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    Key take-aways from ALFI breakfast seminar on Alternative Investment Funds (AIFs) november 25, 2016    
          in this edition      
         
 
   

Highlights of the seminar

On 15 November, 80 industry participants gathered at the Bankers Club in Hong Kong to discuss about alternative investment funds.

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Speakers at the event

Cédric Carnoye, Senior Manager - M&A Tax, Head of Luxembourg desk in Asia Pacific, Deloitte Advisory, (Hong Kong)
Kerry Ching, Managing Director, Asia, AMP Capital
Alicia Garcia-Herrero, Chief Economist Asia Pacific, NATIXIS
Theresa Han, Managing Director, Public Markets Investments, GCM Investments Hong Kong Limited
Stéphane Karolczuk, Head of Representative Office, Arendt & Medernach S.A.
Didier G. Lamarche, Founder & CEO, Adam Smith Capital
Xavier Le Sourne, Partner, Elvinger Hoss Prussen
René Veerman, Managing Director, MSCI Inc.

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Luxembourg AIFs, demystified

A first session was dedicated to the complete and innovative Luxembourg AIFs toolbox that can be structured and tailored to the needs of Hong Kong managers or PRC advisors following alternative strategies (including hedge, private equity or real estate). Speakers showed the high competiveness of Luxembourg both in term of cost and time-to-market efficiency as well as highlighted the attractive "market-ability" of Luxembourg AIFs.

Furthermore were stressed the advantages and attractiveness of Luxembourg in light of the expected changes that certain regulatory and tax reforms will have on the global investment fund industry by sharing some insight on the AIFM and BEPS convergence, promoting thereby the set-up of AIFs in the same jurisdictions as the holding companies through which AIFs usually invest.

 

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The Rising of Alternative Investments

The panel shared their views of increasing appetite on all types of alternative investments from institutional investors such as SWFs, pension funds, insurance companies and family offices etc. The prolonged depressed interest rate environment, diversification, search for better returns and income were cited as the reasons for the increase in appetite. Also, there has been demand on factor based investing, aiming to mimic risk return profile of alternative investment solutions at a lower cost.

In determining of allocation to different alternative asset classes are defined by the client or as outcome of ALM studies.  Recent years indicate that clients were aware of the overall portfolio risk and are looking for tools to manage the holistic portfolio risk.

For alternative strategies, many investors also look for co-investment opportunities with the GPs.

The panel also shared their experience of access using funds. For hedge funds, GCM Investments indicated that the group has experience with UCITS funds.  For private equity, Sailing Capital indicated that the structure may take any form that is appropriate for the client. For real assets, Luxembourg SIF and Limited Partnerships are also used.

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