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Alternative Fund Insight
Ep 31 - Goldman Sachs Asset Management and PivotalPath on the positive hedge fund outlook in 2025
Season 2, Ep. 7
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In a special episode recorded at the start of 2025, AFI founder and podcast host Will Wainewright is joined by Richard Quigley and Jon Caplis, industry leaders from Goldman Sachs Asset Management and PivotalPath, to review hedge fund performance and look ahead to key trends in asset allocation, launches and other key areas which will shape 2025. See show notes and bios below.
Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/
You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.
Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.
Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insight
Sign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/
Get a 360-degree insights and research into hedge funds and multi-strategy with AFI membership. Group discounts available for corporates: https://alternativefundinsight.com/membership-options/
Release date: 23 January 2025 (recorded on 15 January 2025)
2:43 - RQ's positive longer-term view on hedge fund performance.
5:08 - JC's overview of hedge fund performance in 2024.
9:47 - JC on strong "high-quality" launch environment.
12:41 - RQ says GSAM continues to be very active in launch market, "exciting" outlook particularly in last year or two.
16:40 - RQ on renaissance in managed account use.
18:07 - RQ on multi-manager dominance and its implications.
20:32 - JC on multi-PMs' huge influence now, impact on so many industry trends.
23:38 - RQ on asset allocation trends, sentiment
26:10 - More value now attached to liquidity, says JC.
27:14 - RQ warnings on capacity, complexity and fees.
29:00 - JC on importance of accurate benchmarking.
33:35 - RQ agrees, points out the difference between returns is alpha, an incredibly important dimension.
34:42 - Customisation trend makes it even more crucial to get benchmarking right, says JC.
35:43 - 2025 key trends. RQ says higher flows.
37:48 - JC sees consolidation ahead in 2025.
BIOs:
Richard Quigley is global head leading the hedge fund client business at Goldman Sachs Asset Management, responsible for all business dimensions of its $27bn hedge fund strategies platform. He is also co-chair of the Portfolio Construction Investment Committee and lead portfolio manager for its largest strategic partnerships.
Jon Caplis is founder and CEO at PivotalPath, responsible for strategy and overseeing all aspects of the firm’s operations. PivotalPath is a leading hedge fund research firm, which provides institutional investors with over $400bn in combined hedge fund investments with valuable insights and necessary tools for informed investment decisions.
*Not investment advice. Past performance is no guarantee of future returns*
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15. Ep 39 - Jack Inglis, AIMA CEO, on global regulatory shifts and the future of hedge funds
41:54||Season 2, Ep. 15Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: Ask Will or email commercial@alternativefundinsight.com for more details!You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All ratings and feedback welcome!Follow the latest developments via our LinkedIn page. Sign up to free AFI bulletins. Get a free weekly multi-strategy update.In this episode, Will interviews Jack Inglis, CEO of AIMA, for a discussion of the key trends and regulatory changes affecting the hedge fund industry outlook. Find topics by timestamp below:1:20 - JI's take on the hedge fund outlook midway through 2025 - performance and flows.4:45 - Could a hedge fund boom be on the cards?8:37 - Key industry mega-trends: rise of multi-strats, AI, SMAs usage, portable alpha.12:30 - Thoughts on ongoing fees debate.15:25 - Change in US regulatory environment.20:00 - How that changed US attitude has impacted priorities beyond the US.24:45 - Thoughts on Dubai, Abu Dhabi and other global hubs.29:10 - Rapid pace of change in the sector.31:00 - Future of private credit sector.36:30 - Future of crypto/digital assets.39: 32 - Closing words on priorities this year for AIMA.*Not investment advice. Past performance is no guarantee of future returns*This podcast is brought to you in association with Citco, the leading asset servicer with over $2 trillion of assets under administration (AUA) and the top hedge fund administrator according to the AFI 500 research ranking. Citco acts as a true partner to its clients, dedicated to developing rich long-term relationships through gold standard services and industry leading technology. Head to Citco.com for more information.
14. Ep 38 - Introducing the AFI 500 hedge fund ranking, with Bill McIntosh
25:50||Season 2, Ep. 14Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: Ask Will or email commercial@alternativefundinsight.com for more details!You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All ratings and feedback welcome!Follow the latest developments via our LinkedIn page. Sign up to free AFI bulletins. Get a free weekly multi-strategy update.In this episode, the tables are turned as host Will is interviewed by Bill McIntosh of Peregrine Communications about the AFI 500 research ranking. Bill is an experienced communications professional with a background in financial journalism and hedge funds. He kindly invited Will to discuss the research on Peregrine's Marketing Leaders podcast, which you can find here. AFI is republishing the interview to serve as an introduction to the AFI 500. Head to www.peregrinecommunications.com for more information about the firm.Members can find the research here: https://alternativefundinsight.com/afi-500-global-hedge-fund-ranking-2025/Non-members can view a free introduction here: https://alternativefundinsight.com/introducing-the-afi-500-global-hedge-fund-ranking/*Not investment advice. Past performance is no guarantee of future returns*This podcast is brought to you in association with Citco, the leading asset servicer with over $2 trillion of assets under administration (AUA) and the top hedge fund administrator according to the AFI 500 research ranking. Citco acts as a true partner to its clients, dedicated to developing rich long-term relationships through gold standard services and industry leading technology. Head to Citco.com for more information.
