The above publication is in preparation, for circulation to the global hedge fund management and servicing community.
The Guide will contain a number of firsts, one of which will be the production of a global overview of regulation as it affects hedge funds across all the major jurisdictions, listed under the headings of 'Markets' (covering primarily distribution issues), and 'Domiciles', and 'Servicing Centres' (covering fund establishment/servicing topics). The Guide will also publish a compilation of Regulator statements on the status of hedge fund regulation in each major jurisdiction. In summary it will draw together in one volume many of the major current concerns of the hedge fund servicing industry in a comprehensive treatment of the subject covering the major jurisdictions globally.
The focus of the Guide is hedge fund servicing and it will examine best practice trends. In doing so however it will be informed by the key questions facing the hedge fund industry. The answers it will provide will be defined by the questions it asks - questions such as:
What is the relationship between alpha across the strategy sub sectors and the wall of money coming into hedge funds?
How can a bubble be avoided, a soft landing achieved, and continued orderly growth ensured?
What's happening, where, with regard to hedge funds management and hedge funds' servicing regulation?
What are the regulators saying, and what might this indicate about where best to domicile, and even locate elements of the business, ranging from investment management to domicilation of funds?
How should the industry best respond to increased regulatory attentions, for example the SEC's decision to regulate managers in July 2004?
Where are the new big opportunities for growth - for example, how can the credit and structured finance markets provide new opportunities for hedge funds, and how can this be translated into service offerings?
What are the new technology offerings that will make a difference to fund performance?
Who is making the most ground in service provision, in areas including prime brokerage, broking services, administration and custody, particularly with new start-ups?
The contents of the Fintel Guide to Global Hedge Fund Services are outlined on this page, and in the dropdown menus, as are the sponsorship and advertising opportunities and circulation and editorial details. If you would like to participate and be represented in the publication, we would be pleased to hear from you.
The Guide will be both a print publication and a sophisticated interactive website.
It will also provide strategic insights from the leading global players in hedge fund servicing into the most important current issues affecting legal and tax services, administration, custody, prime brokerage, regulation and technology.
It will analyse the key regions, domiciles, markets and servicing centres. Included in this will be 'Q&A' Survey of international regulatory bodies on the regulation of hedge funds
THE GUIDE
It will include the following:
Guide to Jurisdictions – (a) the Markets (b) the Domiciles (c) the Service Centres
The Fintel Survey of Hedge Fund Managers and Promoters
Who’s Who of Hedge Fund Lawyers and key figures
'Who’s Whos' of key figures
Principal Issues facing the Industry and Hedge Fund Services in 2005
The Guide will provide a strategic insight into the services to hedge funds currently available in the important jurisdictions around the world. Emerging centres will be featured, and an assessment of regional trends provided - for example, European Union, USA, traditional and emerging offshore, Australasia, and the Middle East.
It will examine individual jurisdictions using a common yardstick, enabling comparisons to be made and it will examine the global issues from the perspective of the challenge of continuing to find ‘alpha’.
Markets
The hedge fund markets have traditionally been based around high net worth and institutional business in the US and Europe. Increasingly, however, new markets are opening up, both geographically, as in Asia and in Europe and sectorally, e.g pension schemes, retail funds of hedge funds.
The markets into which hedge funds are sold will be analysed in a standarised format, which will provide a general overview of each market. Information will be provided on the number of players, the size of the market, what distribution channels are available, the regulatory framework and future trends.
24 markets will be reviewed in:
North America
EU
Europe – non EU
South Africa
Asia Pacific
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Domiciles
Certain jurisdictions have historically specialised in the provision of corporate and trust vehicles to provide the fund undertaking. While new centres are emerging, the dominance of certain players remains strong.
Each hedge fund domicile will be analysed in a standardised format, making it easy to compare the different aspects of each centre. In addition to providing a general overview, the Guide looks at numbers of funds, the size of the market, the availability of stock exchange listings, regulatory news and trends, timings, costs, and professional services availability.
The most important domiciles will be covered and will include:
Offshore North America
EU
Europe – non EU
Africa
Asia Pacific
Service Centres
As with the investment fund industry in general, hedge fund servicing is an internationally disaggregated business. Hedge funds domiciled in one location are often administered elsewhere and some centres have specialised in providing administration and other services to hedge funds.
The service centres will be analysed in a standarised format, which will provide a general overview of each location. Information will be provided on the matrix of services provided, the number of players, the size of the market, the availability of legal and taxation services, stock exchange listings, the regulatory framework and promotional bodies.
21 service centres will be reviewed in
Offshore North America
EU
Europe – non EU
Offshore Africa
Asia Pacific
In addition to the jurisdictional overviews and analyses, in depth articles on developments in 2004-5 in the main domiciles, markets and service centres will also be included.
The Guide will publish a survey of the world’s leading fund managers and promoters, which will cover:
The market’s perception of prime brokerage services in areas such stock lending, capital introduction, commission recapture, synthetic solutions, derivative capabilities, active cash management, term financing, FX and bond prime brokerage and the provision of new trading ideas
factors influencing the choice of service providers, and domiciles for funds
The Guide will include the following searchable Directories, both web based and print,:
Who’s Who of Hedge Fund Lawyers and Regulators
Who’s Whos of international industry figures
An International Hedge Fund Associations Directory
The Guide will include articles and thinkpieces from the world’s leading experts and players on global topics, for example:
Service providers as partners in Portfolio and Operational Strategy
new portfolio enhancement strategies and their servicing needs
Operational risk management - how prime brokers and administrators can interface with the fund manager
regulatory approaches globally, including issues affecting hedge funds; USA Patriot Act, Spitzer, SEC Staff Report, new EU moves to regulate hedge funds
Hedge funds leverage – will it become a problem area?
Towards a voluntary standard in hedge fund corporate governance
Service providers as partners in Marketing Strategy
latest country developments – marketing opportunities arising from regulatory changes and other developments, e.g. Germany - service providers as partners in marketing strategy
retailisation and retail regulation
pension schemes and their impact on the hedge fund market
the acceptability and popularity of hedge funds among regulators, academics and thought leaders
Funds-of-funds – their limits, and, consequently, their market scope
Valuation
Valuation, pricing and fair value – a global standard?
Towards a voluntary standard in valuation
How service providers can help develop standards in valuation
Service Market Forecasts
The evolving role of the prime broker – can current profitability levels be maintained?
New specialized services available from prime brokers – will niche services provision or supermarket provision be most appropriate for your fund ?
M&A in the hedge fund industry - consolidation by sector – where will the major moves happen?
Market economics – the inter-relation between performance, the long only markets, and hedge fund business models?
Jobs and Careers
Recruitment market and salary/remuneration trends – the global picture
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