17 minute read
INVESTCORTP-TAGES
INVESTCORP-TAGES
BEST SEEDING PLATFORM
During the challenging last 18 months, Investcorp-Tages – this year’s winner of Best Seeding Platform – has been focused on how to continue best serving its clients.
Lionel Erdely, Co-CEO and CIO at Investcorp-Tages, says: “At the height of the crisis, we had a strong emphasis on capital preservation. As the situation normalised and improved, our investment team was focusing on identifying the new opportunities arising from the fluid environment.”
The company has also been able to leverage its larger and more global investment infrastructure, resulting from the integration of the Absolute Return Investment teams of Investcorp and Tages. “Our focus on absolute return and high alpha strategies has been very relevant in the challenging environment we have been navigating,” Erdely adds. Over the period, the company’s assets have grown by USD1 billion to reach USD7.3 billion as of 1 October 2021.
In a context of tight risk premia across the board for traditional assets, Erdely believes there is a growing need for investors to find investment opportunities offering optimal return and diversification properties.
“We are noticing a greater investor interest in solid and consistent alpha generation which translates into an increased need for steady and new sources of alpha above and beyond a well-contained market risk exposure,” he says. “We anticipate this trend will continue and accelerate.”
INDUSTRY TRENDS
Another accelerating trend is the shift towards more socially-conscious investing, such as ESG and impact investing. Investcorp-Tages believes this will have a profound and secular impact on financial markets, corporates, asset owners and asset managers.
“We have incorporated ESG in practices across our businesses,” Erdely says. “We are proud to have recently launched our first impact fund in Europe and are increasing our resources dedicated to this area.”
The strategic partnership dimension has become paramount to Investcorp-Tages’ clients, as the level of customisation needed to achieve their investment objectives increases. The company has therefore developed a robust, broad and flexible investment infrastructure to address the context of additional regulatory, reputational and liability driven constraints.
Erdely points to insurers’ desire to increase their exposure to alternative strategies and concurrent need for solutions that will take into account solvency cost and requirements, as well as ESG and sustainability criteria. “State of the art technology to access very granular and customised reporting is also becoming more important to our clients,” he adds.
Investcorp-Tages has continued to be active in the seeding space, with three new strategic partnerships established since the set-up of the joint venture. The company has also just launched its first social impact fund focusing on European firms, and has extended its fund due diligence capabilities to the private debt sector with the launch of a new private debt fund.
In the coming months, Erdely expects the industry to continue to grow and strengthen. He predicts the greater need for customisation as investors increasingly include diversification in their allocation criteria and thus require flexibility to leverage attractive investment opportunities. The increased focus on ESG considerations, and more capital deployed into seeding, as well as hybrid products (combining different liquidity profiles or merging private equity structures or hedge fund), increased interest in thematic investing, and solid AuM growth in cryptocurrency funds will also be burgeoning themes.
LIONEL ERDELY
CO-CEO, CIO, INVESTCORP-TAGES
Prior to joining Investcorp in 2013, Lionel Erdley worked at Lyxor Asset Management for 11 years, where he held the dual position of Chief Investment Officer (2004 – 2013) and Chief Executive Officer of Lyxor Inc (2009 – 2013). Prior to joining Lyxor, he was a Vice President in the Equity Corporate Finance department at Société Générale, where he worked on several IPOs, capital increases and convertible bond issues. Erdley has an MBA Degree in Finance from the École Supérieure des Sciences Économiques et Commerciales (ESSEC) in Paris.
JONATHAN FEENEY
MANAGING DIRECTOR, INVESTCORP-TAGES
Prior to joining Investcorp in 2003, Jonathan Feeney worked for Cazenove Capital Management in London where he was a member of the Investment Strategy Group and Investment teams. He has also held positions in management consulting and quantitative analysis, and has more than 25 years’ of investment experience. Feeney holds an MSc in Economics and Finance from the University of Bristol and the IIMR (UK equivalent of the CFA).
Investcorp-Tages is an independent alternatives specialist, providing bespoke solutions with a focus on emerging managers, hedge funds, private debt and impact investing
We launched as a 50/50 joint venture between Investcorp and Tages Group in May 2020, leveraging our combined history and expertise in alternative assets since 1996. Investors needs remain at the core of our firm.
