《毕马威：2022年全球对冲基金行业报告（EN）(1).pdf》由会员分享，可在线阅读，更多相关《毕马威：2022年全球对冲基金行业报告（EN）(1).pdf（25页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、Accelerating out of the pandemicGlobal Hedge Fund Industry: s the global financial services industry begins to prepare for the post-pandemic world, the hedge fund industry has also been assessing the challenges and opportunities ahead and sharpening its strategies. While the implications of the pand
2、emic will continue to reverberate, much knowledge has been assimilated that resonates with hedge fund organizations about their people, technologies, and cultures. With its investment strategies also well positioned for a strategic place in alternative investment portfolios of investors in the years
3、 ahead, the hedge fund industry readies itself for the next chapter.We last visited the progress of the hedge fund industry in “Agile and Resilient” (a 2020 report also conducted jointly by AIMA and KPMG) during a period of significant market volatility and business uncertainty. That report highligh
4、ted how well the industry managed risk and volatility for its investors with above-market returns that were often rewarded with new allocations. The virtual operations of these organizations, in conjunction with the industrys ecosystem, executed seamlessly in that decentralized environment. Overall,
5、 despite the headwinds, it was an exemplary year for the industry. At the same time, in contemplating the challenges of working in such an environment, the industry began to focus on several critical issues that it perceived as challenges to optimal performance. As the pandemic progressed, the indus
6、try expressed concerns about sustaining innovation and fostering collaboration in this virtual setting. Organizations that devoted years to developing a culture for innovation and success knew that maintaining these company values was critical to future growth and attracting and retaining talented p
7、eople. The period also crystallized the importance of the industrys relationship with its investors. As hedge funds pivoted to a virtual capital-allocation world, pre-existing relationships mattered. Despite the advances in virtual data room technology, allocations to new relationships were curtaile
8、d. Organizations accelerated investments in hiring investment relations personnel. To be sure, the recognition of the benefits of technology, both in the front and back office, became increasingly apparent. The cyber risks of a decentralized environment were front and center for all financial servic
9、es companies. The enabling power of digital technology resounded with the industry.As the industry enters the next chapter, this new research suggests that the trends observed a year ago have begun to take on additional dimension and importance. Certain new trends have also emerged as strategic impe
10、ratives to the future of these organizations. AForewordContentsForeword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11) The new hybrid world of work . . . . . . . . . . 32) Technology, the great enabler . . . . . . . . . . . 63) Capital raising, its about the investor. . . . . 94)
11、Product innovation, the differentiator . . . 135) Compliance headwinds, the next challenge. . . . . . . . . . . . . . . . . . . . . . . . . . 156) The business operating model, the next evolution. . . . . . . . . . . . . . . . . . . . . . . 197) Industry outlook and key takeaways. . . . . . . . . .
