http://www.wallstreetandtech.com/showArticle.jhtml?articleID=202601197
We approach 2008 with a number of new industry dynamics changing the
way we think, trade, manage relationships, service customers, develop
technology and operate. While not all of these trends are new, they
certainly will become more significant throughout the coming year.
Trend No. 1: The most significant of the trends for
’08 is the continued split between alpha generators and their beta
counterparts. Alpha is the drive for noncorrelated benchmark returns.
As traditional fund managers continue to be challenged in achieving
benchmark returns, investors are shifting toward inexpensive
beta-capturing benchmark products (i.e., ETFs), driving down the
pricing associated with traditional asset management and pushing
managers toward high-fee alpha products. To achieve alpha, however,
fund managers need to develop unique investment ideas, strategies and
tactics.
Trend No. 2: Among the new tactics are Short Extension Funds.
SEFs, also known as 120/20 or 130/30 funds, can accumulate long
positions of more than 100 percent while funding the excess through
shorting. While there are fewer than 200 of these funds, they are
enjoying a compound annual growth rate of more than 140 percent. SEFs
typically are run by traditional long-only managers. This creates
opportunities to service this new customer segment, as traditional
funds don’t have prime broker relationships or sophisticated tools to
manage short positions.
Trend No. 3: Derivatives. As SEFs gain the ability to short securities, the number of poor performing securities will be squeezed. As Regulation SHO
requires funds to secure borrow commitments before they short, and
supplies of short securities will be, well, short, we will see
increasing use of derivatives by traditional managers and institutions
overall.
Trend No. 4: Risk management software for the buy side
also will gain a resurgence. As the buy side takes on more short and
derivatives positions, it will need tools to better analyze and manage
them.
Trend No. 5: Hand in hand with looking for alpha and
managing risk, the buy side will need a wider selection of trading
tools, namely cross-asset, direct-market-access and algorithmic
platforms. Most funds and brokers still offer only single-asset-class
platforms.
Trend No. 6: The quest for alpha also will push funds
into a wider diversity of geographies. As more funds search for
investments that are uncorrelated with major markets, they will
increasingly look in the most precarious and interesting places,
challenging operations to settle, clear and manage positions in these
frontier markets.
Trend No. 7: On the execution side, the world will get
more complex. With markets being regulated toward individuals and
algorithms breaking up larger orders into smaller ones, finding blocks
and liquidity will continue to become harder. While we have seen a
significant movement toward dark pools and block crossing networks, the
process of finding liquidity and gaining access to all of the liquidity
pools increasingly is becoming fully electronic and incapable of being
done individually.
Trend No. 8: This brings us to our last trend for ’08,
which really is a super-trend. The previous seven trends all have one
thing in common: They will make it increasingly difficult for buy-side
firms to do it all themselves. The technology complexity, the
geographic coverage, and the ability to synthesize the vast data sets
and execute any product around the world will be completely out of
reach for the vast number of buy-side firms, solidifying the position
of vendors and increasing the sell side’s influence and position in the
market.
(참고)
130/30펀드는 가격상승 예상 종목을 130 매수하고, 하락 예상종목을 30 공매도함으로써 순 포지션 100을 유지하는 펀드로서, 그 운용 규모가 500억불 수준으로 추정될(메릴린치) 정도로 활성화되고 있음.자세한 사항은 여기로.
Regulation SHO는 “A regulatory addition by the Securities & Exchange Commission,
expanding and updating the restrictions placed on short sale
transactions. The updated regulations came into effect on Jan 3, 2005
and help to address several key issues in the short sale market”로 미국SEC에서 인정하는 공매도에 대한 규정입니다.
