funds europeMEDIA PACK 2014

GLOBAL CUSTODY SURVEY • SOCIAL MEDIA • SIBOS PREVIEW

Celebration

SEPTEMBER 2013 • ISSUE 119 • €40

THE NORDICS

AIFM DIRECTIVE • BRIEFING • OPINION • INSIDEVIEWS

The new UK regulator

European bonds

What greatrotation?

Fundadminreport• Survey• Directory• Executive views

Twinblades

Asset management report

SecuritieslendingMargin opportunities

APRIL 2013 • ISSUE 115 • €40

US v EUROPEAN ECONOMIC POLICY • DISTRESSED DEBT • VENTURE CAPITAL

Collateral management

Still opaquePimco’s trade-off

Don’t turn your back on the elephant

Risk systems and AIFMD

MARCH 2013 • ISSUE 114 • €40

ASSET SERVICING • EDHEC RESEARCH: ETFS • FUNDFORUM PREVIEW

Are you following?

First-quarter launchesNew funds

Socialmedia

The future of asset management

JUNE 2013 • ISSUE 117 • €40

VolatilityKeeping it low

How regulationshapes the industry

Platforms

MAY 2003 • ISSUE: 08 • €10FEBRUARY 2013 • ISSUE 113 • €40

EUROPEAN PENSION REFORM • COLLATERAL • PRIVATE EQUITY

Low expectations

ETFs look for space after RDR

An outsourcing option

Special report: US asset management

Shadowing thethird-parties

EMERGING MARKETS • LDI • SWITZERLAND • OTC DERIVATIVES

OCTOBER 2013 • ISSUE 120 • €40

CORPORATE BONDS • CLEARING & SETTLEMENT • AWARDS SHORTLIST

NOVEMBER 2013 • ISSUE 121 • €40

Why Russian equities are dominating portfolios

MAY 2003 • ISSUE: 08 • €10DECEMBER 2012/JANUARY 2013 • ISSUE 112 • €40

LUXEMBOURG • KEY INVESTOR INFORMATION DOCUMENTS • DARK POOLS

So much to understand

A different market emerges

PLUS� Interview:Mike Niedermeyer,Wells Fargo AssetManagement

The Netherlands competes on AIFMD

Emerging marketbond fund launches

ROADMAP FOR A COMPLEXMARKETfunds europe is the premier

business strategy magazine for

Europe's asset management

professionals. It covers all areas

of the asset management

business – institutional and retail

markets, traditional and

alternative investments, front

and back office – providing

essential insight into the

European opportunity.

Underlying demographic and

economic trends mean that

Europe still holds enormous

potential for asset managers.

The question is: how to access

that potential? When it comes to

asset management, Europe is

not yet a single market: it

remains a collection of highly

differentiated markets.

With its unique research and

analysis from top financial

journalists and exclusive

commentary from industry

leaders at C-suite level, fundseurope provides our readers

with a roadmap to success in

Europe's complex and

fragmented asset management

market.

WHAT MAKES FUNDSEUROPE DIFFERENT?funds europe’s hallmark is its

holistic approach. In a market

where traditional lines of

demarcation (institutional/retail,

mainstream/alternative,

front/back office) are

increasingly blurred, we believe

that any sensible analysis of the

European asset management

market must look at all areas of

the business. With its

comprehensive coverage, fundseurope gets to the heart of what

makes the European funds

business tick.

Extensive participation from

the industry allows us to ensure

that we are always addressing

the issues that really matter. To

this end, funds europe works

closely with the leading

European industry organisations

and also with local trade

associations around Europe, and

with an editorial advisory board

drawn from different geographies

and areas of the industry.

In addition funds europe

regularly attracts CEOs both to

comment editorially and

participate in panels and

discussion forums. It is a well-

read and well-respected title

within the CXO function. During

2013 our journalists interviewed

a record number of C-suite

industry leaders either through

direct interview or participation in

industry panels. This interaction

has taken place around the

globe, in Europe, Asia, the United

States, MENA and Latin America.

WHO READS FUNDSEUROPE?funds europe is read by the

people who are powering the

European asset management

industry forward – heads of

business at asset management

companies across Europe, senior

investment managers and fund

selectors at key European

pension funds, C-suite executives

at asset management

companies, key decision makers

at distribution and support

companies, custodians,

administrators, governments,

regulators and trade bodies. In

addition, funds europe is also

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With a researched and audited

circulation of over 10,200 copies

each month, funds europe is an

influential and recognised

market-leading publication within

the asset management, asset

servicing and pension

communities.

THE FUNDS EUROPE TEAMThere is continuity within the

funds europe business: Alan

Chalmers and Fiona Rintoul have

been with the title for a

combined total of over 25 years.

Our editorial team, including

editor Nick Fitzpatrick, has over

25 years of experience in

financial journalism.

ABOUT US

funds europe has an editorial advisory board of industry professionals drawn from different areas of the

business and geographies. The current members of funds europe main editorial board are:

EDITORIAL ADVISORY BOARD 2013/14

Penelope BiggsNorthern Trust, London

Nadine ChakarBNY Mellon, New York

Jean-Baptiste de FranssuIncipit, Brussels

Peter Elam HåkanssonEast Capital, Stockholm

Robert ParkerCredit Suisse, London

Todd RuppertRTR International, Baltimore

2014 FORWARD FEATURES

FEBRUARYMulti asset managementCatastrophe bondsFund platformsOperations:Custody updateFX brokerage

MARCHEquitiesALFI previewETFs reviewOperations:Clearing and settlementTechnology - Data

APRILNordic reportPassive investments (excl. ETFs)Asset management updateOperations:European fund admin surveyFund admin report

MAYBondsSpanish asset managementreportETFs reviewOperations:RegulationHedge fund admin

JUNEFundForum previewMulti manager fundsDistribution reviewOperations:Custody updateTransfer agency

JULY / AUGUSTPension solutionsSwiss reportETFs reviewOperations:Asset servicing roundtable

SEPTEMBERSIBOS previewBondsAsset management updateOperations:European custody surveyCustody report

OCTOBERMulti asset investmentsEmerging market managers inEuropeETFs reviewOperations:Clearing and settlementFund admin update

NOVEMBEREquitiesFrench asset management reportDistribution updateOperations:Fund administration technologyRegulation

DECEMBER / JANUARYBondsUS ReportETFs reviewOperations:Exchanges & MTFsHedge fund admin update

Funds Europe Awards 2014Ceremony at the Tower ofLondon

Funds Europe Awards 2014Launch date 1st July 2014

Funds Europe Awards 2014Submission deadline 30thSeptember 2014

A provisional list of country reports and supplements for 2014 is set out below. As well as reaching the

monthly circulation of funds europe, all reports will benefit from additional distribution into the

corresponding domestic market and will also be distributed at all relevant industry conferences.

