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Follow the Money – Episode 14

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In this episode, I rekindle my interview with Don Steinbrugge, Managing Partner of Agecroft Partners LLC. I ask Don about his thoughts on Brexit and the long-term impact to asset owners and the hedge fund community. We also dive into where some hedge funds may enter or exit certain markets in Europe when it comes to raising capital.

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CONTENTS
4:07 – Brexit Will be a Long Event
6:34 – Analyzing Hedge Fund Strategies in this Environment
8:56 – Activist Funds (Shrinkage)
13:22 – Hedge Fund Allocators of Continental Europe

Follow the Money Show is available on asset.tv on the Asset Owner Channel.

EPISODE 14

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Our guest
Donald A. Steinbrugge, CFA, is founder and managing partner at Agecroft Partners, a global hedge fund consulting and marketing firm. Previously, he served as the head of sales for one of the largest hedge fund organizations and for one of the largest institutional investment management firms. Mr. Steinbrugge was a founding principal of Andor Capital Management, where he served as head of sales, marketing, and client service and was a member of the firm’s operating committee. He also was a managing director and head of institutional sales at Merrill Lynch Investment Managers and head of institutional sales for NationsBank. Mr. Steinbrugge frequently writes white papers on the hedge fund industry, has spoken at more than 100 hedge fund conferences, and has frequently been quoted in the media and featured on business television. He is a member of numerous boards and committees, including the investment committee for the City of Richmond Retirement System and the board of directors of the Hedge Fund Association and the Lewis Ginter Botanical Garden.

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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