敏捷與彈性：迎接新現(xiàn)實的另類投資報告

1、The eight topics defning the Hedge Fund Manager s agendaThe eight topics defining theThe eight topics defining the Hedge Fund Managers agendaHedge Fund Managers agendaDriving for effciencyPlanning for the future4. Innovating the IT environment6. Investor Relations 2.02. Embracing a new reality5. Ret

2、urning to the offce1. Attracting and retaining talent3. Smart sourcingAbout the researchThis survey is part of an ongoing series of research initiatives conducted by KPMG and AIMA since 2012.This year we elected to focus on the threshold issues facing the Alternative Investment management industry a

3、s a result of COVID-19.This survey was in feld through July 2020, allowing AIMA and KPMG professionals to gather real-time data throughout the pandemic.For this survey, 144 managers were interviewed accounting for an estimated US$840 billion in Assets Under Management (AUM) and representing more tha

4、n a quarter of the industrys total AUM.Responses were divided by order of size. Larger managers (where the frms assets under management (AUM) exceeded US$1 billion) accounted for 59 percent of all responses,while smaller managers (where AUM was up to US$1 billion) accounted for the remainder; 41 per

5、cent. From a geographicperspective, nearly half (46 percent) of all respondents were from North America; 37 percent from EMEA; and 17 percent were headquartered in Asia Pacifc.2Embracing anew reality 3Smartsourcing1 HYPERLINK l _bookmark1 Attracting and HYPERLINK l _bookmark1 retaining talentIn addi

6、tion, KPMG and AIMA professionals canvassed the views of the industry via one-to-one interviews with Hedge Funds, investors and key ecosystem players, including technology companies, prime brokers, fund administrators and law frms to provide additional context to the survey fndings. Excerpts from th

7、ose discussions are included in this report.Thanks to our participants4Innovating theIT environmentOn behalf of KPMG and AIMA, we would like to thank everyone that participated in the survey and shared their insights.The views you shared have been vital in helping form this unique and valuable repor

8、t.5Returning tothe office 6InvestorRelations 2.0What is your frms aggregate AUM in US dollars (based on the net asset value of the funds your frm manages?)4%14%12%13%8%Less than $100m$100m$249m$250m$499m$500m$999m$1bn$4.9bn$5bn$9.9bn$10bn$19.9bn$20bn or greater18%9%8Planning for thefuture7Driving fo

9、refficiency22%Source: Agile and resilient: Alternative investments embrace the new reality KPMG International & AIMA Survey 2020Agile and resilient: Alternative investments embrace the new reality1The eight topics defining the Hedge Fund Managers agendaAttracting and retaining talent1Attracting andr

10、etaining talent2Embracing anew reality3Smartsourcing4Innovating theIT environment5Returning tothe office6InvestorRelations 2.07Driving forefficiency8Planning for thefutureAgile and resilient: Alternative investments embrace the new reality 2020 KPMG International Cooperative (“KPMG International”).

11、KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.The eight topics defining the Hedge Fund Managers agendaCOVID-19 may have resulted in some job losses across the fnancial services industry, but the data su

12、ggests that Hedge Fund managers continue to seek out the best talent while remaining mindful to also look after their own people.Fifty-seven percent of all managers say they have either hired or are trying to hire new talent since the pandemic began.Those headquartered in North America and those wit

13、h AUM of more than US$1 billion are the most likely to say they had hired since the start of the pandemic.“We are seeing a lot of talent migration,” notes a prominent NewYork Hedge Fund Lawyer. “Those Hedge Funds that are prospering in the current volatility and market dislocation are actively hirin

14、g, with some talent moving from frms that have endured a more challenging period.”According to one North American fund manager, frms are continuouslyYes, we have hired additional staff during this period.64%53%44%27%23%1Attracting andretaining talent50%1Attracting andretaining talentsearching for “f

15、ront-offce revenue- generating professionals that can make a real difference to the business.”In particular, during the one-on-one conversations with managers throughout this period suggest that frms are eager to discover strong Portfolio Managers, IR professionals and researchers.ASPACNorth America

16、EMEA2Embracing anew reality 3SmartsourcingBelow $1bnAbove $1bnSource: Agile and resilient: Alternative investments embrace the new reality KPMG & AIMA Survey 20204Innovating theIT environmentWhich of the following choices below is the greatest opportunity for the frm when attracting and/or retaining

17、 talent during this period?While the data suggests a broad trend towards hiring, our conversations with fund managers and fund service providers indicates many are just as concerned with retaining their currenttalent. Hedge Fund managers seem to be taking steps to ensure their talent is secure and a

18、ctively engaged.According to a recent global survey of CEOs conducted by KPMG International 1 since the pandemic began, talent riskTalent available from frms closing in the same sector25%Cultivating untapped potential from developingin-house talent18%A chance to hire talented people from different i

19、ndustries at a time when they might have5Returning tothe officetrouble fnding or keeping jobs elsewhere18%11%27%6InvestorRelations 2.0Decentralized geographicalnow ranks as the greatest risk facing organizational growth over the next 3Offering fexibility over where, when and the hours people workwor