12、. . . . . . . . . . . . . . . . 22 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Accelerating out of the pandemic1These issues, as described throughout the study, were top-of-mind of the firms s
13、urveyed and interviewed. The questions explored in the report include the following:How does a firm optimize collaboration in the more complex and challenging hybrid working environment? Who needs to collaborate? How can we continue to also further optimize the virtual structure that is a key compon
14、ent of the model? Who wins the war for talent? How is that done effectively, yet still embracing the goals of innovation and expanding diversity? What is the frontier for that war - technology? ESG? investor relations? To what extent does the current virtual capital raising environment sustain itsel
15、f? What will be the key changes in the ongoing relationship between managers and investors? As investors continue to play a more active role in portfolio construction, to what degree does product complexity and innovation impact the path forward and the business model? What new investment opportunit
16、ies emerge from the events of the past two years? Is the industry moving to a product innovation stage that maps toward a new array of portfolio development? Does the growth in private credit and hybrid private equity continue to shape future portfolios? What is permeating all functions within a hed
17、ge fund? Technology is clearly the answer. But what is the correct strategy to embrace the digital, cloud, alternative data, AI, blockchain innovation race that is occurring? How does the industry embrace the ecosystem to achieve scale? These are a few of the matters covered in this latest in-depth
18、look at the hedge fund industry. How will the hedge fund industry embrace these new challenges? In the summaries that follow, the results are shared from the significant themes impacting the industry. Economic uncertainty abounds but the research suggests the industry is well prepared and poised to
19、take the critical generational steps in the next evolution of the industry. Foreword (continued)ABCDETom Kehoe Managing Director, Global Head of Research and Communication AIMASteven Menna Partner, National Hedge Fund Segment Leader KPMG in the USAbout the researchThis survey is part of an ongoing s
20、eries of research initiatives conducted by KPMG and AIMA since 2012. This years paper explores how hedge funds have pivoted to the new working environment brought by the onset of the Covid-19 pandemic. The survey was “in field” through Q3 of this year allowing AIMA and KPMG to gather real time data
21、and insights on trends prevalent across the global hedge fund industry.For this research we surveyed 162 industry professionals accounting for an estimated $1 trillion in Assets under Management (AUM), representing approximately a quarter of the industrys total asset size.Responses were divided by o
22、rder of size. Larger managers (where the firms assets under management (AUM) exceeded US$1 billion) accounted for 53 percent of all responses, while smaller managers (where AUM was up to US$1 billion) accounted for the remainder; 47 percent. From a geographic perspective, over half (54 percent) of a
23、ll respondents were from North America; 29 percent from EMEA; and 15 percent were headquartered in Asia Pacific.In addition, KPMG and AIMA professionals canvassed the views of the industry via one-to-one interviews with Hedge Funds, investors and key ecosystem players, including technology companies
24、, prime brokers, fund administrators and law firms to provide additional context to the survey findings. Excerpts from those discussions are included in this report.Thanks to our participantsOn behalf of KPMG and AIMA, we would like to thank everyone that participated in the survey and shared their
25、insights. The views you shared have been vital in helping form this unique and valuable report. 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Accelerating out of the pandemic2Source: AIMA & KPMG
26、 survey, 2021The new hybrid world of workThe hedge fund industry is one that thrives during periods of market volatility, because of its ability to adapt and overcome historical and emerging challenges. The new working environment that has emerged from the aftermath of the COVID-19 pandemic is anoth
27、er such opportunity and, as this report demonstrates, hedge funds are once again rising to the occasion. The constantly evolving market ecosystem serves to ward off complacency and inspire innovation across a firms investment strategies and internal operations. These pressures were on display during
28、 the onset of the COVID-19 pandemic in Q1 2020, when most of the world swapped high-rise offices for dining room tables and spare bedrooms, as city centers shut down almost overnight. Despite the disruption, business had to continue, and teams within hedge funds trading and operations functions had
29、to maintain normal processes in a fully remote setting, most having to do so for the first time. The host of operational, technological, and cultural challenges that this radical shift in working practices raised was initially outlined in the 2020 edition Agile and Resilient1, when many hedge funds
30、were still adjusting to their new reality. The success of the transition to a digital environment was possible, in part, due to the robust ecosystem that hedge funds now inhabit. A greater reliance on outsourcing, particularly by smaller managers, is expected to continue for the long term. It opened
31、 many managers eyes to the possibility that some core functions could be managed more efficiently by service providers. For this years study, hedge funds were asked to identify the most significant challenge they had faced after more than a year of operating in a decentralized environment. The main
