Quick Link: List of Hedge Fund Prime Brokers

FinAlternatives recently completed a great prime brokerage survey/report where they discussed how the highly-publicized hedge fund blowups, the Bear Stearnes collapse and the mortgage crisis have forced the prime brokerage industry to adapt more diligence in hedge funds’ risk exposure and leverage. Institutional investors are increasingly demanding hedge funds to have greater transparency, and hedge funds have passed much of this responsibility to prime brokers. Hedge funds are now employing multiple prime brokers and are more demanding of the services the brokers offer.

Many of the larger hedge funds hoping to minimize exposure are moving fully-paid assets from prime brokers to banks. The larger hedge funds cut third-party risk by financing long positions exclusively through a bank. On the other hand, smaller and mid-size hedge funds are struggling to secure lending and prime brokers. It is especially difficult for small single-strategy hedge funds to find a prime broker, as prime brokers favor the diversified multi-strategy funds.

Recent turbulence in the hedge fund industry has led investors to demand greater transparency of managers. Managers have relayed this responsibility to prime brokers, who have evolved to provide improved risk analytics and add more services to their clients.

- Richard

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1. Hedge Fund Marketing Tools
2. Hedge Fund Prime Brokers
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5. Hedge Fund Managers
6. Prime Brokerage Services
7. Best Prime Broker
8. Prime Broker Definition
9. Hedge Fund Marketing
10. Capital Introduction

Permanent Link: Prime Brokerage Research

Tags: Prime Brokerage Research, equity prime brokerage, global prime brokerage, prime brokerage group, prime brokerage risk, prime brokerage market, prime brokerage unit, prime brokerage costs

Foreign Currency Exchange

Foreign Currency Exchange Trends Video

Here is a quick video on foreign currency exchange, and why a weak US Dollar can benefit some large multi-national corporations. This is a very simple easy to understand video on this issue.

If you are viewing this post via my daily hedge fund newsletter please click here to watch the video now.

Tired of reading articles? Watch more videos like this one above within the Hedge Fund Videos Directory.

- Richard

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1. US Economy Recession
2. Hedge Fund Videos
3. Stock Market Timing
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5. Hedge Fund Managers
6. Hedge Fund Company
7. Prime Brokerage
8. Fund of Funds
9. Samuel Israel – Bayou Capital Group
10. What is a Hedge Fund?

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Tags: Foreign Currency Exchange, Foreign Exchange Currencies, Foreign Currency Exchanges, American Foreign Currency Exchange Rates, Growing Weakening US Dollar Value

Financial Wealth Management

Financial Wealth Management Interview – Steinhardt

Here is a short 10 minute interview with Michael Steinhardt from Wisdom Tree Investments. Within this interview he talks about how the stock market from a technical point of view looks poised for a rally yet at the same time shows many signs of a bear market. He believes that financial wealth management professionals face a challenge now within this unique bear market and that a large drop in the price of oil is all that would help now. He also believes that for the next year or two the write offs in the banking sector will continue. He would like to see the fed raise the rates and he believes that this time things are really going to be different this time. If he is right that could mean a prolonged period of low or even negative hedge fund industry returns. I’ll be publishing a hedge fund performance article next week with an update on how different sectors are performing.

- Richard

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9. Philanthropic Giving
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Permanent Link: Financial Wealth Management
Tags: Financial Wealth Management, Financial Planning and wealth Management, Wealth Management Financial Advisor, Wealth Management Advice, Finance Wealth Management

Quick Link: List of Hedge Fund Prime Brokers

I recently read a short article about the prime brokerage business in Asia through FinAlternative’s prime brokerage survey. While many local markets have been recently hurt performance-wise Asia has a vastly expanding hedge fund industry, and prime brokerages are bolstering their capacity in Asia by buying up talented executives from the top firms.

Major firms like Merrill Lynch and Morgan Stanley have struggled to retain their top executives in Asia from rival prime brokerages. Goldman Sachs now claims five managing directors of its Asian prime brokerage division, and has plans to have another series of major hiring. Asia, being the fastest growing hedge funds market, has become more and more important for successful prime brokerages.

A growing number of Hedge Fund Group (HFG) members have been expressing an interest in learning more about hedge funds in Asia, hedge fund jobs in Asia and ways to seek exposure to new investor markets within that region of the world. If you have any white papers or PowerPoints on this topic and don’t mind sharing them please send them over. Thanks in advance.

