AIMA/PwC Global Distribution Survey 2017/ Contact Details

Transcription

1 1. Contact Details 1. Please supply the following basic identifying information. Data from this survey will only be presented in the aggregate and will not be attributed to any specific person or firm. Name Company Address 1

2 2. Basic Details 2. Where is your firm headquarters? Select the country from the drop-down box below. 3. What year was your firm established? 4. What was your firm's aggregate AUM in U.S. dollars as of 31 March 2017, calculated based on the NAV of the funds your firm manages and the regular pricing methodologies used for products and accounts? $0-$100 million $100 million-$250 million $250 million-$500 million $500 million-$1 billion $1 billion-$5 billion $5 billion-$10 billion $10 billion + 2

3 3. Your Assets Under Management (AUM) (part 1 of 2) 5. What percentage of your firm's aggregate AUM from funds and accounts managed in an alternative asset strategy is attributable to fund investors/separate account clients in each of the following countries or regions? (Choose one per row) United States United Kingdom Continental Europe (ex- Switzerland) Switzerland Middle East Asia Pacific Other <10% 10-25% 25-50% 50-75% % N/A 3

4 4. Your Assets Under Management (AUM) (part 2 of 2) 6. For each of the types of funds and accounts listed below, please identify: -- What percentage of your firm's aggregate AUM is represented? -- In which jurisdiction are the majority of each type of product your firm manages established? Please count each fund and each account in only one of the categories. (Please select an answer choice in each column with respect to each row) Percentage of your firm's aggegrate AUM Where are the majority of these funds/accounts established? Hedge fund stategy managed as a comingled private fund Hedge fund strategy managed in a UCITS Hedge fund strategy managed in a US registered investment company Hedge fund strategy managed as a separate account or fund of one Private equity stategy managed as a comingled private fund Private equity strategy managed in a separate account or fund of one Private credit stategy managed as a comingled private fund Private credit strategy managed in a separate account or fund of one Other 4

5 5. Your Investors 7. Which types of investors are you selling to in each of the following markets? (Tick all that apply.) Nonfinancial corporations Financial institutions (proprietary) Pension plans/funds Endowments, foundations and charities Sovereign wealth funds Other funds (incl. funds of funds) Other High net institutional worth Retail United States United Kingdom Continental Europe (ex-switzerland) Switzerland Middle East Asia-Pacific Other 8. For each jurisdiction, which type of investors are the largest contributors to your firm's AUM? United States United Kingdom Continental Europe (ex- Switzerland) Switzerland Middle East Asia Pacific Other Non-financial corporations Financial institutions (proprietary) Pension plans/funds Endowments/foundations/charities Sovereign wealth funds Other funds (incl. funds of funds) Other institutional High net worth Retail Not applicable 5

6 6. Communication Tools 9. Rank the tools your firm currently uses to communicate with its investors and/or potential investors in order of importance, with 1 being the most important. If you do not use a particular distribution strategy, do not give it a ranking and tick the corresponding N/A box to the right. Website/web-based platform N/A N/A Post N/A Face to face N/A Multi-client conference call N/A Mobile phone N/A Office phone N/A Social media N/A Client conferences N/A Third party conferences N/A Other N/A 10. Rank the tools your firm uses to communicate with its investors and/or potential investors in order of the importance you think they will have in 5 years' time, with 1 being the most important. If you do not use a particular distribution strategy, do not give it a ranking and tick the corresponding N/A box to the right. Website/web-based platform N/A N/A Post N/A Face to face N/A Multi-client conference call N/A Mobile phone N/A Office phone N/A Social media N/A Client conferences N/A Third party conferences N/A Other N/A 6

7 11. What do you believe the barriers are to using a digital distribution platform to interact with investors? (tick all that apply) Current regulation Uncertainty of future regulation Lack of expertise on the part of the manager's staff Lack of expertise on the part of investors Resources Low uptake from industry Lack of appetite from investors Other (please specify) 7

8 7. Marketing Costs 12. What is the most expensive aspect of marketing in each of the following countries/regions? United States United Kingdom Continental Europe (ex- Switzerland) Switzerland Middle East Asia Pacific Regulatory filing fees Distributor fees Other service provider fees Travel expenses Local marketing team costs Translation fees Other If you chose "Other" above, please specify here the relevant expense type. 13. Which country or region is the most expensive to market in? Which country or region is the least expensive to market in? For this purpose, consider all of the types of expenses listed in the prior question other than travel and any other expenses your firm incurs during distribution in each country/region. Most expensive Least expensive United States United Kingdom Continental Europe (ex- Switzerland) Switzerland Middle East Asia Pacific 8

9 8. Distribution Channels 14. Rank your use of the following distribution channels starting with 1 as the most important. If you do not use a particular distribution strategy, do not give it a ranking and tick the corresponding N/A box to the right. Staff of the manager engage with investors about the product N/A Directors of the fund market the fund N/A A US registered broker dealer has been engaged to distribute the funds N/A A non-us placement agent or distributor has been engaged to distribute the funds N/A Unregistered finders and consultants locate investors for the funds N/A Password protected website N/A Non-password or unprotected website N/A Private bank platform N/A UCITS platform N/A AIFMD platform N/A Fund of funds platform N/A Prime broker cap intro N/A Other cap intro N/A Referrals from existing investors N/A Grades from consultants N/A Other (specify in text question below) N/A 15. If you selected "Other" in response to the question immediately above, please indicate what other distribution channel(s) your firm is currently using. 9

10 16. Which of the channels below does your firm use to promote its brand? Articles in third party media Events Social media Advertisements TV appearances Website White papers None of the above Other (please specify) 10

