Jane Buchan is currently the Chief Executive Officer at Pacific Alternative Asset Management Company (PAAMCO), an investment management firm based in Irvine, CA with offices in London and Singapore. Ray Nolte is co-managing partner and chief investment officer of SkyBridge. He is also Chairman of the Manager Selection and Portfolio Allocation Committees. Scott Kapnick, is Chief Executive Officer of Highbridge Capital Management. See very informal notes from their panel discussion below.
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PAAMCO, Skybridge, Highbrige: Alternative Outcomes
managing trends to manage your portfolio
Jane Buchan, Managing Director and the firm’s Chief Executive Officer (PAAMCO)
Gary Kaminsky, CNBC
Scott Kapnick, Chief Executive Officer of Highbridge Capital Management
Ray Nolte, Chief Investment Officer and co-managing partner of SkyBridge
Jacob Walthour, Managing Director of Cliffwater LLC
Moderated by Melissa Lee of CNBC
RN–More high net worth individuals adding to alternative portfolios
Skybridge on record pace for accumulating assets
Event driven space is coming on strong and a place to be
JW–Tremendous demand for activism still in 2014. Private equity is being overtaken by activists. Better returns in activist strategies vs Private equity. Plus public and don’t have to pay a control premium
A lot of event-driven guys closing funds to new money, will there be enough supply to meet demand?
Hedging has been very tough for last 5 years
JB–No one is doing the work on individual securities anymore, a lot more indexing, which assumes the current market is correctly valued.
Allocators will start to focus on smaller hedge funds. A lot of the larger managers are all in the same trades.
SMA’s could be a major trend as well
SK- ETF’s are creating opportunities (SO TRUE, IMO).
L/S managers can take advantage of more and more indexing, bc crap goes up with quality at the same rate as investors buy entire buckets
GK–Closet indexing and benchmark hugging does NOT add value. Active managers are the place to be.
This is the time for active managers to prove their worth and should be able to outperform and add alpha
Europe could still have a lot of room left for activism. Huge opportunities abound.
Fees –asset allocators demanding lower fees for larger assets