20、k environment allows forpotential new talent sourceyears. At the beginning of the year, talent risk was ranked 11th in the minds of8Planning for thefuture7Driving forefficiencyCEOs just a few months later, it hasSource: Agile and resilient: Alternative investments embrace the new reality KPMG & AIMA

21、 Survey 2020skyrocketed to the number one risk.Recognizing this, approximately30 percent of the fund managers in this research also suggest a willingness to either grow their existing internal talent or to source and train new talent from outside the industry. The decentralizednature of the current

22、operating model has also created opportunities for managers to reach outside of their normal captive locations in the search for new talent.Speaking with one hedge fund manager based in the Northeastern United States who acknowledged that the relativesuccess of being able to work remotely has prompt

23、ed them to consider hiring key investment professionals from outside their home offce vicinity. Yet, at the same time, they also want to be mindful of the importance of culture and collaboration at the frm.1 KPMG 2020 CEO Outlook COVID-19 Special EditionAgile and resilient: Alternative investments e

24、mbrace the new realityWhile optimistic about their hiring and talent development potential, fund managers are also managing a number of new talent challenges related to thepandemic. Forty-one percent say they are struggling to on-board new employees remotely; North American and UK managers face part

25、icular concerns with remote on-boarding.A number of managers interviewed noted the importance of getting people back into the offce as a way to help new employees build the relationships and collaboration skills they require. And while industry talent is clearly willing to consider new opportunities

26、 during the pandemic, 30 percent of fund managers say they are worried that people may be less willing to move frms at this time.Interestingly, both large and small frms seem to be benefting from shifts in social expectations and norms. Conversations with smaller managers suggest they feel their frm

27、s fexibility and culture give them an advantage. Larger managers, on the other hand, believe they will beneft from brand recognition and security in a time of market uncertainty.What has been particularly interesting through this pandemic has been the focus on employee health and safety. While manag

28、ers are still clearly focused on maintaining and enhancing performance, our conversations indicate that manyare equally concerned about the more human implications of working in a decentralized environment employee mental health, morale, work-life balance and teamwork, for example.1Attracting andret

29、aining talent The eight topics defining the Hedge Fund Managers agendaWhat has been particularly interesting through this pandemic has been the focus1Attracting andretaining talenton employee health and safety. Employee mental health, morale, work-life balance and teamwork are top of mind for everyo

30、ne.2Embracing anew realityGreatest risk to an organizations growth over a 3-year periodGreatest risk to growth todayGreatest risk to growth at the beginning of the yearTalent risk21%Environmental/climate change risk3Smartsourcing22%Supply chain risk Return to territorialism14%18%Return to territoria

31、lismCyber security risk, includingrisk of cyber attacks and potential data losses15%19%Environmental/climate change riskEmerging/disruptive technology riskCyber security risk, including12%11%risk of cyber attacks and potential data losses10%Emerging/disruptive technology risk7%Operational risk Regul

32、atory risk11%5Returning to the office6InvestorRelations 2.04Innovating theIT environment8%Operational risk5%Regulatory risk5%Reputational risk, inclulding misalignment with customer/public sentiment6%Interest rate risk3%Tax risk4%Reputational risk, including misalignment with customer/public sentime

33、nt2%Interest rate risk2%Internal unethical culture risk1%Source: KPMG 2020 CEO Outlook COVID-19 Special EditionSupply chain risk2%Tax risk7Driving forefficiency2%Internal unethical culture risk1%Talent risk 1%8Planning for thefutureAgile and resilient: Alternative investments embrace the new reality

34、Our collective view suggests fund managers will need to be creative about their talent strategy; prospective hires are looking at the frms that are recruiting them and assessing how they are responding to this disruption inparticular, whether the frms culture and values align with their expectations

35、.Almost every executive that KPMG and AIMA interviewed noted the impact that a decentralized work environment was having on their performance culture. “The valueof culture, collaboration and face- to-face interaction cannot beunderestimated,” says one large fund manager. “Not just for the overall su

36、ccess of the organization, but also for the well-being and mental health of employees.”Managers are particularly concerned about their ability to maintain a high level of engagement with their employees.In fact, 55 percent of the survey respondents say they have concerns about diminishing team build

37、ing and culture.While working from home does have its benefts (being closer to family and zero/ little commute time, for example), many employees seem unable to switch off from the job, working longer hours.One-in-four frms are concerned that the lack of routine and structure, together with long per

38、iods of isolation from colleagues, is starting to have a negative impact on the health of their employees.Conversations with industry leaders highlighted some of the key concerns frms have about employee stress and mental health, particularly if they are exposed to further lockdowns. Many talk about

39、 encouraging employee engagement through events like Zoom Socials, weekly quizzes and team catch-ups; the fund managers interviewed stressed the importance these initiatives play in ensuring1Attracting andretaining talent1Attracting andretaining talent The eight topics defining the Hedge Fund Manage

