Lemelson Capital Featured in HFMWeek

www. hfmweek .
com
JP MORGAN ASSET Manage-
ment is preparing to seed
Aithon Capital Management,
a new hedge fund manager
being launched by Soros Fund
Management and Caxton
Associates alumnus Hal Lehr.
HFMWeek was first to report
on Tuesday that Aithon will
launch on 2 January with $100m
and JP Morgan will account for
more than half the initial assets.
Aithon will deploy a global
macro strategy within a master
feeder structure, using relative
value approaches across a spec-
trum of commodities and liq-
uid macro instruments. It uses a
proprietary investment process,
called Precursors, Predictors and
Events (PPE) that Lehr devised
for research and risk.
Lehr was a commodity trad-
ing executive at Deutsche Bank
until leaving at the end of 2012,
before which he held positions
at Harbert Management Corp.,
Soros Fund Management and
Caxton Associates.
Upon leaving Deutsche Bank,
Lehr was originally going to
launch a hedge fund but decided
to spend 2013 in a portfolio advi-
sory capacity for Carlyle Group-
owned hedge fund Vermillion
Asset Management.
Lehr has filled Aithons team
with six other people
he has worked with at
Hal Lehr plans 2 January
start for Aithon
News breaks as 20 for 2015
list released
BY ELANA MARGULIES
03
COMMENT CL ARI FYI NG CFTC EXEMPTI VE RELI EF AND GUI DANCE 14
Former Caxton,
Soros pro backed
by JP Morgan
WHO WANTS TO BE
AN SEC TARGET?
LAWYERS SAY TAKE-UP OF
THE JOBS ACTS ADVERTISING
FLEXIBILITIES IS LIKELY TO BE
LIMITED
FEATURE 20
The long and the short of it ISSUE 354 25 September 2014
NEWS
11
OMNI PARTNERS LAUNCHES LONG/SHORT HEDGE FUND
London rm starts fourth strategy as internal offering opens up
LAUNCH
05
MILLENNIUM-LINKED PINZ CAPITAL PLANS LAUNCH
Matthew Pinz to lead New Yorks latest event-driven launch
NEWS
06
CREDIT SUISSE HIRES NEW EUROPEAN CONSULTING CHIEF
Swiss bank swoops for ODD specialist Vincent Vandenbroucke
2
0

F
O
R

2
0
1
5
FE ATURE
16
HFMWeek lists the 20 launches
generating the most interest among
investors
One part of hedge fund
management just got easier:
Finding the right advice
to fit your size.
Whether youre building a hedge fund from the ground
up or managing a large global fund platform, finding the
right assistancefrom launch to globalizationjust
got easier.
Combining the resources and experience of
KPMG and Rothstein Kass means superior service,
market-leading insights and global reach. All under
one roof.
For more information, contact Chris Mears
cmears@kpmg.com
kpmg.com/us/alts
2 5 S E P 1 OC T 2 01 4
NEWS
HF MWE E K . COM 3
If you have a news story for HFMWeek, please email: news@hfmweek.com
PEOPLE MOVES
various times in his career from
Harbert, Deutsche Bank, Morgan
Stanley and Soros.
Aithon has 2/20 fees, quarterly
liquidity and a $1m investment
minimum. Service providers
include Deutsche Bank as prime
broker and Akin Gump Strauss
Hauer & Feld as legal counsel.
Aithon and JP Morgan spokes-
persons declined to comment.
The news coincides with
the release of 20 for 2015,
HFMWeeks annual list of impend-
ing launches (see page 16), which
comes as confidence rises among
prime brokers about the market.
We are in the most robust
hedge fund start-up market since
the crisis the days of the $1bn
launch are well and truly back,
said Omeed Malik, who heads
Bank of America Merrill Lynchs
emerging manager program and
US prime brokerage distribution.
It feels exactly the same here,
said Carl Davey, who runs hedge
fund sales in Asia for Citi Investor
Services. We are seeing a good
number of new firms led by pedi-
greed managers.
Four of the 20 managers on this
years list are based in Asia, com-
pared to just two last year, echo-
ing improving confidence about
the market for new hedge funds
in the region.
However, opinion was split
among HFMWeek readers, with
just over half describing the state
of the global launch market as
middling and the remainder
roughly split on the prospects for
new hedge funds (see page five).
Long/short equity is the best-
represented strategy on the list.
It is the strategy of choice for
investors, added Malik, and also
where you are seeing the largest,
most high-profile and best-pedi-
greed start-up managers.
Turn to page 16 for the full list.
e.margulies@hfmweek.com
Additional reporting by Will
Wainewright
CONTI NUED
FROM PAGE 1
Alcentra 8
Arkkan Capital Management 7
Balyasny Asset Management 5
BozValen Asset Management 7
Caxton Associates 1, 5
DragonBack Capital 7
Duet Group 5, 6
Eagle Bay Capital 11
Gemcorp 5
Gondor Capital Management 10
Hermes BPK 6
Highbridge Capital Management 8
HT Capital Management 7
JP Morgan Asset Managemet 1
K2 Advisors 10
Kontiki Capital Management 7
Lampe, Conway & Co 10
Millennium Management 5
Moore Capital Management 5
Mount Kellett Capital 7
Omni Partners 11
Ouroboros Asset Management 10
Pinz Capital Management 5
Pleiad Investment Advisors 7
Quantum Global Investment Mgmt 6
Shoreline Capital 8
Soros Fund Management 1
TT International 11
Two Creeks Capital Management 7
Viking Global Investors 5
FUND MANAGER INDEX
I N T H I S
I SSUE
KCERA mulls hedge
fund investments

KERN COUNTY Employees
Retirement Association (KCERA)
is mulling up to two more hedge
fund investments as it awaits the
chance to allocate to soft-closed
activist manager Cevian Capital.
The $3.5bn pension scheme has
signed off a $17m allocation to
Stockholm-based Cevian Capital,
an event-driven firm with $13.6bn
AuM, but must wait for other inves-
tors to redeem before it can invest as
the fund has soft-closed.
KCERAs CIO Pete Tirp said
that allocation was likely to happen
in the next two quarters, making
Cevian Capital the sixth hedge fund
to be hired by KCERA this year.
He said the pension is conduct-
ing due diligence on two other
hedge funds with a view to adding
at least one more to reach its target
exposure level of 10% before the
end of 2014. KCERA has 13 hedge
fund managers approved or invest-
ed in including Cevian Capital.
a.cardno@hfmweek.com
HSBC prime services
head leaves role
HSBC PRIME SERVICES global
head of sales Chris Barrow has left
his role.
Barrow headed up the London-
headquartered banks sales and mar-
keting efforts until Friday, a source
told HFMWeek.
He remains listed on the FCA
register in connection with HSBC
but a bank spokesperson declined to
comment on his next move.
HSBCs hire of Barrow in early
2010 was described at the time as
one of the most high-profile addi-
tions to its prime services team.
Barrow joined HSBC from
Normura, where he was internation-
al head of sales for prime services.
He had a previous stint at HSBC
between 2004 and 2007 as head of
sales and marketing for the global
equity finance team.
HSBC established its prime ser-
vices team in 2009, gaining market
share by bringing together its custo-
dy business and global markets arm.
j.leitner@hfmweek.com
SE ARCH
W
e are in the most
robust hedge fund
start-up market since
the crisis, a senior
prime broker from Bank of America
Merrill Lynch told us this week.
Its a bullish view of launch activ-
ity echoed by many of his peers we
spoke to as part of our 20 for 2015
run-down of start-ups tipped to make
the biggest impression next year
(p.16-19).
As youd expect, the list is domi-
nated by US funds but also includes a
number of notable London launches
and four Hong Kong-based start-ups,
which experts say is an indication
of a renewed buzz not seen in the
region for years.
Events at SAC Capital Advisors
and the closure of Ziff Brothers
hedge fund investing unit have added
momentum to the current wave of
high-profile new launches, trigger-
ing managers with pedigree to go it
alone.
The growing number of soft clo-
sures is also creating an attractive
environment for start-ups that man-
age to get off the ground.
Although some investors are wary
of investing in unproven funds, oth-
ers see the potential for uplift in the
early years. Hedge Fund Research
data weve compiled (p. 4) shows
the huge outperformance of emerg-
ing managers, 80.5% since 2007
compared to an industry benchmark
of 33%.
But there are also significant chal-
lenges for funds looking to launch.
This weeks readers survey suggests
many managers are less sanguine
about the new launch market (p. 5).
Panellists at last weeks HFMWeek
breakfast briefing in London said the
introduction of the AFIMD had sty-
mied launch activity in Europe and
pointed to the length of time taken
to get regulated in the UK, up to
nine-months in some cases, as being
a significant barrier.
Although some clarity is still
required around the AIFMD, a more
stable regulatory outlook may well
boost launches in the region next
year.
A bigger talking point may well be
the size of the launch market which
will be made up of Ucits rather than
traditional Cayman-based funds.
Definitely one to watch.
p.mcmillan@hfmweek.com
EDITORS
VIEW
BY PAUL McMILLAN
@mcmillan_paul

P A G E
I N S I G H T
2 5 S E P 1 OC T 2 01 4 4 HF MWE E K . COM
NEW MANAGERS LEAD THE WAY SOURCE: HEDGE FUND RESEARCH
Emerging hedge fund managers continue to lead industry performance, according to Hedge Fund Research
data. Managers with a track record of less than two years posted one-year returns of 11.27%, compared to 9.05%
for the HFRI Fund Weighted Composite Index. Funds owned by women and ethnic minorities also continued
to outperform with the HFRI Diversity Index posting returns of 11.09% over the same period. Since the start of
2007, emerging managers returns are 80.5%, or an annualised 8.19%, compared to the diversity index on 51%,
annualised at 5.67% and the HFRI Fund Weighted Composite Index at 33%, annualised at 3.94%. The HFRI Fund
of Funds Composite Index struggled behind the others with total returns of 12.28%, annualised at 1.56%, with an
annual volatility of 5.86%, higher than the emerging manager index volatility of 5.16%. Meanwhile, launch activity
appears to be steady with 574 launches in the first half of the year compared to between 1,060 and 1,113 for the previous three full years. Liquidations
appear around the same as 2013 with 461 in the first half of 2014, compared to 904 in 2013, a figure that has steadily risen since the 743 liquidated in 2010.
M
A
R
K
E
T
M
O
N
I
T
O
R
B
E
N
C
H
M
A
R
K
S
H
I
G
H
S
&
L
O
W
S
INDEX PERFORMANCE 22 Aug - 22 Sep 2014 (%)
FTSE 100 NASDAQ S&P500 HFR INDEX
YTD RETURNS SOURCE: HSBC ALTERNATIVE INVESTMENT GROUP
HEDGE FUNDS
Pershing Square
Intl Ltd
29.89%
Pharo Trading
Fund
21.34%
CC Asia Absolute
Return Fund
-20.06%
Rubicon Global
Fund
-23.27%
HIGH
LOW
-1.2
-1.0
-0.8
-0.6
-0.4
-0.2
-0.0
0.2
0.4
0.6
0.8
22/09 18/09 16/09 12/09 10/09 08/09 04/09 02/09 29/08 27/08 25/08
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
2007 2008 2009 2010 2012 2013 2014
HFRI Fund Weighted Composite Index
HFRI Fund of Funds Composite Index
HFRI Diversity Index
New Managers
Launches
Liquidations
-1200
0
400
-400
800
-800
-1600
1200
2011
2007 2008 2009 2010 2012 2013 2014 2011
1197
-563
-1471
-1023
-743
-775
-873
-904
-461
659
784
935
1113 1108
1060
574
HF MWE E K . COM 5
Ex-Goldman partner
leads Gemcorp launch
A FORMER GOLDMAN SACHS
partner has emerged as the CEO of
Gemcorp, a new emerging markets-
focused investment firm based in
London.
Atanas Bostandjiev specialised
in emerging markets for the US
bank before joining VTB Capital
International, Russias largest bank,
in 2011 as UK and international
CEO. He left this summer.
Gemcorp said in a statement on
Monday it has raised $500m from
European institutional investors to
find and execute deals in emerg-
ing markets. HFMWeek was first to
report on the funds development
earlier this year..
Bostandjiev is leading a 17-person
team that includes several colleagues
with whom he previously worked at
Merrill Lynch.
They include managing partner
Selim Basak and partner Bojidar
Savkov. Tue Sando will lead the firms
legal and compliance after joining as
partner from Duet Group.
We want to position ourselves
as the access point for institutional
investors when it comes to investing
in emerging market sovereign and
private sectors, said Bostandjiev.
We see a gap where traditional
financial institutions are unable to
meet the demand from emerging mar-
kets clients for flexible and reliable debt
or equity financing solutions.
Gemcorp said investors have signed
up to a lock-up period of five years.
w.wainewright@hfmweek.com
2 5 S E P 1 OC T 2 01 4
PINZ CAPITAL Manage-
ment, which ran money for
Millennium Management,
has split from Izzy
Englanders firm to launch
its flagship event-driven
strategy independently,
HFMWeek has learned.
Matthew Pinzs fund, named Pinz
Capital International, will debut
imminently and plans to raise an ini-
tial $250m from investors globally
before soft-closing, according to a
source familiar with the plans.
Pinz spent almost three years as a
trader at Caxton Associates before
joining Balyasny Asset Management
as a portfolio manager in 2005,
spending almost four years there. He
had previously worked for Citigroup
and Arnhold and S. Bleichroeder,
and studied at Boston Universitys
School of Management.
Pinz Capital Manage-
ment, founded in March
2009, has been running
money solely for Izzy
Englanders firm without
other outside investors.
Justin Lee, who used
to work with Pinz at Balyasny as an
analyst, also joined the firm for the
launch. Pinz Capital charges fees
of 1.5/20, has a $500,000
investment minimum and quarterly
liquidity.
Pinz Capitals service providers
include Jefferies as the prime broker
and Mark LoPresti as the legal coun-
sel. A Pinz spokesperson declined to
comment.
Millennium was founded by
Englander in 1999 and manages
around $23.8bn, which is allocated
among its numerous trading teams.
Millennium-linked Pinz
Capital plans launch
Matthew Pinz to lead New Yorks latest event-driven launch
L AUNCH
SEPTEMBER 2014
HFRX
HEDGE FUND INDEX
(YTD 19 SEPTEMBER 2014) I
N
D
I
C
E
S
MERGER
ARBITRAGE
1.31%
EQUITY
LONG/SHORT
1.75%
GLOBAL
MACRO
2.52%
HEDGE FUNDS
2.02%
FUNDS OF
HEDGE FUNDS*
2.67%
RELATIVE
VALUE
0.57%
EQUITY
SHORT BIAS*
-5.14%
EVENT
DRIVEN
3.51%
EMERGING
MARKETS*
4.31%
EQUITY
MKT NTRL
2.38%
MULTI
STRATEGY*
3.04%
HFRI composite
* As of 31 August
$23.8bn
MILLENNIUM
MANAGEMENT
ASSETS
L AUNCH
20 FOR 2015
FEATURE P16
2 5 S E P 1 OC T 2 01 4
16 HF MWE E K . COM
2
0

