Managed Futures Industry Trends - PowerPoint PPT Presentation

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Managed Futures Industry Trends

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  1. Managed Futures Industry Trends • Enhanced investor control via Managed Accounts • Investors moving capital from traditional Fund of Hedge Funds and into managed accounts or managed account platforms • Increased liquidity terms within funds – move from quarterly/monthly to semi-monthly/weekly/on demand • Daily/Monthly portfolio transparency reporting to fund investors • Independent daily reconciliation & 3rd party valuation • Multiple FCM’s • Multi-Tiered fees & additional investor level fees beyond management & performance • Enhanced investor due diligence including on-site visits

  2. Managed Account Platform • Large investors pushing managed account platforms towards their operational mandates: Service providers: • FCM • Auditor • Administrator • Bank Compliance/Controls/Etc: • Independent Reconciliation/Valuation • Cash Controls • Liquidity terms • Fee terms • Reporting requirements • Risk Management

  3. Enhanced Reporting • Aggregation of portfolio data for investors and managers/sponsors • Across investor’s managed accounts • Across investor’s pro-rata portion of Fund/MAP investments ***Fund/MAP may invest in many CTA’s via managed accounts • Segmentation, sorting & subtotaling of portfolio data for analysis: • Strategy, CTA, FCM, Investment type, Currency, etc… • Daily Investor NAV estimates by CTA & consolidated across CTA’s • Daily ROR – CTA, across CTA’s, Class, Investor

  4. Daily P&L Report - Master Fund

  5. Daily P&L Report - Master Fund(Feeder Transparency)

  6. Daily P&L Report - Master Fund (Feeder Transparency with Investor Segmentation)

  7. Daily P&L Report - Master Fund(Investor Transparency – Tom McGregor)

  8. Investor Transparency – Tom McGregorInvestment Type / FCM

  9. Investor Transparency – Tom McGregorSector (Agriculture) / Investment

  10. Tom McGregorDaily & MTD Investor Statement (Net of Fees)

  11. NFA Rule 2-46 • CPO Quarterly Reporting Requirements – How can your administrator help? • Most reporting requirements should be part of your administrators standard reporting package • Calculate NAV • Calculate R.O.R. • Prepare the Schedule of Investments • Schedule of Investments • Administrator tracking of all trade activity allows for roll-up of data

  12. Daily Reconciliation • Administrator receives trades directly from each CTA • Administrator receives nightly feeds from each FCM • Administrator receives pricing directly from third party sources • T -> Flash reports - Positions and P&L  • T+1-> Reconciled reports – Positions and P&L Positions

  13. Summary • Trend Toward Managed Account Structures • Increased Investor Control / Due Diligence • Increased Frequency of Liquidity • Enhanced Investor Reporting - Frequency & Transparency

  14. Spectrum Global Fund Administration • Full Service Daily – Oriented Fund Administration • US & Cayman – Funds, Managed Accounts, FoF’s • Flexible Technology To Handle Multiple Structures, Products, Complex Fees • 45% Of Business Is CTA Related • 75% Is Daily Reconciliation & Reporting Oriented • Daily Transparency Reporting, NAV Estimate’s And Returns • Integrated and Flexible Internal System - VBO • Facilitate on-demand Liquidity • Facilitate Independent Valuation • SAS 70