- Richard

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Prime Brokerage Asia

1. Hedge Fund Prime Brokers
2. Prime Brokerage Services
3. Prime Broker Definition
4. Hedge Fund Jobs
5. Hedge Fund Managers
6. Capital Introduction
7. Hedge Fund Administrators
8. Hedge Fund Videos
9. Prime Brokerage Video
10. Hedge Fund Careers

Permanent Link: Prime Brokerage Asia

Tags: Prime Brokerage Asia, Asian Prime Brokerage, Prime Brokerage Services in Asia, Prime Brokerage Firms in Asia, Prime Brokers in Asia, Asia Prime Brokers

Prime Brokerage Business

Prime Brokerage Business Update

Quick Link: Example Prime Brokers

I just read a recent report from Finalternatives on the prime brokerage business. This report mentioned that prime brokerage firms expect $11 billion in hedge fund revenues this year, consequently major prime brokerages are vigorously competing for clients. JPMorgan and CitiGroup are playing catch-up with industry giants by bolstering their prime brokerage units. Meanwhile, the more established Deutsche Bank, Morgan Stanley, Merrill Lynch and Goldman Sachs are battling for dominance over the prime brokerage industry.

Last year, Morgan Stanley was the world’s largest prime broker holding $152.8 billion in assets under management from 455 funds. However, a major international survey showed that size isn’t everything. Deutsche Bank took first place, followed by Merrill Lynch and Morgan Stanley finished third. Morgan Stanley fares better with U.S. hedge funds, 59% reported having “a strong relationship” with the firm, while only 15% said that of Deutsche Bank.

The two biggest prime brokers, Goldman Sachs and Morgan Stanley, are building their reputation as the best in the industry. More and more hedge funds turn to the two firms because they have a strong reputation, as well as superior technology and support capabilities. While other major firms try to catch up by buying up talent from rivals, Morgan Stanley and Goldman Sachs are securing their dominant positions in prime brokerage.

- Richard

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Permanent Link: Prime Brokerage Business

Tags: Prime Brokerage Business, Prime Brokerage Company, Fixed Income Prime Brokerage, Prime Brokerage Survey 2008 / 2009, prime brokerage survey report, prime brokerage report

CHP Designation

Certified Hedge Fund Professional (CHP) Designation

Last week the Hedge Fund Group (HFG) began to offer the Certified Hedge Fund Professional (CHP) Designation. The CHP Program is a two part designation. Level 1 ensures that participants have mastered a broad foundation of hedge fund industry knowledge across 6 learning modules. Level 2 allows participants to specialize in a niche area of their choice such as due diligence, prime brokerage or marketing, sales and investor relations. The program is now open for registration to 100 participants after which point it will close to new entrants for 6 months while the website and FAQ related resources are improved.

To learn more about the Chartered Hedge Fund Associate (CHP) designation please see the following links:

• CHP Frequently Asked Questions Guide
  
• CHP Study Guide
  
• CHP Program Overview
• CHP Program Registration

The Hedge Fund Group (HFG) has recently passed the 9,000 member mark and while we continue to be tied to the Linkedin.com platform we are beginning to plan on-site networking events this winter and hope to add 50 additional hedge funds to our board of advisers over the next year. As always HFG membership is free, sign up today at http://hedgefundgroup.org.

Permanent Link: Certified Hedge Fund Professional (CHP) Designation

Hedge Fund Licenses

Hedge Fund Marketing License Question

Our team received this question via email this weekend:

“What license(s) are needed to market hedge funds as a third party marketer?”

Our answer:

We cannot provide legal/financial advice at all via email but I do know that some of us are required to hold our Series 7 and Series 63 to perform this type of sales work – this will probably vary based on your CCO or sponsoring broker-dealer. I believe part of this answer might also depend on the types of funds you represent. Hope this helps.

As noted within the answer above this is no form of compliance or regulatory advice, just an example of what licenses some third party marketers are being required to hold.

Permanent Link: Hedge Fund Marketing Licenses

Tags: Hedge Fund Marketing Compliance, Hedge Fund Marketing Laws, Hedge Fund Marketing Licenses, Hedge Fund Marketing License, Third Party Marketing License

Prime Brokerage Sales

Prime Brokerage Sales Trend

While the credit crisis has hurt most financial firms, some boutique prime brokers have benefited. As hedge funds look out for their best interest, smaller prime brokerage shops are becoming more attractive than the largest firms. As major brokers reduce their less-profitable hedge fund accounts, boutique primes take on these clients. Another opportunity for boutiques is that the big firms are cutting back on staff, making it easy to attract seasoned talent to join the smaller firms. Many of these veterans bring some clients with them too.