F
O
R

2
0
1
5
As confidence in the hedge fund start-up market builds, HFMWeek examines the
pipeline and lists the 20 freshest launches generating most interest among investors
BY WILL WAINEWRIGHT
FEATURE 20 FOR 2015
hedge funds has been helped in particular by
the emergence of new seeding ventures.
But while this years list features seeding
activity from names ranging from Blackstone
to Leucadia National Corp, many prime
brokers believe seed deals have become
less important in the last couple of years.
Founders share classes are becoming much
more prevalent and are largely the preferred
option, says Malik. As with the wider industry, long/short equi-
ty dominates the strategy composition of the
list. Equity long/short is certainly du jour,
adds Malik. It is the strategy of choice for
investors and also where you are seeing the
largest, most high-profile and best-pedigreed
start-up managers. The majority of the 20 for 2015 managers
have come from other hedge funds as opposed
to banks. Investors have more confidence in
the been there done that credentials of man-
agers who have been PMs at other hedge funds,
but a few continue to make it from other back-
grounds, says Davey. A senior prime broker
in London says the failure of Goldman Sachs
spinout Edoma Partners, which was Europes
biggest post-2008 hedge fund launch, has not
helped the reputation of bank spinouts.
Managers need the three Ps: pedigree,
performance and product, says Malik. That
gets you in the door. But these managers
from brand-name hedge funds fall into two
categories those who were investor facing
and those who werent. The cream of the crop
money managers built LP relationships, and
investors were able to build trust in them and
their processes. Investors are much likelier to come in day
one to those managers. It separates the $100m
launch from the $1bn launch. That assets total, as ever, remains the Holy
Grail for new hedge fund launches. The next
12 months will determine how many of this
years crop reach it.
T
he post-crisis era has proved chal-
lenging for new hedge funds, but
industry participants have become
notably bullish about the start-up
market. We are in the most robust
hedge fund start-up market since the
crisis the days of the $1bn launch are well and
truly back, claims Omeed Malik, who heads Bank
of America Merrill Lynchs emerging manager
programme and US prime brokerage distribution.
It feels exactly the same here, says Carl Davey,
who runs hedge fund sales for Citi Investor
Services in Asia. We are seeing a good number
of new firms led by pedigreed managers, who are
building institutional-grade infrastructures and
attracting significant day-one capital.
The positivity seems to be borne out by the
numbers, with several constituents of last years
list of new hedge funds raising more than $1bn,
and at least one Herb Wagners Finepoint
Capital surpassing $2bn. Sources say a per-
fect storm of factors have combined to provoke
the uptick in interest, all of which have impacted
HFMWeeks latest round-up.
The downsizing of SAC Capital Advisors, since
re-named Point72 Asset Management, and clo-
sure of Ziff Brothers hedge fund investing unit
have both had big impacts. Four constituents of
this years list are being launched by managers
who previously held senior positions at Ziff, while
three worked at Point72. A further three new
firms recently launched by SAC alumni in the UK
Ayora Capital Management, Pagliaro Capital
Management and HSE Capital Management
have also generated headlines, but did not make
the list.
Observers say another factor swelling the
launch numbers for new firms is the fact that many
brand-name hedge funds are closed to new mon-
ey, improving the appeal of new hedge funds start-
ed by alumni of those firms. A number of higher-
profile managers here in Asia are soft-closed to
new money, which has provided opportunities for
new launches to enter the market, adds Davey.
His colleague Carol Teng, who works for Citis
cap intro team, adds that the rise of new seeding
efforts such as HS Group has boosted the mar-
ket. The fundraising environment for new Asian
ABBERTON CAPITAL
MANAGEMENT FOUNDER: Fredrik Juntti FOUNDED: April 2014, London One third of the founding trio behind Montrica
Investment Management, a pre-crisis success
story later swallowed up by TPG Axon, Juntti is
returning with Abberton Capital Management, a
highly tipped London-based start-up. His earlier
co-founders are coincidentally also launch-
ing ventures this year Svein Hogset with
Incentive AS in Norway and Andrew Metcalfe
with Lakefour Investment Management in
Switzerland but sources say Abberton looks
set to raise the most backing. Meditor Capital
Management COO Craig Simkins has been
brought on to run operations for Abberton, an
activist investment firm, which was planning
to launch next quarter with assets of around
$200m.
016_019_HFM354_20for2015.indd 16
VIKING CTO DEPARTS
NICK LAGAROS HAS LEFT HIS ROLE
as chief technology officer at
Viking Global Investors, sister title
HFMTechnology has learned.
Lagaros had been CTO since June
2010. Previously, Lagaros spent 16 years
at Moore Capital Management in a
similar position and has also worked
in IT at Swiss Bank.
Viking, with reported AUM of $24bn
and headquartered in Connecticut,
declined to comment on the move
other than to confirm Lagaross exit.
The firm recently restructured its
chief investment officer position,
with Tom Purcell, a co-CIO with Dan
Sundheim, leaving his role for a six-
month sabbatical in July.
c.matthews@hfmweek.com
Opinion is mixed among readers on the state of the
hedge fund launch market , with more than half describing
it as middling in HFMWeeks reader survey. More than a
quarter said it was strong, convinced by an uptick in $1bn-
plus launches this year, but almost the same amount
described it as weak. Talented managers would be put off
by the high costs involved, according to 22%.
READER
SURVEY
HOW DO YOU VIEW THE CURRENT HEDGE FUND
LAUNCH MARKET?
Strong the launch market is
healthier now than at any time
since before 2008 25.9%
Middling it remains hugely
challenging to launch 51.9%
Weak most talented managers
choose to join existing firms rather
than go it alone 22.2%
2 5 S E P - 1 OC T 2 01 4 6 HF MWE E K . COM
Credit Suisse has hired
Aditi Velakacharla to
head a team linking po-
tential investors with Asian
hedge funds, Bloomberg
reports. Velakacharla is
expected to start in Hong
Kong in November.
Steve Cohens Point72
Asset Management has
lost three employees
Tim Schneider, Pete Avel-
lone and Shoney Katz
to Ken Grifns Citadel
and money managers
Chandler Bocklage and
Ted Orenstein.
BlueBay Asset Manage-
ment has appointed
Wike Groenenberg as
alternative strategy director.
Groenenberg will manage
the BlueBay Macro Fund
and oversee investor
relations.
Jefferies International has
hired former Credit Suisse
head of Nordic investment
banking Fredrik Wranus
to run a planned ofce in
Stockholm.
Pioneer Underwriting
Limited has appointed
Simon Holt as nancial
institutions underwriter for
its new Financial Institutions
(FI) offering. Holt was previ-
ously at insurance company
Travelers.
P EOP L E
M O V E S
PEOPLE MOVES
Duet makes senior
portfolio manager hire
DUET ASSET MANAGEMENT
has appointed Joe Delvaux as a senior
portfolio manager within the Africa
liquid strategies team.
Delvaux was formerly head of Africa
and Middle East equities at Swiss fund
manager Quantum Global Investment
Management, where he managed its
African Opportunity Fund.
His appointment was confirmed by
Ayo Salami, CIO of London-based
Duets Africa liquid strategies team.
Prior to Quantum, Delvaux worked
at Kingsley Asset Management and
Insparo Asset Management.
The Duet Mena Horizon Fund
was up by 22% in the year through 31
August, according to Zawya, a data
provider. But Duet Global Fund Plus
is down by -1.63% in 2014, according
to HSBC data.
Duet was founded by Henry Gabay
and Alain Schibli in 2002 and man-
aged $5.3bn as of 30 June 2014.
r.langston@hfmweek.com
PEOPLE MOVES
SPONSORED BY
CREDIT SUISSE HAS appointed
Vincent Vandenbroucke, ex-head of
operational due diligence at Hermes
BPK, to lead its European prime bro-
kerage consulting effort.
The appointment follows the
departure of John Hindley, who end-
ed a four-year stint at the Swiss bank
earlier this year for a partner role at
recruiting firm Heidrick & Struggles.
Vandenbroucke started his new
role based in Credit Suisses London
office last Monday, and confirmed
his appointment by telephone to
HFMWeek last week.
He spent five years at Hermes
BPK and also counts Soros Fund
Management among his former
firms, spending almost two years
as controller in its private equity
department. He has also worked for
Axa Investment Managers, Pioneer
Alternative Investments and Olympia
Capital Management.
The appointment is the latest to
affect the consulting space after
Deutsche Banks European head,
Chris Farkas, recently left for Deloitte.
Consultants offer hedge funds sup-
port with operational, technological
and other matters in tandem with the
lending functions offered by prime
brokerages.
PEOPLE MOVES
Credit Suisse hires new
European consulting chief
Swiss bank swoops for ODD specialist Vincent Vandenbroucke
AUGUST 2014
ABSOLUTE
RETURN
INDICES
SOURCE: Newedge
Prime Brokerage Group
AUG
2014 EST
-0.67%
YTD
2014 EST
-2.25%
VOL ATI LI T Y
TR ADI NG I NDEX
SUB-INDICES
EQUITY STRATEGIES
AUG 14 2.05%
YTD 4. 80%
TRADING STRATEGIES
AUG 14 0. 59%
YTD 3. 86%
AUG
2014 EST
0.82%
YTD
2014 EST
4.01%
COMMODI T Y
TR ADI NG I NDEX QUANTITATIVE
AUG 14 3. 89%
YTD 6. 56%
DISCRETIONARY
AUG 14 -0. 70%
YTD -3. 37%
AUG
2014 EST
1.16%
YTD
2014 EST
0.23%
MACRO
TR ADI NG I NDEX
SUB-INDICES
I
N
D
I
C
E
S
The founder of InfraHedge, a hedge fund managed account platform,
has been appointed by Barclays to run its wealth and investment
management unit. Akshaya Bhargava (pictured) will start next month
in replacement of Peter Horrell. Bhargava sold InfraHedge, which he
launched in 2010, to State Street last year. He previously worked at
Citibank for 22 years.
THE WEEK
Goldman Sachs PB
hires Topkins
GOLDMAN SACHS PRIME SERVICES
has hired Alex Topkins from Barclays
Prime Services as vice president in its
capital introductions group, HFMWeek
has learned.
Topkins spent over seven years
in the capital introductions unit
at Barclays Prime Services, which
emerged in the wake of the financial
crisis when Barclays bought the busi-
ness from Lehman Brothers.
He initially joined Lehman Brothers
in July 2007 and his most recent
position was as vice president in
capital introductions, a position he
held since February following his pro-
motion from associate vice president .
According to a source, Topkins will
start in early December.
The firms declined to comment .
PEOPLE MOVES
HF MWE E K . COM 7 2 5 S E P 1 OC T 2 01 4
Julian Robertson (pictured) has voiced concerns about the
bond market, calling it a bubble that will burst in a very
bad way. The Tiger Management founders fears were
echoed by William Conway, a co-founder of Carlyle Group.
The pair were speaking in New York at a conference organ-
ised by Bloomberg. However, Conway remained optimistic
on the US, saying: The American economy is the best place
to invest right now.
FORMER SAC CAPITAL manager
Ken Xu is launching a new hedge
fund in Asia named BozValen Asset
Management, one of several new firms
drawing interest as buzz over Asian
start-ups builds.
Xu joined Steve Cohens firm, since
renamed Point72 Asset Management,
in 2011 and left earlier this year to
build long/short equity firm BozValen.
He is working with Simon Kemp,
previous head of trading at Mount
Kellett Capital, and Katherine Quinn,
previously COO at HT Capital
Management and DragonBack
Capital, who have the same roles at
BozValen.
The firm is one of four new Asia-
based hedge fund operators included
in 20 for 2015, HFMWeeks annual
round-up of launches generating the
most interest among industry partici-
pants. Last years list featured just two
Asia-based firms.
Carl Davey, who leads Asia hedge
fund sales for Citi Investor Services,
said the market for new hedge funds in
Asia is stronger than at any point since
the 2008 crisis.
We are seeing a good number of
new firms led by pedigreed managers,
who are building institutional-grade
infrastructures and attracting signifi-
cant day-one capital, he said.
Kontiki Capital Management,
headed by ex-Ziff Brothers Asia head
Gregard Heje, and Pleiad Investment
Advisors, led by a pair of Soros Fund
Management alumni, are also on the
list.
The fourth Asia-based launch to fea-
ture is Arkkan Capital Management,
headed by former Goldman Sachs
special situations chief Jason Brown,
who has reportedly won $200m from
Blackstone.
BosValen draws interest as
Asia launch buzz builds
Ex-SAC manager behind one of four Asia start-ups in HFM list
L AUNCH
WHO WANTS TO BE AN SEC
TARGET?
FEATURE P20
www.onetenassociates.com
SpeciaIist Hedge Fund Recruiter
query@onetenassociates.com

W
E
E
K

I
N

N
U
M
B
E
R
S
Calpers announces plan to
redeem entire hedge fund
allocation
Reports of new hedge fund
activist involvement prompts
quick rise in Adidass share price
Goldman Sachs Oryza Asia
hedge fund has a successful rst
year of fund-raising
Elliott Management makes
almost $100m by selling stake in
UK retailer Game Digital
More than two million Scots vote
to remain part of the UK in last
weeks referendum
$4.5bn 4% 58.5m 55.3% $1bn
THE WEEK
20 HF MWE E K . COM
URE JOBS ACT
2 5 S E P 1 OC T 2 01 4
DON STEINBRUGGE, AGECROFT PARTNERS
IT DEPENDED ON WHAT LAW FIRM YOU SPOKE TO SOME LAW FIRMS PREVIOUSLY DID NOT FEEL COMFORTABLE WITH HEDGE FUNDS PUTTING ANYTHING OUT THERE

Despite the CFTCs recent shift to allow general solicitation, lawyers say take-up of the Jobs Acts advertising flexibilities is likely to be limited BY MAIYA KEIDAN
L
ast autumn the SEC carried out Congresss instruction to remove a decades-old ban on general solicitation of private funds. However, certain voices within the SEC were said to have concerns about the efect of hedge funds engaging in mainstream advertising activity and the agency proposed onerous accom- panying rules which made the new regime less atractive. Lawyers told atendees at an event in New York on 11 September that 1,000 private fund managers of all kinds had applied to market under the Jobs Act by checking box 506(c) of securities ofering Form D. But the hedge fund manager numbers are much lower, according to experts, with some even reported to have mis- takenly ticked the box. Under the new rules, managers can talk to the media more freely, engage in discussions on social media and at events, upgrade their websites to provide more information and advertise more generally. Several New York hedge fund lawyers have noted that while clients had approached them to consider venturing into general solicitation territory, few have proceeded. It hasnt taken of, says Kevin Scanlan, partner at Dechert. I dont have any clients that have checked the 506(c) box, although multiple clients have talked about it. One Boston-based lawyer says hes seen limited take-up from a couple of smaller managers. Tey are two smaller hedge fund managers really trying to raise capital and be
more aggressive through press releases, newspaper ads and the media, he says. Massachusets-registered Lemelson Capital Manage- ment is among these frms. Chief investment ofcer Em- manuel Lemelson says he saw the Jobs Act as an opportunity to speak freely without having to choose every word carefully. We were geting good results and I thought why dont we publicise that? he adds. Te frm now sends out press releases on its performance and had secured four inter- views with the press that week.
TALKING TO THE PRESS Speaking to the media is a key reason to tick the box to generally solicit, say experts. Prior to the Jobs Act, hedge fund managers could talk about the manager and their strategy but not the specifcs of the fund to the media. However, this was seen as a very grey area. It depended on what law frm you spoke to some law frms previously did not feel comfortable with hedge funds puting anything out there, says Don Steinbrugge, managing partner at third-party marketer Agecrof Partners. And lawyers say that while many hedge fund managers are not interested in TV commercials or billboards at the Super Bowl, many are interested in speaking about performance to the press. In the past if a reporter called you with incorrect data on your fund, you were not even allowed to correct them because of the anti-solicitation rules, says one US lawyer. Max Hilton, director at PR frm Peregrines New York
SEC TARGET?
WHO WANTS TO BE AN
020_021_HFM354_jobsactfeature.indd 20
20 FOR 2015
TURN TO PAGE 16 FOR THIS YEARS
rundown, which is heavily influenced
by the closure of Ziff Brothers hedge
fund unit and the downsizing of SAC
Capital/Point72 in the wake of the
insider trading scandal. Four of the
20 new managers last worked at Ziff
Brothers, most notably Ryan Pedlow,
whose New York-based Two Creeks
Capital Management is one of the
years largest start-ups. A further
three last worked at SAC Capital.
2 5 S E P - 1 OC T 2 01 4 8 HF MWE E K . COM
INVESTOR
S
E
A
R
C
H

A
C
T
I
V
I
T
Y
INVESTOR IN BRIEF
SPONSORED BY
I NV E STOR
I N B R I E F
Cheshire West and
Chester and the London
Borough of Lambeth pen-
sion funds are among the
UK schemes attending the
12th Annual Local Govern-
ment Pension Investment
Forum on 22 October.

California Public Employ-
ees Retirement System
(Calpers) has appointed
Ted Eliopoulos as CIO. He
assumes the role perma-
nently having served as
interim CIO since June 2013.

Cliffwater has been rehired
as hedge fund consultant
for the $80.6bn New Jersey
Division of Investment.
The decision to reappoint
Cliffwater on a three-year
contract with two additional
one-year extensions follows
an RFP issued in May 2014.

London-based FoHF
Headstart Advisers is as-
sessing further Asia-focused
investments after adding a
third manager concentrated
on the region in July.

San Francisco Employees
Retirement System has
delayed a vote on whether
to invest in hedge funds for
at least 90 days, following an
investment committee meet-
ing at which CIO Bill Coaker
presented a plan to invest
up to 15% of the $19bn funds
assets in hedge funds.
CREDIT SPECIALISTS Highbridge
Capital Management and Alcentra
are in the running for an illiquid debt
mandate from Essex County Council.
The 4.3bn ($7bn) UK local
authority scheme has named the two
hedge funds alongside private equity
firm Partners Group as finalists for
the 80m to 100m ($130.2m to
$162.75m) ticket.
US-based Highbridge manages
approximately $29bn across a num-
ber of equity and credit hedge, long-
only and longer lock-up funds. In the
last few months it has significantly
increased its UK presence, adding
15 employees to its London office
since January.
BNY Mellon-owned Alcentra
manages $23bn across 48 investment
products while Zug-based Partners
Group has 30bn across private equi-
ty, private debt, private real estate
and private infrastructure.
The pension fund started search-
ing for a manager to run a long-only,
multi-illiquid debt portfolio in May
when it released a request for pro-
posal (RFP).
Essex County Council received
interest from 32 managers, of which
15 completed and returned applica-
tions.
The search for a manager to run a
pooled illiquid debt fund investing in
direct corporate lending, real estate
lending and distressed debt was con-
ducted by the pension schemes con-
sultant, Hymans Robertson.
SE ARCH
If you would like to comment
on any investor-related
news story or development,
contact Alex Cardno,
HFMWeek investment editor,
at a.cardno@hfmweek.com
SEARCH LOG
CONTINUES
ON P12
TCERA struggling with
hedge fund decision
TULARE COUNTY EMPLOYEES
Retirement Association (TCERA)
says it is struggling to reach a deci-
sion on increasing hedge fund expo-
sure as it mulls different approaches
to allocating to the space.
The $1.07bn California pension
fund has a 5% target allocation to
the sector but current hedge fund
exposure stands at 2.5%.
It has been mulling further hedge
fund investments for the last 12
months and was due to make a deci-
sion on increasing exposure at an
investment committee meeting on
15 September.
It is considering FoHF Fintan
Partners for a possible investment
due to its fixed income approach as
it seeks ways to reduce equity risk
exposure, but is also considering
a risk parity approach to its entire
portfolio.
These decisions were debated
in TCERAs last two investment
committee meetings, but retire-
ment plan administrator David
Kehler said no conclusion had been
reached.
Our board has been struggling
with the issue of our allocation to
hedge funds for quite some time
now, he said.
The board is looking at ways to
reduce the portfolios equity risk
level so a manager like Fintan may
be a good fit to meet that objective.
The board is also considering a risk
parity approach and has been debat-
ing this along with the hedge fund
allocation.
I dont think the questions we have
regarding our exposure to hedge
funds and/or a risk parity approach
will be resolved any time soon.
PENSI ON FUND
Michigan Uni tops up
Shoreline allocation
THE UNIVERSITY OF Michigan
endowment invested $30m in dis-
tressed and special situations manager
Shoreline Capital earlier this year.
The $9.5bn Ann Arbour, Michigan-
based endowment invested in the
Shoreline China Value III in April,
according to an investment update.
Based in Guangzhou, China, the
firm makes distressed and special situ-
ations investments in mainland China.
The University of Michigan endow-
ment has had previous investments
with Shoreline, investing $20m in
Shoreline China Value II in October
2012, when it sought to diversify its
exposure to distressed investments.
Shoreline started trading in 2004
and was founded by Xiaolin Zhang
and Benjamin Fanger.
ALLOC ATI ON
WILTSHIRE BOND SEARCH
ESSEX COUNTY COUNCILS search
comes hot on the heels of Wiltshire
County Council, which has begun its
own search for multi-asset credit and
absolute return fixed income managers.
The 1. 7bn ($2. 76bn) pension fund
has instructed investment consultant
Mercer to start looking for managers
in those areas as part of its bond
allocation.
Wiltshire currently has approxi-
mately 180m ($292.2m) dedicated to
fixed income. The council has not yet
decided how much might be allocated
to the new mandate or whether the
allocation will come from a reduction
to traditional bond investments or from
an expansion of that asset class.
The pension fund decided last year
to redeem from its only FoHF, Jubilee
Advisers (previously named Fauchier
Partners) after placing them on watch
in 2012. A timeline and further details
of the search will be discussed at
Wiltshires next pension fund commit-
tee meeting on 11 December, but the
mandate could be awarded next year.
ILLINOIS TEACHERS
RETIREMENT SYSTEM
TOTAL AUM $45.3bn
CONSULTANT Albourne
ACTIVITY Seeking two to three
non-directional hedge funds
for allocations of between
$150m and $200m each
MERRANT FONDER
TOTAL AUM $100m
ACTIVITY Seeking two manag-
ers in relative value xed
income
Highbridge closes in on Essex
Council illiquid debt ticket
Alcentra also running for 4.3bn UK schemes mandates
PERMAL GROUP
TOTAL AUM $22.3bn
ACTIVITY Eyeing opportunities
in event-driven and macro
strategies
WILTSHIRE COUNTY
COUNCIL
TOTAL AUM $2. 76bn
CONSULTANT Mercer
ACTIVITY Started searching
for multi-asset credit and
absolute return xed income
managers
2 5 S E P 1 OC T 2 01 4 HF MWE E K . COM 9
INVESTOR
NEW FIGURES OBTAINED
through a Freedom of Information
(FOI) Act request on the number
of AIFMs outside of Europe that
have opted to market into the UK
through private placement are sur-
prisingly low, say experts.
The FCA revealed to sister title
HFMCompliance that 491 notifica-
tion forms had been filed as of 26
August, with 374 using the Article
42 form for full AIFMs and 117
submitting the third-country form.
Gary Kaminsky, managing
director at ConceptOne, said that
with around 3,000 hedge fund
investment advisers registered
with the SEC alone, the number
seems low.
I heard that it was less than the
FCA was expecting, said one law-
yer who did not wish to be named.
The UK regulator declined to
comment.
The numbers are much lower
than I would have expected an
awful lot are scared to draw them-
selves into the AIFMD, said
Neil Robson, partner at Katten
Munchin Rosenman. Managers
cant engineer reverse solicitation,
although they think they can.
My sense is the number is
lower than expected, said Simon
Thomas, partner at Macfarlanes,
although he added the pool of funds
actively marketing in Europe was
probably smaller than supposed.
What the directive has done
is stopped US managers coming
to London on the off-chance, he
said.
Devarshi Saksena, partner at
Simmons & Simmons, said he
expected more managers to reg-
ister once they realised the limits
of reverse enquiry in the UK and
in other EEA jurisdictions and as
the Article 42 compliance process
becomes tried and tested.
m.keidan@hfmweek.com
MI FI D I I
FCA: Mifid transparency
should not hit liquidity