Paginations range from 32 – 56 pages.

March: Luxembourg

April: Retail Investment

May: Collateral Management

June: Ireland

September: Institutional Investment

October: Exchange Traded Funds

November: Securities Lending

funds europe also works with partners to produce bespoke supplements – contact us for further

details.

COUNTRY REPORT AND SUPPLEMENT SCHEDULE 2014

HEDGE

FUNDS

JURISDIC

TION& AS

SETSER

VICING

ROUNDT

ABLES •

FUND ST

ATISTICS

Gettingread

y

Interview with funds

associati

on chiefPat Lardn

erMon

ey

markets

Managin

g liquidity

AIFMD

Thetide

comes in

CIRCULATION AND READERSHIP

funds europe has an ABC-audited circulation of 10,257.

The last funds europe reader survey gave an average pass on value of 2.4 readers per copy, meaning

that on average, 3.4 people read each copy of the publication giving a total readership of 34,874.

READERS BY SENIORITY AND JOB FUNCTION:Senior Management (CEOs, Chairmen, Managing Directors) - 3366%%

Executive (CIOs, Investment Directors, Heads of Investment) - 3322%%

Manager/Officer (Fund Managers) - 3322%%

READERS BY NATURE OF BUSINESS:Asset Managers (Traditional through to Fund of Fund) - 2255..66%%

Insurance Companies - 44..33%%

Banks and Private Banks - 99..66%%

Institutional Managers (Pension Funds, Charities, Sovereign Wealth Funds) - 3344..11%%

Fund Distributors (IFAs, Platforms, etc.) - 33..44%%

Asset Servicers (Custodians, Administrators and Software) - 1133..99%%

Hedge Funds - 55..99%%

Other (Regulators, Trade Bodies, Consultants, etc.) - 33..22%%

ALFI

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GAIM

IFIA Annual Conference

ITAS

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SIBOS

ADDITIONAL CIRCULATIONfunds europe benefits from additional circulation at a number of leading industry conferences

throughout the calendar year. Conferences for 2013 included:

DISTRIBUTION BY REGION:

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The top 10 European regions are: UK, France, Germany, Netherlands, Luxembourg, Ireland,

Switzerland, Sweden, Italy and Belgium.

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Publication frequency: ten issues per yearCancellation: six weeks prior to publication date

MENA FUNDS

Show us the money!

Internatio

nal fund

manager

s expect w

ealthy ind

ividuals in

the

Mena reg

ion to em

ployfund

s to gain a

ccessto gl

obalmark

ets.

Yet the sa

me is not

trueof ho

me inves

tment. An

geleSpite

ri Paris

askswhy,

andlisten

s to fund

manager

s’ expecta

tions

16

A largeporti

on of themon

ey raised by

internatio

nal fund m

anagers to

invest in M

ena

markets h

as been fr

om non-regio

nal investo

rs.

Sovereign

wealth funds

(SWFs) inthe Mena

region hav

e mostly p

referred to

put their m

oney

to workin inter

national m

arkets, wh

ile local

individual

investors

thatdo in

vestin dome

stic

markets ha

ve investe

d directly.

At least,

thisis the impr

essionof mark

et

observers s

poken to.

But they a

lso feel tha

t thelands

capefor ra

ising

money is chan

gingnow

as high-net-w

orth

individual

s (HNWIs) an

d family of

fices– mo

st

of them burn

ed by the glo

bal financ

ial crisis

and by loc

al events, s

uch as the

debtdefau

lt by

Dubai Wo

rld –are b

eginning to

seekout f

und

manageme

nt produc

ts.

It islarge

ly feltthat,

particular

ly before

the financial

crisis, HN

WIs inthe Middle

Easttend

ed to invest in their

domestic

markets d

irectly.

Rami Sida

ni, fund m

anager of

Schroder I

SF

MiddleEast,

says:“Amo

ng local h

igh-net-wo

rth

individual

s there is

a prevalen

t trading c

ulture

andthese

investors

usedto inves

t in the local

markets di

rectly.”

Schroders

is a global

assetmana

gement fir

m

with€200

.3bnin assets

under mana

gement

(AuM). Th

e Schroder

ISFMiddle

Easthas

€150.3m in Au

M.

VivekKudv

a, a manag

ing directo

r whocover

s

the Middle

Eastat Fr

anklin Temp

leton, say

s:

“People [i

n theMiddle

East]tend

to have sh

ort-

terminves

tment hor

izonsand a

lthough da

ta on

the exact

figures are

not easily

available, i

t’s fair

to saythat s

omedo in

vest directl

y.”

Franklin Temp

letonis a

US fundmana

ger,

witharoun

d €463.7bn

in AuM.

Muneer Fulay

fil, directo

r of BNPParib

as

Investmen

t Partners

, Mena,agree

s: “High-n

et-

worthindiv

iduals hav

e a biasto takin

g their

owneduc

atedinves

tment decis

ions.In this

segment

90%of

theequit

y market

capitalisat

ion in the MiddleEast

is through

direct inve

stments.”

BNPParib

as IPis a F

rench

firmwith

€569bn of

AuM.

Direct in

vestment b

y HNWIs se

emsto be

entrenche

d, which threa

tensto make

the

pooled fund

s offered

by internatio

nal fund

manager

s witha focu

s onthe

region

somewhat

overlooke

d.

Jean-Michel

Bourgoin,

global hea

d of state

entities cover

ageat Amu

ndi,whic

h has

€675.5bn

in AuM, says

: “There is

a tendenc

y

for MiddleEast

investors

to believe they’

re

morein contr

ol if theydon’t

invest in

commingle

d funds. The

high-net-w

orth

individual

s thinkthey

knowtheir

domestic

markets w

ell enough

andthat

theydon’t

need

fundmana

gersto inv

est inthese

.”

But Sidani

, fromSchr

oders, say

s: “After t

he

crisis, thing

s started

changing.

You’re

beginning

to seemore

high-net-

worth

individual

s talking

moreto fund

managers

andprofe

ssionals in

the field.”

