主权财富基金Embrace Hedge Funds

新加坡的淡马锡持股 - 就像很多主权财富基金 - 自从两年前危机爆发以来，努力应对金融市场的波动。该基金在美国 - 美林干酪和巴克莱银行购买了Chunky Stakes，只能在今年早些时候销售估计55亿美元的损失。当它通过招募高调外国首席执行官，查尔斯（芯片）Goodyear来招募它的管理层时，淡马锡也遭受了令人尴尬的失败，只能在7月份在采取工作之前看到前BHP Billiton首席执行官的战略差异。

Those setbacks, however, haven’t stopped Temasek from diversifying its investment strategy. In March, at a time when hedge funds were reeling from billions of dollars in outflows, the subsidiary that oversees the sovereign wealth fund’s hedge fund investments announced a major new commitment to the beleaguered sector. It was particularly keen to allocate to managed futures, equity strategies and compelling new opportunities arising from the dislocation in global credit markets. Soon thereafter, in July, Ho said that Temasek might begin inviting “sophisticated” investors to co-invest with the fund. And in August, Temasek revised its charter, affirming its intent to invest on commercial principles. The sovereign wealth fund also dropped language describing itself as a company that manages the government’s investments for the long-term benefit of Singapore and disclosed that it would be prepared to list some of its largest domestic holdings if they failed to provide solid growth opportunities.

在对冲基金前沿，新加坡对北方的巨大邻居正在制作类似的班次。6月份，中国投资公司的顾问菲利克斯·蔡某管理了2000亿美元的国家庞大的外汇储备，告诉摩纳哥的会议与会者，该基金旨在利用其战争胸来投资对冲基金战略。7月底，尽管在Blackstone Group在Blackstone集团的对冲基金业务分配了5亿美元，但CIC良好的承诺使其良好的承诺，尽管遭受了大量的损失 - 并在家里的不受欢迎的批评 - 在其替代资产经理的30亿美元投资之后，于2007年完成，价值下降。It’s just one of many hedge fund investments that CIC is likely to make in the coming years as it deploys its massive holdings — a huge chunk of which is still held in cash or cash-equivalent products — into higher-risk, higher-return assets.

这些几乎不会被隔离移动。伦敦的投资研究公司预票，最近调查了55个主权财富基金，发现38％的投资或正在考虑投资对冲基金。超过四分之一的这些基金 - 包括CIC和韩国投资公司，其中监督了270亿美元 - 尽可能最近在两年前进入空间。更多预计会效仿。在目前投资对冲基金的预票据调查的大约20个基金中，平均分配是总体投资组合的6.8％，占资本约253亿美元。在接下来的几年里，Preqin预计普通主权财富基金分配将增加到8.1％，为对冲基金经理的任务产生数十亿美元。

“During times of distress in the equity markets, with beta hit badly, sovereign wealth funds look for portfolio insurance,” says Aref Karim, founder, CEO and CIO of London-based Quality Capital Management, which specializes in managed futures and counts such funds among its investors. “Interest in hedge funds is definitely growing.”

Karim is himself an early pioneer. In January 1988, while working as a senior investment manager at the Abu Dhabi Investment Authority, he was part of a team that led the fund’s initial foray into hedge funds — a move given added urgency by the 1987 U.S. stock market crash just three months earlier.

寻求非相关的回报是主权财富基金越来越多的对冲基金的关键因素。但其他，更微妙和复杂的动机也存在。通过高调损失的巨额损失，他们将受伤的金融服务部门安置在信贷危机的高度，领先的主权资金已经重新唤醒了雷达低于飞行的政治效益。

“对冲基金投资不太了解的事实是一个吸引力，”Mesirow先进战略的首席执行官Martin Kaplan Notes Martin Kaplan，基于芝加哥基金基金的基金公司，资产为105亿美元，其中约10％来自主权财富资金。

渴望市场情报也推动对冲基金的兴趣。由于主权财富基金寻求建立更复杂的投资组合，他们发现对冲基金 - 饥饿的资金 - 不仅仅是愿意为他们的控股提供窗户，并分享他们对塑造资本市场的力量的观点。通过使用管理账户结构投资对冲基金，主权资金通常通过投资对冲基金来实现这一级别的访问和透明度。

“即使资金只分配对对冲基金的储备的小部分，他们也可以使这一访问权限之一，”伦敦州街全球市场主席咨询负责人“伦敦州街道全球市场负责人”2005年中央银行期刊文章中的“主权财富基金”一词，标题为“持有国家财富？”

Temasek’s game plan has relied on that type of access. In 2003 its group overseeing alternative investments, Singapore-based Fullerton Fund Management Co., began making direct investments in Asia-Pacific hedge funds. But for allocations farther afield, Fullerton went to funds of funds “that could help us learn about the markets,” says Shirin Ismail, who heads up absolute-return strategies at the wholly owned investment subsidiary. Now, she says, Fullerton has built up enough expertise and contacts that it is ready to begin making direct investments in more complex strategies — and hedge funds have taken notice. “Everyone comes to us,” Ismail notes. “We’re now a stopover for hedge fund managers when they are in Asia.”