The credit crisis has in many ways helped boutique prime brokers, but it has also hurt their capital introduction capabilities. A recent FINalternatives survey revealed that over a third of all hedge funds rated their prime broker’s capital capabilities as “poor”. But the survey also showed that nearly 75% of hedge fund managers that called their prime broker’s personal service “poor” are shopping for a new one. Many average-size funds are not given the attention from big firms that the smaller prime brokers promise; and as long as this neglect continues, boutique prime brokers will thrive.

- Richard

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Hedge Fund Operational Risk

Hedge Funds – Operation Risk Assessments

As the hedge fund industry. matures and manages more assets, investors have developed more thorough due diligence practices. In this white paper cited below investors are warned to scrutinize the operational structure of a fund, as the author believes that some hedge funds are poorly managed with a small staff relative to the massive assets under management.

This white paper recommends a rigorous operational due diligence review that covers the manager’s overall fund structure, back office structure, valuation and independent oversight. The guide looks at several key considerations for hedge fund investors: the experience of the operations personnel, compliance, internal operations, portfolio pricing and the quality of the service providers. There is good news on operational infrastructure, in that middle office functionality has improved with the addition of more major outsourcing providers. Yet a thorough operational due diligence review is still very necessary for hedge fund investors. I thought this resource might be useful to many fund of fund professionals and investors.

Resource: Whitepaper on Hedge Fund Operational Risk & Transparency

- Richard

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Tags: Hedge Funds Operational Risks, Operational Risks of Hedge Funds, Operational Riskiness of Hedge Fund Investing, Operational risk assessment for hedge fund investments

Hedge Fund Fraud

Hedge Fund Fraud Due Diligence

I recently found an article that talks about hedge fund fraud and how it can be very difficult to detect in hedge funds because of their secrecy, but rigorous due diligence can prevent some types of fraud. This article mentions that Although audits are important, they may be occur too late. A key requirement for many investors is for the hedge fund manager to open their investments for review. This article suggests that if the hedge fund is unwilling then do not give it your investment. A hedge fund investor should make sure that a thorough operations review is conducted, including fees. This review can protect investors from shouldering costs that should be paid for through the management fee.

This article also suggests that those who have an investment adviser should ask if there adviser has an operations review system. Many investment advisers do not go beyond the initial due diligence when selecting a hedge fund. With the industry evolving, due diligence must too through an independent operational review that obtains information from not just the manager but also the prime broker’s or fund’s custodian. This guide includes the important data that an independent operational review should cover. Improving operational due diligence should in theory at least help investors avoid investing with a fraudulent hedge fund manager.

Resource: Fraud Article

- Richard

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Investment Risks

Hedge Fund Investment Risks

This PowerPoint presentation outlines the investment risks that hedge fund investors face and methods for reducing these risks. Operational problems often lead to hedge funds failing and this guide provides a list of these operational risks with a short explanation. It includes: age and stability, capacity, liquidity, organizational structure, counter-parties, operational costs and a manager’s utility (risk aversion).

These are simple factors to consider when selecting a hedge fund. The author points out that there are inherent risks that the investor should realize like illiquidity and often slippage in the investments. A suggested way to reduce risk is to have frequent meetings with the manager and continually monitor the manager and operations. This will help reduce risk and minimize costs on the investment.

Resource: Risks of hedge fund investing & portfolio management

- Richard

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Tags: Investment Risks, Hedge Fund Investment Risks, Risks of Hedge Fund Investing, Investments Risk, Investments Risks, Risks of Investments, Risks associated with investments, equity investment risks, international investment risks

FINRA Broker Check

FINRA Broker Background Check Tool

Completing due diligence on a registered broker in the hedge fund industry?

FINRA offers investors a free online background check service of FINRA-registered securities firms and brokers. The FINRA BrokerCheck includes search capabilities for both a broker and brokerage firm, online delivery of the report, an explanation to help investors understand the information provided, and links to additional resources. BrokerCheck provides background information on an estimated 677,00 currently registered brokers and almost 5,000 currently registered securities firms. Also listed is an online collection of information about Investment Adviser firms that are regulated by the Securities and Exchange Commission.

- Richard

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Permanent Link: FINRA Broker Check

Tags: FINRA Broker Check, FINRA Brokercheck, FINRA Broker Background Check, Background Checking FINRA, FINRA Brooker Search, FINRA Broker Due Diligence

Cash Management

Cash Management Due Diligence Check

I recently found an article on conducting a cash management based hedge fund due diligence check. The relatively few major scandals involving hedge funds have led many investors to call for greater transparency and impose stronger due diligence. Investors hoping to reduce the chance of fraud or theft view cash management as a critical aspect of due diligence. They want to know where the money is going, how it is protected and ensure accountability for their investment. The focus on cash management has created a push for accountability and separation of duties so that one entity does not have too much responsibility.