Fulayfil, o

f BNPP IP, s

ays:“Clie

nts are

starting to work

closer wit

h advisors a

nd are

becoming

moreopen

to being e

ducated a

bout

diversifica

tion throu

gh those a

dvisors. It’

s about

educating

the high-n

et-worth in

dividual c

lients

about thei

r investme

nt options

and introd

ucing

best practic

es. Then i

t is up to t

he end clie

nt to

trusttheir

advisors.”

A family af

fair

Andit’s n

ot just the

wealthy th

at are sho

wing

moreinter

est in thefund

s market. Larg

e

MiddleEaste

rn family offic

es arealso

becoming

morerecep

tiveto fund

managers,

players say

.

Joseph Pinto

, regional

headof Sout

hern

Europe a

nd MiddleEast

at Axa Inves

tment

Managers,

says:“We’re

increasing

our

coverage o

f family office

s andthe r

eception

we’regettin

g from them

is positive

; theywant

to listen to wh

at wehave

to tell the

m. Inthe

past,sever

al family of

ficeswere

veryactiv

e in

the market

directly an

d were ve

ry leverage

d.

“Butnow

thoseof them

thatare

savvy

investors

arecomi

ng to fundman

agers

for guidan

ce.”

However,

the rateof chan

ge in attitudes

towards f

undmana

gement is

oftendiffic

ult

to quantify

.

Kudva, at

Franklin

Templeto

n, says: “

We

don’tsee t

his chang

e directly

in our dealin

gs

withthe distri

butors and

the private bank

s.

People have

n’tspeci

fically said

things

are chang

ing.”

Pintonotes

: “Itis dif

ficultto se

e anincre

ase

in demand for our

products

fromHNW

Is

because w

e work be

hindthe s

cenes. W

hat we

haveseen,

on behalf

of the pri

vatebank

s and

family offi

ces, has be

en anincre

ase inrequ

ests

to better u

nderstand

the produ

cts they bu

y.”

Sidani, of

Schroder

s, says: “

If the global

recovery conti

nues,I exp

ect to see HNW

Is

coming in

to the market

s atthe b

eginning o

f

2011. Ho

pefully th

ey will do

so throug

h asset

managers,

rather tha

n doit the

mselves, w

hich

is whatthey

usedto do befor

e theywere

burned by

the crisis.”

Similarly,

Fulayfil says:

“Fund man

agers

will see flo

ws becau

se clients

will make m

ore

use of pri

vatebank

s, and tho

se private

banks

needto selec

t thebest-

of-breed

funds fro

m

the univer

se.”

For the ti

me being,

someman

agersin the

region exp

ect flows

fromabro

ad toconti

nue

intoMena

markets, a

nd thatwhen

HNWIs

fromthe regio

n itselfbeco

me moreactiv

e,

theywill l

ookto in

vestoutsi

de of the

region

for divers

ification.

‘The high-net-worth

individuals think they

know their domestic

markets well enough and

that they don’t need

fund managers to invest

in these’

7

Investment changes will not happen until

they do.“The MPF is only ten years old. Because it

is very young, you have to ask when will it be

that their MPF savings become big enough

for employees to take notice of what they

have saved, and say to themselves, ‘Wow, look

at all that! I’ve got to do something with it’.

“They get an annual statement, so 2011

might be too soon for them to realise this, but

it could be two years from now.”

Current providers of MPF funds include

Invesco and Fidelity, as well as banks and

insurance companies like Manulife.

The MPF could make for a source of stable

cashflows for providers, who can keep hold of

business once the new rule takes effect.

Members are, unsurprisingly, not able to

withdraw their savings until they retire. In a

region where individual and institutional

pensions saving still lacks development, the

move by the MPF – which could be seen as

quasi-institution – is a notable one.

Institutional investment

Institutional pension funds are relatively thin

on the ground in Asia, although there are

some. There are, of course, other types of

investment institutions, including sovereign

wealth funds, and, again in Hong Kong, there

is the Hong Kong Jockey Club itself, which

invests primarily to support the club’s

corporate aims.“There are large corporates in Hong Kong

like the Jockey Club and Swire [a diversified

conglomerate], but the list is not long,” says

Pan, adding: “After the top 30 names the

mandate size gets extremely small.”

Yet around 50% of the client base that falls

under Alex Boggis, director at Aberdeen

International Fund Managers in Hong Kong,

is institutional, and he believes that

institutional investment within Aberdeen will

grow more than the wholesale sector, which

makes up the other half of his business.

“I expect our share of institutional

investment will grow more than the more

retail side of the business, partly because the

retail segment got hurt by the 2008 crash and

the resultant scandals,” he says, referring

mainly to the collapse of a Lehman Brothers

minibond scheme which scandalised the

Hong Kong public. “It will take a while for

the retail investor to regain confidence.”

The MPF could make for a source of stable cashflows for providers, who

can keep hold of business once the new rule takes effect

Hong Kong Jokey Club

PRIVATE PENSIONS

Playing the long game

Rule changes may see pension providers competing for US$15bn

of pension savings in Hong Kong, finds Nick Fitzpatrick

6

The fact that The Hong Kong Jockey Club

is both the largest tax payer and biggest

private contributor to charity funds in Hong

Kong points firmly to the population’s love

for nail-biting finishes that come with the

hope of riches. Similarly, their passion for

trading mutual funds also reflects Hong

Kong residents’ liking of risk if large,

quick returns are in the offing – although

much to the frustration of asset managers

who have to cope with the volatile fund flows

that result.By comparison, long-term saving for

retirement severely lacks adrenalin, but that

could change following a relaxation of rules

that gives members of Hong Kong’s

compulsory state pension fund more say in

how to invest their money.

When the Mandatory Provident Fund

(MPF) was set up in 2000, workers had to tie

their contributions to one provider chosen

for them by their employer.

Pension fund members are now set to be

able to invest their contributions with

whichever provider they wish when they

change employment, and this could unleash

US$15bn (€12.3bn).At least this is the amount of money Terry

Pan, vice chairman of the Hong Kong

Investment Funds Association (HKIFA), says

could be available from the fund, which is a

compulsory defined contribution pension

scheme. “Employees will have the

opportunity to change all of their own

contributions and this means that around

US$15bn could move,” Pan says.

Under one of the three options in the MPF,

employers have to choose a pension plan

from a range of providers for their

employees to pay into, together with an

employer contribution.Although workers could take their savings

with them when they found a new job, they

still had to invest with whatever provider

their new employer had chosen.

But in future they will be able to invest their

own contributions – 5% of salaries – with

whichever provider in the MPF scheme

they wish.Any changes they make could start to

happen next year, though perhaps slowly at

first. As the MPF is a young scheme, Pan

believes many members have not yet realised

just how much money they are sitting on.

