Date: 04 October 2016
Venue: Park Lane Hotel, 36 Central Park S, New York, NY 10019, United States
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HFM, in partnership with UMB Fund Services, are hosting this exclusive workshop for alternative fund managers, guiding you through everything you need to know about rolling out a limited liquidity structure.
HOW TO ATTEND
This event is strictly by invitation only to a select group of alternative fund COOs, CFOs, General Counsel and other senior operational and legal professionals. If you are interested in attending, please contact Kristina Kvedorelyte at firstname.lastname@example.org to apply for a place at the workshop.
15.30 Welcome followed by a panel discussion
Structuring and launching a continuously offered closed-end fund
Tony Fischer, president, UMB Fund Services
Joshua Deringer, partner, Drinker Biddle Reath
Brett Eichenberger, partner, Cohen Fund Audit Services
Salvatore Faia, president, Vigilant Compliance, LLC
– The limited partnership structure is widely favored, but does it remain the only, or at least most, successful model?
– Issues with tightening regulatory scrutiny for unregistered private fund structures
– Solutions – including joint ventures, consolidation, fee flexibility or restructure
– Several big name firms, i.e AQR, have launched long-only ’40 Act funds to diversify their offering – is this something more firms are considering?
– If so, what are the pros/cons of adding to or evolving your business model?
– How can you make sure an additional structure compliments, rather than dilutes, you core offering?
– A deep dive into the pros and cons of setting up a continuously offered closed-end fund under the ’40 Act
– Why choose this structure over others?
– Discuss the benefits associated, e.g, increased transparency, simplified tax reporting, a more diverse and broader investor base, lower investment minimums
– Conversely, what are the challenges; costs associated, time and administration pressures, e.g increased SEC filings?
– How can you find the right service providers?
– Utilizing a platform approach; how and why may this assist with the process of setting up and managing a registered fund?
– How does it compare to the traditional limited partnership structure?
– How are liquidity challenges managed through the registered fund structure?
– What kinds of operational challenges might come alongside starting to manage daily liquidity?
– Selecting the right board members – what kind of board would you look to create for your new product?
– Case study – how have other hedge funds fared after registering a private fund as a continuously offered closed end fund?
16.15 Widening the net: How to gain investor capital and confidence with a newly registered fund
Fletcher Ladd, head of global prime finance sales, Deutsche Bank Securities
Joel Andersen, investor services business solution manager, UMB Fund Services
Phillip Jarrell, senior vice president of business development, Infinity Capital Partners
– Many hedge funds are feeling the challenges which are created by being limited to a handful of investors – if they pull their money, where does that leave you?
– Diversifying your investor base and the challenges which accompany it – how might the expectations of newly accredited investors (under the JOBs Act) differ from traditional institutional/family office clients?
– How do you decide which new investor opportunities to go after?
– When bringing in new capital to the registered fund model, how might fee structures/lock-in periods alter from those set out in your traditional model?
– Performance fees would be eliminated unless all investors fell into the Qualified Client bracket ($1m or more in invested assets). How might this encourage or deter some potential investors?
– With a registered fund structure, you can take in unlimited amounts of accredited investor capital – how would this affect your business operations?
– The continually offered closed end structure can be marketed both directly or through intermediary channels; what is the best approach?
– How can you effectively market a new product to a new, diverse audience?
– Platform options for reporting/marketing/filing – are these one-size-fits all approaches worth the time that they save managers?
– How can you effectively communicate to investors while using third-party software/platform tools?
17.00 Drinks reception
The organisers reserve the right to amend the programme and speakers.