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Investors may wish to seek independent advice from a financial adviser before making a commitment to invest in the Sub-Fund. Do individual team members or teams in different offices specialise in which hedge funds to cover? We do specialise in terms of the types of business we undertake.
The focus of UBS Wealth Management in Zurich is global coverage of the fund of hedge fund universe, with the emphasis being on more discretionary business. The focus on the team in the UK is more around the advisory business. The strong growth of hedge funds in London means that the UK team is ideally situated to maintain local coverage of hedge funds in London, while broader geographical coverage is assisted through the formal joint venture between UBS Wealth Management and other parts of the UBS Group.
We strongly believe in networks as a resource. In fact our network of clients is amongst our best resources. Remember our clients include many that are sophisticated investors in their own right, and some of them are hedge fund managers themselves. We have also seen demand for event-driven hedge fund strategies, particularly special situations funds and funds that get involved in re-structuring.
We are witnessing three distinct trends across three different strategies. A contradiction in terms, you might think? Furthermore, a long-only hedge fund is still free to use derivatives and can lever or de-lever the portfolio, both of which are important tools in risk management.
With that constraint removed, the business can grow much larger; in addition, in an ideal world the long-only fund should just be the long side of the existing hedge fund portfolio, so there is very little extra work involved for the hedge fund manager. They can just scale it up, and more and more firms are doing that. The important thing is that such portfolios should still be managed on the basis of absolute return rather than tracking risk against a benchmark.
There seems to be growing demand from investors for this, and we can well understand why. A second trend involves the event-driven funds, which are beginning to move more into illiquid investments in search of alpha, thus overlapping with the private equity firms. The recent publicity given to hedge funds hiring professionals from private equity firms is indicative of this. Again, to us it makes total sense. The private equity vehicle offers the best possible IRRs from illiquid investments, but they are illiquid, complex to administer, and subject to investment cycles.
Therefore all but the very largest private investors are best served by going through a fund of private equity funds. A less liquid hedge fund say, one with a three year rolling lock-up offers a more flexible means by which investors can access a combination of liquid and illiquid investments, with some diversification across the investment cycle and certainty of redemption dates.
Usually the returns will not be as good as measured by IRRs because the cash cushion required for liquidity purposes is usually dilutive, but the investor has the advantage that more of their investment is probably put to work at any one time as it is constantly reinvested.
A third trend involves the arbitrage funds, which are constantly challenged as to where to go to find superior risk adjusted returns. Both these strategies are now more peripheral, but do provide good returns in selective deals. The principals themselves have to be ever more inventive and fleet of foot as to where and how they deploy capital in order to maintain returns; it is really a constant process of reinvention. As more and more strategies are included, so these firms become increasingly multi-strategy in their approach.
When we first started this business, there were far fewer hedge funds, and many well established names. If you were a high quality investor, it was possible to strike up a relationship with, say, ten top-tier managers, all of whom had long, proven track records, and it felt as though the job waspretty much done.
It was a tight-knit circle and very different from today. The fact that there are so many more hedge funds today means that we have to do things differently. Our preference is for teams of people who have a proven track record in their particular field of expertise. At its most basic we have to believe the team really are money-makers, and we do prefer teams over reliance upon one key individual.
But that is rather an over-simplification as there are many other factors that we have to take into account. First of all, we have to look at the whole business model of the hedge fund and how it fits together. What is the rationale for its being a hedge fund in the first place, where does the team come from, and how long have they worked together?
What is the background of the individuals and what experience do they have of the hedge fund industry and the particular strategy in which they operate? How have they set up the business, how much money have they invested in the business and the fund itself? How do they find investment ideas and how do they get into the portfolio? When are they taken out again? How is the portfolio constructed? Who are their current investors, and if they are at an early stage of evolution, do they know how they are going to build their investor base?
Is the fund yet viable? What is the opportunity set in their particular universe and how is this likely to vary? How much money does the fund intend to raise and at what point will they close to further investment? Who are their service providers and on what basis were they chosen? How is the team remunerated, and how are non-principals remunerated? What has been the turnover of personnel?
This list of questions could go on for ever, but it gives an idea of the sorts of things we look at — just for the first meeting! There are a few backgrounds that make it easier for us to allocate to new managers. A new manager in an existing fund is a first preference for us. Second, we like the hedge fund organisations that provide an umbrella to new funds — it makes the assessment of operational issues so much easier.
As a third order of preference we can take seriously identifiable teams breaking away from existing hedge funds. Brand new entrants come fourth in the ranking. These are the sorts of things we look for in new managers, but we also try not to box-off managers.
To us, the key question for a hedge fund is what they expect their business to look like in three to five years time. You would not believe the number of managers that do not have a properly thought out answer to this, yet if we were to come on board as investors, we have to look to the future. Sometimes an unusual question can be very revealing.
This question is often greeted by a very puzzled look, followed by concern at wondering what the right answer might be! If the response is that all prime brokerage agreements are the same so they just sent it back by return post, this is indicative that the fund has not taken good advice as such agreements tend to start off rather one-sided in favour of the service provider and should be properly negotiated.
Actually we are much more interested in what a fund can learn from their own losing months, rather than what we can learn from it. There is no free lunch, hedge funds have to take risks and not all risks will work out. The most important thing for the fund is what lessons can be learned,and what they will change going forward so as to improve their chances of succeeding next time where they failed the last.
There is nothing wrong with losing months, and most of the time it is entirely rational. From our perspective, we want to know that there was no error of judgement in putting on the positions that went wrong, and that applicable risk controls were followed in order to minimise the damage. We think it would be wrong to have hard and fast criteria. Interestingly, performance is often not a factor. Some of the main reasons why we redeem are that a fund has got too large and we feel that they have lost the ability to be innovative and nimble as a result.
Turnover in key personnel is often another reason. We think the selling decision is more important than the buying decision. You must remember that we are not a fund of funds. We expect to be invested in a hedge fund for some time, and unlike some funds of funds we do not feel the need to be seen to be doing something.
Broadly I would say that not enough managers are taking risk. Returns in the last year have not been enough to fulfil that. We provide a quarterly letter to our hedge fund investors with a fairly detailed analysis of performance of each of the funds, a commentary about the hedge fund markets, and observations about the industry as a whole. We also provide very regular performance updates, although we encourage our clients and client advisors alike not to pay too much attention to short-term data.
That can be hard sometimes as I see one or two managers a day normally, and more when I am on a trip somewhere, so there is a lot of information to digest. Do you see any difference between hedge funds operating in Europe and those based in the United States? Over recent years the US-based managers have been inclined to take more risk. Another point is that American managers are more likely to stick to their losing equity positions whilst European-based managers will cut, particularly on the shorts.
American managers seem to have more conviction about their shorts, and ultimately have been more successful on the short-side.
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