Global Fund Valuation Briefing THE SPENCER HOTEL, DUBLIN, 11 TH MAY 2016
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1 Glbal Fund Valuatin Briefing THE SPENCER HOTEL, DUBLIN, 11 TH MAY 2016
2 Agenda 2 Intrductin Ian Blance, Vltaire Advisrs Panellist Intrductins Sandra Mllen, BNY Melln Jhn Skelly, Carne Grup Ken Owens, PwC Abdellah Adhana, Thmsn Reuters Panel Discussin & Q&A TRPS Service Overview
3 3 Intrductin IAN BLANCE MANAGING DIRECTOR VOLTAIRE ADVISORS LLP
4 4 In many respects, the current crisis is abut valuatin. CHRISTIAN NOYER, GOVERNER, BANQUE DE FRANCE, 2008
5 Intrductin 5 Valuatin f assets held in investment funds a missin critical respnsibility Impacts: NAV calculatins Perfrmance reprting Financial reprting Manager cmpensatin Fees paid t service prviders Prceeds paid t investrs Fund valuatin is fcus f much regulatry and standard setting wrk since financial crisis Hw much prgress has been made t harmnize such standards glbally?
6 Use f Valuatin Data Within Firm 6 Vltaire Advisrs AIFMD Survey, 2016
7 Fund Valuatin Regulatry Landscape 7 Regulatins N glbal regime Supranatinal AIFMD, UCITS Natinal Law SEC, FCA, etc. Standards IFRS GAAP Other natinal accunting regimes Principles IOSCO CIS & Hedge Funds Hedge Funds HFSB, AIMA, MFA Lcal Guidance
8 IOSCO 8 Glbal rganisatin f Securities Regulatrs (inc. CSSF) Principles fr the Valuatin f Cllective Investment Schemes (2013) 11 Principles Principles fr the Valuatin f Hedge Fund Prtflis (2009) 9 Principles Many transpsed directly in AIFMD
9 AIFMD Level 1 text - Article 19 cvers valuatin 11 clauses very high level Imprtantly defines rle f External Valuer Level 2 Delegated Acts (ESMA) Articles Much mre detailed and prescriptive, eg. Article 68 n use f mdels Article 71 n factrs t cnsider if a valuatin is fair and apprpriate Nt always transpsed cnsistently int natinal law 9
10 US SEC Act rules fr US Mutual Funds Develped and refined ver last 75 years Mst cmprehensive standards fr fund valuatin Ddd-Frank extended SEC regulatin t Private Funds Investment Advisers, nt Investment Cmpanies But SEC appraches valuatin frm mutual fund mindset Regular enfrcement pur encurager les autres
11 Five Areas f Agreement 11 Cnflicts f Interest Dcumentatin & Disclsure Cnsistency f Applicatin Peridic Review Due Diligence
12 Five Areas f Cnflict? 12 Public vs Private Funds Respnsibility fr Valuatin External vs Internal Valuatin Dcumentatin Detail Due Diligence Requirements
13 Valuatin Data & Reprting Challenges 13 Regulatry Reprting Private Funds AIFMD / Ddd-Frank Public Funds UCITS / 40 Act Financial Reprting IFRS GAAP Majr data challenge!
14 Regulatins by Cst/Time t Implement 14 Vltaire Advisrs AIFMD Survey, 2016
15 Cnclusins 15 Sme effrts and desire t implement glbal standards fr fund valuatin But implementatin n a jurisdictin basis and sme cnflicts in the detail Regulatrs still lking at asset management industry, s further change can be expected But in the meantime we will need t live with the current varied and cmplex landscape
16 16 Mderatr - IAN BLANCE Panel Discussin SANDRA MOLLEN Glbal Head f Securities Data Management, BNY Melln JOHN SKELLY Executive Directr, Carne Grup KEN OWENS Partner, PwC ABDELLAH ADHANA Senir Evaluatr, Thmsn Reuters
17 Speakers Ian Blance Managing Directr Vltaire Advisrs Ken Owens Partner PwC 17 Sandra Mllen, Glbal Head Securities Data Management BNY Melln Jhn Skelly Executive Directr Carne Grup Abdellah Adhana Senir Evaluatr Thmsn Reuters
18 Panel Discussin Tpics 18 Cnflicts f interest Dcumenting and disclsing plicies and prcedures Peridic review f valuatin apprach Due diligence f third party pricing vendrs External vs internal valuatin Glbal Harmny r Discrd?
19 Questins Ian Blance Managing Directr Vltaire Advisrs Ken Owens Partner PwC 19 Sandra Mllen, Glbal Head Securities Data Management BNY Melln Jhn Skelly Executive Directr Carne Grup Abdellah Adhana Senir Evaluatr Thmsn Reuters
20 T learn mre dwnlad ur White Paper r listen t ur Webinars at
21 21 Evaluated Pricing & Due Diligence Develpments ABDELLAH ADHANA Senir Evaluatr, Thmsn Reuters
22 Thmsn Reuters Pricing Service (TRPS) OUR GLOBAL COVERAGE INCLUDES: Gvernment & Crprate bnds Mney Markets Municipal bnds Bank Lans Cnvertible Bnds Thmsn Reuters Pricing Service (TRPS) prvides independent evaluated pricing f all majr fixed incme and derivative asset classes Pricing is perfrmed using leading EJV fixed incme analytics, and drawing n extensive real time market data and cntributed brker infrmatin t ensure the mst up t date market infrmatin is driving ur valuatins 22 MBS & Securitized Prducts Agency CMOs, RMBS, CMBS Valuatins are perfrmed by 175+ experienced fixed incme prfessinals Cnsumer ABS Eurpean ABS Data team f in 7 glbal lcatins (New Yrk, Lndn, Paris, Gdynia, Tky, Sydney, Singapre) CLOs Full range f vanilla and cmplex credit, equity, interest rate and currency derivatives
23 Thmsn Reuters Valuatin Navigatr View Vide: 23
24 Questins 24 T find ut mre abut Thmsn Reuters visit prdcmmunity.cm
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