7

If theUnit

ed ArabEmir

ates(UAE

) had

glided un

scathed th

rough the

financial c

risis it

would have

beena much

moremean

ingful

publicity

coupthan

all the glam

ourthat

world-fam

ous sports

starshave

brought i

t in

recent yea

rs with th

eir appeara

nce in pro

perty

andholid

ay comme

rcials. But

Dubai Wo

rld,

the invest

mentcomp

anybehin

d major rea

l

estate proje

cts in theemir

ateof Dub

ai,

inevitably

created ju

st thewron

g image w

hen

it flounde

red last ye

ar.

While Asian

markets w

ere being

lauded for

theirsensi

ble use of

leverage t

hat had sh

ielded

themfrom

thewors

t of theecon

omic

downturn,

the Dubai Wo

rld conglome

rate’s

request for

a morator

iumon th

e payment

of

€3.5bn of

debtshoo

k markets

, causing e

quities

to plunge a

nd the US

dollar and

goldto ris

e.

For many U

AE assetmana

gersthe e

pisode

depressed

assets und

er manag

ement. M

oney

left bank s

haresand f

undsas inv

estors wor

ried

about the

exposure

of financia

l institutio

ns to

real estate.

Yet the fina

ncialshock

has done l

ittle to stif

le

the expan

sionplans

of Gulf a

sset manag

ers

thatFunds Global spok

e to. Their

plans

include to

not only m

ake the pr

oduct offe

ring

in the Gulf m

ore sophis

ticated, bu

t alsoto

penetrate

internatio

nalmark

etswith

a

strong Midd

le East &

North Afric

a (Mena)

fundstory

.

Forasset

manager

s, theMiddle

East

investmen

t case, wh

ich include

s investm

ent in

the Gulf C

ooperatio

n Council (G

CC)state

s

suchas th

e UAE, st

ill holds tr

ue despit

e the

Dubai Wo

rld episod

e.

“Theidea

thatwhol

e countrie

s arebust

is

simply not

thecase,

” saysone

chief

investmen

t officer.

Looked at

sympathet

ically, the

UAEand t

he

rest of the

Gulf’s rec

ent financ

ial experie

nce

wassimp

ly partof a learn

ing curvefor a

robust fro

ntiercapit

al market t

hat will bo

unce

backin no

time.

Weathering

the storm

Oneof th

e firms loo

kingto pu

t theravag

es of

Dubai Wo

rld behind it an

d moveon with

regional

andforei

gnexpa

nsionis The

National

Investor

(TNI), a

privately

held

investmen

t andadvis

ory firm in Ab

u Dhabi.

Walid

ElHaye

ck,direc

tor,asset

managem

ent,at TNI

, says:“We

have

weathered

the storm

andsurvi

vedthe c

risis

withno h

armto ou

r reputati

on and w

e are

financially

stable.

“Our balan

ceshee

t sizeis $260

m

[€211.6m

], mainly

financed b

y equity w

ith a

verylimit

ed leverag

e.”

TNIwas

established

in 1994as a

regional

merchant

bank. In 2005

it became

an

integrated

investmen

t banking

and invest

ment

managem

entinstit

ution. Toda

y, its asset

manageme

nt busine

ss has ma

tured, say

s El

Hayeck, a

nd “weare

oneof the

leading

regional f

undmana

gerswith

an institution

al

client bas

e”.

TNIhad

torecap

italise the

asset

managem

entbusin

essand

launch new

products t

o boost rev

enuegrow

th followin

g the

financial c

risis,El H

ayecksays.

Thebusin

ess is

nowseedi

nga

newMen

a

equity long-

onlyfund

with$30m

fromits

balance sh

eet.

ThisMen

a fund fol

lowsa nu

mberof T

NI

fundlaunc

hes centre

d onthe r

egionin re

cent

years. TN

I launche

d itsUAE

BlueChip

Fund,

an equity

product,

in May 20

05, which

now

hasaroun

d $30munde

r manage

ment. Th

e

Mena Re

al Estate

Active Fu

nd, launc

hedin

August 2005

, hasarou

nd$15m

under

manageme

nt.

“Real esta

te was a m

ajordrive

r ofgrow

th in

the region

and with M

SCIwe cr

eateda Me

na

realestate

equities i

ndex. Bo

th funds ha

ve

outperform

ed their be

nchmarks,”

says Hayeck

.

Thefirm

alsolaunc

hedthe

TNIMen

a

Special S

ituations

Fund18 m

onths ago

, fully

The UAE and the rest of

the Gulf ’s recent

financial experience was

simply part of a

learning curve for a

robust frontier capital

market that will bounce

back in no time

UNITED ARAB EMIRATES

Interests overseas

Emirateasset

managers are still

on trackfor expa

nsiondesp

ite the financial

shock caus

ed by DubaiWorld

in November last y

ear. Nick Fitzp

atrick talks

to

fivemoney

managers,

starting with ADIC Inve

stment Manag

ement,and

Emirates NBD, who are focu

singon winnin

g clients beyo

nd the Gulf

6

Another c

omparati

velynew

entrant to

the

Gulfasset

managem

ent market

is Emirate

s

NBDAsse

t Managemen

t. Likeothe

r

manager

s, dealing with

theunce

rtain

financial l

andscape

has been c

hallenging

as

localbank

s sought t

o build th

eir asset b

ase

through attra

ctively price

d deposits,

but

Emirates

NBDstill

managed

to turna

profit ove

r thepast

two years.

DeonVern

ooy,senio

r executiv

e officer a

t

thefirm

, says:“The

[Gulf] asset

managem

entindu

stryhas

takena big

knock. T

he assets

of certain

houses ha

ve

beendecim

atedas gl

obalinves

torspulle

d

outand

localinves

torslost

interest d

ue

to risk.

“Over the

pastyear

in theUAE

one

critical iss

ue was th

at banks c

ut back o

n

loansand

theywere

all active

ly searchi

ng

for depos

its. You co

uld even g

et 8%inter

est

on one-year

deposits,

andthis

impacted

our produ

ct offerin

g.”

So how did t

he busine

ss, which

is owned

by Emira

tes NBD Grou

p, stay in

profit?

“Wehad

goodinflo

ws into

ourgloba

l

fundof fu

nds,whic

h invests ac

rossasset

classes. A

lot of peo

ple were c

oncentrat

ed

in China

andemer

gingmark

ets and th

ey

got burnt.