A global leader in alternative investing with a diverse and institutional client base across three continents
$7.6bn firm assets * $2bn+ seed capital deployed 25+ industry awards combined 3 offices located in New York, London and Milan 1 independent UCITS platform
SH
Seeding & Hedge Fund Partnerships
• $8bn AUM of seeded managers & partnerships • 40+ seeding partnerships since launch • Seeding program launched in 2004 • Alternative UCITS platform in 2016 • Climate action fund seeded in 2021
MM
Multi-Manager Solutions
• $3bn+ AUM in multi-manager portfolios • 15+ customised mandates • Hedge funds investments platform established in 1996 • First multi-manager solution in 1997 • Impact & private debt investing expertise
SO
Special Opportunity Portfolios
• $600m+ AUM in special opportunities • 11 special opportunity portfolios (SOP) launched since inception • Deployed proprietary capital in market dislocation opportunities since 2006 • First SOP for clients launched in 2011
QS
Quantitative Solutions
• Cross-asset research and investments launched in 2015 • First customized alternative risk premia fund launched in 2016 • First commingled defensive fund launched in 2018
World-class talent with an experienced and global investment team
18 investment professionals 20 years of industry experience on average 8 years with the firm on average
Clients Come First
Transparency &
Integrity Excellence in Team work Performance
Entrepreneurial Spirit
Lionel Erdely
Co-CEO/CIO
Salvatore Cordaro
Co-CEO/CIO
Combined 46 years experience in alternatives
Tages Capital is a signatory of United Nations Principles for Responsible Investment (UNPRI)
ESG & Responsible Investing Ethos
Our commitment to sustainability is applied both externally, as part of ESG incorporation into the investment process, and internally through the adoption of sustainable business practices.
ESG Policy
(click icon to view)
Please note dates stated prior to May 2020 are from either Investcorp’s ARI business or Tages Capital LLP.
* Assets refers to revenue generating assets which includes AUM and assets on which fees are earned and committed capital. Data as of 30th June 2021. US regulatory firm assets are $1.4bn. Intended for recipient use only.
www.aifundservices.com
Akram & Associates is a trusted adviser to alternative fund managers – the cornerstone of our business. Our laser focus on this industry allows us to provide highly specialized accounting and tax services that are accurate and affordable. Our team of professionals is well versed in the nuances of hedge fund, private equity fund, venture capital fund, CTA and family office entity structures and strategies, positioning Akram & Associates as an expert resource to both emerging managers and sophisticated managers overseeing multiple funds.
www.align.com
As a premier Managed Service Provider, with a specialty in the highly demanding financial services vertical, we understand the complexities of running a successful IT infrastructure. Align’s comprehensive Managed IT Services encompass everything from cloud computing and outsourced IT support, to vulnerability management and cybersecurity services. Further enhancing our service capabilities, Align is a Microsoft Tier 1 Cloud Solutions Provider (CSP) and Gold Partner, as well as an AWS Select Consulting Partner. By leveraging the Align Managed Services Platform – our complete Managed IT Services Stack – clients can focus on strategic priorities instead of daily IT operations.
www.alliant.com
Alliant Insurance Services is a specialty insurance brokerage firm focused on delivering clients market leading insurance brokerage and consulting services. As one of only a few brokerage firms with a dedicated financial institution industry practice, our team sets the standard for service excellence, product expertise and complex claims resolution. We have become a destination of choice for top industry talent, and the insurance brokerage firm of choice to the hedge fund industry.
www.anchin.com
Anchin’s mission is to be a premier accounting and advisory firm passionately delivering expert assurance, tax, and advisory services solutions. From small, entrepreneurial startups to established funds, Anchin provides high level, high touch service to financial services firms. We are the right sized firm for you – we provide maximum value, senior level guidance and superior service.
www.arcesium.com
Arcesium is a global financial technology and professional services firm, delivering post-investment and enterprise data management solutions to some of the world’s most sophisticated financial institutions, including hedge funds, banks, institutional asset managers, and private equity firms. Expertly designed to achieve a single source of truth throughout a client’s ecosystem, Arcesium’s cloud-native technology is built to systematize the most complex workflows and help clients achieve scale. Building on a platform developed and tested by investment and technology development firm, the D. E. Shaw group, Arcesium was launched as a joint venture with Blackstone Alternative Asset Management. J.P. Morgan, another large client, later joined as our third partner. Today, Arcesium services over $490 billion in global client AUM with a staff of over 1,450 software engineering, accounting, operations, and treasury professionals.
www.btig.com
As the most trusted platform for understanding online behavior, millions of people use Similarweb’s insights daily to strengthen their knowledge of the digital world. We empower anyone — from the curious individual to the enterprise business leader — to make smarter decisions by understanding why things happen across the digital ecosystem
www.citco.com
The Citco Group of Companies (Citco) is a leading provider of asset servicing solutions to the global alternative investment industry. With over $1.5 trillion in assets under administration and over 8,000 staff deployed across 40 countries, Citco’s unique culture of innovation and client driven solutions has provided Citco’s clients with a highly valued partner for five decades. Having grown organically into one of the largest asset servicers in the industry, Citco’s Fund Services division offers a full suite of Middle Office services including Treasury and Loan handling, Back Office services including daily NAV calculations and Investor services. Citco’s front-to-back offering combines front-end portfolio capture and real time position monitoring using proprietary Æxeo Technology with reporting delivered by CitcoOne’s industry leading visualisations and dashboards.. In addition, corporate and legal services, regulatory reporting, risk reporting, tax services and financial statement production are amongst a suite of services that are offered to clients.