This article believes that hedge fund managers can expect to answer more rigorous cash management questions involving the basics, how the money is invested, reporting and reconciliation, and subscription and redemptions. After numerous hedge fund frauds and thefts, how the fund manages an investor’s money has become a priority in due diligence. Managers can view this article as a method for assessing weaknesses and investors can use this to improve due diligence and protect their investment from poor cash management.

Resource: Due Diligence Check – Cash Holdings

- Richard

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Tags: Cash Management, Cash Management Services, Cash Management Solutions, International Cash Management, Bank Cash Management, Cash Management Account, Cash Management Trust, Cash Management System

Asset Backed Securities

Asset Backed Securities Definition Video

Here is a short video I recently found on asset backed securities. I was unclear on the difference between mortgage backed securities and asset backed securities. If you are in the same boat this video should help you out. If you can’t see the video below here is a direct link to it: http://www.youtube.com/v/3_pRi0BThJM

Tired of reading articles? Watch more videos like this one above within the Hedge Fund Videos Directory.

- Richard

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Tags: Asset Backed Securities, Asset Backed Security, Asset Backed Security Investments, Investing in Asset Backed Securities, hedge funds, hedge fund, trading, investments, managed accounts, alternative investments, investors, finance, money, wealth management

Marketing Resource

Marketing Hedge Funds to Financial Advisors

Almost every hedge fund manager has asset-raising goals and ambitions. I often get emails from hedge fund managers looking for someone who can help them raise capital. In general, hedge funds can raise assets through either:

1. Increasing their effectiveness within current channels of distribution, or
2. 2) Pursuing new channels of distribution

Due to the difficulty in recruiting experienced hedge fund marketing professionals, most hedge funds stick to where they have raised assets in the past, in the areas they are are most comfortable with and have seen some success either by others or their own firm in the past. Many aren’t aware of all the new channels available to them, or how to capitalize on each one.

Our team is speaking with a potential client about writing an e-book on marketing to financial advisors, this book would sell for $77. Please let us know if you would be interested in obtaining this e-book to help grow your fund by emailing us at Richard@Hedgefundgroup.org.

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Tags: Marketing Hedge Funds to Financial Advisors, Hedge Funds for Financial Advisors, Financial advisors and hedge funds

In May, HFN Hedge Fund Average Aggregate was +2.02%, and the S&P Total Returns Index was +1.30%. The energy sector continued to rise this year with the HFN Energy Sector Average at +4.38% last month. The equity markets’ success seems to have led to the HFN Long/Short Equity Average outperforming the S&P Total Return Index, yielding +2.76.

In regional benchmarks, while hedge funds investing in China and India performed dismally, funds investing in Russia and Brazil boosted the Emerging Markets Average to +2.55%. Hedge funds using the long only strategy have performed poorly this year but improved thanks to the global equity markets, the Long Only Average was %3.41 in May. Investors have shown dissatisfaction with the technology sector through redemptions and liquidations. Total assets in tech sector funds fell 10.89% in Q1 of 2008, yet the Technology Sector Average was one of the best performers in May at 3.46%.

- Richard

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Tags: Hedge Fund Performance in May, Hedge Fund Performance Report, Hedge Fund Performance Newsletter, Hedge Funds Performance, Performance Update for Hedge Funds, Recent Hedge Fund Performance

Prime Brokerage Survey

A Recent Prime Brokerage Survey

FinAlternatives just released a prime brokerage survey, it contains some interesting details on how satisfied hedge funds are with their prime brokerage service providers. The survey digs into the quality of capital introduction, execution and personal service received from their prime broker. What is interesting was that 38% of hedge fund Manager respondents noted that their prime broker’s capital introduction capabilities were non-existent or very weak. Another interesting point was that poor personal service was the #1 reason that a hedge fund manager would switch prime brokers.

Here is the full report and prime brokerage survey.

Permanent Link: Prime Brokerage Survey
Tags: Prime Brokerage Survey, Survey of Prime Brokerage Industry, Hedge Fund Prime Brokerage Surveys,investing,trading,hedge fund,hedge funds,finance,wall street

Prime Brokerage New York

Prime Brokerage New York / Evolution

The prime brokerage industry is constantly evolving adapting to new client demands, opportunities and regulatory environments. I was in New York yesterday discussing some of these ongoing changes with a few prime brokerage professionals and they mentioned that several times a year there are events which slightly re-shape their industry.

If you haven’t read it already there was an interesting article put out by ICFA a few days ago about the changing landscape of the hedge fund prime brokerage business model. Special thanks to Fintag for finding this article.

