international
FUND Best Private Equity Focused Administrator of the Year - The Channel Islands Being named Best Private Equity Focused Administrator of the Year is a fantastic accomplishment for everyone involved in the Moore business across our European jurisdictions. It is credit to the fantastic teams we have in each of our locations and a reflection of the hard work everyone has put in over the past 12 months.
Jon Trigg (Head of Funds Europe), Moore Management
Best Healthcare Investment House - The Netherlands We are very honoured to be named Best Healthcare Investment House - The Netherlands. It is strong recognition of our work in the Healthcare field over the past decades.
Dr Rene R. Kuijten, MD PhD MBA, LSP – Life Sciences Partners
Client Choice for Regulated and Unregulated Corporate Transactions Our team prides itself on client service. This award is a great reflection of the commitment and dedication shown by the SPB funds team to its clients, and a wonderful acknowledgement that we are assisting them in achieving their goals and objectives.
Michelle Segaert, Squire Patton Boggs www.acquisition-intl.com
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foreword Welcome to AI Magazine’s 2015 International Fund Awards. As economies worldwide continue to strengthen, professionals within the global funds industry are more than playing their part, working tirelessly to ensure success for themselves and their clients in what is still a challenging and ever-changing arena. The 2015 International Fund Awards recognise and honour outstanding performance and continued excellence within the global financial services industry, highlighting not only fund performance, but the firms, departments and people working behind the scenes to successfully form, manage and advise on all aspects of the current market. These prestigious awards are given out on merit alone and are only awarded to those most deserving due to their outstanding work over the last 12 months. Read on to find out more about the organisations who are doing most to shape and bring outstanding success to the international funds industry in 2015 and beyond...
Moore Management
Life Sciences Partners BV
Squire Patton Boggs
Best Private Equity Focused Administrator of the Year - The Channel Islands Page 6
Best Healthcare Investment House - The Netherlands Page 10
Client Choice for Regulated and Unregulated Corporate Transactions Page 14
UMB Fund Services
The Pensions Trust
Robert Quinn Consulting Ltd
EuroFin Asia Group
Best Mutual Fund and Alternative Investments Administrator USA / Page 16
Pension Fund of the Year – UK / Page 18
Best Regulatory Advisory Firm for Hedge Funds – UK / Page 20
Best Niche Income Strategy - Asia Boutique Investment Manager of the Year - Asia / Page 22
17Capital
Bedell Fund Services
Edge Investments
Sator Regulatory Consulting
Award for Excellence in Private Equity Fundraising / Page 24
Best in International Fund Services Channel Islands / Page 26
Best Creative Industries Investor – UK / Page 28
Best in Fund Consulting & Restructuring – Jersey & Best for Finance Consulting Services - Channel Islands / Page 30
Castellain Capital LLP
Psigma IM
Mayer Brown
Doherty Advisors
Best New Fund - The Castellain Income Fund / Page 32
Best for Bespoke Investment Portfolios – UK / Page 34
Award for Excellence in Private Investment Fund Services – France / Page 36
Best for Risk Management USA / Page 37
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Best Private Equity Focused Administrator of the Year - The Channel Islands Company: Moore Management Name: Jon Trigg (Head of Funds Europe) Email: Jon.Trigg@ mooregroupltd.com Web: www.mooregroupltd.com Address: Ground Floor, Liberation House, St Helier, Jersey JE2 3AT Phone: +44 (0)1534 822 500
Moore Management Moore Management is an established provider of independent administration and corporate governance services for institutional and corporate clients, ranging from major investment banks to boutique, alternative asset managers located in the major financial centres. We recently spoke to Jon Trigg, Head of Funds Europe after the company won our Best Private Equity Focused Administrator of the Year Award (The Channel Islands.)
Being named Best Private Equity Focused Administrator of the Year is a fantastic accomplishment for everyone involved in the Moore business across our European jurisdictions. It is a credit to the fantastic teams we have in each of our locations and a reflection of the hard work everyone has put in over the past 12 months. We have invested strongly throughout the organisation but our biggest investment continues to be in our people, in a bid to provide our clients with a personal service supported by first class technical knowledge. I believe this will be the first of many awards as we continue to build our funds offering in Europe and Asia. We believe that one of the main reasons that we have been awarded this title is that our working environment and culture allow our people to flourish professionally. We believe happy, supported people deliver superior client service every time. This has been reflected in the client feedback we have received and is one of the reasons we have won key clients from some major global competitors in the last 12 months. Clients like the fact that we are boutique, yet global. We are able to create very complex solutions and work closely with clients to ensure they get the best solution to suit their individual needs. We have also invested heavily in IT systems to make sure we are equipped with the best technology to service our clients. These systems are capable of performing full partnership accounting from complex allocation methods and intercompany dealings, to process management through workflows and internal controls to ensure procedures are maintained. They also relieve the regulatory burden of American and European directives such as the Foreign Account Tax Compliance Act (FATCA) and the Alternative Investment Fund Managers Directive (AIFMD), which can be costly and time-consuming if dealt with separately or outsourced. Administrators need to be constantly innovating in order to anticipate customers’ needs and exceed 6 International Fund Awards 2015
their expectations. Online portals are another new technology that has been embraced by the industry. Investor servicing systems such as Investment CafÊ (from eFront), which we use, offer investors the ability to easily access their portfolio information, track all correspondence and legal documentation and improve communication channels with the administrators, strengthening relationships and keeping them up to date with prospective deals and any upcoming activity. Our investment in systems is yet another example of our understanding that while anyone can offer off the shelf software, clever, game changing solutions require in depth knowledge, boundless creativity and a desire to be leading the advance in financial technology. Awards raise brand profile and create positive associations. They also provide organisations with a sense of recognition. We operate in a hugely competitive marketplace and awards are a fantastic medium to demonstrate credibility within the industry. This award has been a great morale boost for us internally and is a credit to the people who work at Moore for all their hard work and dedication. We provide a full suite of fund services to clients who require individual and bespoke solutions. We deliver fund solutions that fit each individual client’s specific objectives and offer high levels of flexibility, underpinned by meticulous attention to detail. We were founded in 1996 by Ian Moore to fill a gap that he identified for the provision of professional, dedicated support services to large financial institutions that created structured products and funds. We have since become very well recognised as a provider of independent fund services for institutional and corporate clients, ranging from major investment banks to boutique, alternative asset managers located in the foremost financial centres around the world.
