Message from AIMA's CEO
By Jack Inglis, CEO, AIMA
Published: 20 September 2021
The necessity of change is a central theme running through this edition of the AIMA Journal. From adapting to the remote working environment forced on us all by the pandemic, to the more positive forces of ESG and technological innovation, change is everywhere. As the hedge fund industry adapts to the latest ‘new normal’ these pages are filled with forward-looking insights to help readers map out how the market landscape will be moulded by the myriad market forces currently at large today.
The Q3 2021 edition is unfortunately still dominated by references of how COVID-19 continues to overshadow discussions around business practices and economic prospects, but with a new emphasis on preparing for the post-COVID era that is hopefully not too far ahead.
ESG is also presented by multiple contributors as a double-edged sword of risk and reward, which for hedge funds means opportunities abound for those with the acumen to navigate the shifting sands of rules frameworks and challenges around greenwashing.
Adaption means shedding what may once have been useful but is now redundant, which in this instance means legacy systems that are no longer fit-for-purpose in the digital, automated, and agile world. This journal offers guidance into how to offload the dead weight and embrace the new. Other than COVID, the most prominent external force for change is regulation, and this edition provides detailed insight into the latest rules frameworks impacting the hedge fund universe today. Special focus is given to the new rules including the US’ marketing rule on private fund advisors, Germany’s pre-marketing rules for alternative investment funds, the Cayman Islands’ expanding economic substance regime, and what it means to be FCA regulated in post-Brexit Britain.
Elsewhere, the growing prominence of private markets in the minds of institutional investors also shines through in this issue with a review of how private assets have faired in recent months and predictions on likely further growth. Another area of increasing interest – digital assets – is explored with several common misconceptions challenged.
Finally, the highly-topical issues of company culture and the increasing intensity of the so-called war for talent are addressed with some dos-and-don’t offered on how to retain top talent, foster a positive work environment and manage known risks from the emerging hybrid work model.
As always, my thanks go to all the authors in this edition which make it such a valuable and sought-after resource for AIMA’s members and the wider industry.