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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

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managed futures industry trends
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
managed account platform
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
enhanced reporting
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
nfa rule 2 46
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
daily reconciliation
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
summary
Summary
  • Trend Toward Managed Account Structures
  • Increased Investor Control / Due Diligence
  • Increased Frequency of Liquidity
  • Enhanced Investor Reporting - Frequency & Transparency
spectrum global fund administration
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