Thismad

e them look

for amore

balanced p

ortfolio,”

saysVern

ooy.

But like o

therman

agersin its

peergrou

p,

Emirates

NBDalso

wants to p

ush produ

cts

to custom

ers that do

n’t live in

the region

.

“Although

weare

a regional

asset

manager,

ultimately,

we wantto get o

ur

products

intomark

ets beyon

d theMidd

le

East.We h

ave offices

in locatio

ns such a

s

Singapor

e at the m

oment, an

d infutur

e we

will have p

eoplein Lo

ndon.”

Global &

regional e

quity, fixe

d income

andreal

estate, b

othconv

entional

and

Islamic, co

mprise Em

irates NB

D’s offerin

g.

Fifteen of

its funds a

re domicil

ed inJerse

y.

Emirates

NBDGrou

p set up the asset

managem

entoper

ationin 2004

. After

distributin

g within the

bank, in

2006it

branched

outinto

massretai

l and

private ba

nk clients

outside a

nd began

to

target high

-net-wort

h individua

ls in

Saudi Ara

bia.

Distributi

on has re

ached bey

ondbank

ing

channels

andfund

s arenow

available

through Z

urich, Frie

nds Provid

ent and A

ll

Funds pla

tforms, am

ong others

.

EMIRATES NBD MANAGED TO TURN A PROFIT OVER TWO YEARS

Continued

on p10

35

company to Chi-X Global, has been notable

for its competitive opposition to incumbent

exchanges, in Singapore, Chi-X Global is set

to launch a joint venture with the Singapore

Stock Exchange – a dark pool that will allow

block trades in a range of Asian markets.

“Our overall concept is the same – that

Chi-X can bring structural improvement and

efficiency to each market. This attracts

investors to that marketplace, increases

liquidity and lowers overall transaction costs;

it is a virtuous circle. Whereas the general

underlying technology is the same – a central

matching engine that can work very quickly

and manage a high volume of transactions,

the difference lies in the regulatory, legal and

political issues of each national market.”

Some of these issues are easier to manage

than others, says Howarth – particularly if

they are more mechanical than macro-

political. “For example, Australia has always

been very open to foreign investors, but not to

multiple execution venues. This has been our

discussion with the regulators. However, the

Australian market structures are changing

and Chi-X Australia is set to go live in Q1

2011. But India, for example, is less accessible

to foreign investors and political discussions

are needed to change capital markets policy,

which is outside of our sphere.”Emerging opportunities

The markets that Chi-X Global has entered

so far – Japan, Canada, Australia and

Singapore – would be considered as

developed rather than emerging and this is a

necessary condition for the Chi-X concept to

thrive, says Howarth. “For there to be a

multiple market construct, there needs to be

a certain level of maturity present in

terms of market structure, technology and

volumes of listings. Investors need to be

assured of the risks involved in trading less

mature markets.”However, the relative inefficiencies of the

emerging markets do create other

opportunities for Chi-X Global, says

Howarth. “In Brazil we are currently looking

to deliver an FX-based software product that

will allow outside investors to transact in

Brazil in a different currency, in real time, on

the Brazilian exchange. This helps manage

currency risk and also encourages more

involvement from investors outside of Brazil.

We think this may be a concept that could be

replicated in other emerging markets.”

Crossing network Liquidnet, which

anonymously matches orders between

different buy-side firms, started off as a US

company before expanding into Europe and

Asia and now covers 36 global equity

markets, a number of which would be

considered as emerging. The emerging

markets of particular interest are Poland,

Czech Republic, Estonia, Slovenia and

Lithuania and Liquidnet has also started

trading in Mexico which it is hoped

will provide a gateway into the Latin

American market.“We have a simple operating model and it

has remained consistent throughout this

expansion into different markets,” says Drew

Miyawaki, head of the European and Asian

trading desk at Liquidnet. “From our

perspective, all we need is the integration

with buy-side order management systems

and access to the local market data to

connect to a new market. There are nuances

with each market and some regulatory

obstacles –– but the overall model remains

the same.”Although Liquidnet is registered as an

MTF, it is quite different from most MTFs

and this is a big factor in the consistent

model that Liquidnet is able to bring to new

markets, says Miyawaki. “All we are trying to

do is provide a forum in which buy-side

institutions can cross large blocks of stock

without any adverse effects for either side.

We are not competing for quotes and we are

not competing for exchange or lit market-

displayed volume. This means we do not run

into some of the issues and confrontations

that other MTFs would. All we are doing is

adding a level of service that the exchanges

cannot offer.”When entering a new market, the initial

interest comes from Liquidnet’s existing

membership. The next step for Liquidnet is

to recruit domestic players. “Our model is

based on two counterparties matching trades

so if we can add local asset managers to the

existing membership, this helps everybody in

the liquidity pool. The big global firms tend

to have similar investment ideas and

strategies and it is the domestic managers

that are most likely to add contrary liquidity.

So it is our job to get as many people plugged

into the system as possible.”

ITG Europe, an agency broker and

provider of trading services, has its primary

focus on markets in its time zone, such as the

‘The big global firmstend to have similar

investment ideas and

strategies and it is the

domestic managers that

are most likely to add

contrary liquidity. So it

is our job to get as many

people plugged into the

system as possible’

TRADING

Hot marketsThe Brics, Mexico and other emerging locations are

attracting providers of trading tools to help fund managers

gain access. Nicholas Pratt reports on the opening of these

markets and the challenges they present to trading venues

34

When the European Commission devised

the Markets in Financial Instruments

Directive (MiFID), its objective was to

create a pan-European marketplace for

equity trades where single stocks could be

traded on multiple venues and the old

domestic dominance of incumbent national

exchanges would be challenged by new and

alternative execution venues. As the

competition thrived and liquidity dispersed,

the ultimate beneficiaries would be the

end investors.It is still too early to tell how beneficial

MiFID has been because the promised

reductions in transaction costs have yet to

work their way down from the brokers to the

end investors. What is clear is that the

market has fragmented and liquidity no

longer resides solely in the order books of the

incumbent exchanges. Multilateral trading

facilities (MTFs), dark pools and crossing

networks have become recognised features of

the market and look set to make further gains

over the coming years.

While MiFID is restricted to the markets of

EU member states, the alternative execution

venues, the algorithmic trading software

developers and the network providers are

looking to expand their offerings to the

emerging markets – such as the Brics (Brazil,

Russia, China and India), Latin America and

Central and Eastern Europe. And while

these markets may have great interest from

investors, the trading service providers are

now discovering the challenges that await

them once they venture outside of the

relative comfort of mature equity markets.