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We concentrate on offshore funds and structured products, namely: Alternative investment funds We have a wealth of knowledge in setting up and administering a range of alternative fund structures from unit trusts, sharia-compliant structures, protected cell companies, fund of funds and asset holding companies, all of which can be tailored to individual investment needs. Open ended funds We administer a range of open-ended fund structures, from pension funds, commodities, fund of funds, to segmented mandates. Private equity Our team supports the management and fund servicing needs of all types of private equity funds, including complex investment holding companies, carried interest structures, special purpose vehicles and special limited partners. Real estate We have significant expertise in the administration of real estate funds, both listed and unlisted, including funds managing substantial real estate assets in the UK, Europe, Asia and various emerging markets. Structured funds (Asia) We have extensive experience acting as managers to the publicly offered and private funds that are distributed in the Japanese market. The role covers all the extensive activities that a non-discretionary manager might undertake, as well as fiduciary, legal and regulatory responsibilities. We have created an environment that allows our people to develop outside of their comfort zone, this is not only good for them, it is also good for the company overall. This level of engagement correlates directly with personal fulfilment, real job satisfaction and always produces better results. We are striving to create an authentic workplace with a high level of self-awareness by rewarding and promoting accordingly. We believe the management team must be trusted to lead with integrity and everyone must be empowered to do their jobs. Fundamental to trust is open and honest relationships across all aspects of the company, between colleagues and especially clients. We listen carefully to the thoughts and suggestions of all those who have something to add, no matter how esoteric some of those suggestions may seem. We believe we have some of the best people in the business and we don’t take that for granted. As financial services become more globalised, gaining the competitive advantage is more important than ever. Ian Moore recognised some years ago the potential opportunities available to a business that could retain a personal and dedicated client approach while increasing its global footprint and capability. Although Moore had offices in Jersey and Japan, a much wider multi-jurisdictional presence has been achieved over the last 12 months by becoming part of the rapidly expanding First Names Group, which is supported by AnaCap Financial Partners LLP, a private equity firm specialising in mid-market European financial services investment. Since January 2013, Moore has become an example of the private equity model, part of a portfolio company in an offshore fund structure. 8 International Fund Awards 2015
First Names Group has acquired rapidly, growing its global presence substantially in the last 18 months and in turn, benefitting Moore enormously. We are now part of a 650-strong family based in 14 countries across the world. The strategy and focus is clear: to expand and strengthen the Group’s global financial services offering swiftly through both inorganic and organic growth. Private Equity investment has allowed us to take advantage of significant capital investment to grow specialist client teams in Europe and Asia and invest in our IT infrastructure and bespoke fund system development, a need which has arisen through increasing regulatory requirements and investor and fund manager demand. The challenges and achievements surrounding implementation and integration should not be under-estimated but would not have been possible in such short time frames through internal investment alone. The effect of private equity investment ultimately results in an increase in business productivity and long term economic growth through standard expenditure multiplier effects. The benefit to the local economy of significant private equity deals in the Channel Islands over the last 18 months should therefore not be underestimated and with the common view that private equity investment and the consolidation it supports looks set to continue. This can only sustain the continued growth of the financial services industry and the Jersey economy. It’s fair to say business is booming. The Jersey Funds Association recently announced that there is over £200bn in funds under administration in the island. This shows a return to previous form. Private equity (PE) is one area in which the Moore team has seen a rise in demand for its services. In recent years the asset class has gone from strength to strength with global market sentiment rising steadily. The legacy of the financial crisis may not be entirely forgotten, but this return to favour with investors has cemented the industry as a viable alternative to traditional retail funds. With it, the demand for fund services is thriving, particularly in offshore jurisdictions where advantageous tax regimes and a proven track record of expertise offer an attractive environment from which fund managers can benefit. As the business continues to grow, our innovative corporate identity will help drive us forward to further success. We undoubtedly have forward momentum. We have an unbreakable belief in our principles and values. We remain true to our goals, central to which is a proud commitment to continue our exposure and loyalty to the global business and the communities in which we operate. We are very ambitious and we are still recruiting senior people and investing because we believe if you are positive and have the right people, in the right environment you can only be successful. We are committed to providing our people with the tools and environment to enable them to deliver the best possible service.
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Best Healthcare Investment House - The Netherlands Company: LSP Name: Dr Rene R. Kuijten, MD PhD MBA Email: rkuijten@lspvc.com Web: www.lspvc.com Address: Johannes Vermeerplein 9, 1071 DV Amsterdam, The Netherlands. Phone: +31654906217
LSP – Life Sciences Partners LSP is one of the largest and most experienced healthcare investment firms in Europe. After winning our Best Healthcare Investment House-The Netherlands award, we spoke to Dr Rene R. Kuijten, MD PhD MBA to enable some insight into the business and learn about their valuable experience and values.