THE MIFID II GOAL OF increased
transparency should not come at the
cost of reduced liquidity and must be
balanced with the needs of market
participants in areas such as data col-
lection, according to the FCA.
Speaking at a conference on the
upcoming European directive in
London on Monday, the UK regu-
lators director of markets David
Lawton set out the diverse range of
changes Mifid II would introduce
from January 2017.
Mifid II is set to bring market
transparency to bond and deriva-
tives trading, which will need to take
place on exchanges or similar venues.
However, Lawton said regulators
needed to take care when setting
these new rules.
Mifid II weighs in favour of more
transparent trading. But important
questions remain about how this
is done, and in particular how to
increase transparency without reduc-
ing liquidity, he said.
Under Mifid II best execution pro-
posals a number of new standardised
data requirements will be introduced
but Lawton said the FCA was aware
of industry concerns about the
amount of data being collected.
He said: We remain conscious
that more disclosure and more trans-
parency is not a panacea we need
to get the balance right and provide
market participants with data that
they both want and need.
Lawton stressed the FCA backed
Esmas proposals to ban the use of
dealing commissions to pay for
bespoke research, although he
acknowledged this was a hot-button
topic for some.
He also highlighted new plans to
govern high frequency trading.
We have to develop a balanced
regime that doesnt throw our mar-
kets back into the technological dark-
ages, but ensures they are fair and safe
for all users in the future, he added.
Irish regulator warns
over filing failings

REGULATORY FILINGS AND the
processes around them are inadequate
at a number of firms, announced the
Central Bank of Ireland after conduct-
ing a thematic review of investment
firms and fund service providers.
The bank noted in a letter to indus-
try earlier this month that relevant
staff at some firms could not demon-
strate sufficient knowledge of regula-
tory obligations or the methodologies
used, while several companies lacked
oversight in the production process.
Firms should review existing pro-
cedures to ensure that due care and
attention is given to the production,
oversight and reporting of all regu-
latory returns, said Patricia Dunne,
deputy head of investment funds and
fund supervision at the bank.
I REL AND
10 OCT 14
DEALING
COMMISSIONS UK
Managers must
respond to
consultation paper
15 OCT 14
MAD II
Consultation closes
on draft regulation
and implementing
technical standards
R
E
G
U
L
A
T
I
O
N

I
N
D
E
X
If you would like to
comment on any
compliance-related news
story or development,
contact Maiya Keidan,
HFMCompliance editor, at
9 OCT 14
UK FATCA
HMRC to hold town
hall meeting on
consultation paper
1 OCT 14
NFA
Assessment fees for
futures and options
contracts to be halved
each side
30 SEP 14
REGULATION UK
Written evidence must
be submitted to House
of Lords on nancial
regulatory framework
inquiry
Non-EEA AIFMs marketing
is lower than expected
FOI request reveals 491 notification forms filed by 26 Aug
AI FMD
COMPLIANCE
Reinsurance A is
unlikely, warns Fitch

RATINGS AGENCY FITCH HAS
warned new hedge funds entering
the reinsurance space they are
unlikely to receive an A insurer
financial strength rating.
A big fall in asset values could
deplete a hedge fund reinsurers
capital, putting strain on the com-
pany if it coincided with unusually
high claims payouts, said Fitch.
It added hedge fund reinsurers
may be able to receive an A rating
in the long term.
THE WEEK
A senior SEC ofcial,
Andrew Bowden (pic-
tured), has warned that
some hedge funds do
not give clear accounts
of their performance or
how they calculate it
when communicating
with investors. Weve
seen people passing
off past specic recom-
mendations that they
never made, the US
watchdogs Compliance
and Examinations Director was quoted as saying by Bloom-
berg. The agency is examining data from hundreds of
hedge funds forced to disclose data by the Dodd-Frank Act.
R ATI NGS
PHOTO: SEC/FLICKR
LAUNCHES&
CLOSURES
L
A
U
N
C
H

A
C
T
I
V
I
T
Y
OUROBOROS ASSET Manage-
ment, a Denver-based firm
formed earlier this year, will
launch its maiden hedge fund
in either January or February,
HFMWeek has learned.
The offering, named the
Ouroboros Fund, will focus on
specific market-neutral approach-
es that involve the use of propri-
etary algorithmic trading models,
reverse momentum-based deriva-
tives trading strategies, long/
short equity strategies, as well as
identifying arbitrage opportuni-
ties across several markets.
Ouroboros is targeting just
under $100m for the fund.
With the inception of
Ouroboros Fund, we envision a
unique platform that will allow us
to generate significant risk-adjust-
ed returns, while in turn, gener-
ating the capital, in-house, to
explore and develop more long-
term projects through our private
equity operations, said managing
partner David Lazarowitz.
The firms other managing
partners are Joshua Lockwood
and J Saint Veltri.
Ouroboros AM prepares
flagship vehicle
Denver-based firm targets up to $100m for of fering
L AUNCH
Franklin Templeton soft-
launches Ucits fund
FRANKLIN TEMPLETON HAS
soft-launched its first Ucits-registered
alternative strategy fund with K2
Advisors, a FoHF manager it pur-
chased in 2012.
The Franklin K2 Alternative
Strategies Fund will sit within
the $922.2bn mutual fund giants
Luxembourg-domiciled Franklin
Templeton Investment Funds (FTIF)
SICAV range.
In a statement, Franklin Templeton
said the fund was soft launched on 15
September as a multi-manager, multi-
strategy liquid alternative portfolio.
Its objective is to seek capital
appreciation with lower volatility
than broad equity markets by invest-
ing across multiple non-traditional or
alternative strategies including long-
short equity, relative value, event
driven and global macro.
The fund will be accessible to
investors from mid-October, with a
date to be confirmed nearer the time.
Franklin Templeton purchased
$10bn FoHF K2 Advisors in
November 2012 in one of several
deals pairing a FoHF manager with
a larger non-FoHF firm. A similar
acquisition saw Liongate Capital,
a London-based FoHF, bought last
year by US giant Principal Global
Investors.
L AUNCH
If you would like to comment
on any start-up-related
news story or development,
contact Elana Margulies,
HFMWeek chief reporter, at
LAUNCH ACTIVITY
CONTINUES
ON P13
Lockwood previously founded
Lockwood Equity Group, a pri-
vate equity and investment advi-
sory firm. He has held positions
at Bank of America Merrill Lynch,
Charles Schwab Investment
Advisory and Salomon Smith
Barney.
Veltris background includes
working with senior manage-
ment to develop and market both
private and public equity instru-
ments where he helped raise
hundreds of millions of dollars
for his clients through the launch
of IPOs, private placements, and
direct participation programs.
Lazarowitz most recently
worked for Neuberger Berman.
GONDOR CAPITAL MANAGEMENT AND
Lampe, Conway & Co have both
opened funds to outside inves-
tors in separate moves reported by
HFMWeekOnline last week.
New York-based Gondor Capital
Management has launched onshore
and offshore versions of its maiden
strategy externally.
Gondor Partners, LP and Gondor
Partners, Ltd, started trading in May
and July last year and employ an
equity long/short strategy with an
options overlay and trade US listed
equities.
It is targeting primarily high-net-
worth individuals, family offices and
state pensions that invest in both
emerging and minority-owned fund
managers to reach $250m in assets.
The fund is a perfect comple-
ment to investors portfolios as
our performance is best during a
sideways market, said Vincent Au,
founder. Prior to setting up Gondor
Capital in 2012, he founded Avalon
Partners, an investment firm he ran
from 1996 until 2011.
Lampe, Conway & Co, a New
York-based distressed credit hedge
fund manager, had opened its third
offering to outside investors after
launching in February.
According to a source, the
offering, the LC Capital Targeted
Opportunities Fund, is a special situ-
ations and distressed strategy that
will target primarily endowments,
foundations and family offices to
reach a capacity of less than $1bn.
The LC Targeted Opportunities
Fund is managed by Steve Lampe
and Richard Conway, who co-found-
ed the firm in 1999.
EXTERNAL OPENS
SCOPERTA CAPITAL
STRATEGY Long/short TMT
LAUNCH DATE Jan 2015
MARATHON ASSET
MANAGEMENT
NAME Marathon Structured
Product Strategies Fund
STRATEGY Debt
LAUNCH DATE Aug 2014
BRIDGEWATER
ASSOCIATES
NAME Optimal Portfolio
Strategy
STRATEGY Global macro
LAUNCH DATE Sep 2014
PINZ CAPITAL
MANAGEMENT
NAME Pinz Capital
International
STRATEGY Event-driven
LAUNCH DATE Q3, 2014
OMNI PARTNERS, A London-
based firm managing $830m, is
launching its long/short equity prod-
uct to outside investors after incubat-
ing the strategy since January this year.
The 10-year-old firm announced
the launch of the Omni European ELS
fund last week.
The strategy, co-managed by
Howard Spooner and Hugh Selby-
Smith, will focus on European oppor-
tunities.
Spooner joined last year from
Barclays, where he was head of equi-
ty trading, while Selby-Smith was
recruited from TT International.
The strategy will be the fourth
Omni has opened to external inves-
tors, complementing its event-driven,
macro and secured lending funds.
Omni provides experienced pro-
fessionals like Howard and Hugh
with the institutional infrastructure
and support that enables them to
focus on generating attractive risk
adjusted returns, said Peter Coates,
who joined as CEO this year from
Lighthouse Partners, where he was
head of Europe.
I was provided a blank sheet of
paper to design my ideal product,
from both a process and risk perspec-
tive, added Spooner in a statement.
Read HFMWeek later this month
for an exclusive interview with Peter
Coates about Omnis plans for the
future.
Regulatory costs and burdens are a tough hurdle to overcome for
new UK launches but panellists at last weeks HFMWeek Breakfast
Brieng expect a pick-up in activity in the near future. Goldman
Sachs head of European cap intro Nick Guano, Maples Financial
Services director European business development Stephen Lewis,
OESA founder Karen Wormald and LTW Capital founder Nabil
Kobeissi debated the big themes affecting new launches at the Four
Seasons Hotel in London (pictured).
THE WEEK
Omni Partners launches
long/short hedge fund
London firm starts fourth strategy as internal offering opens up
Eagle Bay Capital lines
up new hedge fund
EAGLE BAY CAPITAL, a New York-
based managed accounts specialist
which closed its last hedge fund last
year due to high expenses, will launch
a successor fund in November.
HFMWeekOnline revealed last
week the offering will be called Ibis
Global Partners and focus on long/
short global macro opportunities, in
common with the last fund.
That offering, Ibis Fund I, oper-
ated for six months last year but shut
down due to a high expense ratio.
The fund will roll out with $10m.
Eagle Bay founder JC Parets, who
launched the firm in 2012, is senior edi-
tor of financial website AllStarCharts.
com and was previously vice-president
of investments at Westrock Advisors
for six years until 2010.
Service providers include
Kleinberg Kaplan Wolff Cohen, Apex
Fund Services, TD Ameritrade and
Mike Coglianese.
City Financial is planning
to launch a second hedge
fund in Asia and is cur-
rently on a hiring drive for
its Hong Kong-based ofce,
Reuters reported last week.

New York-based start-up
Pagoda Asset Man-
agement, founded by
ex-Highbridge Capital
manager Adam Bernstein,
has hired a seven-person
team and looks set to start
trading on 1 October.

The scions of a number of
wealthy families, including
the sons of prominent Wall
Street gures Howard
Marks and Ken Moelis,
have either recently
launched hedge funds or
plan to do so soon, the
WSJ reported last week.

Former Catlin Group and
Goldman Sachs manager
Dhruv Narain is reportedly
raising money for a new
hedge fund management
rm and plans to launch
around 1 January.

Chicago-based Peak6
Investments is selling
its ownership stake in its
$2.3bn hedge fund unit ,
which is spinning out as a
new re-named rm named
Achievement Asset
Management.
LAUNCHES IN BRIEF
SPONSORED BY
L AUNCHES
& CLOSURES
I N B R I E F
L AUNCH
L AUNCH
CONTINUES ON P13
CT INVEST
STRATEGY European equities
LAUNCH DATE Q4 2014
CITY FINANCIAL
INVESTMENT CO.
STRATEGY Long/short Chinese
stocks and pan-Asian
corporate bonds
LAUNCH DATE TBD
C-VIEW
NAME C-View Stelrox
Systematic Currency Strategy
STRATEGY Currency
WHITEBOX ADVISORS
NAME Whitebox Special
Opportunities Fund E
STRATEGY Debt
LAUNCH DATE Oct 2014
EAGLE BAY CAPITAL
NAME Ibis Global Partners
STRATEGY Long/short global
macro
LAUNCH DATE Nov 2014
STRATEGY SPOTLIGHT
OMNI EUROPEAN ELSS PORTFOLIO
has three stages base, trading and
opportunistic. Stocks initially selected
for the base portfolio, which aims to be
market and sector neutral, are whittled
down on a discretionary basis. This
results in between 40 and 50 stocks
covering between nine and 11 sectors,
which are then sized up or down in the
trading book. The opportunistic portfolio
is precluded from owning more than
three single-stock, sector-specific or
thematic views at any given time.
SOURCE: Omni
SEARCH ACTIVITY
1 2 HF MWE E K . COM 2 5 S E P 1 OC T 2 01 4
A WEEKLY COMPENDI UM
OF RECENT HEDGE
FUND SEARCHES AND
I NVESTMENT MANDATES
S E A RC H
A C T I V I T Y
AURORA INVESTMENT
MANAGEMENT
TOTAL AUM $9.1bn
ACTIVITY Mulling increased exposure
to portfolio hedge strategies. Also
researching bank merger space
JUL 2014
SAN JOSE FEDERATED
RETIREMENT SYSTEM
TOTAL AUM $2.5bn
CONSULTANT Albourne
ACTIVITY Issuing mandate to hedge
fund manager worth 5% of overall
investment portfolio

KAZAKHSTAN NATIONAL
INVESTMENT CORPORATION
TOTAL AUM $110bn (approx)
ACTIVITY Issued RFP for hedge
fund consultant to take on $300m
mandate

MORGAN STANLEY WEALTH
MANAGEMENT
TOTAL AUM $1.9trn
CITY OF MOBILE POLICE &
FIRE RETIREMENT PLAN
TOTAL AUM Not disclosed
CONSULTANT Gray & Company
ACTIVITY Considering up to four man-
agers for possible investment

EL PASO COUNTY
RETIREMENT PLAN
TOTAL AUM $319m
CONSULTANT Watershed Investment
Consultants
ACTIVITY Heard recommendations on
potential FoHF managers at August
meeting

ACTIVITY Seeking long/short, event-
driven and relative value managers

ILLINOIS STATE UNIVERSITIES
RETIREMENT SYSTEM
TOTAL AUM $16.4bn
CONSULTANT NEPC
ACTIVITY Planning to issue an RFP in
its first search for hedge funds

PENNSYLVANIA TURNPIKE
COMMISSION
TOTAL AUM $6.8bn
CONSULTANT Investment Perfor-
mance Services
ACTIVITY Searching for a FoHF
manager for a mandate of around
$13m

DEUTSCHE ASSET & WEALTH
MANAGEMENT (DEAWM)
TOTAL AUM $137.5bn
ACTIVITY Could add emerging market
managers to its panel

Continued from page 8, compiled by HFMWeek
AUG 2014
TEXAS ERS
TOTAL AUM $21bn
CONSULTANT Albourne
ACTIVITY Seeking two directional
growth hedge fund managers to
invest up to $250m each

CARNEGIE MELLON
UNIVERSITY
TOTAL AUM $1.07bn
ACTIVITY Looking to hire two or
three HFs running relative value and
market neutral strategies in the next
six months

To comment, contact Alex Cardno at
Ihi: mcrkeling infcrmclicn i: inlencec fcr prcfe::icnc| c|ienl: {c: cefnec in lhe g|c::cry cf lhe FC/ HcncLcck) cn|y cnc |evercgec EIF: cre
:uilcL|e fcr fncncic||y :cphi:licclec inve:lcr:. lf ycu wi:h lc recc cur fu|| ci:c|cimer p|ec:e vi:il: www.boostetp.com/Content/Disclaimer
B
O
O
S
T

