THE HEDGE FUND JOURNAL

Download Issue	A Flexible Approach to Risk Management Issue 36, April 2008 Last year was a wake-up call, if one was needed, that more hedge funds and their investors needed to be paying closer attention to their risk management capabilities.

Download Issue	Morley Fund Management: Shahid Ikram Issue 36, April 2008 The arc of Shahid Ikram’s career reflects the increasing sophistication of managing fixed income in an institutional context. He started as one of a team of four managing fixed income at Commercial Union (CU) in 1990. Today the Head of Sovereign & G7 funds at Morley, Aviva’s UK-based asset management business, is part of a cadre of 56 fixed income research and portfolio management professionals. Ikram himself has stayed put, but the firm has grown around him through takeover and merger (eg. General Accident, Provident Mutual and Norwich Union) such that parent company Aviva is the largest UK insurer and the fifth largest insurance group in the world.

Download Issue	Glenwood Issue 36, April 2008 The story of Glenwood is really the story of how a pioneer in Chicago’s nascent fund of hedge funds sector turned his start-up into an institutional-grade fund of funds, a firm that is now an integral part of one of the largest hedge fund groups on the planet. Frank Meyer, the pioneer in question, is certainly highly spoken of around the alternative investment community in Chicago.

Download Issue	Upping the Ante in Hedge Fund Administration Issue 35, March 2008 Last year was an interesting time to be launching a new fund administration business. The market was on the verge of entering a phase when large swathes of credit assets would suddenly become more difficult to value.

Download Issue	An Industry On The Growth Path Issue 35, March 2008 In December Putnam Lovell, as part of its strategic analysis of the future of the fund management industry, predicted that alternative assets were destined to become mainstream via extension strategies and transparent long/short portfolios. Combined, products now described as ‘alternative,’ will represent slightly more than 50% of industry revenue within five years, the specialist investment bank predicted.

Download Issue	Cazenove Capital Management Issue 35, March 2008 Cazenove Capital Management jump-started their entry into the hedge fund business in 2003 by hiring an experienced pan-European team from HSBC headed by Tim Russell. The positioning of the products developed was very deliberate: these were absolute return products that would prioritise a low correlation with markets.

Download Issue	Sparx Group Issue 35, March 2008 Tokyo based SPARX Group held on to the title of Asia’s largest indigenous hedge fund management company in 2007 (see the ASIA25 on The Hedge Fund Journal website). But only just. The last 18 months have been tough for Japanese equity hedge funds, and the SPARX version suffered along with most in the strategy. That SPARX remained the Asian-based manager with the most hedge fund assets held was a testament to the strategy of expansion and diversification devised by President, CEO, and CIO Shuhei Abe.

Download Issue	A Partnership Approach Issue 34, February 2008 We are seeing a new business model emerging in the hedge fund industry, one that is tailored to match the alpha-generating ability of successful portfolio managers with the more robust infrastructure and support services investors come to expect from a large-scale fund management shop.

Download Issue	Welcome to the House of Funds Issue 34, February 2008 It is getting harder to launch a hedge fund, there’s no doubt about it. Once, the industry was valued for its open-mindedness when it came to seeding new investment talent, but now the criteria being applied to those who would manage hedge funds are much tougher.

Download Issue	Theorema Asset Management Issue 34, February 2008 When a founder leaves a business it is usually a time of sweet sorrow. When a founder leaves a hedge fund business it is often taken as something much more serious. At the least there will be many questions from existing investors, but nearly as numerous can be the completed redemption forms. The departure of a founder can leave a hedge fund business commercially endangered. At the least, it is typical for the fund to change strategy, as at Egerton when Bill Bollinger retired.

Download Issue	ABP Issue 34, February 2008 A fund increasing the proportion of its assets allocated to hedge funds from 3.5 per cent to 5 per cent may not sound like a big deal. But when the company in question is ABP, Europe’s biggest and the world’s third largest pension fund, the absolute size of the investment is considerable. What’s more, this allocation to hedge funds is just one strand of ABP’s ambitious strategy towards alternative investments.

Download Issue	First State Investments Issue 34, February 2008 The eyes of the investment world have been turned to commodities for some time, and while gains have been spectacular some are wondering whether new allocations are now buying at the top of the market. First State Investments believes that there is more upside to come, and more importantly that the expertise of its Australian investment team offers diversification and returns whatever the macro situation. Even as a long only asset management house, First State Investments – the UK-based, European arm of Australian stalwart Colonial First State, itself the investment business of Commonwealth Bank of Australia – focuses on niche markets.

Download Issue	Q&A: Tim Gascoigne Issue 33, December 2007 / January 2008 In March of this year, HSBC Alternative Investments launched its Special Opportunities Fund, a fund of hedge funds that would focus on underlying managers with what it called “longer term investment horizons.”

Download Issue	Ermitage: Making Investment Count Issue 33, December 2007 / January 2008 Ian Cadby is no stranger to the island of Jersey. He went to school there, and it was to Jersey he returned when he joined fund of hedge funds manager Liberty Ermitage in 2001.

Download Issue	Cevian Capital Issue 33, December 2007 / January 2008 The launch of the Cevian Capital II Fund in the middle of last year was a signal event for the managers of Cevian Capital. In 2006 event-driven funds raised a total of $8.5 billion of new capital, four times more than in 2005, and Cevian Capital II drew $2 billion of it in June. The majority of the capital raised came from US investors such as endowments, pension funds, institutions and family offices. They then had another round of capital raising a year later and took in another $2 billion of capital. The investors include old hands like Carl Icahn, and the newer sources of capital for hedge funds like AP1, the largest government pension fund in Sweden.

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Last year was a wake-up call, if one was needed, that more hedge funds and their investors needed to be paying closer attention to their risk management capabilities.

Last year was an interesting time to be launching a new fund administration business. The market was on the verge of entering a phase when large swathes of credit assets would suddenly become more difficult to value.

We are seeing a new business model emerging in the hedge fund industry, one that is tailored to match the alpha-generating ability of successful portfolio managers with the more robust infrastructure and support services investors come to expect from a large-scale fund management shop.

It is getting harder to launch a hedge fund, there’s no doubt about it. Once, the industry was valued for its open-mindedness when it came to seeding new investment talent, but now the criteria being applied to those who would manage hedge funds are much tougher.

In March of this year, HSBC Alternative Investments launched its Special Opportunities Fund, a fund of hedge funds that would focus on underlying managers with what it called “longer term investment horizons.”

Ian Cadby is no stranger to the island of Jersey. He went to school there, and it was to Jersey he returned when he joined fund of hedge funds manager Liberty Ermitage in 2001.