40、rs agendaemployees remain motivated, engaged with their colleagues and embedded in the frm culture.3Smartsourcing2Embracing anew realityWhich of the following has been the greatest challenge for the frm (when most staff have had to work remotely)? Please select your top two choices.Concerns over dim

41、inished team building/Dilution of cultureLack of social interaction has led to poorer mental health26%Ensuring employees have robust WIFI and computer environment26%Lack of routine and structure normally available when working in an on-site workplace23%Productivity and performance issues due to a co

42、mpany-wide ability to work remotelyDecentralized supervision18%5Returning tothe office17%55%4Innovating theIT environmentAdhering to cyber security protocols in home16%6InvestorRelations 2.0Training in how to communicate and coordinate in a virtual world10%Instilling compliance throughout satellite

43、offces (e.g. homes)9%Reduced collaboration due to time zone differences, etc.7Driving forefficiency5%Source: Agile and resilient: Alternative investments embrace the new reality KPMG & AIMA Survey 20208Planning for thefutureAgile and resilient: Alternative investments embrace the new reality3Smartso

44、urcing2The eight topics defining the Hedge Fund Managers agendaEmbracinga new reality1Attracting andretaining talent2Embracing anew reality4Innovating theIT environment5Returning tothe office6InvestorRelations 2.07Driving forefficiency8Planning for thefutureAgile and resilient: Alternative investmen

45、ts embrace the new reality 2020 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated.The pandemic has brought about signifcant changes in the way many fun

46、d managers operate. Decentralized work environments, virtualized channels, increased reliance on digital technologies and the potential for continued rolling lockdowns are catalyzing most managers to adapt to a new reality.Many have adapted quickly. Given their size and presence of operations, large

47、r managers may have been able to do so quicker than the smaller-sized firms; one-in-three smaller firms are having to spend more time ensuring their employees have the technology and connectivity they require in order to stay connected, compared toone-in-five of the larger firms.When compared to the

48、ir larger peers, smaller firms are also spending more time working with their employees to ensure they adhere to cyber security protocols while working remotely(an issue we discuss in more detail later in this report). However, our discussions suggest none of this has been a major operational impedi

49、ment to firms of any size during this situation.Many fund managers see a silver lining to the ongoing disruption. Some have indicated that their employees are enjoying a greater work-life balance and greater job satisfaction as a result of remote working. Almost half of our respondents say they see

50、their new work arrangements having a positive impact on sustainability and employee mental health.“Working from home (WFH) has proven to be far more effective than we originally expected, particularly for the portfolio management side of our business,” notes an Australia-based Asset Manager. “Staff

51、have been very happy with the flexibility WFH brings and are enjoying a much better work/ life balance.”2Embracing anew realityThe COVID-19 pandemic has thrust fexible operating models into the limelight. However, at an infrastructure level, this is not breaking new ground for our sector. So the foc

52、us has been, and needs tobe, on supporting our human capital into the new normal.Dan Page,Head of Asset Management Advisory, KPMG Ireland (London)Which of the following has been the greatest challenge for the frm (when most staff have had to work remotely)? Please select your top two choices (by AUM

53、).Concerns over diminished team building/dilution of cultureAbove $1bn59%Concerns over diminished team building/dilution of cultureBelow $1bn51%Lack of social interaction has led to poorer mental healthLack of routine and structure normally available when working in an on-site workplaceProductivity

54、and performance issues due to a company-wide ability to work remotelyEnsuring employees have robust WIFI and computer environment21%18%30%29%Ensuring employees have robust WIFI and computer environmentAdhering to cyber security protocols in homeProductivity and performance issues due to a company-wi

55、de ability to work remotelyDecentralized supervision16%16%24%33%Decentralized supervisionAdhering to cyber security protocols in homeInstilling compliance throughout satellite offces (e.g. homes)Reduced collaboration due to time zone differences, etc.Training in how to communicate and coordinate in

56、a virtual world18%9%5%5%5%Training in how to communicate and coordinate in a virtual worldLack of routine and structure normally available when working in an on-site workplaceLack of social interaction has led to poorer mental healthInstilling compliance throughout satellite offces (e.g. homes)Reduc

57、ed collaboration due to time zone differences, etc.16%16%16%11%2%The eight topics defining the Hedge Fund Managers agenda 1Attracting andretaining talent2Embracing anew reality 3Smartsourcing4Innovating theIT environment5Returning tothe office6InvestorRelations 2.07Driving forefficiency8Planning for

58、 thefutureSource: Agile and resilient: Alternative investments embrace the new reality KPMG & AIMA Survey 2020Agile and resilient: Alternative investments embrace the new realityHowever, others admit they are judging their employees WFH performance based on very little actual data. “Right now, its r

59、eally just a gut feeling that everyone is pulling their weight and doing their jobs. We dont have a lot of detailed data on individual employee performance when were not in the offce.”The eight topics defining the Hedge Fund Managers agendaInterestingly, just over a quarter of the firms in our resea

60、rch report they are enjoying positive cost benefits from working in a decentralized environment. Conversations with managers indicate that some are enjoying cost savings from making changes to the margins of their operations, including renegotiating contracts with service and data providers.1Attract