F
T
S
E

1
0
0

3
X

S
H
O
R
T

D
A
I
L
Y

E
T
P

(
3
U
K
S
)
B
O
O
S
T

F
T
S
E

1
0
0

3
X

L
E
V
E
R
A
G
E

D
A
I
L
Y

E
T
P

(
3
U
K
L
)
+44 (0)20 3207 9050 info@boostetp.com boostetp.com/UKad
40 equity & commodity LSE listed ETPs
No margin calls
Trades on LSE
Cant lose more than original investment
No complex documentation
Low cost, robust & transparent
LAUNCH ACTIVITY
A WEEKLY COMPENDI UM
OF HEDGE FUND L AUNCH
ACTI VI T Y
L A UNC H
A C T I V I T Y
EATON VANCE
NAME Eaton Vance Richard Bernstein
Market Opportunities Fund
STRATEGY Macro
GREY INVESTMENT
MANAGEMENT
NAME Grey Value Opportunity Fund
STRATEGY Value-oriented equity
ZAFIRO CAPITAL
NAME Zafiro Capital Commodities
Trading Fund
STRATEGY Fundamental discretionary
commodity
SILVER RIDGE ASSET
MANAGEMENT
HARTFORD FUNDS
NAME Long/Short Global Equity Fund
STRATEGY Liquid alternative long/
short fund
HORSEMAN CAPITAL
MANAGEMENT
NAME Horseman European Select
UCITS Fund
STRATEGY Ucits-compliant European
long/short equity
CLOVERDALE CAPITAL
STRATEGY Long/short equity
SOROBAN CAPITAL PARTNERS
NAME Soroban Opportunities Fund
STRATEGY Concentrated, best ideas
long/short equity
LAUNCH DATE Aug 2014
SANDITON ASSET
MANAGEMENT
NAME TM Sanditon European Select
STRATEGY Europe-focused long/short
equity Ucits
ALGEBRIS INVESTMENTS
STRATEGY Buy non-performing loans
in Italy
LAUNCH DATE TBD
THEMIS MANAGEMENT
NAME Themis Legal Capital
STRATEGY Specialty finance
LESTE
STRATEGY Risk arbitrage, credit,
distressed
LAUNCH DATE TBD
OURAY MANAGEMENT
STRATEGY European equities
LAUNCH DATE Nov 2014
SHADOW TREE CAPITAL
NAME Shadow Tree Income Fund B
STRATEGY Direct lending
CAHERA CAPITAL
STRATEGY Equities
BROOKFIELD ASSET
MANAGEMENT
NAME Brookfield Event-Driven Op-
portunities Fund
STRATEGY Event-driven
ADVANTAGE CAPITAL
MANAGEMENT
STRATEGY Special situations fund
Continued from pages 10&11, compiled by HFMWeek
REPORTED SEPTEMBER 2014
361 CAPITAL
NAME 361 Global Long/Short Equity
Fund
STRATEGY Long/short equity mutual
OUROBOROS ASSET
MANAGEMENT
NAME Ouroboros Funds
STRATEGY Market neutral
PAGODA ASSET
MANAGEMENT
NAME TMT and consumer-focused
STRATEGY Long/short equity
SAGAT CAPITAL
NAME Systematic Diversified
Programme
STRATEGY CTA
LAUNCH DATE TBD
VIRTUS INVESTMENT
PARTNERS
NAME Virtus Strategic Income Fund
STRATEGY Alternative income
OLD HILL PARTNERS
STRATEGY Specialty finance
BEACH HORIZON
STRATEGY Ucits-compliant directional
managed futures
SEVEN SAGES CAPITAL
LAUNCH DATE TBD
To comment, contact Elana Margulies at
COMMENT&ANALYSIS
THE
LONG
VIEW
E
arlier this month, the CFTC issued
certain important exemptive relief and
further guidance in response to numer-
ous industry participant requests to
consider harmonising certain CFTC regula-
tions with SEC rules implementing the Jobs
Act.
These SEC actions (i.e. the issuance of new
Rule 506(c) under the Securities Act) elimi-
nated a prohibition on general solicitation and
advertising for certain offerings made under
Rule 506 of Regulation D of the US Securities
Act of 1933 and for certain offerings made
pursuant to Rule 144A under the Securities
Act.
The SECs actions with respect to the Jobs
Act had led some commentators to contem-
plate managers of private equity, hedge and
other private funds availing themselves of
widespread advertising, including television,
radio and public transportation advertising, to
attract potential investors.
Despite such predictions, few private fund
managers have availed themselves of these
options. One such reason was certain restric-
tions set forth in CFTC regulations.
Because many private fund managers, or
affiliates thereof, engage in commodity inter-
ests transactions (which include most swaps
transactions) with respect to the private funds
that they manage, such persons fall under the
regulatory purview of the CFTC, and, there-
fore, generally must register as commodity
pool operators (CPOs) and/or commodity
trading advisers (CTAs), or avail themselves
of applicable exemptions from such require-
ments.
Private funds managers (or their affili-
ates) that rely on CFTC Regulation 4.7(b) or
CFTC Regulation 4.13(a)(3) and that con-
templated engaging in a Rule 506(c) offering
had previously faced a seemingly insurmount-
able dilemma imposed by these CFTC regula-
tions.
The CFTC guidance provides limited
exemptive relief from regulatory contradic-
tions by harmonising regulations with Rule
506(c) under the Securities Act in certain cir-
cumstances. In order for a CPO to claim this
exemptive relief, the guidance provides that
certain conditions must be met by the CPO,
including manual submission to the CFTC of
a claim for exemptive relief.
While CTAs are not sponsors of private
funds and would, therefore, not engage in a
Rule 506(c) offering, the guidance may indi-
rectly benefit certain CTAs. For instance,
CTAs relying on the registration exemp-
tion provided by CFTC Regulation 4.14(a)
(8) (which, among other things, provides an
exemption from registration for certain CTAs
that solely advise CPOs relying on CFTC
Regulation 4.13(a)(3)) would still be eligible
for such exemption if any such advised CPO
engages in a Rule 506(c) offering.
Although the guidance was welcomed, there
are still questions as to whether such actions
will marshal in a new era of private fund public
solicitation and advertising due to remaining
hurdles such as:
additional administrative steps to sat-
isfy investor sophistication requirements
under Rule 506(c), which may provoke
adverse reactions from potential inves-
tors due to the personal information that
would be required to satisfy these steps;
costs of complying with the verification
requirements and the costs of widely dis-
seminated advertisements in relation to
the expected amount of investor inflows
may not be cost-effective;
potential legal complexities and uncertain-
ties if managers choose to engage in a Rule
506(c) offering with respect to one or
more of the private funds that they man-
age, while simultaneously engaging in a
Rule 506(b) offering (which does not per-
mit general solicitation and advertising)
with respect to one or more other funds;
questions with respect to the scope of
permissible content of general solicita-
tion and advertising materials (e.g., per-
formance content), which may limit the
effectiveness of such materials;
heightened regulatory scrutiny due to the
increased visibility brought on by a 506(c)
offering; and
pending SIC rules, such as a proposed
marketing materials submission require-
ment, which also would bring greater
regulatory scrutiny and that may dissuade
such managers from engaging in a Rule
506(c) offering.
SCOTT MOSS, partner at Lowenstein Sandler
T
he decision by the California
Public Employees Retirement
System (Calpers) to pull $4.5bn
of hedge fund investment has
garnered plenty of headlines but there
is little evidence it will spark a wave of
similar activity.
Bob Jacksha, CIO of the $11bn New
Mexico Educational Retirement Board
conveyed the views of many when he
told me: What Calpers does is what
Calpers does and has absolutely no
bearing on what we do.
Calpers decision was based on con-
cerns about fees and investment com-
plexities. These are worries managers
will be used to hearing from investors
but also something to keep an eye on.
The CIO of another $12bn public
pension fund says: Im sure this event
will bring on a future policy-level dis-
cussion. That said, the general conclu-
sion of our staff is that were getting
what we pay for at present.
The State Employees Association
of North Carolina is pressurising State
Treasurer Janet Cowell to withdraw
the $288m the state retirement system
has invested in hedge funds and there is
bound to be more political noise.
However, many other US public pen-
sion funds Ive spoken to recently are
maintaining hedge fund allocations,
with some increasing them. Rather than
a stampede out of hedge funds, a more
likely trend is a growing number of pen-
sion funds looking to treat hedge funds
as possible investments across their
portfolio, rather than in a specific alter-
natives bucket.
Calpers size, $300bn, sets it apart.
Pete Tirp, CIO of Kern County
Employees Retirement Association,
estimates it would have needed to invest
$10bn to have a meaningful impact on
returns. There arent that many elite
hedge funds out there that you can just
sock $10bn into, he adds.
THE
SHORT
VIEW
ALEX CARDNO
2 5 S E P 1 OC T 2 01 4 1 4 HF MWE E K . COM
THERE ARE STILL QUESTIONS
AS TO WHETHER SUCH ACTIONS
WILL MARSHAL IN A NEW
ERA OF PRIVATE FUND PUBLIC
SOLICITATION AND ADVERTISING

SCOTT MOSS
Clarif ying CFTC exemptive relief and guidance
WE HAVE TO DEVELOP
A BALANCED REGIME
THAT DOESNT
THROW OUR
MARKETS BACK INTO
THE DARK-AGES
David Lawton, director of markets
at the FCA, on the challenge ahead
with Mid II and HFT
CURRENT LEVERAGE
STRATEGIES ARE
TOO RISKY AND ARE
NOT YIELDING THE
RESULTS THAT WERE
ANTICIPATED
Retiree Phyllis Elkind speaks out as
San Diegos CERA pension decides
outsourced CIO Lee Partridges future
WE BELIEVE THIS
ACQUISITION IS A
PERFECT MATCH
Throgmorton CEO Andrew Rubio on
his companys sale to Capita Asset
Services
London
Third Floor
Thavies Inn House
3-4 Holborn Circus
London, EC1N 2HA
T+44 (0)20 7832 6500
F +44 (0)20 7832 6501
New York
1441 Broadway
Suite 3024
New York, NY 10018
T +1 (212) 268 4919

EDITORIAL
Head of content
Paul McMillan
+44 (0) 20 7832 6622
News editor
Will Wainewright
+44 (0) 20 7832 6624
Data and online editor
Rob Langston
+44 (0) 20 7832 6626
r.langston@hfmweek.com
Chief reporter
Elana Margulies
+1 (212) 268 4944
Investment editor
Alex Cardno
+44 (0) 20 7832 6625
Senior reporters
Matt Smith
+44 (0) 20 7832 6627
m.smith@hfmweek.com
Maiya Keidan
+44 (0) 20 7832 6621
Reporter
Jasmin Leitner
+44 (0) 20 7832 6657
Technology correspondent
Chris Matthews
+44 (0) 20 7832 6656
c.matthews@hfmweek.com
Data manager
Indira Peters-DiDio
+1 (212) 268 4919
i.peters@hfmweek.com
COMMERCIAL
Associate publisher
Lucy Churchill
+44 (0) 20 7832 6615
l.churchill@hfmweek.com
Senior publishing account
manager
Tara Nolan
+44 (0) 20 7832 6612
t .nolan@hfmweek.com
Publishing account manager
Joakim (Joe) Nilsson
+44 (0) 20 7832 6616
j.nilsson@hfmweek.com
Publishing account manager
Jack Duddy
+44 (0) 20 7832 6613
j.duddy@hfmweek.com
THE MEMBERSHIP TEAM
+44 (0) 20 7832 6511
sales@hfmweek.com
PRODUCTION
Head of production
Claudia Honerjager
Sub-editor Rachel Kurzfield
Designer Jack Dougherty
PAGEANT MEDIA
Group head of content
Gwyn Roberts
+44 (0) 20 7832 6623
g.roberts@hfmweek.com
Chief executive Charlie Kerr
ISSN 1748-5894. Printed by The Manson Group.
2014 all rights reserved. No part of this
publication may be reproduced without written
permission of the publishers. No statement in
this magazine is to be construed as an invitation
to invest in hedge funds.
Former PB forecasts smokin future
Hopes biggest business experiment of the 21st century will drive exchange
Leading the way in the wrong direction
Better late than never for partner who got lost on way to HFM leaders summit
W
e hear about staff from
prime brokers spinning
off and launching their
own hedge funds. But
one former PB is hoping to make
a name for himself through a rec-
reational activity more than likely to
leave your head spinning.
Americas emerging cannabis
industry is shaping up to be the
countrys biggest business experi-
ment of the 21st century, begins a
press release penned by Amercanex,
which describes itself as the first
fully electronic marketplace ex-
change for the cannabis industry.
The venture is the brainchild of
Steve Janjic, whose CV includes
stints at Morgan Stanley, Gain
Capital and ACM.
With cannabis now decriminal-
ised in a number of US states, he
hopes hes spotted a great oppor-
tunity to roll out a Wall Street-
like digital commodities exchange
system. It will allow market partici-
pants to monitor and track orders,
activities and transactions and help
growers and retailers to calculate
and deduct fees and taxes.
A real-time interface will offer
users best sell/buy prices, which it
hopes will stimulate competition
and lower costs in this burgeon-
ing new legalised industry. Market
forces driving down costs so ston-
ers then have more money to spend
on their munchies? Were sure the
likes of Ayn Rand and Ronald
Reagan would be truly proud.
T
he great and the good of the
European hedge fund sector
gathered at The Grove hotel
in Hertfordshire, England,
last week for the HFMWeek opera-
tional leaders summit, although
some guests took slightly longer to
get there than others.
The hotel (pictured), so in
demand that even the profligate
UK financial regulator decided
to treat its board members to a
15,000 stay last year, is located
a convenient 20 miles north of
London.
However, a partner of a nota-
ble UK hedge fund unfortunately
didnt get the memo and ended up
at the location of last years summit,
some 30 miles south of London at
Pennyhill Park in Surrey.
To spare their blushes, and avoid
any physical retribution, The Inside
Hedge will be keeping the name of
the embarrassed manager under
wraps. Suffice to say they managed
to make it up to Hertfordshire in
the end to get involved in the heat-
ed industry debates and insightful
discussions, alongside a hotly con-
tested golf competition and a bit
of crossbow and archery action.
T
h
e I
n
sid
e H
ed
g
e ANY INSIDE INTEL?
TIP US OFF AT:
insidehedge@hfmweek.com
THE WEEK IN
QUOTES
2
0