www.cohnreznick.com
CohnReznick LLP is one of the top accounting, tax, and advisory firms in the United States, combining the deep resources of a national firm with the hands-on, agile approach that today’s dynamic business environment demands. With diverse industry expertise, the Firm provides the alternative investment community and companies with the insight and experience to help them break through and seize growth opportunities. The Firm, with origins dating back to 1919, is headquartered in New York, NY with 2,700 employees in offices nationwide. CohnReznick is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.
www.copper.co
Copper is transforming how institutional investors engage with digital assets, providing market-leading infrastructure in addition to custody, trading and prime brokerage solutions. Our award-winning custody application leverages the genius of multi-party computation (MPC) encryption and can be configured to support cold, warm, and hot wallet solutions. Asset managers are further protected by our pioneering ClearLoop network, which enables off-exchange trading and settlement at tier-1 digital asset exchanges. An offering enhanced by the availability of uncollateralised lending.Copper’s secure wallet architecture is available as a standalone application, a mobile app, and a browser extension for smart contract signing.
www.cowen.com
Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm offering investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing, commission management services and actively managed alternative investment products. Cowen focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, the Company is headquartered in New York and has offices worldwide. Learn more at Cowen.com
www.fisglobal.com
FIS is at the heart of the commerce and financial transactions that power the world’s economy. We are passionate about helping businesses and communities thrive by advancing the way the world pays, banks and invests, serving more than 20,000 clients and more than one million merchant locations in over 130 countries. For more information about FIS, visit http://www.fisglobal.com.
www.hedgemark.com
HedgeMark, a BNY Mellon company, specializes in supporting institutional clients in the development and operation of their own private hedge fund dedicated managed account (“DMA”) platforms. Our DMA solution is aimed at supporting asset owners and asset managers seeking increased customization, transparency, control and governance around their hedge fund investments. HedgeMark’s platform assets have reached over $37 billion as of August 31, 2021. BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets.
www.horseshoeglobal.com
Leading the way in integrated ILS solutions, Horseshoe, an Artex Risk Solutions company, is the world’s largest ILS service provider. Powered by the talent of 100 ILS professionals and operating in all major ILS locations, Horseshoe specializes in insurance management, risk transformation, fund administration, advisory and corporate services. With a market share in excess of 50% supporting a broad range of structures, Horseshoe facilitates all types of ILS transactions and platforms. This depth of market penetration enables unique insight into the ILS industry offering data, trends and themes. We deliver numerous benefits to clients, including the ease of accessing solutions and a synergy that comes as a direct result of heightened levels of communication, coordination and governance. This approach provides peace of mind that transactions are executed in both a timely and compliant manner, an essential commodity in the modern financial services industry.
www.investcorptages.com
Investcorp-Tages is a global multi-manager investment firm with offices based in London, New York and Milan. As a leading global multi-manager investment firm, Investcorp/Tages product portfolio includes: multi-manager portfolios across hedge fund strategies, private debt and impact investments, seeding and acceleration partnerships, thematic special opportunity portfolios, risk-premia and cross-asset strategies, and alternative UCITS. Investcorp and Tages Group entered into a 50/50 partnership in May 2020 by merging Investcorp’s Absolute Return Investments (ARI) business and Tages Capital LLP, the absolute return and multi-manager solutions subsidiary of Tages Group, to form Investcorp-Tages. The partnership brings together Tages Capital LLP and Investcorp ARI’s investment expertise and complementary footprints in seeking to create a global absolute return platform.
www.jefferies.com
Jefferies Group LLC is the largest independent, global, full-service investment banking firm headquartered in the U.S. Focused on serving clients for nearly 60 years, Jefferies is a leader in providing insight, expertise and execution to investors, companies and governments. Our firm provides a full range of investment banking, advisory, sales and trading, research and wealth management services across all products in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company.
www.linedata.com
Whether you’re an institutional manager or a wealth advisor, Linedata’s innovative Asset Management Platform – AMP – delivers all your business needs on a single platform to adapt nimbly to our changing world. AMP leverages a cloud-based technology architecture alongside robust core software for a seamless, enhanced user experience. You can layer in new features across the investment cycle with ease, for better integrations, performance, and scalability. A host of special features, including an intuitive trading user interface and web-based model management delivers value and drives growth, so you can reimagine your operations and respond to any challenge. We are 1300 strong in 20 locations serving over 700 clients. Whatever is on your mind today, Linedata’s award-winning service teams are ready to listen and help drive your business forward.