32、concern is maintaining company culture and team building (52 percent), followed by a lack of real-time collaboration for decision making (30 percent). Maintaining company culture and team buildingThe lack of real-timecollaboration fordecision makingAn inability to monitorand quantify productivityMai
33、ntaining employees well beingManaging compliance andsupervision responsibilitiesInformation security and cyber threats52%30%3%4%6%6%After over a year of working in a decentralized environment, which of the following challenges has been the most significant for your firm? 1 2021 Copyright owned by on
34、e or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Accelerating out of the pandemic3Source: AIMA & KPMG survey, 2021Source: AIMA & KPMG survey, 2021Interviews with hedge funds for this report highlighted that these issues exi
35、st at a team and a firm level. Specifically, it was noted that reducing inter-team communications to semi-regular video calls stifled spontaneous innovation. “Its not practical to ask your team to come up with that light bulb moment at 3 pm on Thursday next week,” one US hedge fund manager quipped,
36、while explaining why he was pushing to get his people back to the office. Despite these concerns, it is noteworthy that an ability to monitor employees productivity was of less concern in late 2021, in contrast to the speculation in the previous year about whether output would suffer, because people
37、 were working from home. Most hedge funds interviewed for this report said that their staff adapted well to a decentralized working model, enabled by advanced digital communications and project management tools supported by cloud technology. The increasing influence of technology in the operations o
38、f hedge funds is explored further in the next section. Even as normalcy returns, some form of remote working is expected to become the standard practice for most hedge fund employees. When asked what their new working model would be, respondents most frequent answer suggests it is likely to be betwe
39、en two and four days a week in the office (46 percent). The need for front-office portfolio managers to be in close collaboration is one of the leading drivers toward additional in office presence. Some hedge funds interviewed for this report also stressed the primary importance of effective communi
40、cation among senior management and C-level executives. Yet again, other firms insisted that collaboration is critical across all functions and all employees, as well as for their culture and communication philosophy.At the extremes, twice as many respondents said they will return to the office full-
41、time as the number that will remain remote full time. Those options, however, were relatively less popular, garnering 21 percent and 10 percent of responses, respectively. Some view a hybrid working model as the obvious compromise between hedge fund organizations that want their teams in one locatio
42、n and those whose employees enjoy the flexibility of remote working. At the same time, almost three quarters (74 percent) of respondents identified several issues they foresaw arising from the new working environment. When hedge funds were asked to highlight the biggest possible challenges from thos
43、e listed, the three most frequently identified were: segregation of employees causing team-building issues (34 percent); hybrid working creating calendaring challenges and crippling spontaneous knowledge sharing (33 percent); and a negative effect on company culture (33 percent). As noted above, emp
44、loyee productivity may not be in jeopardy, but a litany of roadblocks to innovation might cause senior management to hesitate over the prospects for a more permanent hybrid work model. So, why embrace it?According to hedge funds HR representatives and executive recruiters, it relates to the war for
45、talent. The risk of talent flight is an evergreen issue in the hedge fund industry. The events of the past two years have exacerbated this further. As a result, there is a new front in the battle to retain top talent, namely whether a firm offers flexible working and an improved work-life balance. R
46、eturn to the office full timeTwo-to-four days in the officeper week for most personnelA combination of hybrid workingand functional segregation ofpersonnel between home andoffice working based on rolesFunctional segregationof personnel betweenhome and officebased on rolesContinue to workfrom home or
47、 satelliteoffice full time21%20%46%10%3%How do you foresee your post-lockdown working model taking shape for your firm? Which of the following represent your greatest concerns in pursuing a hybrid working model? (select your top two choices)Our hybrid model will conflictwith investors and vendor mod
48、elsIt will be difficult to monitor theproductivity of those working remotelyOur communication is notoptimal for employee outreachI have no concerns about a hybrid working modelCompany culture will be negativelyaffected by long-term hybrid workingA hybrid attendance model willcreate calendaring chall
49、engesThe segregation of employees willcreate team building issues26%9%14%3%34%33%33% 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.Accelerating out of the pandemic4Source: AIMA & KPMG survey, 20
50、21According to industry research by AIMA2, which focused on talent management within hedge funds, almost 90 percent of the global hedge fund pool surveyed said they are somewhat or very concerned about talent retention in the near term.Further details on how the pandemic effected capital raising and