We are very honoured to be named Best Healthcare Investment House-The Netherlands. It is a strong recognition of our work in the Healthcare field over the past decades. In those years, we have consistently and successfully backed the best healthcare companies, illustrated by our unprecedented performance record of 19 exits in the past 2 years. LSP is one of Europe’s largest and most experienced healthcare investment firms. With a track record going back more than 25 years, we have built an investment house that is dedicated to only one task. This task looks at seeking, nurturing and growing healthcare investment opportunities with the potential to have a positive impact on society. We believe such opportunities create the most value for all parties. From our offices in Amsterdam, Munich and Boston, our team aims to back the smartest inventors with the best ideas. While their goal is to develop products and technologies that have a positive impact on society, our objective is to help inventors achieve their goals. By definition, success is often accompanied by financial returns. The combination of contributing to society and the prospect of associated financial returns is why investors entrust LSP to invest their capital. Our most recent success is the $840 mln sale of our company Prosensa, which is focussed on Duchenne muscular dystrophy, a rare disease for which no
treatment yet exists. LSP was the lead investor in the series A round and was still the largest shareholder in Prosensa at the time of the sale. We believe the Prosensa story is a nice illustration of the potential of science developed in The Netherlands, one of our focus areas. Another prime example of LSP’s impact on healthcare is Okairos, a company with a successful vaccination platform that was acquired in 2013 by GSK for EUR 260 mln. In its rich pipeline, Okairos/GSK has a vaccine which is fast tracked to attack the current Ebola outbreak in Africa. This is currently the most advanced program in the world and prominently described in the world’s leading newspapers. LSP was Okairos’ lead founding investor in 2007, and instrumental in the company’s further development and sale. LSP has been of similar importance in the development of companies such as Affimed, Sapiens, arGEN-X, Activaero, Celladon, Prosensa, BMEYE, Movetis, U3Pharma, KuDOS, Crucell and Qiagen. LSP’s focus is on high unmet medical needs, either for large indications like cancer or cardiovascular diseases that cause a large socioeconomic burden or for rare diseases where currently no treatment exists. LSP invests in all stages of development, from early pre-clinical to later stage. LSP’s companies brought 35 drugs and technologies to the market and to patients, and currently have 75 products in clinical testing. This product portfolio compares well to that of a sizeable pharma company. Apart from its significant contribution to healthcare innovation, LSP has demonstrated a strong and steady financial performance over the past 25 years. It has a 25% average annual return on realizations (IRR) and 3x fund returns, which is exceptional in our industry. In total LSP has invested in more than 75 companies, and has exited 55 of them. Our development has been stimulated by a very positive macro-environment. Demand for healthcare is increasing due to e.g. ageing, chronic and life style diseases, and population/wealth growth. Yet the large pharma and med tech players face challenges to fulfil this demand, they lack innovation and have empty pipelines. LSP’s portfolio companies fill this
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gap, proven by our recent acceleration in exits, which demonstrates our firm’s ability to select those inventions that can complement the pipelines of cash rich pharma companies. Today, society faces many challenges on a day to day basis. Too many people suffer from diseases that are not diagnosed accurately. They are not well treated, not cured satisfactorily, or sometimes not cured at all. Socio-economic and demographic trends such as rising prosperity and aging populations drive the need for more and better medication, earlier and better diagnoses, faster and better treatments. The number of people that remain affected by unmet medical needs is large and still rising. This challenge also represents an opportunity, an opportunity to invest in new ideas and initiatives. What sets us apart from other healthcare investors is mainly explained by 4 different factors: Firstly, we have a focus on the Netherlands, Belgium, Germany and Switzerland, all of which are characterized by having many leading research institutes but a very limited number of experienced healthcare investors. We see approximately 800 deals per year and only do a few, thus, we can be extremely selective. Secondly, LSP spans the entire life science domain, including drug development, diagnostics, medical devices, agriculture, food and industrial biotech. LSP invests in private companies as well as small cap public companies through its Euronext-listed LSP Life Sciences Fund (Euronext: LSP: NA). For all these activities combined, we have raised over EUR 800 mln since inception. This breadth of activities significantly enhances our footprint and network in the industry, and leads to value enhancing cross fertilization. There is no European healthcare group with the same breadth of activities as us. Thirdly, we are very proud of our strong partnership of 12 dedicated professionals. Our group has been very stable over the past 15 years. Our successful investment history is based on our conviction that backing the smartest inventors with the best ideas requires specialist knowledge and investment experience. In our sector, that not only means scientific expertise in areas such as molecular biology, biochemistry, biotechnology and medical sciences, but also knowledge of the pharmaceutical industry and its workings, an understanding of the regulatory complexities associated with the development of drugs and medical devices, experience in starting, growing, financing and selling companies, and many more. Our partnership combines all of these skills and expertise areas, to the benefit of our inventors and portfolio companies. Finally, we believe in carrying out all small, essential steps in the investing process extremely well. We have professionalized ourselves to the highest degree including, sourcing, due diligence, negotiations, board roles and exit preparations over the years, which is proven by our exceptional track record and very low loss ratio. We are currently raising LSP 5 with exactly the same team that was responsible for the past successes that we have previously seen. We recently had our first closing at Eur 80 mln, and are currently working towards a total fund size of Eur 150 mln. 12 International Fund Awards 2015
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Client Choice for Regulated and Unregulated Corporate Transactions
Squire Patton Boggs
Company: Squire Patton Boggs Name: Michelle Segaert Email: michelle.segaert@ squirepb.com Web: www.squirepb.com www.squirepattonboggs.com Address: Level 10, Gateway, 1 Macquarie Place, Sydney NSW 2000 Phone: + 61 2 8248 7830
Squire Patton Boggs is a global full-service law firm whose reputable global funds management team continues from strength to strength by combining quality legal counsel with a deep knowledge of their client’s businesses. They recently won our Client Choice for Regulated and Unregulated Corporate Transactions award based on their services. Here, business partner, Michelle Segaert speaks with us about the company in more depth. Gregg Buksbaum, Private Investment Funds Partner based in Washington, DC leads our global funds management team which prides itself on client service, so this award is a great reflection of the commitment and dedication of the team to our clients and a wonderful recognition that we are assisting them to achieve their goals and objectives. With one of the world’s strongest integrated platforms, our funds’ team has multijurisdictional expertise and is strategically placed in Washington DC, Dallas, the Middle East, London, and Sydney, ensuring all geographical borders has no limits when it comes to servicing our clients’ investment goals.
wishing to conduct business in China. In addition, we have excellent local lawyers in jurisdictions covering 21 countries across the US, UK, Europe, Middle East, Asia and Australia. This means that we are the best at what we do locally, but we combine this with a culture of lawyers who all are willing to look beyond their respective home territory and are inspired to be part of a global team. We are culturally aligned to have client service as our number one priority and we are rewarded for sharing work across our platform. With our recent merger with Patton Boggs, we also have a powerhouse team of well-connected lawyers who can help with global policy issues and government advisory work.
We do a range of work for listed funds, sovereign wealth funds, superannuation funds, trustees, custodians, unlisted funds, global hedge funds, domestic property funds and local and offshore private equity funds. Our clients are sophisticated users of legal services who focus on the value proposition (for legal work) and demand “value add” from us. We consider ourselves as trusted advisors who work with our clients to guide them to making good business decisions, capitalise on opportunities and provide a seamless global service.
The Australian regulatory regime in funds management is unique and unlike any other jurisdiction in the world. Funds in Australia are typically unit trust structures and the tax laws relating to such structures are complicated and ever changing. Our lawyers are familiar with and used to working on cross border investment structures and advising on cross border taxation issues. This provides us with a strong positioning in the Australian market to advise offshore investors and fund managers looking to invest into Australia.
The current state of the funds management industry in Australia is for the first time in a while, quite stable. This is mainly due to low interest rates and a period of two or more years of very little regulatory change (after a number of years of significant regulatory change in this sector after the GFC). As a result, investors are willing to take on more risk which is subsequently driving a lot of activity in this sector. Also, there has been an opening for investment across Asia with recent initiatives such as the signing of the Japan-Australia Economic Partnership Agreement and the China-Australia Free Trade Agreement as well with Australia being a member of APEC, a group of countries working together on the concept of an Asian Region Funds Passport, which at present is under development and consultation.