F
O
R

2
0
1
5
As confidence in the hedge fund start-up market builds, HFMWeek examines the
pipeline and lists the 20 freshest launches generating most interest among investors
BY WILL WAINEWRIGHT
FEATURE 20 FOR 2015
hedge funds has been helped in particular by
the emergence of new seeding ventures.
But while this years list features seeding
activity from names ranging from Blackstone
to Leucadia National Corp, many prime
brokers believe seed deals have become
less important in the last couple of years.
Founders share classes are becoming much
more prevalent and are largely the preferred
option, says Malik.
As with the wider industry, long/short equi-
ty dominates the strategy composition of the
list. Equity long/short is certainly du jour,
adds Malik. It is the strategy of choice for
investors and also where you are seeing the
largest, most high-profile and best-pedigreed
start-up managers.
The majority of the 20 for 2015 managers
have come from other hedge funds as opposed
to banks. Investors have more confidence in
the been there done that credentials of man-
agers who have been PMs at other hedge funds,
but a few continue to make it from other back-
grounds, says Davey. A senior prime broker
in London says the failure of Goldman Sachs
spinout Edoma Partners, which was Europes
biggest post-2008 hedge fund launch, has not
helped the reputation of bank spinouts.
Managers need the three Ps: pedigree,
performance and product, says Malik. That
gets you in the door. But these managers
from brand-name hedge funds fall into two
categories those who were investor facing
and those who werent. The cream of the crop
money managers built LP relationships, and
investors were able to build trust in them and
their processes.
Investors are much likelier to come in day
one to those managers. It separates the $100m
launch from the $1bn launch.
That assets total, as ever, remains the Holy
Grail for new hedge fund launches. The next
12 months will determine how many of this
years crop reach it.
T
he post-crisis era has proved chal-
lenging for new hedge funds, but
industry participants have become
notably bullish about the start-up
market. We are in the most robust
hedge fund start-up market since the
crisis the days of the $1bn launch are well and
truly back, claims Omeed Malik, who heads Bank
of America Merrill Lynchs emerging manager
programme and US prime brokerage distribution.
It feels exactly the same here, says Carl Davey,
who runs hedge fund sales for Citi Investor
Services in Asia. We are seeing a good number
of new firms led by pedigreed managers, who are
building institutional-grade infrastructures and
attracting significant day-one capital.
The positivity seems to be borne out by the
numbers, with several constituents of last years
list of new hedge funds raising more than $1bn,
and at least one Herb Wagners Finepoint
Capital surpassing $2bn. Sources say a per-
fect storm of factors have combined to provoke
the uptick in interest, all of which have impacted
HFMWeeks latest round-up.
The downsizing of SAC Capital Advisors, since
re-named Point72 Asset Management, and clo-
sure of Ziff Brothers hedge fund investing unit
have both had big impacts. Four constituents of
this years list are being launched by managers
who previously held senior positions at Ziff, while
three worked at Point72. A further three new
firms recently launched by SAC alumni in the UK
Ayora Capital Management, Pagliaro Capital
Management and HSE Capital Management
have also generated headlines, but did not make
the list.
Observers say another factor swelling the
launch numbers for new firms is the fact that many
brand-name hedge funds are closed to new mon-
ey, improving the appeal of new hedge funds start-
ed by alumni of those firms. A number of higher-
profile managers here in Asia are soft-closed to
new money, which has provided opportunities for
new launches to enter the market, adds Davey.
His colleague Carol Teng, who works for Citis
cap intro team, adds that the rise of new seeding
efforts such as HS Group has boosted the mar-
ket. The fundraising environment for new Asian
ABBERTON CAPITAL
MANAGEMENT
FOUNDER: Fredrik Juntti
FOUNDED: April 2014, London
One third of the founding trio behind Montrica
Investment Management, a pre-crisis success
story later swallowed up by TPG Axon, Juntti is
returning with Abberton Capital Management, a
highly tipped London-based start-up. His earlier
co-founders are coincidentally also launch-
ing ventures this year Svein Hogset with
Incentive AS in Norway and Andrew Metcalfe
with Lakefour Investment Management in
Switzerland but sources say Abberton looks
set to raise the most backing. Meditor Capital
Management COO Craig Simkins has been
brought on to run operations for Abberton, an
activist investment firm, which was planning
to launch next quarter with assets of around
$200m.
ARAVT GLOBAL
FOUNDER: Yen Liow
FOUNDED: October 2013, New York
After launching early this year, Liow
is now running more than $1bn with
Aravt, which was the first large-
scale launch to emerge from the
closure of Ziff Brothers hedge fund
investing unit. Liow spent 12 years
at the family office, where he man-
aged a range of long/short equity
investments ranging from global
media and telecoms to agricultural
commodities and energy. His COO is
Thomas Hoban, who has worked for
a range of firms including Vinik Asset
Management and Signpost Capital.
ARKKAN CAPITAL
MANAGEMENT
FOUNDER: Jason Brown
FOUNDED: December 2013 (SFC registra-
tion), Hong Kong
The long-awaited start-up from
Brown, who led global special situ-
ations investing for Goldman Sachs,
was reported earlier this month
to have won backing worth up to
$200m from Blackstone. A prime
broker says the offering, which start-
ed trading in August, is the biggest
new bank spinout in Asia. It follows
Senrigan Capital Group as only the
second new Asian hedge fund to
win Blackstones backing since the
financial crisis.
BANBURY PARTNERS
FOUNDERS: Baker Burleson, Stormy Scott
FOUNDED: April 2014, Charlotte, N Carolina
Burleson and Scott two managers
previously with Tiger cub firms
have joined forces to launch what
could be termed the ultimate Tiger
grand-cub. Burlseson is CIO of the
new long/short equity venture after
eight years with Fox Point Capital
Management, while Scott is presi-
dent and COO after seven years with
Hound Partners. Their new venture
was reportedly targeting a $300m
fundraise for its launch next quarter.
BOSVALEN ASSET
MANAGEMENT
FOUNDER: Ken Xu
FOUNDED: August 2014 (SFC registration),
Hong Kong
Xu left the Asia office of Steve
Cohens Point72 Asset Management
earlier this year and is preparing a
hedge fund generating considerable
buzz among industry participants
in the region. The Och-Ziff and
Goldman Sachs alumnus managed
money for more than three years
at SAC/Point72 and is preparing a
long/short equity firm. That is the
Point72 spinout generating the most
interest in Asia, says one manager.
Another former SAC manager gen-
erating interest with a new Asian
hedge fund is Andrew Bazarian.
DARSANA CAPITAL
PARTNERS
FOUNDER: Anand Desai
FOUNDED: January 2014, New York
Former Eton Park manager Desai
raised more than $1bn for the
launch of Darsana in June, making
it one of the years most success-
ful launches. A service provider
describes the launch as a thing of
beauty in terms of its institutional
build-out and success with inves-
tors, adding that Desai could have
raised more had he wished. Desai
spent nine years at Eton Park having
worked for Eric Mindichs firm since
its 2004 launch. Former colleagues
Dan Irom and George Saalouke
were among his recruits at Darsana,
which deploys a long/short equity
strategy.
FOLGER HILL ASSET
MANAGEMENT
FOUNDER: Sol Kumin
FOUNDED: August 2014, New York and
Boston
Kumin was at SAC Capital for a
decade until leaving his role as COO
earlier this year to launch Folger
Hill. His planned firm has secured
one of the years biggest seeding
deals from Leucadia National Corp,
which has agreed to allocate $400m
if Kumin can match that sum with
contributions from elsewhere. The
company will reportedly get almost
half of Folger Hill in return for the
commitment. Todd Rapp left his
role as chief risk officer at Highfields
Capital Management to co-found
the firm. It hopes to raise a total of
more than $800m to be allocated
among different trading teams.
IMMERSION CAPITAL
FOUNDER: Michael Sidhom
FOUNDED: April 2014, London
Sidhom is lining up Immersion with
guaranteed backing from his former
employer, Ziff Brothers, making it
one of the London markets most-
tracked start-ups. He spent almost
a decade managing money for the
family offices Europe office and was
one of its most senior managers.
Jim Kandunias, the former Esemplia
COO, has been hired to lead a new
operations team but Sidhom has
brought his investment team over
to Immersion, an equities-focused
venture. Ziff Brothers became a
force in the hedge fund space
despite not accepting outside
money meaning the new wave of
start-ups from ex-Ziff talent opens
them up to investors widely for
the first time. A senior prime broker
says Sidhoms ex-colleague David
Fear, who was Ziffs most senior
manager in Europe, is another one
to watch. Fear registered a name
Thunderbird Partners in May and
given his calibre can expect to raise
at least as much as Sidhom from
Ziff and other investors.
KONTIKI CAPITAL
MANAGEMENT
FOUNDER: Gregard Heje
FOUNDED: April 2014 (SFC registration),
Hong Kong
The closure of the Ziff Brothers
hedge fund unit makes its pres-
ence felt in Asia too, with the family
offices former head of investing
in the region behind one of Asias
most-tipped hedge fund start-ups.
Heje spent almost a decade at Ziff
and has been backed by them
for his pan-Asia long/short equity
fund. Kontiki is generating a lot of
interest, no question, says a prime
broker in the region.
MELVIN CAPITAL
FOUNDER: Gabriel Plotkin
FOUNDED: April 2014, New York
Plotkin is leading one of a clutch of
new hedge funds to emerge from
the SAC/Point72 stable. What makes
Plotkins venture stand out is the
$200m backing he has reportedly
won from his former boss Steve
Cohen, who at times entrusted him
to manage more than $1bn of his
firms capital. A prime broker says
Cohens backing is very unique
and considerably enhances Plotkins
chance of success. The average
SAC spinout has a lot of difficulty
because of the reputation, the
person adds, referring to the dam-
age done to SAC by repeated insider
trading scandals. Plotkin named his
firm after his grandfather, it emerged
this summer.
PAGODA ASSET
MANAGEMENT
FOUNDER: Adam Bernstein
FOUNDED: May 2014, New York
Bernstein was a portfolio manager
at Highbridge Capital Management
for almost nine years before leaving
in March to build Pagoda, which will
deploy a long/short equity strategy
for its launch next quarter. He has
brought Mark Hoffman, an 11-year
Highbridge veteran who headed
up global equity trading, with him
as COO. Bernstein led Highbridges
investing effort in the technology,
media, telecommunication (TMT)
and consumer sectors. A prime bro-
ker said that pedigree gives Pagoda
a good chance of success.
PERDURANCE ASSET
MANAGEMENT
FOUNDER: Ivan Briery
FOUNDED: March 2014, Jersey
Briery was a star of the industrys
pre-crisis era, making millions with
Voltaire Asset Management, the firm
he co-founded in 1997 with Laurent
Saglio, who went on to found Zadig
Asset Management. Their timing
was perfect, as for eight years the
pair scored bumper returns before
closing well before the financial cri-
sis hit allowing Frenchman Briery
to retire at the age of 40 to devote
myself to my family. However, the
one-time Soros manager is mak-
ing a comeback with Jersey-based
Perdurance with potential launch
assets thought to be in the region
of $500m.
PLEIAD INVESTMENT
ADVISORS
FOUNDER: Ken Lee and Michael Yoshino
FOUNDED: June 2014 (SFC registration),
Hong Kong
Former Asia specialists for Soros
Fund Management, Lee and
Yoshino have joined forces to start
a new firm trading Asian equities.
Pleiad Investment Advisors won
backing from the HS Group, one of
several seeding firms improving the
fundraising picture for Asian hedge
funds. The founders also worked
together at Tiger Asia Management,
making this another new firm with
links to Julian Robertsons hugely
influential hedge fund firm. HS
Group is part-owned by TPG Capital
and was set up by ex-Blackstone
and Goldman Sachs professionals.
PRIMESTONE CAPITAL
FOUNDER: Franck Falezan, Benot Colas
and Jean-Pierre Millet
FOUNDED: March 2014, London
Few impending launches not
just in Europe but globally can
beat Primestone for pedigree. The
trio behind one of Londons most
2014
US HE DGE F UND
PE RF ORMANC E
AWARDS
October 23, Cipriani 42nd St, New York
ENTRY ENQUIRIES
Indira Peters
(212) 268-4919
i.peters@hfmweek.com
TABLES/SPONSORSHIP ENQUIRIES
Lucy Churchill
+44 (0) 20 7832 6615
l.churchill@hfmweek.com
THE
PI NNACL E
OF PERFORMANCE
www.hfmweek.com/events
SPONSORED BY
BOOK YOUR PLACE TODAY
FEATURE 20 FOR 2015
closely-watched launches
have all had long and
senior careers with The
Boston Consulting Group
and more recently Carlyle
Group. Millet was founder
of the private equity giants
Europe office. It describes
itself as a constructive
active manager and will
target companies in the
European mid-cap space.
It expects to launch next
quarter with between
$400m and $600m
including hefty contribu-
tions from the founders.
UBS is prime broker for the
fund, which will not short
securities. The real deal,
says one prime broker
who is not working with
the firm. You just know
they will do well.
SAFERIDGE
CAPITAL
PARTNERS
FOUNDER: Paul Saferstein
FOUNDED: May 2014, New York
Saferstein is setting up Asia-
focused Saferidge after eight
years with Asian Century
Quest Capital, which is clos-
ing down after redemptions
shrank the business from
a $2bn peak in 2012. His
launch, scheduled to start
trading in Q4, will make
long/short equity invest-
ments across Asia but have
a particular focus on Japan.
The closure earlier this year
of Joho Capital, a $5bn New
York hedge fund focused on
Asia, left a gap in the space
and will help Saferstein
generate interest, according
to one industry observer.
SENTINEL DOME
PARTNERS
FOUNDER: Munir Alam
FOUNDED: February 2014, San
Francisco
Tipped by one prime broker
as potentially the biggest
West Coast launch of 2014,
Sentinel Dome is being set
up by an eight-year veteran
of Farallon spinout Watershed
Asset Management. Alam
was co-portfolio manager
and managing member there
before leaving in January this
year to launch his new firm,
which will make event-driven
investments across the capi-
tal structure.
SEVEN HARBOUR
GLOBAL
FOUNDER: Sean Grogan
FOUNDED: October 2013, New
York
The new firm being set
up by Grogan, who spent
almost six years at Conatus
Capital Management , has
generated multiple head-
lines this year with hires
that indicate his start-up
firm Seven Harbour has
grand ambitions. Rob Sachs
was recruited to lead busi-
ness development from
Bank of America Merrill
Lynch, where he headed
global cap intro, while CFO
Jay Maymudes was prised
away from Wexford Capital
after almost 20 years. Like
several on this list , Seven
Harbour deploys a long/
short equity strategy.
SOPHOS CAPITAL
MANAGEMENT
FOUNDER: Jim Carruthers
FOUNDED: November 2013,
New York
Carruthers is a former part-
ner of Third Point founder
Dan Loeb, which goes
some way to explaining
why his plan to launch
a short-bias hedge fund
has been generating buzz
among investors. I can tell
you that I think hes got the
real stuff, says one prime
broker, adding that the
short-bias strategy makes
it stand out to investors. He
spent eight years managing
money for Third Point, which
was recently reported to
have quickly raised a further
$2.5bn. If Carruthers can tap
into that appetite, he could
lead one of this years larg-
est launches with Sophos,
which was planning to
launch in the second half
of 2014.
SQUAREPOINT
FOUNDERS: Gregoire Schneider,
Olivier Durantel, Maxime Fortin
and Antoine Fillet
FOUNDED: May 2014, London
The spinout of the nQuants
systematic trading unit from
Barclays has generated
much attention in industry
circles this year. Key indi-
viduals involved in the proj-
ect incorporated the name
Squarepoint in London in
May, although the venture
is reportedly planning to
have offices globally with
around 60 employees. It
is understood Barclays
supports the breakaway
of the unit into a new firm
although it will reportedly
not seed or take a stake in
the venture. Chris Newman
has been brought on board
after almost 20 years at
Millennium Management ,
where he was head of
operations.
TWO CREEKS
CAPITAL
MANAGEMENT
FOUNDER: Ryan Pedlow
FOUNDED: 2014, New York
Pedlow was reported by
the Wall Street Journal to
have raised $1.5bn for its
launch this summer, mak-
ing it one of the biggest
hedge fund launches since
2008 and the largest offer-
ing to emerge from the Ziff
Brothers stable. Pedlow was
a key stocks manager at
the New York-based family
office and his new firm is
also equities-focused. The
fund charges fees of 1.5/20,
according to its SEC bro-
chure. Former Tiger, Viking
and Saba executive Carl
Casler was appointed CFO
while Richard Wandner, who
spent 12 years at Viking, is
head of operations.
WHERE ARE THEY NOW? THE CLASS OF 2014
Anderson Global Macro: Macro firm founded by Keith Anderson, formerly a BlackRock
and Soros heavyweight, now manages $600m.
Argentire Capital: Deepak Gulatis Switzerland-based firm now manages $600m.
Canosa Capital: Tim Attias and Santiago Alarcos macro fund was the only European firm
out of last years batch to raise more than $1bn and now manages $1.045bn.
East Lodge Capital: Most recent reported asset figure for ex-CQS manager Ail Lumsdens
firm was around $500m.
Finepoint Capital: The biggest launch on last years list, ex-Baupost manager Herb
Wagner is reported to have attracted launch assets in the region of $2bn.
Foxhaven Asset Management: Michael Pausic founded one of last years most-tipped
launches after 16 years with Maverick. Latest AuM unknown.
Junto Capital Management: Ex-Viking manager Jim Parsons was said to have launched
in January with around $500m.
Nettleton Capital: Former Eton Park star Rob Dafforn won launch backing of around
$150m from Blackstone. Latest AuM unknown.
Nordkinn Asset Management: The Scandinavian firm now manages $160m after
launching last year.
Princeton Alpha Management: Shakil Ahmed won backing from Blackstone worth
$250m on launch last year. Latest AuM unknown.
Rock Springs Capital: One of the lists smaller constituents, former T. Rowe Price man-
ager Kris Jenner reportedly launched with $100m last year. Latest AuM unknown.
Roystone Capital Management: Founder Rich Barrera quickly raised around $400m last
year. Latest AuM unknown.
Salt Rock Capital Partners: Former Caxton Associates manager Mark Painting now man-
ages more than $300m in his London-based start-up.
Sarissa Capital Management: Alex Denner, previously a senior manager at Icahn
Associates, launched with backing from Meritage Group last year. Latest AuM unknown.
Stewart Asia Investment: Ex-Tudor manager Andrew McMillan launched Stewart Asia in
Singapore last year. Latest AuM unknown.
Symmetry Investment Management: Industry sources regard the Millennium-backed
start-up, which attracted more than $1bn, as Asias biggest recent hedge fund launch.
Three Bays Capital: Matthew Sidman, formerly of Highfields Capital, launched Boston-
based Three Bays on 1 January and assets have reached $1.5bn.
Tse Capital Management: Irene Tses firm was said to launch with around $450m last
year. Latest AuM unknown.
Waterfront Capital Partners: Eduardo Abush departed Millennium Management to
launch Waterfront. Latest AuM unknown.
Wingspan Investment Management: After launching last year, Buckley Ratchfords New
York firm now manages $835m in its flagship macro fund.
CRITERIA
To qualify for consideration, hedge fund management
firms must have been registered in the 12 months
between 1 September 2013 and 31 August 2014 (in Asia, the
SFC registration date was used). The chosen 20 are those
deemed most likely to achieve significant future success,
based on conversations with a diverse range of senior
industry professionals and HFMWeeks editorial judgement.
20 HF MWE E K . COM
FEATURE JOBS ACT
2 5 S E P 1 OC T 2 01 4
DON STEINBRUGGE, AGECROFT PARTNERS
IT DEPENDED ON WHAT LAW FIRM YOU SPOKE
TO SOME LAW FIRMS PREVIOUSLY DID NOT
FEEL COMFORTABLE WITH HEDGE FUNDS PUTTING
ANYTHING OUT THERE

Despite the CFTCs recent shift to allow general solicitation,
lawyers say take-up of the Jobs Acts advertising flexibilities
is likely to be limited
BY MAIYA KEIDAN
L
ast autumn the SEC carried out Congresss
instruction to remove a decades-old ban on
general solicitation of private funds.
However, certain voices within the SEC
were said to have concerns about the efect of
hedge funds engaging in mainstream adver-
tising activity and the agency proposed onerous accom-
panying rules which made the new regime less atractive.
Lawyers told atendees at an event in New York on
11 September that 1,000 private fund managers of all
kinds had applied to market under the Jobs Act by
checking box 506(c) of securities ofering Form D. But
the hedge fund manager numbers are much lower, ac-
cording to experts, with some even reported to have mis-
takenly ticked the box.
Under the new rules, managers can talk to the media
more freely, engage in discussions on social media and at
events, upgrade their websites to provide more informa-
tion and advertise more generally.
Several New York hedge fund lawyers have noted that
while clients had approached them to consider venturing
into general solicitation territory, few have proceeded. It
hasnt taken of, says Kevin Scanlan, partner at Dechert.
I dont have any clients that have checked the 506(c) box,
although multiple clients have talked about it.
One Boston-based lawyer says hes seen limited take-up
from a couple of smaller managers. Tey are two smaller
hedge fund managers really trying to raise capital and be
more aggressive through press releases, newspaper ads
and the media, he says.
Massachusets-registered Lemelson Capital Manage-
ment is among these frms. Chief investment ofcer Em-
manuel Lemelson says he saw the Jobs Act as an opportu-
nity to speak freely without having to choose every word
carefully.
We were geting good results and I thought why dont
we publicise that? he adds. Te frm now sends out press
releases on its performance and had secured four inter-
views with the press that week.
TALKING TO THE PRESS
Speaking to the media is a key reason to tick the box to
generally solicit, say experts. Prior to the Jobs Act, hedge
fund managers could talk about the manager and their
strategy but not the specifcs of the fund to the media.
However, this was seen as a very grey area. It depended
on what law frm you spoke to some law frms previously
did not feel comfortable with hedge funds puting any-
thing out there, says Don Steinbrugge, managing partner
at third-party marketer Agecrof Partners.
And lawyers say that while many hedge fund manag-
ers are not interested in TV commercials or billboards at
the Super Bowl, many are interested in speaking about
performance to the press. In the past if a reporter called
you with incorrect data on your fund, you were not even
allowed to correct them because of the anti-solicitation
rules, says one US lawyer.
Max Hilton, director at PR frm Peregrines New York
SEC TARGET?
WHO WANTS TO BE AN
HF MWE E K . COM 21 2 5 S E P 1 OC T 2 01 4
FEW HAVE [TICKED THE 506(C) BOX] BECAUSE OF
CONCERN ABOUT WHAT THE NEW SEC RULES
WILL REQUIRE AND, ONCE CHECKED, ITS HARD TO
UNCHECK

