Interview with Nicolas Rousselet – An asset manager’s role has shifted from manager to partner in the last two years. Close collaboration is now the order of the day and Nicolas Rousselet (pictured), Head of Hedge Funds at Unigestion, is quick to emphasise the leading role that the firm plays in catering to the diverse needs of today’s increasingly sophisticated institutional investor. This is evident in the fact that more than half of Unigestion’s clients use dedicated mandates. These are not managed accounts, but rather structures similar in effect to a ‘fund-of-one’ where Unigestion works in partnership with each individual client. “Over

Interview with Gianmarco Mondani – The current market environment makes it difficult for many investors to reach their objectives. Many assets are too volatile, while others do not yield enough. Low growth and interference by politicians and central banks make it likely that the world’s economic problems are here to stay for quite some time.  This means that strategies that harness beta are likely to struggle over the medium term and are too unpredictable for many investors. Instead, a non-directional approach, minimising beta exposure, while focusing on consistent alpha generation may prove more effective. GAM’s Gianmarco Mondani (pictured), who has

Interview with Alexandre Rampa, Syz Asset management SA – February 14th 2013 ushered in the USD23billion purchase of HJ Heinz by Warren Buffett and 3G Capital. Perhaps unsurprisingly, Syz Asset Management has a positive stance on event-driven managers this year as signs point to improved corporate activity. In its latest commentary report, the firm points out that amid continuing political and economic uncertainty, it favours managers that rely on idiosyncratic situations and “specific” triggers to generate returns. Hedge funds that employ event-driven strategies have returned 7.27 per cent over the last 12 months according to Hedge Fund Research. In a

Interview with Alexandre Col – Even though total AuM in the hedge fund industry has reached USD2.25trillion, the source of new assets being allocated is particularly concentrated. Most new inflows stem from the US and Asia, where institutional investors are slowly ramping up their exposure to alternatives. But as Alexandre Col (pictured), Head of Asset Management at Banque Privée Edmond de Rothschild SA (BPER) notes, the same cannot be said of Europe, where sentiment remains cautious: “I don’t see any new significant interest at the moment. The amount of money allocated by European clients is not going to increase substantially

By Hannes Glaus, Bratschi Wiederkehr & Buob – On 1 March 2013 the revision of the Swiss Collective Investment Schemes Act (“CISA”) as well as the amended Collective Investment Schemes Ordinance (“CISO”) came into effect. Two areas of the legislation are particularly noteworthy: the distribution of non-Swiss investment funds and the regulation of Swiss asset managers of (foreign) alternative investment funds. The introduction of the licensing requirement was the main motive for the legislation in order to enable Swiss managers to act as delegated asset managers for EU alternative investment funds under article 20 of the EU Directive on Alternative Investment Fund

By James Williams – “We had our best inflows as a company last year and I think we’ll continue to see inflows into alternative investments in 2013,” confirms Pius Fritschi, Head of Hedge Fund Business Development at LGT Capital Partners. Last year, the firm’s hedge fund business grew an impressive 20 per cent. One of the main drivers, generally speaking, of increasing allocations among institutions, is the perniciously low interest rate environment the financial community now finds itself in. This is what happens when Mr Bernanke and other central bankers pump the economies with new money and create artificial growth,

Interview with Michael Appenzeller – While some managers are moving quickly to adapt their operating business model by outsourcing middle- and back-office functions to become more cost-efficient, common misconceptions remain. Michael Appenzeller, Co-founder of Etops, a Pfaffikon, Geneva and Bratislava-based company specialising in operational solutions for single managers and those managing multi-manager portfolios, is keen to dispel a few myths.   Myth #1 – Managers should have a core competency in operations Managers have got a lot on their plate today. Aside from regulatory pressures, and investors becoming more discerning in terms of whom they invest with, operating margins are

Interview with Daniel Häfele, Acolin Fund Services – Whereas previously regulation was targeted at public marketing of financial products to retail clients, the laws now cover the distribution of all collective investments (CIS) in Switzerland, including AIFs such as hedge funds, private equity funds, as well as UCITS and other retail products. In this note we are not judging the legal situation but rather the commercial effects on distribution and marketing activities. Distribution to qualified investors now covered by regulation Non-Swiss domiciled fund providers need to check first whether their activities in Switzerland can be classified as “distribution” as defined