13. Ep 37 - Hedge funds advance through April volatility; with Declan Quilligan, Citco's Head of Hedge Fund Services
16:32||Season 2, Ep. 13Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: Ask Will or email commercial@alternativefundinsight.com for more details!You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All ratings and feedback welcome!Follow the latest developments via our LinkedIn page. Sign up to free AFI bulletins. Get a free weekly multi-strategy update.This week on the AFI podcast, Will is joined by Declan Quilligan, Head of Hedge Fund Services at Citco, to discuss industry trends in April based on the firm's latest monthly research.April was characterised by high market volatility, mainly driven by US trade war policy after President Trump's 2 April announcement on tariffs. Hedge funds navigated the volatility to deliver an average monthly gain of 0.9% on a fund weighted basis, per Citco data, and industry inflows continued.On the agenda: key insights on hedge fund strategy performance, flows, treasury payments and trade volumes during a rollercoaster month. Find topics by time-stamp and listen links below. Find the full Citco report here and AFI's coverage here.1:42 - Industry performance headlines in April.5:00 - Positive in turbulent month - downside protection fulfilled. Diversification is key.7:00 - Overview by strategy.7.30 - Focus on multi-strategy. Strong risk management.8.35 - Focus on inflows into hedge funds, key themes.9.48 - European funds have highest inflows on regional basis.11:10 - Another increase in trading volumes amidst the volatility.12:24 - Treasury payments also remain elevated.14:00 - Big picture view on performance trends.Episode recorded on 21 May 2025.*Not investment advice. Past performance is no guarantee of future returns*This podcast is brought to you in association with Citco, the leading asset servicer with over $2 trillion of assets under administration (AUA) and the top hedge fund administrator according to the AFI 500 research ranking. Citco acts as a true partner to its clients, dedicated to developing rich long-term relationships through gold standard services and industry leading technology. Head to Citco.com for more information.
12. Ep 36 - Q1 trends with Declan Quilligan, Citco's Head of Hedge Fund Services
18:54||Season 2, Ep. 12Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: Ask Will or email commercial@alternativefundinsight.com for more details!You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All ratings and feedback welcome!Follow the latest developments via our LinkedIn page. Sign up to free AFI bulletins. Get a free weekly multi-strategy update.This week on the AFI podcast, Will is joined by Declan Quilligan, Head of Hedge Fund Services at Citco, to discuss industry trends in Q1 based on the firm's latest quarterly research.The first quarter was anything but quiet, comprising the start of the Trump presidency in the US, the emergence of the Deep-Seek AI model, an unprecedented German fiscal package and growing speculation over US trade policy ahead of the early April announcement on tariffs.On the agenda: key insights on hedge fund strategy performance, flows, treasury payments and trade volumes. Find topics by time-stamp and listen links below. Find the full Citco report here and AFI's coverage here.1:36 - Introduction to interview and Q1 overview.2:11 - DQ gives key headlines on hedge fund performance in Q1; Tenth successive quarter of gains for sector.4:45 - Zeroing in on multi-strategy - further strength in Q1, continuing recent trends.7:30 - Exploration of scale.8:21 - $7.1bn of net inflows in Q1, about half of which in multi-strategy.10:55 - Ability of hedge funds to protect capital in volatile times.12:08 - High levels of Treasury Payments in Q1, big y/o/y growth.14:25 - Also very high trading volumes, volatile Q1 sees two of busiest months on record.16:34 - Importance of hedge fund return profile in market turbulence.Episode recorded on 6 May 2025.*Not investment advice. Past performance is no guarantee of future returns*This podcast is brought to you in association with Citco, the leading asset servicer with over $2 trillion of assets under administration (AUA) and the top hedge fund administrator according to the AFI 500 research ranking. Citco acts as a true partner to its clients, dedicated to developing rich long-term relationships through gold standard services and industry leading technology. Head to Citco.com for more information.