We have a premier integrated financial services and tax team with cross border expertise – which means we can provide timely and accurate advice on any investment structure. We do a lot of work with Chinese investors investing into property and businesses in Australia. We also advise on the significant investor visa application process in conjunction with our migration team. This includes a Chinese PRC registered lawyer and translator in our Australian office, also enabling us to provide all of our advices translated into Chinese. We are currently looking to invest more in property capability in eastern Australia as there is much focus on investment in property in this area at this time.
We are a truly global integrated platform where our lawyers work seamlessly for clients across many jurisdictions. By example, this is demonstrated by our qualified lawyer in the People’s Republic of China who is based in Australia and who utilises cultural and language abilities to foster relationships with existing Chinese clients, either inbound to Australia or those 14 International Fund Awards 2015
We recently worked on a project for a German client which sought structural, transactional and regulatory advice. This was in respect of a new business structure in Luxembourg, managed by an entity in Germany for acquiring a business in Australia. Our Australian team comprised of lawyers in Perth and Sydney worked together seamlessly with our overseas offices to assist in the structuring, transactional and regulatory advice required.
We believe that this award is recognition for our client’s dedication to being entrepreneurial and taking risks. Without our clients, we would not be undertaking the exciting work in the funds management industry which we are involved in. We believe we are enthusiastic for our client’s successes and we care about the individuals for whom we work with on a daily basis. We appreciate the relationships we have with our clients, of which is a relationship based on trust and respect. We understand that they are under pressures from their stakeholders and under internal pressures to meet budgets. Therefore, we always strive to provide the best service in the most efficient timeframe to meet our client’s needs. We understand that we must provide a “value add” service. We have the experience and the expertise to think about issues which our clients may not have thought of, to provide advice about options and risks and to guide our clients in making good business decisions. Our future plans are to focus on our core strengths in the Australian market such as, technology, financial services, energy & resources, property, infrastructure and agribusiness. Meanwhile we will be continually working on joining the dots for fund managers and investors in the global market. It is an exciting time to be a funds management lawyer in Australia!
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Best Mutual Fund and Alternative Investments Administrator - USA Company: UMB Fund Services Web: umbfs.com Address: Milwaukee, WI Ogden, UT Chadds Ford, PA Kansas City, MO Phone: +1 888.844.3350
UMB Fund Services UMB Fund Services provides a broad array of services for mutual funds and alternative investments, as well as turnkey solutions for launching a mutual fund, a collective fund, a registered alternative fund, or an exchange-listed fund. We have recently been in contact with the company after it won our Best Mutual Fund and Alternative Investments Administrator USA awards.
UMB Fund Services is a boutique service provider that differentiates itself from competing firms through its intense focus on customer service. The company is a truly client-focused business that strives to achieve its vision of providing the unparalleled customer experience.
With offices in four different states and approximately $200 billion in assets under administration, UMB Fund Services caters to a broad client base of more than 200 firms, including investment advisors, independent money managers, broker-dealers, banks, third-party administrators, insurance companies and other financial services providers. Included in the company’s services are mutual fund accounting, administration and tax, alternative investment services, investor services and transfer agency, distribution and finally, custody and cash management. Clients benefit from the company’s unparalleled and award-winning service, leadingedge technology, and the stability of a highly capitalized parent that’s been around for over 100 years. UMB Fund Services is an operating division of UMB Financial Corporation (UMBFC), a multi-billion-dollar, multi-bank financial holding company headquartered in Kansas City, Missouri. UMB Fund Services’ headquarters has been named a top workplace in southeastern Wisconsin for the past five years in a row. “We have continued to grow our business through innovation of turnkey products, expansion of our business via organic growth and acquisitions, and most importantly by providing our clients with the unparalleled customer experience. We remain focused on the fact that our people, and the talent, energy, and commitment they bring, are our most important assets. All of these assets could have contributed to our peers and clients voting for us, enabling our business to win this award. “Recent awards continue to underscore the highquality service that is delivered by our associates and our state-of-the-art technology offerings. Our mission moving forward is to continue to live up to these accolades and provide the industry with awardwinning client service and technology.” - Tony Fischer, President, UMB Fund Services. Client and AUA figures are as of 12/31/14. Distribution, custody and cash management services are provided by affiliates.
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Pension Fund of the Year – UK
Name: Paul Murphy, Head of Strategy & Business Development Email: paul.murphy@ thepensionstrust.org.uk Web: www.thepensionstrust.org.uk Address: Verity House, 6 Canal Wharf, Leeds LS11 5BQ Phone: 0113 234 5500
The Pensions Trust The Pensions Trust is an experienced provider of bundled high quality workplace pensions. They provide complete bundled DB solutions covering all the aspects required to run a pension scheme, with a risk profiled investment portfolio that helps clients manage their liabilities. We recently spoke to Paul Murphy, Head of Strategy & Business Development at The Pensions Trust, about being awarded Pension Fund of the Year - UK.
We would like to thank those clients who have nominated us for this prestigious award as we think this is recognition of the quality, cost effective and innovative service that we provide to our members and employers. The Pensions Trust is an experienced provider of pensions to over 2,400 organisations and 200,000 members with assets under management of £6bn. We are a not-for-profit organisation so have no shareholders and are run purely for the benefit of our members.
As DB specialists, we’ve been keeping pensions simple, accessible and easy to understand for nearly 70 years. Our Dynamic Portfolio offers a sophisticated diversified investment approach providing a wide range of growth assets including alternatives, a unique index-linked growth fund and a portfolio of LDI. The Pensions Trust has 29 stand-alone DB segregated schemes and nine multi-employer schemes with both DB and DC schemes. In October 2014, The Pensions Trust launched a new product offering called DB Complete. This is a fully bundled service proposition for legacy DB schemes. There are two investment options (Simplified and Dynamic) which offer different cost bands and services, meeting the needs of different types of employers and schemes. Over the past 20 years, the pension’s landscape has changed dramatically, with a rapid decline in the number of open DB schemes. Despite this, the private sector DB market remains significant, with more than £1 trillion of assets under management and over 6,000 schemes. However, these can be costly to administer and run. The burden of legislative change means that it can also be difficult to keep up to date with current requirements and legacy schemes can take up a lot of management time. Also it can be difficult to find willing members to take up trustee roles. The majority of DB schemes are run on core services provided by different professional entities. The Pensions Trust is committed to simplifying this process and bringing it all under one roof, letting the employer focus on running their business. Over recent years, the industry has had to respond to legislative changes, whilst offering attractive products for employers and members. In October 2014, a new organisational strategy was rolled out. The Trust has historically only operated in the not-for-profit /charity sector but from October 2014 we have decided to offer services across all sectors. Our five year plan will see the business initially focused on the legacy DB market while exploring our options with respect to 6 April 2015 DC market.