STUART KASWELL, MFA
ofce, brands the Jobs Act the great equaliser. From the
manager perspective and the investor perspective, it has
dramatically improved the situation. By using media rela-
tions and events, people can now build brands and com-
pete in efective ways.
However, lawyers cautioned that managers must check
506(c) in Form D to take advantage of these newfound
freedoms, and thats something few managers are doing.
Tere is a misconception that talking to the press has
been relaxed, but if you do not check the box then nothing
has changed, says Stuart Kaswell, general counsel at trade
body the MFA.
LACK OF CLARITY
Mixed messages and a lack of certainty has created confu-
sion over the benefts of the Jobs Act. Our concern is how
to verify accredited investors, says Kay Gordon, partner
at Drinker Biddle & Reath.
With no guidance on how to determine accredited in-
vestor status, Lemelsons frm decided to distribute a two-
page form for investors to complete and asks for a copy
of the potential allocators licence. Its defnitely a real
drawback and has been a slight inconvenience to some
investors, he says, noting he has felded calls from inves-
tors who say they are not accredited and therefore cannot
proceed.
Onerous rules were also proposed by the SEC, back in
July 2013, which caused many hedge fund managers to
wait on the sidelines for a fnal iteration that has yet to ma-
terialise more than a year later.
Te US regulator had proposed requiring pre-approval
of marketing documents, an advance notice of a securities
ofering 15 days prior and 15 days afer the frst sale and
information on ofered securities, the issuer website, types
of investors and use of proceeds from the ofering.
Several lawyers say the SEC put the rules out to give
managers pause on using 506(c). I think its more an in-
terim concept, as opposed to having any teeth, says one.
Te SEC just doesnt like [the Jobs Act]. Tey thought it
would be fraught with abuse.
We know the SEC doesnt like it, says another. Do
they want to frighten people away? Yes.
On 9 September the CFTC removed a huge hurdle to
most managers availing of the new regime by allowing
frms registered with the regulator to avail of the Jobs Act
solicitation fexibilities.
However, market participants are sceptical the food-
gates will open. We were pleasantly surprised, but theres
still a lack of clarity generally, says Heller, noting that the
CFTC release is only temporary relief until a fnal rule is
passed, which could add further complications.
NO GOING BACK
Another key issue is that once managers tick the 506(c)
box, they will be unlikely to be able to retract the position.
Few have done so because of concern about what the new
SEC rules will require and, once checked, its hard to un-
check, says Kaswell.
If you open the window and take advantage, you cant
really go back, says MacLean. What if you already ad-
vertised on the website? What if you put your fund docu-
ments on the internet? Teres no going back.
Heller notes that at an event in New York on 11 Sep-
tember, an atendee asked SEC director Norm Champ
whether a frm could retract their decision if they had
checked the 506(c) box. Champ refused to comment.
TARGET PRACTICE
Managers are perhaps even more concerned that by
checking the requisite box, they are opening themselves
up to further audits and questioning from the SEC.
Firms may be singling themselves out for exams, says
Gordon. Its a concern because a lot of information is be-
ing asked and theres the possibility of being referred to
enforcement. Ofcers have become more aggressive on
more minor errors.
We have heard of a manager fling a Form D and then
the SEC showing up at the ofce ofering to help oversee
the process, one New York-based lawyer told sister publi-
cation HFMCompliance last week. Tere hasnt been that
much interest because you make yourself a bullseye.
Scanlan says some people think the SEC will scrutinise
all adverts more because of 506(c) but that remains to
be seen.
A source at the SEC had responded: Te staf will re-
view general solicitation practices and verifcation of ac-
credited investor status under newly adopted Rule 506(c)
under the Securities Act of 1933 to the extent conducted
by a regulated entity; generally will review, monitor and
analyse the use of Rule 506(c); and will evaluate due dili-
gence conducted by broker-dealers and investment advis-
ers for such oferings.
With so much uncertainty on everything from how to
determine if an investor meets the necessary standards
to future consequences and regulatory oversight, its no
wonder that take-up of the Jobs Act by hedge fund manag-
ers is still predicted to be small, even afer the CFTC has
removed its major obstacle.
HFM FOCUS DEPTH OF EXPERTISE AND KNOWLEDGE
FOCUS ON
Rodney O. Davies, of ISIS, speaks to HFMWeek about the importance
of logic capable technology and the increasing reliance on
automation in todays hedge fund industry
IMPROVING
CLIENT SERVICE
THROUGH
TECHNOLOGY
HFMWEEK (HFM): WHAT ARE THE MAIN ISSUES FACING AD-
MINISTRATORS TODAY AND HOW IS ISIS TACKLING THEM
WITH TECHNOLOGY?
RODNEY O. DAVIES (RD): Outside of regulation, one of the
major issues afecting hedge fund administration is how to
automate processes to create efciencies and reduce head-
count with the ultimate goal of improving the botom line
while delivering exemplary client service.
When selecting a fund administration partner, invest-
ment managers may want to delve deeper into the service
providers operational process and technology capabili-
ties. Tis will be integral as their funds grow and go from
a single-prime broker environment to a multi-prime envi-
ronment. ISIS Fund Services Ltd (IFSL) has built solu-
tions around certain core fund administration processes
and ultimately achieved true straight through processing
and reconciliation capabilities.
For example, in the legacy fund administration model,
accountants would either manually input trades into the
portfolio accounting system from a trade bloter, or, if
available, upload trades into the system using a fle that
had been re-formated to what the accounting system
could accept. Tis process became inadequate as the av-
erage number of trades increased and as the demand for
real-time reporting grew. Over the past fve years, there
has been a noticeable shif in the industry, where invest-
ment managers look to have their reports delivered on a
T+1 basis before the markets open, rather than when the
NAV has been fnalised (normally a month-end deliver-
able).
HFM: WHAT DOES THIS MEAN FOR ADMINISTRATORS?
RD: Tis shif has created an urgent need for fund admin-
istrators and other service provider vendors, including
prime brokers and technology providers, to build technol-
ogy solutions that can span multiple systems and inter-
faces. Te information needs to be pulled from multiple
sources, verifed and generated into a reportable format to
provide investment managers with the information they
require to manage their funds in an information centric
world, while at the same time not adding operational costs.
HFM: WHAT SOLUTIONS HAVE BEEN PUT IN PLACE TO OVER-
COME THESE ISSUES?
RD: Most fund administrators have either adopted or
adapted their core accounting systems to integrate the
portfolio, general ledger and allocation functions in order
to create efciencies. System vendors have added data
feeds to allow prime brokers, banks, and data provider
fles to be imported directly into portfolio accounting
systems. Fund administrators and other industry vendors
have purchased or developed reconciliation modules to
complement the core portfolio accounting system. Tese
reconciliation tools are necessary in order for fund ad-
ministrators to deliver cash and position reconciliations
to investment managers on a T+1 basis. Tere is ample
proof that strong technological developments have been
designed, tested and implemented in the fnancial services
industry to deliver information to clients efciently.
HFM: DID THIS TECHNOLOGY SOLVE THE PROBLEM?
RD: In many cases, these simple technology solutions did
not resolve the operational challenges that fund adminis-
trators face. To augment their technology ofering, fund
administrators added teams of staf in low-cost jurisdic-
tions to perform data processing functions with hopes
of creating cost-efective efciencies. However, admin-
istrators still needed to staf their main servicing ofces
adequately to review the information coming from the
low-cost back ofce processing jurisdictions as well as in-
teract with clients. Additionally, systems were not updated
programmatically to adapt to new fle formats or changes
in existing fle formats, thus creating mistakes and causing
delays in reporting.
Te disparity between data fles from prime brokers,
custodians, clients and other service providers causes ex-
cessive technological development requirements and op-
erational resource utilisation on fund administrators. Tis
can be compounded by the fund administrator having an
infexible technology platform(s).
HFM: SO WHAT IS THE ANSWER?
RD: From a reconciliations perspective, match rules in
many of the systems are simple and do not take into ac-
count complex matching logic. For example, prime broker
A sends a security identifer that reads XYZ US where-
as the fund administrators system has XYZ. A simple
matching tool would not recognise these securities as the
same but a more sophisticated matching tool applies logic
to match these securities automatically. Tis systematic
Rodney O. Davies,
chief technology officer,
is a chartered accountant
and certified information
systems auditor who
joined IFSL in 2007. Prior to
this, Rodney was a senior
business analyst with
Citigroup Fund Services
(Bermuda) Ltd.
BY HAVING AN ACCESSIBLE DATABASE
STRUCTURE, IFSL HAS BEEN ABLE TO DESIGN
ADDITIONAL REPORTS TO MEET BESPOKE CLIENT
REQUIREMENTS

SPONSORE D F E AT URE
capability creates efciencies in the reconciliation process
by removing the requirement of the user to manually
match the security position.
HFM: HOW DID IFSL OVERCOME THESE PROBLEMS?
RD: To overcome these operational challenges, IFSL de-
signed a proprietary rules engine application. Te key fea-
ture of the application is that the rules engine accepts any
incoming fle regardless of format and does not store it in
a structured form. Tis is a critical feature because of the
huge disparity in the fle formats from various vendors.
Within the application, there are three main decision
processes that an input record passes through: SKIP,
PROCESS and VALIDATE. Tese processes normalise
the data thus enabling the seamless transfer of data into
the accounting system. Te application supports an unlim-
ited number of rules on each row and feld of incoming
data. Te system fexibility is essential in easing the bur-
den on operational staf when processing trades and per-
forming position reconciliations. Position and trade fles
are then automatically processed through the application,
requiring no manual intervention. If an error occurs, a
notifcation is sent to the system administrator; and other
delegates.
However, the application is smart enough to know how
to overcome most normal fle transfer/reconciliation er-
rors through specifed criteria. Te application is used on
incoming trade and position fles, processing them, and
automatically transferring the fles into IFSLs core sys-
tems.
HFM: HOW HAS RECONCILIATION BECOME AUTOMATED AND
HOW DOES IT WORK?
RD: Te application has the ability to automate reconcili-
ations when the accountant triggers a pre-defned rec-
onciliation in the application. Te trigger automatically
causes the application to take the broker position fle,
the client fle (if available), and accounting system data
to perform the reconciliation task. By having the rules
engine process incoming position fles, the data can be
manipulated into a format that can be used in the match-
ing process. Tis dramatically reduces the reconcilia-
tion time and creates signifcant operational efciencies.
Once the reconciliation has been completed, standard-
ised and/or custom reports are generated and deliv-
ered to the client by their selected delivery method. By
having an accessible database structure, IFSL has been
able to design additional reports to meet bespoke client
requirements.
HFM: WHAT WOULD OPTIMAL PROCESSING LOOK LIKE?
RD: Standardisation. Tere have been a plethora of eforts
over the years to get to a point where data interchange is
standardised. Without a clear set of standards which all
industry participants subscribe to, there will always be a
need for fle transformation. Te key for IFSL to overcome
the lack of standardisation has been to develop proprietary
technology solutions.
Other players in the fnancial services industry seem to
be ahead of the boutique fund administration service pro-
viders. Traders and prime brokers, for example, have been
able, to a large extent, to resolve their trade processing
with the FIX protocol. Equally as good eforts have been
made on the output side, i.e. reporting, in recent years with
respect to standardisation. Examples like XBRL, which has
been implemented by the SEC for fnancial reporting, and
OPER (Open Protocol Enabling Risk Aggregation) for
risk reporting by investment managers. A similar project
needs to be undertaken within the specialised fund admin-
istration space to standardise portfolio trade processing
across vendors within the fnancial services industry so
that service providers are able to deliver accurate data ef-
fciently to investment managers.
HFM: WHAT IS THE ONE PIECE OF ADVICE YOU THINK THAT
READERS SHOULD TAKE FROM THIS?
RD: In general, we encourage investment managers to dig
deeper into a fund administrators back-ofce processes,
regardless of an administrators size, to gain comfort that
they are partnering with a fund administrator that is tech-
nology focused and will be able to continually ofer them
timely reporting in an efcient manner as they grow and
expand their hedge fund oferings. n
WE ENCOURAGE INVESTMENT MANAGERS TO DIG
DEEPER INTO A FUND ADMINISTRATORS
BACK-OFFICE PROCESSES TO GAIN COMFORT
THAT THEY ARE PARTNERING WITH A FUND
ADMINISTRATOR THAT IS TECHNOLOGY FOCUSED

SERVICES DIRECTORY
F
U
N
D

A
D
M
I
N
I
S
T
R
A
T
O
R
S
Rod White, Director, Bermuda and North America // rwhite@equinoxeais.com, Alan McKenna, Director, Europe // amckenna@equinoxeais.
com, Irfaan Hossany, Director, Mauritius and Africa// ihossany@equinoxeais.com, Liam McHugh, Director, Asia // lmchugh@equinoxeais.com
Equinoxe is a premium boutique service provider founded in 2007 by experienced hedge fund administration professionals. Headquartered in Bermuda, with
operational ofces in Bermuda, Ireland, US, Mauritius, Malta and Singapore, we are a full service alternative investment fund administration organization offer-
ing both traditional hedge fund administration and middle ofce outsource products. With institutional technology, institutional procedures, including a SOC 1
report across all ofces, the 150+ funds under administration experience ultimate client service via a bespoke operating model tailored to each clients needs.
Thalius Hecksher, Global Managing Director of Business Development // T:+1 (786) 8771923 // thalius@apexfunds.us
Peter Hughes, CEO and Founder / T:+44 (0) 778 0997609 // peter@apex.bm
Apex Fund Services was established in 2003, and is now one of the worlds largest independent fund administration companies with 34 ofces and $26bn
AUA. The Apex Global Network is at the heart of the Companys strategy of being located alongside its clients providing the highest levels of personalized fund
services based on four core pillars: Fund Administration, Fund Launch Solutions, Financial Outsourcing and Technologies, providing a full suite of services for
our clients. Apex is unique in its ability to Reach Globally, Service Locally and provide best practice cross-jurisdictional solutions enabling a straight through
process with complete integration.
Canover Watson, Managing Director Admiral based in Cayman // T: +1 345 949 0704 // canover.watson@admiraladmin.com, Ted Jasinski,
General Manager Admiral based in Virginia // T: +1 804 578 4540 // Ted.Jasinski@AdmiralUS.com // www.admiraladmin.com
Admiral Administration is a specialist hedge fund administrator founded in 1996. Admiral is part of the Maitland Group, a global institutional provider of fund
administration and multi-jurisdictional legal, tax, duciary and investment advisory services. The group has US$200 billion under administration and 700+
employees servicing clients from 13 ofces across 12 countries. Whether your fund trades equities, options, futures, bonds, bank debt, or complex derivatives,
Admiral has an efcient solution to account for the security and customized reporting to match your needs.
Mark Catalano, Head of Business Development // 17310 Red Hill Ave, Suite 135, Irvine, CA 92614 // T: +1 760 889 1225 // mcatalano@atlasfundservices.
com // April Spencer, Vice President // 3440 Torringdon Way, Suite 205, Chartlotte, NC 28277 // T: +1 980 265 2367 // aspencer@atlasfundservices.com //
Danique Sprock, Managing Director // Ara Hill Buildiing, Pletterijweg Oost 1, Willemstad, Curacao // T: (599-9) 845-3286 // dsprock@atlasfundservices.com
Atlas Fund Services (ATLAS) provides complete fund service solutions. Atlas is a privately held, fully licensed, recognised global fund services provider, de-
livering tailored hedge fund administration solutions to alternative investment funds including private equity, real estate funds, venture capital funds, hedge
funds, and managed accounts. ATLAS is the synergistic partner and preferred incubator of one the worlds largest fund administrators, delivering premium fund
service solutions to investment managers located in the United States, Latin America, Brazil, Europe, and Asia, and servicing US onshore funds, and funds in
offshore jurisdictions such as the Cayman Islands, the BVI, and Bermuda. The rm has regional ofces in Charlotte, North Carolina, Curacao, and soon Malta.
Gerben Oldekamp // T: +31 (0)334673898 // goldekamp@circlepartners.com // www.circlepartners.com //
Circle Partners, Utrechtseweg 31D, 3811 NA Amersfoort, The Netherlands.
Circle Partners is a nancial services organisation specialised in rendering accounting and administration, shareholder and organisational services to investment
funds established in a different number of jurisdictions and with diverse investment strategies. Our goal is to assist asset managers in building their invest-
ment fund and enabling them to concentrate on the asset management business through a process of outsourcing virtually all back-ofce functions to Circle
Partners. Special care and attention is given to accurate and swift communication with the fund manager and shareholders to enhance client satisfaction and
condence and to assist in creating a sound reputation for the fund.
Andrew Dougherty, Managing Director and Head of Alternative and Institutional Solutions - Securities Services North America // T: +1 212 841 2843
BNP Paribas is a leading global provider of securities services that delivers integrated solutions for all participants in the investment cycle: sell side, buy side
and issuers. With a local presence in 32 countries across 5 continents and a global coverage of over 100 markets, we work by our clients' side around the
world, offering a one-stop shop for all asset classes, both onshore and offshore. In the alternative investment industry, BNP Paribas is well-regarded for the
level of thought leadership and service excellence expected from one of the worlds largest and strongest banking groups*. Thanks to our continual investment
in technology, people, and product development, we deliver innovative, operationally efcient solutions that operate across the entire value chain for single
hedge funds, funds of hedge funds, and separately managed accounts. *Rated AA- by Standard and Poor's.
CACEIS // Paddy Walsh, Business Development Director UK & Ireland // UK Tel: + 44 20 7214 5053 // email: paddy.walsh@caceis.com //
www.caceis.com
CACEIS is an asset servicing banking group dedicated to institutional and corporate clients. Through ofces across Europe, North America and Asia, CACEIS offers
a broad range of services covering depositary and custody, fund administration, alternative investment servicing, middle-ofce outsourcing, derivatives clearing,
forex, securities lending, and fund distribution support. CACEIS is a leading player in the alternative investment servicing market, and with assets under custody
of 2.3 trillion and assets under administration of 1.3 trillion, CACEIS is one of the leading global asset servicing providers and the largest depositary and premier
fund administrator in Europe (gures to 31 December 2013).
Marina Lewin, Head of Global Business Development, Asset Servicing // T: +1 212 815 6973 // marina.lewin@bnymellon.com
Mark Mannion, Head of EMEA Business Development, Alternative Investment Services // T: +353 1 900 4547 // mark.mannion@bnymellon.com
BNY Mellon is a global investments company dedicated to helping its clients manage and service their nancial assets throughout the investment lifecycle.
Whether providing nancial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and invest-
ment services in 35 countries and more than 100 markets. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information
is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
Michael Keyrouz // T: +356 2258 9502 // michael.keyrouz@idsfundservices.com
Ian Hamiltion // T: +27 21 402 1600 // ian.hamilton@idsfundservices.com // 276 Fleur-de-Lys Road, Birkirkara, BKR 9067 Malta
IDS Fund Services Malta is part of the IDS Group, the leading African Alternative Investment Administration Group. IDS Malta is regulated by the Malta Financial
Services Authority, having opened on the island in April 2010. The company serves funds domiciled in Malta as well as other international domiciles. The
company is also afliated with a number of platforms, providing tailored and inexpensive hosting facilities for start-up and smaller Malta and Cayman-based
funds. IDS Group has become a leading fund administrator through listening to its clients and providing tailored solutions and services.
To promote your company, email: director y@hfmweek.com
or call UK +44 (0)20 7832 6615 // US +1 (212) 268 4919
Tony Fischer, President // Tel: +1 267-349-8065 // www.umbfs.com
The Alternative Investment Services division of UMB Fund Services offers a complete back-ofce solution for hedge funds, funds of funds, registered hedge
funds and private equity funds. Our full-service lineup includes product formation assistance, fund administration and accounting, investor accounting and
reporting, tax preparation and reporting, and custody (through our afliate, UMB Bank, n.a.). We are known for high-touch service, leading-edge technology,
and the stability of a highly capitalized parent thats been around for 100+ years.
Ask us about Registered Fund Solutions, the industrys rst turnkey solution for launching and servicing a registered hedge fund.
Concetta Mastrangelo, Fund Services Business Development, USA // T: +1 212 719 2178 // concetta.mastrangelo@ubs.com
James Gilbert, Fund Services Business Development & CRM, Cayman Islands // T: +1 345 914 6150 // james-g.gilbert@ubs.com
UBS's Fund Services business is a global fund administrator providing professional services for traditional investment funds, managed accounts, hedge
funds, private equity funds and other alternative structures. With service centers located in Canada, Cayman Islands, Ireland, Jersey, Luxembourg, Singapore,
Switzerland and the United States together with business development and client service ofces located in Hong Kong and the United Kingdom, Fund
Services is dedicated to providing a comprehensive range of asset services to clients around the globe.
For more information, visit www.ubs.com/fundservices
Karine Seguin, Head of Business Development Europe // T: + 44 (0)207 935 1503 // info@tridentfundservices.com
Dan Smith, Head of Business Development North America // Tel: +1 (404) 364 2068
Trident Fund Services, a division of the Trident Trust Group, provides cost-effective fund representation and administration services across ten jurisdictions in
the Caribbean, North America, Europe and Asia. Serving more than 325 funds with AuM exceeding $30bn, managers select us for our independence, pricing
based on services performed and not AuM, global footprint, experienced personnel, reliability and responsiveness. We offer clients a more than 30-year
track record as a leading provider of administration services to the nancial services sector worldwide. Visit us at www.tridentfundservices.com
Punit Satsangi, EMEA Managing Director // psatsangi@sscinc.com // T: +44 (0)20 3310 3304
1 St. Martins Le Grand, London, EC1A 4AS // www.sscglobeop.com
SS&C GlobeOp, a division of SS&C Technologies, is an independent top-10 fund administrator for both onshore and offshore hedge funds. Key differentia-
tors for our business include our cutting-edge cloud-based services which allow unparalleled transparency and access for investors, regulators and clients
alike; our high quality custom service model; our signicant staff expertise and propriety ownership of state of the art technology. Our growth and success
is driven by high quality service, satised customers and referrals. SS&C GlobeOp serve over 6, 700 funds representing $430bn in AUA ranging from start-up
funds to some of the biggest names in the industry.
Ken Somerville // Head of Business Development // ken.somerville@quintillion.com // T: +353 1 523 8003 // www.quintillion.com
Joan Kehoe // Chief Executive Ofcer // joan.kehoe@quintillion.com // T: +353 1 523 8001 // www.quintillion.com
Quintillion is a specialist Dublin based provider of fund administration to alternative investment funds. We provide back and middle ofce services to a
diverse range of fund structures, strategies and domiciles supported by class leading technologies and our expert operations group.
Following our start-up or conversion process, funds are serviced by client-centric investor services and accounting teams delivering an accurate, timely and
transparent administration solution all within strict deadlines.
F
U
N
D