“When you look outside of the European

Union, there is no MiFID construct and less

familiarity with the concept of multiple

execution venues,” says Mark Howarth,

chief operating officer of Chi-X Global, an

MTF. “So we have to look at the regulatory

and economic environment of each market

separately.” The difference between Europe

and Asia, for example, is best illustrated by

Chi-X Global’s latest initiative in Singapore.

Whereas Chi-X Europe, now a separate

‘When you look outside

of the EU, there is no

MiFID construct and

less familiarity with the

concept of multiple

execution venues. So we

have to look at the

regulatory and economic

environment of eachmarket separately’

41

“Webelie

ve that

ourredo

mesticatio

n to

Ireland w

ill offer u

s opportun

itiesto re

duce

certain ri

sks and r

einforce

ourrepu

tation

across our

global bus

inessplatfo

rms.We l

ook

forward to

the succes

sful comp

letionof th

is

initiative t

his summe

r.”

George C

adbury, d

irector at

Merchant

Capital, w

hichbuild

s platform

s forEuro

pean-

regulated

alternative

funds, say

s: “There

is a

preemptive

element to

the move f

romCaym

an

to Dublin o

r Luxembo

urg. Manag

ers don’t o

nly

needto be

at the fore

frontof ch

ange,but t

hey

also need t

o show tha

t theyare p

roactive in

the

face of pot

ential cha

nge.”

DanMan

nix, head o

f business

developme

nt at

RWCPartn

ers, said: “

Thetradit

ionalbuye

rs of

Cayman fu

nds have b

een particu

larlybadly

hit

overthe la

st twoyears

. In contra

st, the buy

er of

onshore

funds has

beenfairly

robust.

Conseque

ntly,Caym

an funds h

ave strugg

led to

raiseor re

taincapit

al incontr

ast to th

ose

onshore

funds th

at have

theappr

opriate

structure t

o take mo

ney from

onshore b

uyers.”

But,despi

te some ver

y public m

oves,Caym

an

remains a

dominant

domicile a

nd determ

ining

whether th

is hasthrea

tenedits sta

tus isnot e

asy.

Jean-Mich

el Loehr,

chiefof in

dustry an

d

governmen

t relations

at RBC D

exia,says:

“I

thinkall th

e recent r

esearch is

inconclusiv

e.

Somestudi

es tend to

showCaym

an funds h

ave

the upper

hand, whi

le others sa

y thecontr

ary, in

terms of p

erformanc

e at least.”

Lawyers C

onyers Dill

& Pearma

n, who adv

ise

on the law

s of Bermu

da, British

Virgin Isla

nds,

Cayman Is

lands, Cy

prusand

Mauritius

, said:

“While a

few Europ

ean-based

managers

and

investors

are taking

stepsto m

ove their

funds

closer to h

ome,we ar

e notseein

g thethrea

tened

driftaway

fromthe

Cayman I

slands to

destination

s likeLuxe

mbourg an

d Dublin.

“While th

ere is no

doubt tha

t theCaym

an

Islands’ fu

ndsindus

try has ta

kena kn

ockin

recent yea

rs, as has

the indus

try genera

lly, it

remains p

henomena

lly strong.

Recent sta

tistics

fromthe C

ayman Isla

nds Moneta

ry Authori

ty

showregist

eredfund

numbers h

overing ar

ound

9,500, a d

rop of on

ly 5%below

the all-tim

e

highwater

markof 10

,000regist

eredfunds

in

mid-2008

. This is

not adram

atic decrea

se in

numbers,

considerin

g the m

assiveecon

omic

turmoil o

f thepast

twoyears

. Indeed,

fund

numbers h

ave contin

ued to rise

on amont

hly

basisin 20

10, with so

me predic

ting they w

ill be

backup ov

er 10,000

by the end

of this yea

r.”

A research

paper by

Citi called

Hedge Fund

Trends for 2010 and Beyond, also rev

ealedthat

the Cayma

n Islands

remained

the domin

ant

domicile fo

r hedge fu

nds.

Loehr, at

RBCDexi

a, says: “

There ha

ve

beena num

ber of mo

ves, but m

easuring th

eir

real ampli

tudehas p

roveddiffic

ult. There

is a

lackof o

fficial dat

a and th

e definiti

on of

redomicil

iationitself

is ambiguo

us asit cou

ld

include f

undsthat

direct ne

w business t

o

newly cre

atedregul

atedprod

uctswhile

also

keeping t

heirexisti

ng unregu

latedCaym

an

offerings

in place.”

Jeff Hollan

d, manag

ing directo

r at Lionga

te

Capital M

anagemen

t, a fund

of hedge f

unds

firm,says:

“Thenum

ber of fun

ds redom

iciling

has been f

airlylimit

ed. It’s tru

e there we

re less

registratio

ns inCaym

an at the

endof 2

009

thenat th

e endof 20

08, but th

at has mo

re to

do with th

e contract

ion of the

industry

as a

whole rat

her than a

n exodus f

romCaym

an.”

Reputation

Following

the financ

ial crisis an

d most of

all the

Bernie M

adoffscand

al, the ter

m offshor

e had

almost be

comea dir

ty word

in 2009, w

ith

Cayman h

avingbeen

put on the

Organisati

on

for Econo

micCoop

eration an

d Develop

ment

(OECD) g

rey list for

not having

implement

ed

internatio

nal standa

rds for tax

disclosure.

TheCaym

an Island

s were s

ubsequen

tly

removed

fromthe l

ist, but p

otentially

some

reputation

al damage

remained.

Cadbury,

at Merch

antCapi

tal,says:

“Cayman

is being sc

rutinised m

uch more a

nd

governme

nts somet

imesfeel

thatthey

are

beingheld

to ransom

by the Ca

ymanIslan

ds.

Investors

are questi

oning the

opaque n

ature

of offshor

e funds an

d they wa

nt more c

ontrol

and transp

arency.”

However,

someexpe

rts say th

is may n

ot

playas a

big arole

as some m

ay think i

n

investors’

minds. Ho

lland, at L

iongate, sa

ys:

“Investor

perception

doesplay

a role in

the

decision t

o redomic

ile funds,

but it wou

ld be

a mistake

to overem

phasise it

s importa

nce,

because i

t is margin

al.”