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Best Regulatory Advisory Firm for Hedge Funds – UK
Company: Robert Quinn Consulting Name: Robert Quinn Email: robert@robertquinn.co.uk Web: www.robertquinn.co.uk Address: 32 Duke Street, St James’, London SW1Y 6DF Phone: +44 (0)207 958 9127
Robert Quinn Consulting Ltd Robert Quinn Consulting Ltd is a financial regulatory compliance consul¬tancy providing tailored advice to financial services firms. We recently spoke to the Managing Director, Robert Quinn about the company and what it was like to win our award for Best Regulatory Advisory Firm for Hedge Funds – UK. Robert Quinn Consulting is honored to be recognised as the Best Regulatory Advisory Firm for Hedge Funds UK. We are pleased to be acknowledged by our clients and the industry. Our team of consultants are all senior compliance staff with significant in house experience. We are a totally independent business and are one of the only UK regulatory consultancy firms under one roof, fundamentally understanding both FCA and U.S. regulatory obligations. We work with our clients in partnership and really understand their businesses to provide effective strategic planning and guidance.
Robert Quinn Consulting was founded in 2007 to provide integrated FCA and SEC compliance consulting services to alternative asset managers. We have now expanded to CFTC, FINRA ESMA and EU regulations. We have also expanded the business into the following areas of advice: (1) National Private Placement Registration (2) Marketing services and distribution advice across Europe, Switzerland and the United States (3) FINRA regulation (4) FATCA (5) hosted regulatory solutions and (6) more robust global strategic planning. As clients’ obligations increase around the world, we are proud to be their trusted adviser and first port of call.
For our firm, 2014 was all about investing in people and technology to deliver a high quality AIFMD product. Starting with a dynamic gap analysis, we transitioned over 50 clients through the most comprehensive regulatory change in European history. Unlike many of our competitors, we remain as one of the largest independently owned compliance consulting firms in London. We differentiate ourselves by offering excellent customer service and expertise. Our consultants, who have an ownership interest in the business, have the tools to succeed and it shows. Clients are extremely happy with our service and remain our single biggest source of referrals. It is an exciting time to be in this industry with the rapidly changing regulatory environment in the UK, Europe and US. As the amount of knowledge needed is extensive and ever changing, more in house compliance teams now work with us to provide them additional expertise As we grow, we continue to invest in technology used by the largest corporate firms to service clients at the highest level. Moving to our own new offices in St James, London enabled us to further expand the team and grow the business. Our vision and values still focus on taking care of the client and we will remain an independent firm.
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Best Niche Income Strategy - Asia Boutique Investment Manager of the Year - Asia Company: EuroFin Asia Group (EFA Group) Name: Siti Rasiqah, Senior Marketing Manager Web: www.eurofinasia.com Address: 6 Raffles Quay #11-05 Singapore 048580 Phone: +65 6325 0150
EuroFin Asia Group (EFA Group) EuroFin Asia Group (EFA Group) is an independent specialty finance house offering investment opportunities across the capital structure spectrum, with a focus on real economy businesses. We recently spoke to Siti Rasiqah, Senior Marketing Manager at EFA Group about winning our Best Niche Income Strategy - Asia and Boutique Investment Manager of the Year – Asia awards and to find out more about the business itself. We are pleased that our investment strategy is acknowledged as a leading income strategy for this award. Being in the industry since 2003, it is also gratifying to know that boutique firms like us are being recognized. Our gratitude goes to our investors for their support and fidelity all these years. Of course, none of this would be possible without the hard work of our employees who are also key drivers to the success of our firm.
We take a sectorial approach in our investments, focusing on real economy opportunities. We manage asset-backed trade finance funds, specifically on the commodities and natural resources sectors. Our investment strategy delivers steady and nondirectional returns with low volatility while facilitating SME’s access to capital in a sustainable manner. In these uncertain and volatile markets, investors will seek income strategies that provide a stable return. Since we manage a lending strategy, this is a favourable environment for us as our performance has a low correlation to macro market conditions and other asset classes. In recent years, dramatic changes in the banking regulations and financial system have had a positive effect on EFA’s activity. The EU debt crisis led to a squeeze of trade finance availability especially for SMEs, therefore increasing demand for alternative financiers like us. While large banks are set to remain the main provider of short-term senior debt in the trade finance industry, there is a niche gap to be filled by non-banking financiers, like EFA. Our main competitive advantage is our long-term partnership with industry players. Over the past 12 years we have forged strong relationships with real economy partners. This network of clients is an invaluable source of captive assets that is unique to EFA. Our core competency lies in executing a specialized fund strategy efficiently, by utilizing our in-house capabilities and real economy know-how. With our industry expertise and networking, we believe we are well positioned to be a leading manager for real economy investments. Considering our future, our focus will still remain on real economic opportunities, as this is our area of expertise. With our strong network and long-term partnerships with industry partners, we will explore even more sustainable investments in these areas in the coming year.
22 International Fund Awards 2015
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www.acquisition-intl.com
Award for Excellence in Private Equity Fundraising
17Capital 17Capital is a specialist preferred equity investor in private equity funds. The firm recently closed its third fund with commitments of €500m. The Fund closed just a few months after being launched and exceeded the targeted fund size of €450m. Due to their successful fundraise, proven strategy and professionalism in the private equity industry, 17Capital has won our Award for Excellence in Private Equity Fundraising.
Pierre-Antoine de Selancy, Managing Partner www.17capital.com
Preferred equity is an attractive source of capital for investors to optimise the management of their private equity portfolios. Investors use preferred equity in two ways: to increase investment capacity without the constraints of debt financing; or to unlock liquidity by avoiding a sale on the secondary market. Increase investment capacity Private equity investors can raise capital to increase assets under management or to fund new or follow-on investments. Typical transactions include: a General Partner investing more in its portfolio companies, a manager of an evergreen or listed private equity vehicle making new investments, or a General Partner funding its team’s co-investment. Investors benefit from more flexible funding than bank debt: there is no liability, term, covenant, guarantee or cash coupon; and investors keep control/ownership of their private equity portfolios. Unlock liquidity Preferred equity’s other usage is an alternative for institutions considering a sale on the secondary market. Investors with high-quality private equity portfolios can generate liquidity to meet obligations (e.g. debt repayments, capital calls, etc.) or reduce private equity exposure. Typical transactions include: a Limited Partner looking to manage the strategy/asset allocation of its private equity portfolio, or a fund-of-funds accelerating distributions to meet upcoming capital calls. Investors benefit from more competitive funding than a secondary sale: institutions maintain ownership of their portfolios and the underlying fund manager relationships, and preserve the future-upside of their portfolios. (See case study).
