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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

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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

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