2014 global hedge fund and investor survey
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EY’s global hedge fund and investor survey seeks to understand the ever–changing dynamic between managers and investors and capture how they are responding to new and existing challenges. As the hedge fund industry continues to mature, these insights offer a glimpse into where the industry is headed and the influencers who are directing its path.
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2014 global hedge fund and investor survey
- 1. 6.3% North America 6.1% Europe 5.3% Asia Launching new product types Increasing penetration with existing client types Accessing new investor bases within existing markets Expanding distribution into new geographic markets Collateral management Cash management Cash management GAV/NAV performance calculation GAV/NAV performance calculation Daily reconciliations Daily reconciliations Investor reporting Regulatory reporting Long-only funds Separately managed accounts Registered liquid alternatives (including UCITS) Sub-advisory capabilities 35% Long-only funds 52% Separately managed accounts 37% Registered liquid alternatives (including UCITS) 2014 13% 13% 74% 2012 13% 67% 20% 32% 19% 19% 10% 24% 49% 27% 57% 21% 50% 30% 49% 24% 21% 43% 64% 40% 52% 28% 52% 30% 27% 19% 18% Middle-office outsourcing represents the new frontier for additional cost savings Reduced replication of outsourced functions can improve efficiencies Shifting strategies Winning investor assets in a competitive landscape © 2014 EYGM Limited. All Rights Reserved. | EYG no. CK0849 | 1407-1284479 NY Managers are launching new products to access investors Hedge funds’ top growth strategies Managers are offering separately managed accounts, long-only funds and registered products Investors are more sanguine about expense ratios Investor satisfaction with expense ratio of funds Regulatory reporting expenses are having a significant drag on margins and creating barriers to entry Average drag on margins = 6.0% Outsourced functions investors prefer hedge funds fully shadow or perform some oversight Outsourced functions that hedge funds fully shadow or perform some oversight 85% of managers cite security concerns for not using the cloud 80% of managers expect to increase their spend on cybersecurity, but few have made investments thus far Caution! New products can have a negative impact on margins Proportion of managers with changes in margin Institutional investor allocation to traditional hedge funds slows Growth Expenses Cybersecurity Our 2014 survey compares the views and opinions from hedge fund managers and investors globally. EY’s 8th Annual Global Hedge Fund And Investor Survey To download the survey, go to: ey.com/HedgeFundSurvey Fully shadow Perform some oversight Fully developed Not developed or don’t know Increase allocation Decrease allocation No change Impact: Positive Negative Very satisfied Neutral Not satisfied Managers see lack of maturity in certain third-party service provider offerings