世界主权财富基金深度感受到金融危机，其迅速增长，大规模的资本基础和政治影响力潜力筹集了西方政治家，监管机构和公众的骚动。这款令人渴望随着Adia，CIC和Temasek等资金制造了巨大的，高调的赌注，在全球银行业务的关键支柱上渴望重新填充其库房。在受助人中：巴克莱，花旗集团，美林林奇＆Co.和摩根士丹利。

To say that these investments proved to be ill-timed is an understatement. ADIA’s $7.5 billion stake in Citigroup has lost more than 80 percent of its value, based on Citigroup’s recent price of $4.70 a share, down from roughly $30 when ADIA took the plunge in November 2007. Temasek, for its part, is said to have lost $4.6 billion alone on the 14 percent stake it took in Merrill Lynch and converted into Bank of America Corp. stock before selling it off earlier this year.

总而言之，从2007年底到2009年第一季度，主权财富基金资产下降了18％，或大约6000亿美元，达到3万亿美元，根据德意志银行的最新报告，培养criticism from their home governments and contributing to a near-halt in cross-border investment activity, as many funds came under pressure to restrict their purchases to ultrasafe U.S. Treasuries or to reserve their capital for bailouts at home. The Deutsche report recorded only $10 billion in first-quarter investment transactions by sovereign funds, compared with $58 billion for all of 2008 — more than a 30 percent drop in activity on an annualized basis.

西部各国政府和国际货币基金组织已经推动 - 并赢得了主权财富基金的更多透明度，其中许多人现在正在制作年度报告，并披露其与州机构的政策和关系（见文章）主权财富基金来自阴影”)。但是经过他们的公共投资losses, sovereign funds have learned a key tenet about secrecy that hedge funds have long abided by. As State Street’s Rozanov puts it, “The more allocations you have to illiquid investments, the less you want the marketplace to know.”

特别是对冲基金以及对冲基金的资金，特别是帮助主权财富资金避免占据瞩目的焦点，同时了解市场和风险管理。淡马锡的进化是一种情况。Fullerton的Ismail表示，她的小组已收到过去几年资金资金资金的管理人员的许多关键介绍。既然她的团队更受教育，她准备通过直接对冲基金投资进入更复杂的策略。例如，Ismail解释说，富勒顿在今年避免信贷战略之前，“现在对债务感到兴奋”，它已经投资了陷入困境的对冲基金。她说，没有那些年份的收集情报并了解最好的经理，她从来没有做过这一举措。

“We have selected a very small handful of funds we want to work with in this area,” says Ismail. “It was not so easy to figure out who can sustain debt investments over a long period of time.”

监督股权市场中立和合并的太平洋替代资产管理有限公司欧文欧维森基金会的股权市场中立和合并套利战略的朱迪思波萨诺·奥克纳奥季节妇女同意，认为具有类似的趋势。“主权财富基金已经有兴趣利用市场脱位和学习更多关于对冲基金管理人员的这些战略，”她指出。

添加Paamco首席执行官Jane Buchan，“很多主权财富基金似乎正在寻找他们的直接投资的新想法。”

在对冲基金渴望资本的环境中，主权资金可以通过单独托管账户投资来呼吁收费，条款和披露的费用，术语和披露。“一些主权财富基金希望在他们的投资组合中进行大量定制，”Nesirow的Kaplan说明。“此外，他们可能需要控制他们的投资组合如何处理。”

对于一个人来说，伊马掠夺者表示，淡马锡预计将支付1.5％至2％的管理费，激励费不超过15％。“有基金经理愿意调整他们的费用结构，我们认为这表明了一定的灵活性，这很重要，”她争辩。

州街的Rozanov数据认为，只要主权财富资金可以提供当前环境所证明这么难以实现的资本，就会继续定制的趋势。他预测，主权资金甚至将开始在主要受保护票据和其他衍生产品中围绕他们的对冲基金投资，以更好地保护资本并减少下行风险。“过去一年的亏损在主权财富基金的祖国造成了严重的声誉风险，”他说。“资本受保护的备注是减轻关注点的一种方法。”

虽然主权财富基金正在表现出越来越多的兴趣，但许多基金管理人员认为他们将继续在分配资金方面发挥着主要作用。资金资金提供的一个优势是对当地经理的靠近。“你需要一个网络和员工，如果你是数千英里之外的话，就更难以参观，当地知识更难来，”卡普兰说。

For Paamco’s Buchan, it all comes back to the benefits for sovereign fund clients of staying at arm’s length from potential investment opportunities. “If you run a sovereign wealth fund and you send staff on a big trip to perform due diligence on certain hedge funds,” she says, “the managers know they’ve almost won just by the fact that you’re there.”

That may be true. But as sovereign wealth funds increasingly get up to speed on hedge fund investing, nothing, it seems, beats going straight to the source.