The main point of change that this article pointed to was the widespread interest in hedge funds by traditional investment managers. This is leading prime brokerage clients to service clients who also run 130/30 and long only portfolios as well.

“According to a recent Vodia Group survey traditional asset managers have 3 per cent of their asset base – equivalent to $1.95trn – in leveraged investments, with 86 per cent of major asset managers expecting to run 130/30s by mid-2009. The firm predicts that leveraged assets will increase from $2.65trn today to $4.48trn in 2012, driving greater demand for prime brokerage services.”

“But traditional asset management clients are forcing prime brokers to adapt their business model, placing greater emphasis on custody, reporting and risk management and de-emphasising capital introduction and leverage. These factors will push margins lower and increase operational requirements in the prime brokerage business, Vodia said.”

While I can see why the largest of institutional money managers are not going to be drawn by the hopes of capital introduction I still believe that those prime brokers who do offer capital introduction services will have a competitive advantage while competing for the business of hedge fund managers here in the US. Every year the field becomes more competitive, and most hedge funds need help marketing and raising capital.

- Richard

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Prime Brokerage Survey

Prime Brokerage Survey Resource

FinAlternatives just released a prime brokerage survey, it contains some interesting details on how satisfied hedge funds are with their prime brokerage service providers. The survey digs into the quality of capital introduction, execution and personal service received from their prime broker. What is interesting was that 38% of hedge fund Manager respondents noted that their prime broker’s capital introduction capabilities were non-existent or very weak. Another interesting point was that poor personal service was the #1 reason that a hedge fund manager would switch prime brokers.

Here is the full report and prime brokerage survey.

If you are looking to change prime brokers I know a few Hedge Fund Group (HFG) members who offer both prime brokerage and capital introduction services to hedge funds. Let me know if I can be of assistance – Richard@RichardCWilson.com.

- Richard

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Tags: Prime Brokerage Survey, Prime Brokers Survey, Prime Brokerage Services Survey, Prime Broker Survey, Survey of Prime Brokerage Firms, Survey of Prime Brokers,finance,investments,hedge funds,hedge fund,money,trading,wall street

The Prime Brokerage Association (PBA) is a 600 person strong networking organization focused on the hedge fund prime brokerage industry. The Prime Brokerage Association provides free-to-access articles and resources to prime brokerage professionals, serves a source of inter-industry networking and works to improve the overall image of the prime brokerage industry to the general public.

To Join the PBA Click Here

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Tags: Prime Brokerage Association, Prime Brokers Association, Prime Broker Association, Association of Prime Brokers, investing, trading, investments, finance, hedge funds, hedge fund

Hedge Fund Margin Calls

Hedge Fund Video – Margin Calls & CDOs

A well researched video on hedge funds, margin calls and CDOs. http://www.youtube.com/watch?v=LtcnXLDnXvs

Tired of reading articles? Watch more videos like this one above within the Hedge Fund Videos Directory.

- Richard

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Wealth Management Products

Wealth Management Products

Content coming soon on Wealth Management Products please check back soon for more details.

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This leaves prime brokerage firms with two choices – offer capital introduction services knowing that there is almost no chance of raising assets or tell the hedge fund manager that they will not be able to market their strategy. The best prime brokers will often help with pre-marketing activities such as operational and risk assessments, marketing material scrubbing, newsletter development, etc.

This may seem straightforward but it is often an unsaid thorn in the side of prime brokerage firms offering capital introductions for hedge fund managers. They want to provide this service to everyone possible but by nature only 10-25% of all clients really qualify for the service.

Permanent Link: Capital Introductions
Tags: Capital Introductions, Capital Introduction, Capital Introduction Services, What are Capital Introductions? What is capital introduction? Tips for capital introduction work for hedge fund managers?

A new survey shows that more than one-third of hedge fund and CTA managers are dissatisfied with their prime brokers. The most notable dissatisfaction is with the prime brokers’ personal service. In 2007 80% of funds rated the personal service of their prime brokers as either “good” or “excellent”, this year only 63% gave their prime brokers high marks. This may be a result of the liquidity crisis, which 16% of the managers said negatively effected the relationship with their prime broker.

The survey also shows that many funds are happy with the cost of their prime brokers, with only 7% responding “poor”. However, a considerable 38% of managers rating their prime brokers as “poor” performers of capital introduction. Funds who consider themselves technologically advanced are the most satisfied with their prime brokers.

- Richard

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High Net Worth

High Net Worth Individuals

Content coming soon on High Net Worth Individuals please check back soon for more details.

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