A
D
M
I
N
I
S
T
R
A
T
O
R
S
Robin Bedford, CEO // rbedford@opusfundservices.cm // (441) 234-0004 // Stephen Giannone, President & Head of Sales // sgiannone@
opusfundservices.com // (312) 374-1614 // Greg Knapp, Business Development // gknapp@opusfundservices.cm // (415) 762-8749 // Jorge
Hendrickson, Business Development // jhendrickson@opusfundservices.cm // (646) 439-7004
Opus Fund Services is an award winning independent fund administration rm. Within a SSAE16 approved process, Opus uses unique technology and at fee pricing
to provide automated, integrated middle & back ofce administration services to domestic and offshore hedge fund and alternative investment vehicles. The ONE
platform has received widespread industry recognition including Best Overall Fund Administrator with AuA < $30bn by HFMWeek, and Top-Ranked Fund Administra-
tor by Global Custodian for an unprecedented ve consecutive years. For more information on Opus Fund Services, please visit www.opusfundservices.com.
Steve Slessor, Managing Director, Global Head of Sales // T: +1 519 748 6028 x140 // sslessor@mitsubishiufjfundservices.com
Blair Henderson, Managing Director, Business Development // T: +44 0 203 195 0336 // blairhenderson@mitsubishiufjfundservices.com
Mitsubishi UFJ Fund Services is part of the fth largest bank in the world with $2.4tn in assets and over 140,000 employees worldwide. Mitsubishi UFJ Fund
Services provides a multi product offering that suits clients specic needs leveraging the nancial and intellectual capital of Mitsubishi UFJ Financial Group.
From fund administration, custody, FX hedging, trust, depositary to securities lending and other banking services, Mitsubishi UFJ Fund Services partners with
clients throughout the trade lifecycle. Mitsubishi UFJ Fund Services has $165bn in AuA, servicing 1000 funds globally.
Asia: Gillian Chan // T: +852 2295 2968 // gillian.chan@orangeeld.com
Europe: Sean Murray // T: +352 (49) 6767 4417 // sean.murray@orangeeld.com
www.orangeeld.com
For 40 years across our 25 global locations, Orangeeld has been providing exceptional alternative investment fund services. Our full suite of services includes
administration, set-ups and back / middle ofce outsourcing as well as corporate, director and trust services along with regulatory compliance. Orangeeld
employs an expert consultative approach to create solutions unique to the client and believes that investing in exceptional technology to meet higher stan-
dards allows our clients to succeed. We follow this principle of mutual growth throughout the entire fund life cycle.
Bob Kern T:+1 800 300 3863 // bob.kern@usbank.com // 615 East Michigan St. Milwaukee, WI 53202 // www.usbfs.com
Since 1969, clients have come to rely on US Bancorp Fund Services for innovative service solutions and industry expertise. US Bancorp Fund Services has
built its reputation on offering the broadest range of top-quality mutual fund and alternative investment product services. The expertise of US Bancorp Fund
Services extends from mutual funds to a wide variety of alternative investment product services, including hedge funds, funds of funds, limited partnerships,
offshore funds, private equity funds and separately managed accounts. With specialist expertise in both single manager and fund of hedge fund administra-
tion, services can be provided for both onshore and offshore funds. Through our comprehensive range of services and products, leading edge technology
platforms and superior client service, we work in partnership to offer the solutions you need.
SERVICES DIRECTORY
E
X
E
C
U
T
I
O
N

V
E
N
U
E
A
C
C
O
U
N
T
I
N
G
,

T
A
X

&

A
D
M
I
N
I
S
T
R
A
T
I
O
N
LMAX Exchange LMAX Exchange, Yellow Building, 1A Nicholas Road, London, W11 4AN, Institutional Sales // T: +44 20 3192 2682 // F: +44 20
3192 2572 // institutionalsales@lmax.com
The award-winning LMAX Exchange is the rst MTF for FX authorised and regulated by the FCA delivering the benets of limit-order driven, exchange
quality execution, pre and post-trade transparency, 4ms trade execution speeds in 66 FX pairs and no last look to the institutional FX market all via
multiple connectivity options: FIX 4.4, Java and .Net APIs, MT4/5 bridges. LMAX Exchange a unique vision for global FX.
LMAX Limited operates a multilateral trading facility. Authorised and regulated by the FCA registered no. 509778
International Management Services Ltd. Geoff Ruddick, Head of Funds // T: +1 (345) 814 2872 //
Gary Butler, Managing Director // T: +1 (345) 814 2874 // hfm@ims.ky // www.ims.ky
International Management Services Ltd was one of the rst in Cayman to specialise in providing professional independent directors to the fund industry.
Today, we are a leading provider of corporate governance and associated services to the fund industry. All of our duciaries are registered with the Cayman
Islands Monetary Authority as Professional Directors. Our team has over 200 years of collective experience in the fund industry and provides services to
some of the largest global hedge fund organizations. We are one of the largest and longest standing truly independent providers of such services.
A
C
C
O
U
N
T
A
N
T
SDavid Jarman, Partner //T: +44 (0)20 7556 1262 // jarmand@buzzacott.co.uk // Peter Chapman, Partner // T: +44 (0)20 7556 1415 //
chapmanp@buzzacott.co.uk Buzzacott LLP // 130 Wood Street, London, EC2V 6DL // fs@buzzacott.co.uk // www.buzzacott.co.uk
Buzzacott is a London based accountancy rm with a specialist team offering audit, accounting and taxation services to the hedge fund sector. Buzzacott
is a market leader for the provision of start-up, HR, FCA reporting and business support services to UK and US managers and their stakeholders. Buzzacott's
Expatriate Tax Team has over 60 tax advisers with UK and US tax qualications and can provide the added compliance and advisory tax services to clients
with US shareholders or employees.
Michelle Carroll, partner, Asset Management & Funds // T: +44 (0)20 7893 2711 // michelle.carroll@bdo.co.uk // Neil Griggs, partner, Hedge
Funds // T: +44 (0)20 7893 3775 // neil.griggs@bdo.co.uk // BDO LLP // 55 Baker Street, London // T: +44 (0)20 7486 5888 // www.bdo.uk.com
BDO is the worlds fth largest accountancy and professional services rm, with nearly 49,000 partners and staff across 119 countries, including all major
nancial centres. We have a strong reputation as a leading advisor to nancial services rms with a particular emphasis on the asset management sector.
We have a dedicated global team and a multidisciplinary approach combining strategy, regulation, risk, tax, corporate nance and IT specialists.
Christian Bekmessian // T: +1 212 891 4062 // christian.bekmessian@eisneramper.com;
Peter Cogan // T: +1 212 891 4047 // peter.cogan@eisneramper.com
EisnerAmper LLP is a premier full-service accounting, tax and administration rm with global capabilities. EisnerAmper has led the way in establishing and
building a highly trained and dedicated Hedge Fund Group. Our professionals have experience and expertise in the intricacies of the regulatory and tax
environment, the valuation of complex nancial instruments and the challenges of maintaining strong accounting and investment controls. The professionals
of EisnerAmper have a decades-long service record to the nancial services industry, giving us an understanding of the problems you face on a daily basis,
as well as the ability to provide practical solutions. www.eisneramper.com
Alan D. Alzfan, Partner, Financial Services Practice - North America // T: +1 212-372-1380 // alan.alzfan@mcgladrey.com
Simon Lesser, Financial Services Practice - North America // T: +1 312 634 4604 // simon.lesser@mcgladrey.com
With more than 50 years of experience serving the nancial services community in key nancial hubs, McGladrey professionals help organizations navigate
complex reporting, governance and regulatory issues to achieve their business objectives. Based on the knowledge that comes from serving alterna-
tive investment companies, investment advisors, investment partnerships/hedge funds, private equity funds, business development companies, mutual
funds, broker-dealers and futures commission merchants, we understand the complex operational, nancial reporting and compliance issues facing the
industry. We provide industry insight, advice and solutions to nancial services organizations across the country and around the world. Thats what you can
C
U
S
T
O
D
I
A
N

B
A
N
K
I
N
G
Paul Mifsud, Managing Director // paul.mifsud@sparkasse-bank-malta.com // 101 TOWNSQUARE, Ix-Xatt taQui-si-Sana, Sliema SLM 3112
T: (+356) 21 33 57 05 // www.sparkasse-bank-malta.com
Sparkasse Bank Malta plc forms part of the Austrian Savings Banks and the Erste Group Bank AG forming part of Austrias largest banks. From Malta the
bank provides private banking and fund custody solutions. As trained private bankers, the bank strives to deliver private, personal and tailored solutions to
its fund customers by offering a seamless banking, execution, settlement and custody solution from one account. Fund custody is considered a core service
at Sparkasse Bank Malta plc and the bank avoids all potential conicts by focusing entirely on what it is they are truly hired to do i.e. safekeeping, record
keeping, monitoring and reporting.
Rosie Guest, Brand Development Manager // Rosie.guest@baronsmead.com // Robert Kelly, Senior Partner // Robert.kelly@baronsmead.com
//T: +44 (0)207 529 2305 // 3rd oor, 4 Maddox Street, London, W1S 1QP
Headquartered in London, Baronsmead is an independent, specialist risk consultant and broker providing nancial risks insurance, guidance and advice to
the alternative investment management industry. Baronsmead provides managers and their funds with risk transfer protection from the legal, regulatory,
operational and employment risks they face. We have a tried and tested product, and in recent years, have managed and settled around $20m of manager
and fund claims in the UK, New York, Cayman Islands and BVI. Hands-on claims management is key, and for this reason we have our own insurance litiga-
tion solicitor in-house. At Baronsmead we believe in doing what is right for our clients and maintaining those relationships through a quality service.
I
N
S
U
R
A
N
C
E

B
R
O
K
E
R
S
Lockton Financial Risks, The St Botolph Building, 138 Houndsditch, London EC3A 7AG
Henry Keville, T: +44 (0)20 7933 2157 // henry.keville@uk.lockton.com
Lockton is the worlds largest privately owned, independent insurance broker, which means our focus is on our clients and our people rather than external
analysts and institutional shareholders. Lockton truly has a global footprint with over 60 ofces around the world and more than 4500 employees with more
than 15,000 clients. Our award winning specialist division focus exclusively on the asset management industry and our clients range from the largest asset
management rms in the world right down to numerous start up operations with each and every client receiving the very best service; our clients have a
combined AUM of US$10trn. Call us to nd out why the team have the highest client retention rate of any other broker.
I
N
D
E
P
E
N
D
E
N
T

D
I
R
E
C
T
O
R
S
IMS
or call UK +44 (0)20 7832 6615 // US +1 (212) 268 4919
E Phillip Chapple, Executive Director // Phillip.chapple@kbassociates.co.uk // T: +44 (0) 203 170 8815
KB Associates is a boutique operational consulting rm with ofces in Dublin, London, Luxembourg, Cayman and New York. KB Associates advises managers
on operational issues relevant to the establishment and ongoing management of offshore investment funds. Services include tailored hedge fund and
investment manager start-up services, preparation for investor due diligence (full review to identify potential issues combined with advice on meeting grow-
ing investor due diligence standards) and re-domiciliation advisory services.
A
D
V
I
S
O
R
Y
P
R
I
M
E

B
R
O
K
E
R
A
G
E
Kevin M. LoPrimo, Managing Director Head of Hedge Fund Services and Equity Finance // T: +44 (0)20 7399 9461
Julian Parker, CEO // T: +44 (0)20 7399 9450
Global Prime Partners Ltd is a prime broker providing a highly personalised specialist service to start up and emerging hedge funds, family ofces, asset
managers and professional traders, often overlooked and underserviced by large rms. Our integrated, proprietary technology platform, allows us to provide
the right level of integration and reporting to meet each of our clients needs. We provide start up consulting, trade execution, clearing, custody, margin
nancing, stock lending and potentially introduction to capital.
Jack D. Seibald, Managing Member, 1010 Franklin Avenue, Suite 303, Garden City, NY 11530 // Tel: +1 (516) 746 5718 // Mob: +1 516 359 7503 //
email: jseibald@conceptcapital.com
Concept Capital Markets, LLC offers comprehensive brokerage and related services that provide traditional and alternative investment managers with cus-
tomisable and scalable solutions. We were built by former investment managers to serve hedge fund managers, managed account platforms, institutional
investors, family ofces, and registered investment advisers with turnkey solutions designed to free clients to focus on their core competencies. Our offering
features world-class custody and clearing options, multi-asset class capabilities, leading execution and order management systems, a seasoned execution
desk, a range of nancing options, a highly professional operations and customer support team, comprehensive portfolio reporting capabilities, and capital
introduction.
Jerry Lees, Chairman, Linear Investments // T:+44 (0) 203 603 9801 // jleeslinearinvestment.com // Sales +44 (0) 203 603 9844 sales@
linearinvestment.com // US ofce: T: +1 (212) 293 1836 // 800 Third Avenue, 39th Floor, New York, NY 10022 // www.linearinvestment.com
Linear Investments provides Mini-Prime brokerage, regulatory incubation and capital introduction services geared towards smaller/mid-size funds. With
Linears aggregated PB relationships, we can provide attractive pricing for our clients. For Capital introduction, Linear provides investment via its B&L Seeder
fund for seed/acceleration capital. In addition, Linear provides outsourced trading through its experienced trading team, encompassing a comprehensive
Electronic Execution platform.
Kate Wormald // 103 Wigmore Street, London W1U 1QS // T: +44 (0)20 3693 6085
We are a highly respected specialist consultancy providing legal and regulatory services to hedge funds and investment managers.
We provide dynamic and proactive assistance in negotiations of all trading documentation.
As specialists we do not have the distractions of a wider portfolio and therefore offer, what we believe is, an unrivalled level of service and understanding in
the hedge fund arena. As active participants in the hedge fund industry we are closely involved in key industry developments.
We pride ourselves on working in the most commercial and effective ways that best t with our clients strategies and objectives.
Jose Weydert, Managing Partner & Banking and Finance Partner // josee.weydert@nautadutilh.com // 2, rue Jean Bertholet, L-1233 Luxem-
bourg, Grand Duchy of Luxembourg // T: +352 26 12 29 1 // F: +352 26 68 43 31 // www.nautadutilh.com
NautaDutilh is an international law rm with ofces in Amsterdam, Brussels, London, Luxembourg, New York and Rotterdam. With more than 400 lawyers,
notaries and tax advisers, NautaDutilh is one of the largest law rms in the Benelux region. NautaDutilh Avocats Luxembourg is a full service business law rm.
It provides high quality legal advice and services in banking & nance, corporate, capital markets & securitization, insolvency, tax, investment funds as well as
intellectual property and ICT. NautaDutilh Avocats Luxembourg is a recognised player in the Luxembourg legal market. With its 35 lawyers, it serves a wide range
of institutional clients, mainly nancial institutions, asset managers, large and mid-sized corporates, private equity rms, funds sponsors and IT companies.
Henry Bregstein, Global Co-Chair of Financial Services Practice // P: (212) 940-6615 // F: (212) 940-3808 // Henry.bregstein@kattenlaw.com
Lance Zinman, Head of Chicago Financial Services Practice // P: (312) 902-5212 // F: (312) 577-4587 // Lance.zinman@kattenlaw.com
Katten advises many of the worlds premier domestic and offshore hedge funds, commodity pools, and other collective investment vehicles. Both rst-time and
well-established sponsors come to Katten for guidance on the structuring, formation and documentation of hedge funds. We also advise private fund clients in
corporate and nancing transactions, including leveraged buyouts, minority investments, public and private exit transactions, recapitalizations, restructurings, and
fund formation. Katten attorneys help our investor clients optimize the terms of each investment and prioritize their goals within each funds unique framework.
Our depth of experience representing both sponsors and investors positions us to respond quickly with practical solutions that move deals forward.
L
A
W
Craig Aronoff // T: +1 (646) 545 3859 // email: caronoff@victorsecurities.com
Robert Morse // T: +1 (646) 545 3860 // email: rmorse@victorsecurities.com
Victor Securities provides technology-driven brokerage solutions to professional investors including hedge funds, RIAs, CTAs and proprietary trading rms.
Our clients benet from real-time risk management tools, customizable reporting, choice of trading platforms, and a capital introduction team that focuses
on facilitating mutually benecial relationships between managers and investors.
Rawden Leigh, Marsh FINPRO UK // rawden.leigh@marsh.com // T: +44 207 357 1209
James S. Obrien, Marsh FINPRO // james.s.obrien@marsh.com // T: +1 212 345 6432
Marsh is a global leader in insurance broking and risk management. We help clients succeed by dening, designing, and delivering innovative industry-specic
solutions that help them effectively manage risk. We have approximately 27,000 colleagues working together to serve clients in more than 100 countries. Marsh
is a wholly owned subsidiary of Marsh & McLennan Companies, a global professional services rm offering clients advice and solutions in the areas of risk,
strategy, and human capital. Marsh & McLennan Companies has more than 54,000 employees worldwide and approximately $12bn in annual revenue.
I
N
S
U
R
A
N
C
E