High
Benefits of preferred equity funding
Flexibility of capital
Secondary sale
Low
Pricing competitiveness
Preferred equity
Unlock liquidity More competitive than secondary sale
Debt financing
Increase investment capacity More flexible than debt financing
High
17Capital 17Capital is dedicated entirely to making preferred equity investments in private equity funds. The firm was established in 2008 and has €800m under management across three funds. 17Capital has a highly-experienced international team, and is able to invest between €5m to €300m in concentrated or diversified global portfolios.
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Case study: Limited Partner looking to generate liquidity LDS Partners, a risk management consultancy for the private equity industry, recently conducted research illustrating the advantages of preferred equity funding versus a traditional secondary sale. •
A Limited Partner with a well-diversified portfolio is looking for €60m.
• -
Portfolio metrics Five 2005-vintage growth and buyout funds focused on Europe and North America Total commitments of €123m Called so far: €113m Past distributions of €53m Current net asset value of €120m
- - - -
Results No action taken
Preferred equity funding* €60m
Secondary sale at par €60m
2.0x 14%
1.8x 14%
1.4x 13%
Immediate liquidity
No
Yes Partial
Yes Full
Maintain portfolio ownership
Yes
Yes
No
Keep underlying fund-manager relationships
Yes
Yes
No
Preserve future-portfolio upside
Yes
Yes
No
Expected final performance for Limited Partner
*A preferred equity transaction is structured with a senior preferred position, along with a contractual return and priority on portfolio distributions.
Conclusion For the Limited Partner to sell on the traditional secondary market and to preserve a final return of 1.8x, it would need to transact at a 40% premium to net asset value – an unrealistic price in any market.
The institution’s decision to either do nothing, sell on the secondary market or use preferred equity funding will ultimately depend on its liquidity needs and risk appetite.
However, what the case study does is identify the advantages of preferred equity funding for a Limited Partner with a high-quality portfolio: an attractive final return and preservation of future portfolio-upside.
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www.acquisition-intl.com
Best in International Fund Services - Channel Islands
Name: Richard Hansford Email: Richard.Hansford@ bedellgroup.com Website: www.bedellgroup.com
Bedell Fund Services Bedell is a leading, award winning provider of legal and fiduciary services with over 330 partners and staff across key financial centres. They recently obtained our Best in International Fund Services - Channel Islands award. We recently spoke to Richard from Bedell Fund Services about the services that they provide and general information about their business. Bedell Fund Services specialises in private equity fund administration, venture capital, real estate fund administration, infrastructure funds, fund of funds and open-ended private funds. We provide fund administration services to both unlisted funds and listed funds from our offices in Jersey and London. Our fund administration services include: Fund launches, Investor reporting and communication, Cash management, Accounting and preparation of statutory financial statements, corporate administration, Directorship funds and manager/ Bedell Head Office
general partners. Along with these services we also accommodate trustee services, Nominee and escrow services, Services to carried interest and co-investment vehicles, Depositary services and FCA Authorised Operator. Since our priority is to provide tailored fund administration solutions delivered with exceptional service to all our clients. We offer a range of service levels, all of which are led by the director and with full technical support. Subject to approval, we will support the outsourcing of functions to a client, promoter or a third party that they have nominated. Due to our close association with Bedell Cristin, a leading offshore law firm, our clients benefit from expert fund administration services as well as the expertise of fund lawyers when needed. We also work with non-executive directors who have extensive experience off the asset classes of the funds administered and corporate governance issues. Regarding technology, Bedell Fund Services uses FrontInvest. This is a platform provided by eFront. FrontInvest is a web-based solution that offers an integrated platform for solutions covering front, middle and back office operations across the alternative asset industry. FrontInvest has been configured and developed to create a controlled environment to meet international standards. • • •
Over 80 funds under administration Over GBP30 billion of assets under administration Over 20 years providing fund services
Experience and commitment to excellence have earned us a strong client base of world class institutions, corporates, high net worth individuals and intermediaries. Our reputation is also reflected in consistent top-tier rankings in leading industry directories. Our clients particularly value the quality and continuity of service that comes from a partner- and director-led approach and an exceptionally low staff turnover. These strong and long-term client relationships are based on openness, accessibility and mutual respect. In addition to this, all of our senior staff have over 10 years of private equity or real estate fund administration experience.
26 International Fund Awards 2015
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www.acquisition-intl.com
Best Creative Industries Investor – UK
Edge Investments Edge Investments is a specialist fund manager focused on the creative industries sector.
Name: David Glick Email: david.glick@edge.uk.com
Edge invests solely in creative businesses and the technology which powers them. Whilst this diverse sector embraces everything from television to book publishing, computer games to fashion, licensing and merchandising to music, common to most businesses in the sector is the creation, acquisition, management, licensing and exploitation of intellectual property, a business world in which Edge is very well versed. Edge focuses on intellectual property and content businesses. Its portfolio ranges from family entertainment to live music, data analytics for computer games to in video advertising technology and second screen entertainment. “For an investor which prides itself on being a specialist, we have a very diverse portfolio,” says Edge Investments Founder and CEO David Glick. “But that reflects the diversity of the creative industries themselves.” 2014 saw several Edge Investments portfolio companies achieve significant milestones. London-based Coolabi has long been a favourite of Edge’s investors as it is focused on the creation, production, licensing and exploitation of family entertainment. Coolabi’s properties range from children’s classics like The Clangers and Bagpuss, to more recent creations such as international preschool hit Poppy Cat, the capable and endearing ginger tabby cat, Beast Quest and Scream Street. A significant breakthrough for Coolabi, and one which has created headlines in the national media is the news that it is to produce a brand new series of The Clangers to be broadcast by the BBC.