In fact, in

a survey c

arriedout b

y consultan

cy

KPMG, 81

% ofinstit

utional inv

estors indi

cated

thatdomi

ciliation m

akeslittle

difference

with

regard to a

llocation d

ecisions.

Anthony

Cowell, p

artner at

KPMG in

the

Cayman Is

landsand

principle

author of

the

report, say

s: “While i

nvestors a

re clearly l

ooking

for produ

cts with in

creased tr

ansparency

and

liquidity, th

ey do no

t seem to

be deman

ding

regulated

products.

Norare t

heypartic

ularly

concerned

withthe q

uestion of

domicile, w

hich

runscoun

ter to ho

w muchatten

tionthe

onshore/o

ffshore d

ebatehas

attracted l

ately.

Managers

would the

refore be

wiseto m

aintain

theiroffsh

orefund

rangefor t

heirbedro

ck

investors

evenwhile

EUdomi

cilesdevel

op

compleme

ntarystruc

turesonsh

ore.”

So the m

oveonsh

oredoes

notmean

an

abandonm

ent of offs

horecentr

es, like Ca

yman,

but rather

givesmana

gers aback-

up option.

Loehr, at

RBCDexi

a says: “W

e’veseen

a

largenum

berof h

edgefund

manager

s

launching

Ucitsoffer

ings,some

of them

replicating

theirCaym

an strate

giesthrou

gh

the use of

derivative

s.”

Regulation

Arguably,

a large pa

rt ofthe i

mpetus fo

r the

creation o

f onshore

vehicles m

irroring t

hose

offshore

is embed

dedin the

pending

Alternativ

e Investmen

t Fund

Manager

s

Directive (

AIFM). We

re this reg

ulation to

be

introduce

d inits s

trictest fo

rm,offsh

ore

managers

would be

essentially

locked ou

t of

Europe, th

erefore cr

eating an

onshore s

uite of

products

willallow

themto m

aintain a

foothold in

the Europ

ean market

s.

Holland

says:“The

EUdirec

tivecould

leadto m

ore redom

iciliation

but other

than

thatI do

n’t expec

t abig

increase

in the

number o

f funds lo

okingto re

domicile

to an

onshore j

urisdiction

.”

Cadbury, a

t Merchan

t Capital, s

ays: “It’s st

ill

too early

to tell wh

ich way it

willgo. T

he

AIFMdirec

tive is goin

g to have a

hugeimpa

ct

on offsho

re fund c

entres. If

the French

get

theirway

andthe

strictest v

ersion of

the

directive i

s introduc

ed, then

manymana

gers

will be for

ced to ree

valuate th

e domicil

iation

of their ex

istingfund

s.”

Butthis

nowseem

s highly u

nlikely as

EU

finance m

inisters ha

ve since ag

reedthat o

ffshore

fundswill b

e allowed

a passport

to distribu

te in

the EU. T

herefore, a

lthough a

finalsign-o

ff is

stillrequi

red,chan

ges in re

gulation w

ill not

contribute

significan

tly to an

increase

in

redomiciliat

ions.

Mannix, a

t RWC Pa

rtners, say

s: “Cayma

n is

unlikely to

disappear

as adom

icilefor fu

nds

andas g

overnance

structures

for Cayma

n

funds and

the fear su

rrounding

AIFMsubsi

des

it may be

the case t

hat Cayma

n starts to

see

goodgrow

th again.”

fe

“Cayman is being

scrutinised much more

and governments

sometimes feel that they

are being held to

ransom by the Cayman

Islands.”

DOMICILES

Should I stay or

should I go?

Thefligh

t to Europ

e from unre

gulated fund

centres lik

e the

Cayman Islan

ds may ha

ve been over

stated, sa

ys Angel

e Spiteri

Paris

As pendi

ng regulat

ion looms

overthe f

unds

industry a

nd clients

havebeco

me more t

etchy

about tra

nsparency

andcontr

ols, we’ve

seen

somefund

managers

moving f

undsfrom

offshore d

omiciles, l

ike the Ca

ymanIslan

ds, to

onshore

locations

likeLuxe

mbourg

and

Dublin. B

ut the num

ber of ma

nagers ma

king

the move h

as not bee

n staggeri

ng and the

so-

called‘exod

us’ from C

ayman ma

y well ha

ve

beenoverb

lown.

In recen

t times, a

number

of manag

ers

announce

d their d

eparture

fromCaym

an.

Marshall

Wace, a L

ondon-bas

ed hedge

fund

manager, w

as one of t

he most w

ell-known

firms

to make t

he move.

Thefirm

would giv

e no

comment a

s to the re

asoning be

hindit.

Others th

at have re

domiciled

all orsome

of

theirfunds

include S

ignina Ca

pital,a Sw

iss-

basedhedg

e fund an

d fund o

f funds, Z

ais

Group, a

US distres

sed credit

manager.

And

SkyBridge

Capital,

another

US-based

alternative

manager,

is reported

ly conside

ring

creating

Luxembo

urg

Sicavversio

ns oftwo C

ayman-bas

ed funds o

f

hedge fun

ds.

Similar t

o Marsha

ll Wace,

themana

gers

making th

e move h

aven’t ma

de much

of a

songand

dance ab

out it. XL

Capital, n

ow

calledXL

Group, is

oneof th

e fewfund

groups th

at actually

issued a

pressrelea

se

regarding

the redom

iciliation.

XL CEOM

ike McGav

ick said in

the releas

e:

40

The funds europe Research Centre undertakes bespoke research

projects in the asset management arena. Drawing on fundseurope’s extensive database of contacts and the in-depth industry

knowledge of the funds europe team, the Research Centre

provides detailed and authoritative research results, coherently

presented and interpreted.

The values that define funds europe also pertain to Research

Centre projects: independence, quality writing and high production

values. The funds europe Research Centre specialises in research

into the European asset management markets, where it has

unrivalled coverage. However, research projects in other markets

will also be considered on a case-by-case basis.

RESEARCH CENTRE

Funds Regulation: A brighter distribution future?

funds europe

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THOUGHT LEADERSHIP

As a media partner, funds europe also acts as a source and a conduit for the publication of White

Papers, thought leadership reports and research documents.

It can author these reports on behalf of clients, in many cases working with third parties to

generate new ideas, targeted reports and opinion pieces.

funds europe can also distribute White Papers to its readership online, in hard copy and through

bespoke events.

Electronically, White Papers can be published online on the funds europe website (www.funds-europe.com), sent to our electronic newsletter circulation as an eDM (bespoke mailing) and aspart of our weekly editorial newsletters.

funds europe also hosts and produces Thought Leadership webinars, as well as hosting bespoke

roundtable events and targeted discussions as well as regular business breakfast briefings.