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10. Ep 34 - Donald Pepper, Trium Capital's head of multi-strategy, on cultivating trading talent and the role of hedge funds
34:17||Season 2, Ep. 10Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: https://alternativefundinsight.com/membership-options/ Ask Will or email commercial@alternativefundinsight.com for more details!Donald Pepper, co-CEO and head of multi-strategy at Trium Capital, takes listeners inside the growth of the London firm, which has doubled assets to $3bn in the past 18 months, on the latest AFI podcast.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a free weekly multi-strategy update: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7287811820046696448Release date: 13 April 2025 (recorded on 8 April 2025)1:50 - Introduction to Donald Pepper's career background and Trium Capital.3:55 - His take on the industry outlook in 2025 and the role of hedge funds in a portfolio.5:37 - Recent industry performance drivers and market volatility.7:47 - Zooming in on multi-strategy - Trium's approach, and how it finds and partners with trading talent. Key differences with pod-shops.14:00 - Why he sees simplicity in the multi-strategy model.16:27 - Appeal and significance of the Ucits offering.20:00 - Increased use of dedicated managed accounts.23:12 - Pepper's view of the future evolution of the hedge fund space.25:57 - Perspective on private markets.27:54 - Global nature of hedge fund industry - his take.30:44 - Focus on growth and attracting talented PMs to further grow the business.*Not investment advice. Past performance is no guarantee of future returns*
9. Ep 33 - Pictet Asset Management's Doc Horn on a unique approach to multi-strategy
28:43||Season 2, Ep. 9Get 360-degree insights and agenda-setting research into hedge funds and multi-strategy with AFI membership. Use the code PODCAST10 for a 10% discount on AFI Intelligence (first year, new subscribers only). Group discounts available for corporates: https://alternativefundinsight.com/membership-options/ Ask Will or email commercial@alternativefundinsight.com for more details!Doc Horn, hedge fund industry veteran and head of the $7bn Total Return equities unit at Pictet Asset Management, joins episode 33 of the AFI podcast. He discusses the outlook in equity strategies, allocator trends and how Pictet stands out with a different approach in the multi-strategy segment. Its main product marked 20 years in business last year. See show notes.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a free weekly multi-strategy update: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7287811820046696448Release date: 26 February 2025 (recorded on 28 January 2025)2:00 - Introduction to Doc Horn's role as head of the $7bn Total Return equities business at Pictet Asset Management. Focused on low-net relative value opportunities for almost 20 years.4:00 - Pictet's flagship is the multi-strategy fund which marked 20-year anniversary last year.5:30 - Common DNA running through the TR equities unit. Multi-strategy fund serves as proving ground for a range of strategies.7:00 - Reviewing key hedge fund performance trends in 2024.9:15 - Key performance drivers in 2025.11:00 - Event-driven opportunities.15:00 - How best to profit against the macro volatility backdrop in the age of Trump?18:45 - Interest from private wealth channels in hedge.20:00 - How does Pictet differentiate itself in the competitive multi-strategy market.23:30 - What about the talent side of multi-strat?27:00 - Pictet's model and appeal to traders and allocators. *Not investment advice. Past performance is no guarantee of future returns*
8. Ep 32 - Mark Dowding, Bluebay fixed-income CIO, on how the political informs the macroeconomic in 2025
40:03||Season 2, Ep. 8Political turbulence and macroeconomic volatility make it a great environment for active fixed-income investors, says Mark Dowding, CIO of RBC BlueBay's $130bn fixed-income unit. Joining episode 32 of the AFI podcast, Dowding explains why relative value investing is well suited to the volatility and dissects the implications of Trump's second term for markets and macroeconomics.It is a fascinating insight into his trading approach, particularly how political research informs his trades, and outlook across different asset classes in 2025, more than three decades after he started his career in 1993. See topics and listen links below.See show notes and bios below.Discover the 25 most influential global hedge fund allocators: https://alternativefundinsight.com/power25-hedge-fund-allocator-ranking-2024/You can subscribe to the AFI podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. All feedback welcome! If you enjoyed this or other episodes please subscribe, leave a rating and review.Contact Will: will@alternativefundinsight.com Visit the AFI website: www.alternativefundinsight.com.Follow the latest developments via our LinkedIn page: www.linkedin.com/company/alternative-fund-insightSign up to free AFI bulletins: https://alternativefundinsight.com/newsletter-sign-up/Get a 360-degree insights and research into hedge funds and multi-strategy with AFI membership. Group discounts available for corporates: https://alternativefundinsight.com/membership-options/ Ask Will or email commercial@alternativefundinsight.com for more details.Release date: 5 February 2025 (recorded on 23 January 2025)1:45 - Introduction to Dowding's role as CIO at $130bn fixed-income unit. Global macro background, started career in 1993.3:48 - MD's big-picture view, starting with strength of US economy. Fed rates on hold for time being. Views on inflation, dollar. FX creating more opportunity than rates.7:46 - Trump volatility leading to opportunity. Maradona analogy.10:12 - Do investors now understand Trump behaviour more now, which will help trading decisions.11:50 - Thoughts on tariff agenda and possible inflationary impact. FX changes bearing brunt.15:37 - How political meetings inform the approach. His certainty from US visits prior to election that Trump would win.19:40 - Thoughts on Europe and UK. 26:54 - Relative value opportunities increasing amid the volatility. Thoughts on Japan.29:00 - Thoughts on asset allocation trends.33:50 - Thoughts on multi-strategy fees.36:50 - Alpha on offer from active fixed-income. Passive approaches leaving alpha on the table.*Not investment advice. Past performance is no guarantee of future returns*