对冲基金与RIA市场的液体ALT经理竞争

对冲基金经理已开始考虑营销更广泛的受众 - 特别是独立的财富经理。虽然美国的确切数据不可用，但有些调查表明，财富经理人分配了少于20％的替代资产。与自对冲基金行业成立以来的目标市场的家庭办公室不同，先前监管环境中的注册投资顾问（RIAS）更难以接近。

由于大多数RIA实践都有一个客户基础，包括兼容认可和非公认的投资者的融合，因此对观众的市场充满挑战，而不会占据私募规则的原因。新规定允许绩效数据和基金细节广泛宣传，尽管投资仍然仅限于合格的个人。这些规则将私人基金提供在与rias达到rias时的类似地方。

在一个艰难的循环中，对于在管理层的筹集资产，新鲜的投资者的前景似乎是一个梦想成真。但许多行业专业人士认为，所谓的液体替代产品的兴起 - 共同资金和交易所交易产品，以注册格式提供非传统策略 - 将使这些后果者的努力成为努力。“It’s an asset grab, and some of the biggest alternative managers such as AQR [Capital Management] have been successfully operating alternative mutual funds aimed at the adviser market for years,” says Julie Cooling, founder and CEO of RIA Database, a Charlotte, North Carolina–based firm that provides data and analysis of the independent wealth management industry for asset managers. “Hedge funds will find it difficult to sell higher-fee, lower-liquidity products in the space.”

“There has been a definite change in adviser appetite in recent years,” says Thomas Kirchner, portfolio manager of the Quaker Event Arbitrage Fund. “When we started, there was skepticism on the part of the investors. The perception was that if you were really that smart, you would be running a hedge fund rather than a mutual fund.”

Kirchner is a pioneer of the liquid alternative space. In November he celebrated the tenth anniversary of his fund, which was known as the Pennsylvania Avenue Event-Driven Fund until June 2010, when it merged with Malvern, Pennsylvania–based Quaker Funds. Kirchner’s firm now runs $285 million in alternative strategies and more than $350 million overall. On a ten-year average annualized basis, the Event Arbitrage Fund has come within 60 basis points of the HFRI event-driven index and has a volatility profile lower than that of the index.

Kirchner echoes Cooling’s expectations that fee compression will be the biggest hurdle for hedge funds. “Let’s put it this way: Even if you have really exceptional performance, it will be hard to justify 2 and 20,” says Kirchner, who worked at Fannie Mae and Banque Nationale de Paris before launching his fund.

虽然许多对冲基金管理人员承认这一点，但其他人仍然乐观。“简单的答案是，就像任何东西一样，如果你有货，你可以收取更高的费用，”纽约对冲基金公司Eagle的eAGLE的考虑资本管理总裁Neal Berger说。“如果你是一个基金经理，真的做了一些有趣的东西 - 利用一个独特的利基机会 - 然后你会找到一个受众。”

Berger的公司经营着多方公司基金，并在对冲基金分配上提供财富经理，家庭办公室和超高净值个人。Eagle的观点专门从事长短股票的拥挤空间以外的经理。BERGER和他的投资组合经理认为，通过识别真正无相关的alpha利基策略，他们将能够继续为他们的服务收取溢价。

有些经理跨越辩论的双方。基于康涅狄格州的Supperhaven Investment Management提供专门为机构投资者提供的私人投资车，以及一系列替代的ETF产品，专注于商品市场的积极策略。亚博赞助欧冠根据Summerhaven合作伙伴Kurt Nelson的说法，这种双轨方法已收回。“我们希望向所有课程提供多元化的商品产品，”纳尔逊说。“我们专门推出了ETF产品，以便提供正在寻求换货交易流动性和低收费的顾问。”

Nelson founded SummerHaven in 2010 with his fellow former senior UBS commodities executive Ashraf Rizvi and K. Geert Rouwenhorst, presently deputy dean of the Yale School of Management and a recognized expert on commodity investments. According to Nelson, hedge funds that are considering an entry into the liquid alt space need to be realistic and understand that there is increasing competition in the registered fund universe.

“我们已经成功地成长,因为我们是做something different,” he says. “I think that’s the key to success in the liquid alternative space. You need to be price competitive; you have to have a real strategy, rather than a gimmick; and your strategy has to work. No one can win without performance in the end.”

For large, established hedge funds, the change in regulations may ultimately be a nonevent. “The legendary names in the business don’t need to be concerned,” says Jay Ramey, managing director of business development and consulting at Triton Capital Advisors in La Jolla, California. “It’s doubtful they would want to take a more public approach to marketing anyway. They will most likely maintain the mystique of limited access.”

Triton是一家独立的替代投资咨询公司，建议财富经理，财务顾问和机构替代分配和经理选择。根据Ramey，新兴经理不会那么幸运。“随着规定的增加，启动管理人员有很多新的障碍，”他说。Ramey和他的同事预测，这个更高的酒吧将防止较小的管理人员从私人或公共基金空间中汲取的公司批评市场份额所需的临界质量。

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