Launched in 2005, the funds europe awards recognise

excellence in all areas of asset management and asset

servicing.

Fundamentally different from other awards, funds europe

awards recognise personal achievements and contributions

within the European funds community and credit those who

have advanced the cross-border agenda within the asset

management industry.

Categories are judged by an independent body of judges

made up from a select number of industry experts from

around Europe and hosted by the funds europe editorial

team.

AWARDS

Now in its tenth consecutive year,awards for 2014 will include: European Asset Management Personality

European CIO

European Asset Management Company (two awards)

European Specialist Investment Firm

European Hedge Fund Firm

European ETF Provider

European Institutional Investor

European Thought Leadership

European Fund Launch

European Marketing Campaign

European Advisor

European Administrator

European Hedge Fund Administrator

European Specialist Administrator

European Custodian

European Transfer Agent

European Front Office IT Company

European Middle Office IT Company

European Back Office IT Company

A list of winners in 2013 can be viewed at: www.funds-europe.com/awards2013

Previous sponsors include:

To request full information about the

awards, including details for

entry and sponsorship,

contact Alan Chalmers on

+44 20 3178 5877 or

email: awards2014@funds-europe.com

funds global, the sister publication group to funds europe, serves the global asset management and

asset servicing communities by publishing in-depth reports containing commentary, interviews,

roundtable discussions and analysis from regions which share fundamental interests and concerns

with Europe.

The first funds global report, ‘Fund Management in the GCC Region’, was published in June 2009.

The group has grown to publish across Asia, Latin America and MENA.

In addition to reaching the funds europe monthly global circulation of 10,200, all funds global reports

are distributed to a dedicated profiled domestic circulation.

The 2014 report schedule is shown below:

Asia: March, May, September, December

LatAm: May, November

MENA: February, June, October, November

The aim of all funds global reports is to offer readers the most comprehensive and educative guide to

the region in focus and the major players within. For full information on funds global publications visit

www.fundsglobalmena.com or www.fundsglobalasia.com and request the 2014 media pack.

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ONLINE ADVERTISING2013 saw the continued development of www.funds-europe.com – with features

such as dedicated news stories, fund statistics, key word search and White Papers, the

site is a must read for industry professionals. In addition, the funds europe app is

now available in the Apple app store. As well as www.funds-europe.com, thecompany also operates stand alone websites for www.fundsglobalmena.com andwww.fundsglobalasia.com.

Several advertising options are available, from banners/hotlinks through to ‘key word’

search sponsorship.

Additionally, sponsorship of our tri-weekly news based email bulletin is available.

Reaching in excess of 10,600 professionals, newsletter sponsorship is an ideal way to

communicate your brand to our readers in a cost-effective manner. Sponsorship is

offered on a sole-sponsor basis ensuring that your message is not diluted.

A separate online media pack is available on request.

EVENTS funds europe can run bespoke events, seminars and debates. We have worked with

several clients to deliver bespoke events and we are happy to discuss any

requirements that you may have.

SEMINAR / DEBATEWith an audience of between 30 – 70 delegates, a debate is an ideal way to

demonstrate your expertise in the European asset management arena.

The funds europe team will work with you every step of the way, tailoring the

programme, inviting speakers and delegates and handling logistics to make sure each

event is a success. We have successfully hosted events throughout UK, Europe, Asia

and the MENA region. If required, key findings from the debate can be published in

the magazine.

ROUNDTABLEA sponsored event comprising discussion on a topical issue by a panel of industry

experts. Participants to include a senior member of the funds europe editorial team,

key executives from the event sponsor as well as other industry experts.

Findings from the roundtable will be written up and published in the main edition of

funds europe magazine, and sponsors will also receive a PDF version to use for their

own promotional purposes.

ONLINE ADVERTISING AND EVENTS

funds europe is the only

dedicated journal for cross-

border fund professionals

involved in the pan-European

investment fund business.

It provides a central information

resource for all those involved in

front and back office at fund

groups, pension funds, fund

distribution outlets and third-

party support business

companies (custodian banks,

administrators, prime brokers,

lawyers, tax advisors and

consultants) across Europe.

funds europe is distributed to

an audited, verified circulation of

10,257 readers each month.

funds europe tracks and

interprets Europe's retail and

institutional fund markets. It

provides in-depth analysis of

latest product, distribution and

operational developments that

fund groups need in order to

analyse and support their

strategic planning decisions.

funds europe is a strategic

media partner for a range of

market leading conferences

globally.

funds europe talks to the

market leaders in Europe and

around the globe to uncover the

answers to key questions

affecting the fund management

industry.

funds europe has a number of

senior level editorial focus

groups from across the industry

ensuring that our editorial focus

is topical, focused and relevant

to our readership.

funds europe is written by

specialist financial services

journalists from around Europe,

with opinion pieces contributed

by industry leaders and

academics. It works in close

association with EFAMA, ALFI

and IFIA and is supported by an

editorial advisory board drawn

from around the globe.

funds europe ran a series of

high level executive panel

discusssions in 2013, including

Asset Management, Asset

Servicing, ETFs, Securities

Lending, Pensions Review and

Globalisation of the funds

industry.

funds europe has a team who

each have an average of eight

years experience in financial

markets.

SUMMARY AND CONTACTS

funds europe288 BishopsgateLondon EC2M 4QP

Tel: +44 20 3178 5872 Fax: +44 20 3178 4002

Alan Chalmers (publisher)alan.chalmers@funds-europe.com+44 20 3178 5877+44 7971 005 285

David Wright(group sales manager)david.wright@funds-europe.com+44 20 3178 5878+44 7867 457770

Nick Fitzpatrick (editor)nick.fitzpatrick@funds-europe.com+44 20 3178 5875

Stefanie Eschenbacher(deputy editor)stefanie.eschenbacher@funds-europe.com+44 20 3178 5876

Nicholas Pratt(operations editor)nicholas.pratt@funds-europe.com+353 4692 44856

George Mitton(senior staff writer)george. mitton@funds-europe.com+971 42954618

Fiona Rintoul(editorial director)fiona.rintoul@funds-europe.com+44 141 946 8682

www.funds-europe.com

288 Bishopsgate, London EC2M 4QP, UKT: +44 (0)20 3178 5872 F: +44 (0)20 3178 4002 W: www.funds-europe.com E: contact@funds-europe.com