B
R
O
K
E
R
S
SERVICES DIRECTORY
Ras Sipko, COO // T: +1 201 291 7747
Koger Inc, 12 Route 17 North Suite 111 Paramus, NJ 07652 // www.kogerusa.com // information@kogerusa.com
Established in 1994, KOGER is a leading provider of technology solutions to the fund administration and asset management industries. With ofces in the
United States, Ireland, Slovakia and Australia, KOGER provides comprehensive technical support 24 hours a day during business days. KOGER products
include: NTAS, a shareholder register and transfer agency system, ETAS
TM
, a three-tier web application connecting authorized third-parties with NTAS,
GRID, a middleware application that facilitates the STP of data in and out of NTAS, IKAS, a fund accounting platform, PTAS, a share-registration system
that meets the needs of conventional and alternative pension funds, and PENTAS, a Private Equity fund administration application.
Capital Support Ltd, 3 Harbour Exchange Square, Docklands, London, E14 9GE // Nigel Brooks, Managing Partner // T:+44 (0)20 7458 1290//
nbrooks@capitalsupport.com // Carrie Saunderson, Head of Business Development // T:+44 (0)20 7458 1290 // csaunderson@capitalsupport.com
Capital Support is an award winning managed IT services and support provider. The Company specialises in implementing and supporting end-to-end solutions
for a large portfolio of global nance sector customers. Based in London, Capital Support has grown steadily since forming in 2002. This successful growth has
been fuelled by Capital Supports commitment to innovation and exceptional customer service. The company ethos is to make IT simple for its customers, replac-
ing the burden of high contact IT services with intelligently designed packaged solutions that span from consultancy, design and deployment all the way through
to live support. Capital Supports number one objective is to become the most trusted and respected managed IT services provider in the UK.
Backstop Solutions // US: Patrick Rodgers, VP, Regional Sales Manager & Sales Development // T: +1 312-277-7701 // 233 S. Wacker Dr., Suite
3960, Chicago, IL 60606, USA // EU: Simon Johnson, Managing Director, EMEA // T: +44 (0) 203 764 7090 // 25 Berkeley Square, Berkeley Square,
London, W1J 6HN, United Kingdom
Backstop Solutions Group, LLC is an award-winning provider of innovative software solutions to hedge funds, funds of hedge funds, endowments, foundations,
pensions, fund administrators, private equity rms and family ofces throughout the United States, Europe and Asia. BSG was founded in 2003 with the goal of
creating the industrys rst Software-as-a-Service platform designed to help rms in the alternative investment management industry operate efciently, invest
intelligently and communicate effectively. For more information about Backstops product offerings, contact us at: info@backstopsolutions.com
T
E
C
H
N
O
L
O
G
Y
CYMBA Technologies Ltd, Holland House, 4 Bury Street, London EC3A 5AW // www.cymba-tech.com
Karim Ali, partner & co-founder // kali@cymba-tech.com // T: +44 207 220 6561
CYMBA Technologies is a supplier of front ofce software solutions for the asset management, multi manager and hedge fund sectors across fund manage-
ment trading, compliance and operations functions inclusive of 3rd party connectivity with prime brokers, custodians & administrators. The CYMBA Athena
IMS provides multi-asset class asset allocation, portfolio management, decision support, order generation, algorithmic trading, real time prot and loss
analysis, execution management and pre & post trade compliance functions to some of the largest investment organisations in the world.
Gravitas, 475 Park Avenue South, 32nd Floor, New York, NY 10016
Derek Huyser, Business Development // T: +1 312 509 4079 // dhuyser@gravitas.co
Gravitas is a leading provider of co-sourcing solutions for technology, investment operations, risk and research support to the alternative investment and
nancial services industry. Founded in 1996, the company provides hedge funds, private equity funds and other alternative asset managers with unique and
exible co-sourced offerings for systems integration, technical support, software development, investment operations, risk analytics, investment research
support and more. From co-sourcing and advisory through implementation, Gravitas designs creative solutions that give clients the operational freedom to
HedgeGuard Financial Software // Shona Lynch // T: +(44) 2037007320
Established in London and Paris, HedgeGuard Financial Software is the specialist software provider for hedge funds, family ofces, asset managers and
startups. HedgeGuard, their front-to-back portfolio management software, is designed to provide accurate performance monitoring of all funds, from one
single platform. It smoothes out the whole management chain, from order management, position keeping, risk management, compliance and reporting.
Their clients have the possibility to add other components to HedgeGuard: the middle-ofce outsourcing service, working as a natural extension of the
fund management team, and the mobile ofce option, offering full database hosting on private cloud and secured remote access. Not just another software
provider. Discover more here www.hedgeguard.com
Eze Castle Integration, Dean Hill, Executive Director // +44 (0)207 071 6802 Simon Eyre, Director of Service // +44 (0)207 071 6835
Interpark House, 7 Down Street, London, W1J 7AJ, email: www.eci.com
Eze Castle Integration is the leading provider of IT solutions and private cloud services to more than 650 alternative investment rms worldwide, including more
than 100 rms with $1 billion or more in assets under management. Since 1995, Eze Castle Integration has developed nancial vertical-specic IT solutions
including infrastructure design and management (both in our Eze Private Cloud and on premise), telecommunications, business continuity planning and disas-
ter recovery, archiving, storage, and internet services. These solutions are complemented by a broad service organisation that delivers outsourced IT support,
including a 24x7x365 help desk, project and technology management services, consulting services and more. Eze Castle has presence in major nancial centres
including 8 US ofces, a Singapore ofce, and a Hong Kong ofce in addition to its London ofce.
Intralinks, Inc, www.intralinks.com/hedgefund // T: 1-866-INTRALINKS, +44 (0) 20 7549 5200
Intralinks Fundspace for hedge fund managers provides best-in-class tools to distribute information to investors securely, efciently and condently. From
capital-raising to investor reporting, Fundspace provides a single, end-to-end solution to effectively engage with and meet the increasing demands of
institutional investors. With over 25,000 endowments, foundations, pensions, consultants, and advisors accessing information from over 500 fund managers,
Fundspace is the worlds leading communication platform for alternative investment. For more information, visit www.intralinks.com/hedgefund.
D
E
P
O
S
I
T
A
R
Y

S
E
R
V
I
C
E
S
Bill Prew, CEO // T: 44 (0) 203 691 6327 // billprew@indosgroup.com // www.indosgroup.com
Paul Whelan, Head of Depositary Services // T: 353 (53) 924 3861 // paulwhelan@indosgroup.com // www.indosgroup.com
INDOS Financial specialises in providing AIFMD Depositary-Lite services to offshore hedge funds. Under the AIFMD EU hedge fund managers marketing
offshore HFs to European investors, as well as non-EU managers marketing to certain EU countries, need to comply with new depositary requirements.
Managers need to appoint a rm such as INDOS to perform oversight over fund valuation, subscriptions and redemptions, compliance with laws, regulations
and investment guidelines as well as cash ow monitoring and record keeping of other assets. INDOS is 100% independent and will work with most leading
hedge fund administrators to perform arms-length oversight. INDOS is authorised by the Financial Conduct Authority as an Article 36 Custodian.
or call UK +44 (0)20 7832 6615 // US +1 (212) 268 4919
netConsult Ltd, Level 3, 75 Wells Street, London W1T 3QH // www.netconsult.co.uk Richard McDonald, Director // T:+44 (0)20 71003310 //
rmcdonald@netconsult.co.uk // David Manseld, Director // T:+44 (0)20 71003310 // dmanseld@netconsult.co.uk
Established in 2002, netConsult is an award winning provider of managed IT Services to the global alternative investment industry. We aim to provide a high
level of technical expertise to our clients combined with a dedication to customer service. Our ethos is based upon designing secure IT platforms which
are manageable over the long term. We are a trusted technology provider to a large portfolio of clients ranging from small start ups to large global funds.
netConsult provides a bespoke service to its clients and provides a full suite of IT services including Cloud Services, Outsourced IT, BCP, Virtual CTO and IT
Security.
Nirvana Solutions, Mark Donovick, Vice President - Marketing // 80 Broad Street, Suite 1808, New York, NY 10004 // Tel: +1 212 768 3410 //
email: sales@nirvanasolutions.com // London: Tony Premi // Tony.Premi@nirvanasolutions.com // +44 (0) 203 174 2342

Nirvana Solutions is a cloud-based nancial technology company that provides outsourced portfolio management solutions to hedge funds, prime brokers,
and fund administrators. Nirvana is headquartered in New York City, with ofces in San Francisco, London, and Dehli.
Investment managers need a reasonably priced, entry-level yet scalable system which enables them to minimize upfront capital outlay and concentrate on
alpha generation instead of systems and data management. Nirvana consolidates and manages data across multiple asset classes, funds, accounts, traders,
prime brokers and custodians in a single integrated platform to provide our clients with cloud-based OMS, PMS, risk management and reporting solutions.
Netage Solutions, Inc., 400 Talcott Avenue, 3rd Floor, Watertown, MA 02472 // www.netagesolutions.com
Andrew Nelson, Head of Hedge Fund Sales // Tel: 617 393 2368 // email: andrew@netagesolutions.com
Netage Solutions has been a premier provider of industry-specic CRM software and online reporting systems for the alternative assets industry since 1998,
building a client base that includes hedge funds, funds of funds, private equity and venture capital rms, real estate investment rms, prime brokers, family
ofces, and institutional investors. Intuitive and highly congurable, Netage's agship Dynamo Suite has improved the productivity of investor relations,
marketing, and research teams worldwide. Deep industry experience, dedicated client service and a culture of continuous innovation has made Netage
Solutions the vendor of choice for more than 275 of the worlds premier alternative investment rms. Collectively, our clients manage over $650 billion in
assets. To learn more about Dynamo, or to request a product demo, please contact us at sales@netagesolutions.com.
Solidre, Grant Stephens // +44 (0) 7538 440722 // grant.stephens@solidre.com,
Martin Cooper // +44 (0) 7943 211 979 // martin.cooper@solidre.com
SolidFire is the market leader in all-SSD storage systems designed for next generation data centers. Leveraging SolidFires all-ash architecture, with volume-
level Quality-of-Service (QoS) controls, customers now can guarantee storage performance to thousands of applications within a shared infrastructure.
Coupling this functionality with in-line data reduction techniques and system-wide automation results in substantial capital and operating cost savings
relative to traditional storage systems.
Watson Wheatley Financial Systems, Duncan Wheatley, managing director // T:+44 (0)1608 649640 // duncan@watsonwheatley.com //
www.watsonwheatley.com // Marston House, Cromwell Business Park, Chipping Norton, Oxfordshire, OX7 5SR
Watson Wheatley is a reconciliation software specialist with extensive knowledge of hedge fund operations. Its agship product i-Recs was specically de-
signed for the hedge fund market having been originally developed for one of the largest alternatives managers in Europe. i-Recs has a unique accounting
engine underpinning the product which enables fully integrated trade and cash reconciliations and has the ability to calculate total equity on margin traded
instruments. Packaged with i-Recs is a powerful data aggregation tool allowing interface on-boarding in a fraction of the time of traditional solutions. WWFS
offers a user-based pricing model with no up-front licence costs.
Sentronex, Joe Sluys, CEO // +44 (0) 207 397 7400 // jsluys@sentronex.com, 42 Southwark Street, London, SE1 1UN, www.sentronex.com
Delivering expert, outsourced IT services bespoke to Londons nancial community, Sentronex is committed to providing the best of the following services:
IT Support, Disaster Recovery, Financial IT Consultancy, Cloud Computing, Hosting and Connectivity. Sentronexs rapid growth since launching in 2005 is down
to a winning combination of specialist technical knowledge and the extensive, fully-managed facilities we offer including multiple Disaster Recovery sites
and a state-of-the-art Data Centre. Sentronex looks after an impressive range of FCA regulated clients spanning both the buy and sell-side. With Sentronex,
there is no such thing as a one-size-ts-all approach; every solution is tailored to meet the individual needs and requirements of each nancial rm.
James Pinnington, Head of Hedge Fund Sales // T: +44 (0)20 3320 5750 // james.pinnington@misys.com
For more information about Misys Sophis products, please contact: tcm.marketing@misys.com // www.misys.com
Misys Sophis has more than 25 years experience in providing fully integrated cross-asset portfolio and risk management solutions to the world's leading
nancial institutions. Sophis VALUE is Misys agship system for alternative investment and provides a single solution for portfolio management, performance
measurement, investment accounting, risk management, reporting, compliance and data management together with the required connectivity to third par-
ties such as prime brokers, custodians and administrators, as well as trading (EMS/OMS), clearing and matching systems.
USA: Branden Jones, 800 Third Avenue, 39th Floor, New York, NY 10022 // T: +1 (212) 293-1836// bjones@liquidholdings.com
Liquid Holdings Group is a cloud-based technology and managed services provider to the global hedge fund and active trading markets. We provide
hedge funds and other asset managers with the best way to de-risk their business, enhance decision-making, improve transparency and ultimately put
more money into their investors pockets. While our business is new, our technology has been used for over six years by the most demanding institutional
portfolio managers and traders, and its adoption rate is strong with over 45 clients and growing. We are headquartered in New York with ofces in Hoboken,
Aventura and London.
Jim Serpi London // T: +44 (0) 20 7821 4950 // jserpi@matscosolutions.com, Andre Fundora New York // +1 646 385 7554 // Suite 26, 2
Station Court, Imperial Wharf, London SW6 2PY // www.matscosolutions.com
Matsco Solutions Group, established in 2002, is the trusted IT support partner for hundreds of hedge funds and alternative investment rms across Europe,
the United States and Asia. Specialising in hedge fund technology, Matsco Solutions provide best-of-breed industry solutions to its clients including private
cloud services, business continuity planning, specialist start-up services, technology design, support and monitoring, virtual CTO services and a 24/7 engi-
neer staffed helpdesk. The company was co-founded by Patrick Ferrall and Jim Serpi, who bring a wealth of industry experience, and has ofces in London,
New York, Stamford, San Francisco Bay, Hong Kong, Singapore and Beijing.
T
E
C
H
N
O
L
O
G
Y
SERVICES DIRECTORY
2 5 S E P 1 OC T 2 01 4 3 0 HF MWE E K . COM
or call UK +44 (0)20 7832 6615 // US +1 (212) 268 4919
Orb Employee Benets // Contact: Geraint Williams, Director // T: 0845 0138709 // gwilliams@orb-eb.co.uk // www.orb-eb.co.uk
Orb is a highly experienced team of workplace pension and employee benets consultants, specialising in helping hedge funds and their service providers
develop effective employee reward programmes.
workplace pensions & auto-enrolment - healthcare & dental - life assurance & income protection - keyman & partnership protection - travel insurance
Combining the knowledge you would expect from a large business with the personal approach of a smaller rm, we are committed to providing excellent
client service. Dont just take our word for it - 97% of our clients say we are extremely or very responsive.
One Ten Associates 1 Berkeley Street, London, W1J 8DJ
Contact: Mush Ali (ACA), Director // T: +44 (0)20 7016 9910 // mush@onetenassociates.com
www.onetenassociates.com
One Ten Associates is a specialist recruitment rm that services the permanent and temporary needs of the alternative/fund management sector.
Our consultants have been in this sector for over ten years and have the network to cover your strategic senior hires as well the junior to mid-
senior needs.
E
M
P
L
O
Y
E
E
B
E
N
E
F
I
T
S
S
H
A
D
O
W
-
A
C
C
O
U
N
T
I
N
G
David Ross, Global Head of Marketing // +1 732-318-7109 // david.ross@viteos.com // Jonathan White, Business Development USA //
+1 646-861-3409 // jonathan.white@viteos.com // Ranjan Mishra, Business Development UK +44 (0)20 7016 9170 //
ranjan.mishra@viteos.com // Bangalore +91 80 30982200 // Mumbai +91 022 30952200
We support a full range of administration, middle ofce and accounting services for investment managers. Tailored for each managers specic requirements,
our Best Thinking and Best Practices help managers grow. We offer customized Straight Through Processing and integrate post-trade operations across virtually
every asset class, currency, border, or structure you can imagine. Our deep operational and accounting expertise backed by state of art technology enables a
high degree of control via automation in a 24 hour, 6 days a week global delivery model. The result is a new level of scalability and exibility to help you grow.
ACA Compliance Group (Europe) Ltd // 11 Berkeley Street, Mayfair, London, W1J 8DS // www.acacomplianceeurope.com
Ron G Weekes, Chief Executive // T: +44 (0)20 7042 0500 // ron.weekes@acacomplianceeurope.com
Damon Zappacosta // 589 Eighth Avenue, 7th Floor New York, NY 10018, USA // T: +1 212 868 5940
ACA is the worlds largest independent compliance consultancy. Operating from 12 ofces in America and Europe with a team of 140 a third of which are
former FSA, SEC or NFA (CFTC) regulators ACA support over 700 clients including a third of the 100 largest hedge fund managers, four of the top ve PE
rms, large retail and long-only managers, asset management institutions, Trusts, brokers and smaller boutiques. ACA in London includes ex-FSA and ex-SEC
examiners a unique offering in Europe.
Cordium // London (headquarters), NY, Boston, SF, HK // UK: Sarah Donnelly // T: +44 (0) 203 141 9658 // sarah.donnelly@cordium.com //
USA: Hannah Weinstock Gallagher // T: + 1 212 515 2800 // Hannah.Weinstock-Gallagher@cordium.com www.cordium.com
Cordium is the leading global provider of regulatory compliance consulting, accounting and tax services and software to the asset management and securi-
ties industry. Today, Cordium has ofces in London, New York, Boston, San Francisco and Hong Kong and employs more than 170 experienced professionals
who support more than 1,500 investment businesses. Our clients range from start-ups to large rms with well-established track records. Our asset manage-
ment and securities sector focus means we always bring direct, relevant experience to advising our clients, helping them to meet their compliance and
regulatory challenges and turning regulatory compliance into a must-have business advantage.
C
O
M
P
L
I
A
N
C
E

C
O
N
S
U
L
T
A
N
T
S
G
O
V
E
R
N
A
N
C
E
Robert Quinn // Managing Director // robert@robertquinn.co.uk // 42 Brook Street, London W1K 5DB // www.robertquinn.co.uk
T: +44 (0)207 958 9127
Robert Quinn Consulting is a London-based premier nancial compliance consultancy. We specialise in integrated FCA and SEC compliance programmes
and both UK and US nancial regulatory compliance to institutional and asset management clients worldwide. Robert Quinn Consulting was founded in
2007 with the goal of providing pragmatic guidance and responsive customer service to our clients. Our dedicated team allows us to be a focused resource
contributing to your success.
ManagementPlus // Kavita Thomas, Manager // email: kavita.thomas@mplgroup.com // Tel: + 352 2747 4724
Operating from our strategic locations in Luxembourg, the Cayman Islands, Singapore, New York and London, we are a leading independent provider of
duciary and oversight services to the international funds industry, well recognised by the institutional investor community. Core services include indepen-
dent directors, UCITS and AIFM management company solutions and Luxembourg conducting persons. The independent directors are a panel of carefully
selected, highly skilled directors from diverse and relevant backgrounds, available around the globe to suit clients' needs.
R
E
C
R
U
I
T
M
E
N
T
Darren Gordois & Peter Peacock // +44 (0) 20 3137 8140 // darren.gordois@mondrian-alpha.com or peter.peacock@mondrian-alpha.com //
www.mondrian-alpha.com // 5 London Wall Buildings, London, EC2M 5NS
Mondrian Alpha Recruitment Solutions provides innovative human capital solutions & research, market intelligence and competitor analysis to our
clients. Our hedge fund coverage includes: sales & marketing, trading & structuring and infrastructure (operations, nance, legal & compliance).
We pride ourselves on delivering complete, targeted and fast execution across our product suite.
Please call in or email us to discuss your requirements.
Chris Apostolou, Director // +44 203 371 0889 // chris@arbitrage-search.com // www.arbitrage-search.com
Arbitrage Search specialises in macro for hedge funds and banks, please call to discuss
Providing the complete
DNA infrastructure for funds
Peter Hughes
Group Managing Director
Tel: +44 7780 997609
peterhughes@apex.bm
Thalius Hecksher
Global Head of Business Development
Tel: +1 305 646 1086
thalius@apexfunds.us
apexfundservices.com
UBS 2014. All rights reserved.
Whether you have your own European management company
or need the services of one.
If you want a full depositary solution
or just a lite solution.
Regardless of how many EU countries you do business in
or how many prime brokers you use.
We will workhard lo help you achieve your goals,
developing your customized AIFMD reporting
and passporting solutions.
We look forward to partnering with you.
Contact us at fundservices@ubs.com
or go to www.ubs.com/fundservices
Does your fund services partner have the
AIFMD solution you need?
Global
Custodian
Hedge Fund
Administration
Survey 2014
ROLL OF HONOR
UBS Fund Services
Adminstration Services

Lemelson Capital Featured in HFMWeek

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Lemelson Capital Featured in HFMWeek

Uploaded by

Copyright:

Available Formats

www. hfmweek .

You might also like