“We have seen Coolabi blossom since we funded its management buy-out off the AIM market,” says David Glick. “This is a business really hitting its stride.” Also making headlines in 2014 was Mirriad whose hitech in video advertising platform provides an answer to the growing phenomenon of viewers skipping advertising. By inserting adverts, brands and products seamlessly into shows themselves using its digital technology, Mirriad is giving advertisers a new and more effective advertising option, broadcasters and content owners a new revenue stream and viewers a more seamless, uninterrupted viewing experience. Mirriad’s great coup in 2014 was to strike a deal with the world’s biggest record company Universal Music, brokered by Edge Investments, which will pave the way for its technology to be used in Universal’s music videos. “Mirriad typifies our hands on approach to investment,” says Glick. “We are passionate about helping take our investee companies to the next level.” Edge’s best-known fund is Edge Performance VCT, the UK’s largest venture capital trust by funds raised. “Running a fund which relies on individual investors committing their own money is a great privilege and brings with it a special responsibility, one we take very seriously.” Following the success of Edge Performance VCT, Edge is now plotting the launch of a significant new fund. “The creative economy employs 2.55 million people in the UK and accounts for approximately 10% of the entire UK economy” says Glick, “and latest figures show annual growth of 9.9%. The biggest challenge for growing creative businesses continues to be access to finance. The greatest challenge facing investors keen to access that growth is identifying where to invest in a sector where specialist knowledge is paramount – and we are very happy to do our bit to bridge that gap.”
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www.acquisition-intl.com
Name: Helen Hatton, Managing Director. Email: h.hatton@sator.je Website: www. satorfinancialregulation.com Address: Spectrum 8A, Gloucester Street, St Helier Jersey JE2 3DB, Channel Islands Phone: 00 44 (0) 1534 617298
Sator Regulatory Consulting Limited Best in Fund Consulting & Restructuring – Jersey Sator Regulatory Consulting Limited is a multi-disciplinary firm based in Jersey. They specialise in all matters concerning governance, for example, risk, regulation and compliance. We recently spoke to Helen Hatton, Managing Director of Sator after winning our Best in Fund Consulting & Restructuring – Jersey award. Sator is honoured to have achieved two awards in this series. As Managing Director, I am taking this opportunity to dedicate this communication space to our clients to thank them for their support and without whom the firm would not have grown. Sator is now a strong team of 15 colleagues, comprising lawyers, accountants, bankers, trust, fund, insurance and securities professionals. We have former regulators and former police investigators. I am very proud of the team and particularly of the culture of the firm which is about commitment and understanding. We are committed to improving the lot of our clients, to smoothing their regulatory burden and making clearer the actions required to achieve solution. This is a pragmatic approach to what are often complex challenges. A particular area of challenge for many clients relates to obtaining, interpreting and updating client due diligence information to standards necessary to meet the stringent anti money laundering regime requirements in place today.
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In response to this, Sator has developed a wholly compliant solution by which clients can outsource their AML/CFT administrative processes in regard to the verification, interpretation, risk assessment and monitoring of CDD. KYC Worldwide Limited is a sister company to Sator Regulatory Consulting Limited and enables me to be proud to say we now have a Sator family of companies. Sator and KYC Worldwide are dedicated to assisting clients simplify the complex regulatory landscape. I take this wonderful opportunity to thank the clients who have allowed us that privilege to date and to express my hope that reading of our success in these awards, and of our approach to our client relationships, you will be moved to contact us.
Sunset at Corbiere
Best for Finance Consulting Services - Channel Islands Sator Regulatory Consulting Limited is a Jersey based multi-disciplinary firm which specialises in all matters concerning governance, for example, risk, regulation and compliance. We recently spoke to Helen Hatton, Managing DiÂŹrector of Sator after the company won our Best for Finance Consulting Services Channel Islands award. Our target market focusses on offshore and emerging markets where we work directly for financial services businesses, regulatory authorities, governments and agencies. Sator has extensive experience of international standards across banking, securities, insurance and the trust and corporate service provider sectors. In addition to prudential and conduct of business regulatory issues, we have a very deep understanding of anti money laundering, terrorist financing, bribery and corruption, and sanctions matters and deliver a truly multi disciplinary team to client assignments. The skills set we bring relates firstly to building the regulatory framework. Sometimes this building is done by drafting new public policy and related law for government. However, on other occasions it is a matter of drafting company policies and associated procedures by which our corporate clients meet their compliance obligations. The second area Sator offers is experience in capacity building by assisting in recruitment, the provision of interim or permanent staff; project managing remediation teams and delivering
specialist training, face to face and via a range of e learning programs, together with high level board training and board effectiveness reviews. The third area of our skills set is investigatory in nature. We have acted as financial sector expert in IMF and FATF jurisdictional evaluations, as reporting professionals or inspectors for regulatory authorities in their statutory investigations and as an independent complaint investigator for financial services businesses determined to get to the bottom of something that has gone wrong in their firm. The final area where Sator makes a real difference to our clients is that of offering assurance. Sator has undertaken many gap analyses and health checks for a wide range of financial services businesses across their whole operation or in regard to one element of it. Assuring directors or shareholders that the business has strong controls and efficient risk management systems in place, our assurance reports provide a clear blue print for improvement enabling businesses to evidence excellence and keep on top of their regulatory obligations. Throughout our work, Sator is committed to delivering detailed analysis with sensible, proportionate recommendations and practical solutions.
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Best New Fund - The Castellain Income Fund
Website: www.cascap.co.uk Address: Castellain Capital LLP 34 New Cavendish Street London, W1G 8UB Phone: 020 7034 1911
Castellain Capital LLP Castellain Capital LLP is a London based independent and award winning investment manager, which was founded in 2009. We would like to congratulate the company on recently winning our Best New Fund award. They are fundamental value investors that adopt a research intensive approach to identifying opportunities.
This boutique investment manager is focused on asset backed companies and high yield securities. With significant management capital commitments in the funds we manage, our interests are aligned with those of our investors. Our research is independent, fundamentals driven, rigorous and conservative. We engage with our investee companies to assist in narrowing the gap between the current price and the underlying value. We provide high yield fixed income advisory services offering proprietary research and advice to clients. We only publish research on those securities which offer highly compelling valuations and as such only recommend a small number of highly vetted securities. Preservation of capital while generating a secure inflation beating income is our primary focus
Advisory Portfolio Management is for clients who wish to be actively involved in the decision making process with client approval required prior to any transaction. We also provide proprietary research and advice to clients focusing predominantly on high yield securities. We only publish research on those securities which offer highly compelling valuations and as such only recommend a small number of highly vetted securities. Castellain Income Fund The Castellain Income Fund’s objectives include the preservation of capital, distributing a cash yield greater than inflation and achieving moderate capital growth, over the medium term, through investing in a high conviction portfolio of listed debt, debt-like and well financed equity securities. This particular fund was launched in December 2013 and is managed by Stephen Ackerman. Castellain Value Fund The Castellain Value Fund, previously called Castellain Cavendish, targets high absolute returns with a moderate risk profile. It was launched in February 2009 and has delivered the following monthly returns since inception. It primarily invests in the shares of listed investment companies who trade at a discount to their reported net asset values. We try to identify catalysts which will cause either the discount to net asset value to narrow or the net asset value to rise. Where appropriate, we mitigate market risk through hedging, although we often view the discount itself as a form of hedge. The portfolio manager of the fund is Robert Goldsmith. We currently have a very successful track record of investment performance. We also manage one existing fund together with a number of advisory accounts and are about to launch a new, income oriented fund. We seek superior risk adjusted returns through investing in securities that trade at significant discounts to our estimates of their intrinsic value. Our research is independent, fundamentals driven, rigorous and conservative. We engage with our investee companies to assist in narrowing the gap between the current price and the underlying value.
