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Contents September 2014


4 8 News


Chenavari Embracing European illiquid credit opportunities. By Hamlin Lovell


14


Alternative Investments Demystified MYTH: Alternatives are risky. A research report by Ineichen Research & Management, commissioned by Virtus Investment Partners


18


Solar: The Third Industrial Revolution Commodity markets cannot ignore new technologies. By Chris Brodie, Founder, Krom River Trading AG


22


Attestations Personal accountability for senior management. By David Heffron, Addleshaw Goddard


26


In Conversation with Martin Lueck – Aspect Capital The Aspect and AHL co-founder tells his story. Extracts from the Top Traders Unplugged Podcast, Part 1


32


Common Denominators Markets traded by CTA and managed futures funds. By Tillmann Sachs, Hui Yu Chen and Robert L.K. Tiong


64 34


Investor Transparency Post-AIFMD What have we gained? By Peter Astleford, Partner, and Mikhaelle Schiappacasse, Associate, Dechert LLP


38


Key Trends in UCITS Hedge Funds 2014 The latest iteration does not dilute appeal. A report by Eurekahedge


45


Buzzacott LLP Carving out a niche. By Jasper Jolly


66 52 48


Private Investment Funds and Unregistered Marketers Registration may be necessary for some following SEC shift. By Liam O’Brien and C. Mark Laskay, McCormick & O’Brien LLP, with Lauren Parra and John S. Keating


Are You Paying Too Much for Foreign Exchange? Pricing methodologies should be challenged. By Paul Duprey


54


MiFID II and the Trading and Reporting of Derivatives Key implications for the buy side. By Jonathan Master, Andrew Henderson and Stefanie Sahla-Jones, Eversheds


56


Looking Under the Hood, Part 1 Smart betas, factor-based indexing, and risk premia. A transcript from the recent Opalesque UK Roundtable


62


JOBS Act Marketing Update CFTC relief removes impediment to general solicitation. By Brian T. Daly, Marc E. Elovitz, Brad L. Caswell and Jacob Preiserowicz, Schulte Roth & Zabel


Five Results of CalPERS Divesting of Hedge Funds Surprise move puts focus on alternative allocations. By Donald A. Steinbrugge, CFA, Managing Partner, Agecroft Partners


Staying Positive on Financials Opportunities remain globally. By Bill Ehrman, Managing Partner and CIO, Paix et Prosperité Funds


68


People This month’s appointments


2


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