their traditional bond/equity portfolio construction, and to seek superior risk-adjusted returns. The industry is arguably better understood, more transparent, better governed, and, as a result, more respected to service an institutional investor base.
The changing investor base is driving a structural change within the hedge fund industry. Institutions have arrived with their own set of client demands, distinctive from those of the pioneer high net worth and family office investors. They have demanded improved transparency, increased reporting and top quality risk management systems. This, coupled with a new wave of industry regulation, has resulted in real change at the hedge fund manager level. It has also driven an increase in demand for managed accounts, a trend likely to continue. Further, institutional investors have begun to put pressure on the traditional 2-and-20 fee structure. We predict that this trend will continue, and that flexible fee structures will become the norm.
This institutionalisation has inevitably had an effect on the quality and quantity of start-up hedge fund managers. Barriers to entry have increased. Higher regulatorystandards translate to higher costs for a start-up. As a result, the new launch pipeline is now dominated by talent from prop desk spinouts and “second generation”, high-pedigree managers. Inevitably, in an increasingly institutionalised world, only those with a strong track record, proven alpha generation capabilities, strong operational experience and tested business management will be well positioned to raise capital.
Funds of funds, still an important source of hedge fund capital, have also evolved dramatically since 2008. Many have successfully adapted their business models, and are now playing a key role alongside consultants, using their industry expertise to provide advisory assistance as well as discretionary services for the end investors.
Alexander has provided invaluable research that summarises the hedge fund industry over the past decade. His books and articles have hugely contributed to the institutionalisation of the industry. We are certain that you will enjoy reading the Roadmap. We trust that it will provide insightful research and relevant information (as well as many wise quotes from a wide range of sources) both for newcomers and for seasoned hedge fund veterans.
Finally, a word of thanks is due to all of those people who gave of their time and expertise during the production of both the 2008 and 2012 editions of the Roadmap, including of course the author Alexander Ineichen (of Ineichen Research and Management AG), Tom Kehoe of AIMA, Craig Dandurand of CalPERS and Kurt Silberstein of Ascent Private Capital Management (and formerly of CalPERS). Special thanks are due also to the CAIA Association. All of their contributions have been invaluable.
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