32 International Fund Awards 2015
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www.acquisition-intl.com
Best for Bespoke Investment Portfolios – UK
Address: 11 Strand London, WC2N 5HR Email: businessdevelopment@ psigma.com Website: www.psigma.com
Psigma Investment Management Psigma Investment Management build bespoke investment portfolios, tailored to your specific objectives. We recently awarded them with our Best for Bespoke Investment Portfolios – UK award due to their hard work and excellence.
Our bespoke approach is central to the way we do business. We assess the customers individual circumstances, aspirations, goals and appetite for risk. Then we put together an investment portfolio that is designed to meet the unique investment objectives. We then monitor and manage the portfolio, adjusting it as circumstances change. We are part of the Punter Southall Group, a financial services organisation offering a unique combination of actuarial, pension’s consultancy, administration and investment services. Our investment strategy is based on reducing risk through diversification. Creating a portfolio of different kinds of investments is less risky than investing in a single asset class. Our aim is to ensure that customer’s investments take advantage of the ups, while minimising the effects of the downs. We first define exactly what you want from your investment before designing a solution to suit your requirements. We set clear targets based on your individual needs, and then steadily work towards those targets. We develop a portfolio specific to you, then adjust and fine tune it as your aspirations and circumstances change over time. Our clients have neither the time nor the resources to keep up with the markets each day, so it makes sense for us to manage their portfolios within a clearly agreed framework. The Investment Director
maintains regular contact, keeping clients up to date with investment reports. Transparency, clarity and integrity are at the heart of all we do. Our transparent approach extends to our fee structure. We know how much it costs to run a portfolio and we think it’s important you’re able to see what you’re paying for. We’ve created a clearly defined structure that includes administration, account management and reporting, with no hidden charges. We pay attention to ensure our communications are clear, whether in person, by phone or email. It is critical to ensure clients achieve investment objectives and that we build a relationship together. A company is only as good as the people it employs. At Psigma, we have brought together a team that blends both market wisdom and specialist expertise. Deciding who manages your investments isn’t easy. However, here are five good reasons why our clients choose Psigma. Firstly, it’s all about the client. Taking the time to really understand our customers and their objectives is essential to creating a relationship and a customised portfolio that meets your needs. Secondly, we are relatively small compared to some of our competitors. This means we can be more agile and more responsive to the demands of the markets. Never the less, being part of a much larger Group, we have significant technical and financial resources behind us. Thirdly, our proven performance speaks for itself. We’re not just talking about the real, risk adjusted, inflation beating returns we achieve for our clients year after year. We’re also talking about how we function as a team and the personal service you receive. Fourthly, what you see is what you get. They know exactly how much they’re paying, and what the charges include. Finally, we are experts at what we do. As well as our own extensive expertise, we have the added weight of the Punter Southall Group’s wide ranging financial and specialist resources to draw on, bringing real peace of mind.
34 International Fund Awards 2015
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www.acquisition-intl.com
Award for Excellence in Private Investment Fund Services – France Address: 201 Bishopsgate London EC2M 3AF United Kingdom Phone: +44 20 3130 3000 Website: www.mayerbrown.com
Mayer Brown Mayer Brown is a global legal services provider, advising clients across America, Asia and Europe. Their geographic strength means they can offer local market knowledge combined with global reach. They were recently awarded our title of Excellence in Private Investment Fund Services – France. We are noted for our commitment to client service and our ability to assist clients with their most complex and demanding legal and business challenges worldwide. We provide legal services in areas such as banking and finance, corporate and securities, litigation and dispute resolution, antitrust and competition, US Supreme Court and appellate matters, employment and benefits, environmental, financial services regulatory & enforcement, government and global trade, intellectual property, real estate, tax, restructuring, bankruptcy and insolvency, and wealth management. We serve many of the world’s largest companies. Our company is committed to diversity and inclusion because it is the right thing to do and because it makes sound business sense. Diversity and inclusion broadens our knowledge and skills, heightens our awareness of and sensitivity to cultural issues and empowers us to respond to the challenges of serving a clientele that spans the globe. Diversity and inclusion are hallmarks of Mayer Brown heritage and will be key drivers of our future success.
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Mayer Brown is a leader in developing innovative approaches to pro bono work. We were the first major law firm to develop and implement a pro bono strategic plan and were among the first to integrate pro bono and training. We strive to pioneer projects that will have a substantial impact, both locally and globally. In 2010, our efforts were recognized by The Financial Times, which rated three Mayer Brown pro bono projects as among the most innovative in the United States. Mayer Brown is also committed to an eco-friendly work environment. We stress global education on environmental issues and focus on local action, keeping personnel informed about local activities and opportunities.
Best for Risk Management - USA
Company: Doherty Advisors Name: Robert Doherty, CIO & Managing Partner Email: ir@dohertyadvisors.com Web: www.dohertyadvisors.com Address: 400 Madison Suite 6A, New York, NY 10017 Phone: +1 646 216 2308
Doherty Advisors Doherty Advisors is an options-focused hedge fund manager that aims to provide consistent risk adjusted returns for institutional investors.
We are pleased to be nominated again for the Best Risk Management Award USA, after winning last year. Throughout our 12-year track record, we have produced positive returns with only one negative year. We thank our clients and peers for their recognition of our disciplined and repeatable approach to the options markets.
Doherty Advisors is taking further steps to increase its global presence and continue to adapt to the ever changing market and regulatory environment. We are optimistic that our time-tested approach to managing clients’ money in various trading environments will continue to deliver consisted risk adjusted returns.
The senior management team has over 90 years of options and derivatives experience. We offer a 12 year track record and a return stream that regularly outperforms other options strategies, which has distinguished us in the industry.
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www•peadm•com Denmark • Guernsey • Sweden P.O. Box 669 • Sarnia House • Le Truchot • St Peter Port • Guernsey • GY1 3SR • Channel Islands • T: +44 1481 730988 Private Equity Administrators Limited is regulated by the Guernsey Financial Services Commission and licensed under both The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.