www.opusfundservices.com
Established in 2006, Opus Fund Services is an award-winning independent and privately-owned full-service global fund administrator providing automated, integrated middle and back office administration services to hedge funds and asset management firms. Opus has offices in Bermuda, New York, Chicago (Naperville), San Francisco (Brentwood), Manila, Halifax, and Dublin. Opus Fund Services (Bermuda) Ltd. is licensed by the Bermuda Monetary Authority under the Investment Funds Act 2006. Opus Fund Services (IRE-Admin) Limited is regulated by the Central Bank of Ireland.
www.peaksstrategies.com
Founded by Thomas Walek, Peaks Strategies is an independent marketing communications firm that provides innovative and impactful solutions to private and public clients in global capital markets, alternative and traditional asset management, fintech, and financial and professional services. We build long term relationships with clients as we work with them to define, differentiate, promote and protect their reputations and brands in today’s demanding marketplace. Peaks Strategies provides integrated and strategic communications from inception through execution. We put our clients first and measure our performance based on their long term success.
www.rfa.com
RFA is the technology partner to alternative investment firms who require end-to-end cloud, cybersecurity, infrastructure and application solutions. RFA is a global, next-generation MSP with a distinguished 30-year pedigree Unlike other industry offerings, RFA does not put firms “in a box”; its culture of innovation and thought leadership empowers businesses to compete how they want to - securely.
www.sadis.com
Sadis & Goldberg maintains a diverse, business-oriented practice focused on investment funds, litigation, corporate, real estate, regulatory, tax, and ERISA. Drawing on the experience and depth of our attorneys in these distinct areas, we can leverage each attorney’s industryspecific knowledge to help our clients succeed. This collaborative approach brings to the table a collective insight that contributes to sensible, efficient resolutions, and allows us to remain attentive to the cost and time sensitivities that may be involved. The firm’s clients include domestic and international entities, financial institutions, hedge funds, private equity funds, venture capital funds, buyout funds, commodity pools, and numerous corporate and business entities operating in a variety of industries around the world.
www.sentieo.com
Sentieo is a financial and corporate research platform for executives, investment analysts, and researchers that offers them the insights, speed, and confidence they need to make informed strategic decisions so they can outperform the market and gain a competitive edge. Serving a global customer base of over 900, including 600 institutional investment firms and Fortune 500 corporations, Sentieo is the first platform to support the complete financial and corporate workflow.
www.similarweb.com
As the most trusted platform for understanding online behavior, millions of people use Similarweb’s insights daily to strengthen their knowledge of the digital world. We empower anyone — from the curious individual to the enterprise business leader — to make smarter decisions by understanding why things happen across the digital ecosystem.
www.ssctech.com
SS&C Technologies is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency. SS&C’s unique business model combines end-to-end expertise across financial services operations with software and solutions to service even the most demanding customers in the financial services and healthcare industries. SS&C owns and operates the full technology stack across securities accounting, front-to-back-office operations, performance and risk analytics, regulatory reporting, and healthcare information processes. SS&C’s trusted and proven technology delivers an unparalleled level of scalable capabilities for the most complex portfolios, the most sophisticated strategies, and the highest volumes of transactions. Through a series of carefully selected acquisitions and organic growth, the breadth and depth of SS&C’s expertise in financial services and healthcare technology are unmatched.
www.umb.com
UMB Fund Services provides a customizable,proprietary technology platform foraccounting, recordkeeping and reporting forprivate equity, hedge funds, funds of funds,opportunity zone funds, private debt, realestate and venture capital. Our full-servicelineup includes fund administration andaccounting, investor servicing, tax preparationand reporting, and custody. UMB’s flexiblesolutions, high-touch service and productexpertise are backed by the stability of ahighly capitalized parent that has been aroundfor 100+ years. Visit us atumb.com/fundservices.
www.waystone.com
Waystone leads the way in specialist services for the asset management industry. Partnering institutional investors, investment funds and asset managers, Waystone builds, supports and protects investment structures and strategies worldwide. With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now serving assets under management in excess of $1Tn. Waystone provides its clients with the guidance and tools to allow them to focus on managing their investment goals with confidence.
FEATURING
AKRAM & ASSOCIATES, ALIGN, ALLIANT, ANCHIN, ARCESIUM, BTIG PRIME BROKERAGE, CITCO FUND SERVICES, COHNREZNICK, COPPER.CO, COWEN OUTSOURCED TRADING, FIS, HEDGEMARK, HORSESHOE FUND SERVICES, INVESTCORP-TAGES, JEFFERIES, LINEDATA, OPUS FUND SERVICES, PEAKS STRATEGIES, RFA, SADIS AND GOLDBERG, SENTIEO, SIMILARWEB, SS&C TECHNOLOGIES, UMB FUND SERVICES, WAYSTONE