11 9. Sources of Investor Contacts 17. Rank the sources of new investor/client contacts used by your firm in order of importance, starting with 1 as the most important. If your firm does not use a particular source, do not give it a ranking and tick the corresponding "N/A" box to the right. Prior contacts of investment manager staff N/A Capital introduction teams at prime brokers N/A Private banks N/A Consultants N/A Family offices/multi-family offices N/A Referrals from other investors N/A Other third party marketers N/A Attendance at industry conferences N/A Databases N/A Media, advertisements and/or social media N/A Other (specify in text question below) N/A 18. If you selected "Other" in response to the immediately question above, please indicate what other sources of new investors/clients your firm is currently using. 11

12 10. Your Marketing Team 19. How many of the firm's employees (calculated on the basis of internal full time equivalents) are responsible for marketing your funds? None More than How is your marketing team structured? Joint - no role specialisation, with marketing people also responsible for other functions such as ongoing client services Specialised - distinct separation of roles, with a dedicated marketing team and separate client services team 21. Rank the following in order of importance (with 1 being the most important) with respect to hiring internal personnel to market your fund. Investment expertise N/A Technical investment knowledge N/A Investor network N/A Number of years of experience N/A Other N/A 22. If you selected "Other" in response to the question immediately above and ranked it either first or second, please indicate what other factors are of primary importance when your firm selects personnel to market its funds. 12

13 11. Investment Timing and Drivers 23. On average, how long is it currently taking for an investor to make an investment, measured from your firm's initial contact with the investor? Less than a month 1-3 months 3-6 months 6 months to 1 year More than a year 24. Rank the following key drivers for selecting investments in alternative asset funds in the order you think an investors would place them, starting with 1 being the most important. Strategy Risk/reward analysis Performance Experience/longevity/pedigree of the portfolio manager Reputation of the investment manager Fees and expenses Outcome of investor s operational due diligence Identity of the service providers Corporate governance Other (specify in text question below) 25. If you selected "Other" in response to the question immediately above, please indicate what other key drivers you think an investor would have selected had it been on the list. 13

14 12. Fee Structure Changes 26. Are you planning to lower the fees offered in your fee structures? No, fees are staying the same Yes, to increase the number of new investors Yes, to retain current investors Yes, both to increase the number of new investors and to retain current investors 14

15 13. Marketing in EU Member States (part 1 of 2) 27. How are you marketing in each of the EU member states below? Not marketing in this country Private placement (NPPR) Passporting using own EU AIFM Passporting using third party AIFM Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom 15

16 14. Marketing in EU Member States (part 2 of 2) 28. If the AIFMD passport is extended to allow EU AIFMs to market non-eu AIFs to professional investors across the EU and to allow non-eu AIFMs to elect to become authorised and take advantage of the ability to market AIFs to professional investors across the EU, what approach would your AIFM(s) take with regard to non-eu AIFs? (tick the most applicable choice) Apply to passport any non-eu AIFs marketed to EU investors Continue to use the NPPRs until not available Stop raising capital for non-eu funds from EU investors Not relevant as our EU AIFM(s) only manage and market EU AIFs Not applicable Other Other (please specify) 16

17 15. Brexit and Marketing in the UK 29. How important will the UK be as a fund raising destination for your firm post Brexit? More signficant Less significant Stay the same 30. How important will the EU-27 be as a fund raising destination for your firm post Brexit? More signficant Less significant Stay the same 31. My firm is currently accessing the UK market primarily through: Cayman AIF - NPPR European AIF - Passporting European AIF - NPPR Other non-eu AIF - NPPR Not marketing to UK investors 32. Post Brexit, my firm will be accessing the UK market primarily through: Cayman AIF - NPPR UK domiciled fund European AIF - NPPR Other non-eu AIF - NPPR Not applicable as not marketing to UK investors 17

18 16. Marketing Plans for For each country or region where you expect to actively market in the period , please identify the types of investors your fund intends to target. (Tick all that apply.) Nonfinancial corporations Financial institutions (proprietary) Pension plans/funds Endowments, foundations and charities Sovereign wealth funds Other funds (incl. funds of funds) Other High net institutional worth Retail United States United Kingdom Continental Europe (ex-switzerland) Switzerland Middle East Asia-Pacific Other 34. For each country or region where your firm expects to actively market in the period , please identify the type of product that your firm anticipates will be the most frequently sold to the selected type of investors. (Please select an answer choice in each column with respect to each row United States United Kingdom Continental Europe (ex-switzerland) Switzerland Middle East Asia Pacific Other Non-financial corporations Financial institutions (proprietary) Pension plans/funds Endowments/foundations/charities Sovereign wealth funds Other funds (incl. funds of funds) Other institutional High net worth Retail 18

19 17. New Fund Launches 35. Please fill in the following criteria if your firm is planning to launch a new alternative fund in the period (Please select an answer choice in each column with respect to each row) Are you planning to launch this type of fund? In which country are you planning Will this be a new type of product to establish it? for your firm? Hedge fund stategy managed as a comingled private fund Hedge fund strategy managed in a UCITS Hedge fund strategy managed in a US registered investment company Hedge fund strategy managed as a separate account or fund of one Private equity stategy managed as a comingled private fund Private equity strategy managed in a separate account or fund of one Real estate stategy managed as a comingled private fund Real estate strategy managed in a separate account or fund of one Direct lending stategy managed as a comingled private fund Direct lending managed in a separate account or fund of one Other private credit stategy managed as a comingled private fund Other private credit strategy managed in a separate account or fund of one Other 19