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  • EY - 2015 Global Hedge Fund and Investor Survey - EY - Global
    the scores of managers and investors who offered their viewpoints on what drives and shapes our industry Their invaluable contributions are the foundation of this year s report Infographic Share 2015 stands in sharp contrast to the prior decade Even the definition of a hedge fund is being challenged as segments in the financial industry blur and converge Brand has never been more important as new money has consistently flowed to the largest well knows managers That said start up hedge funds are experiencing robust investor demand as well The investor base has changed dramatically A decade ago investors were two thirds high net worth and one third institutional Today the reverse is true The selling and distribution of hedge funds has changed as well a shift that digital technology and social media will accelerate Finally the importance of the client experience has never been greater a focus which is clearly in the crosshairs of global regulators Here are five key finding from this year s survey Below that we offer closing thoughts on how the hedge fund industry should evolve as the business environment changes 1 Most managers still focused on growth but also on talent Managers citing asset growth as their top priority dropped from 67 in 2013 to 57 this year The largest managers with a large clientele and established brand now focus on cross selling products and becoming a one stop shop for investor needs To execute this plan the largest managers are hiring top talent to focus on offering new strategies through traditional hedge fund products 2 Managers must adapt to rising fees and an evolving dynamic with prime brokers Regulations put into place since the financial crisis continue to have an impact Increased capitalization requirements constraints on leverage and a focus on liquidity risk have impacted banks capacity and economics resulting in an evolving shift in how prime brokers view hedge fund relationships 51 of managers report either higher fees from their prime brokers or an expectation of higher fees in the future The top strategies that have seen an increase in fees include distressed securities 41 fixed income credit 32 and macro 24 3 Technology investments becoming more essential to support business functions 70 of managers expect to make major tech investments in the next two years Managers anticipate spending 12 4 of their budget on technology in the next three to five years Investment in data management and reporting technology is particularly crucial 26 of larger firms 45 of mid sized firms and 48 of smaller firms said their technology environment needs improvement or further investment as it relates to data and reporting 4 Outsourcing key to managers operating model but there is a gap with investor expectations Across all asset classes 60 of respondents currently outsource or are considering outsourcing certain middle office functions Only 27 of smaller managers however report they are currently outsourcing or considering it Investors generally report more comfort with outsourcing than hedge funds themselves particularly in

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Asset-Management/ey-2015-global-hedge-fund-and-investor-survey (2016-02-10)
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  • EY - Mutual Recognition of Funds: Mainland China and Hong Kong - EY - Singapore
    Sustainability Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries Support Services The EY difference Your development Life at EY Joining EY Alumni Home Industries Financial Services Wealth Asset Management Mutual Recognition of Funds between Mainland China and Hong Kong Mutual Recognition of Funds between Mainland China and Hong Kong Now a reality Inside Now a reality What are the criteria Tax considerations Financial reporting Representatives and agents in host jurisdictions How we can help Share On 22 May 2015 the Securities and Futures Commission of Hong Kong SFC and the China Securities Regulatory Commission CSRC signed the Memorandum of Regulatory Cooperation on Mainland Hong Kong Mutual Recognition of Funds MRF This memorandum will allow eligible Mainland and Hong Kong funds to be distributed in each other s markets through a streamlined vetting process The scheme will be implemented on 1 July 2015 Looking back the MRF emerged in November 2012 when the SFC submitted a proposal to the Mainland for developing a mutual platform for locally domiciled funds in Hong Kong and Mainland China Back then the SFC described this initiative as a substantial breakthrough and the forthcoming MRF would be Asia s largest and deepest By December 2013 the SFC and the CSRC jointly disclosed that they were in the final stretch of the MRF With the successful launch of the Shanghai Hong Kong Stock Connect in November 2014 and the positive market response the recent announcement of the MRF is seen as another breakthrough in the liberalization of the Mainland s financial market It offers more investment options for both the Mainland and Hong Kong investors to access unparalleled capital markets The MRF could potentially

    Original URL path: http://www.ey.com/SG/en/Industries/Financial-Services/Asset-Management/ey-mutual-recognition-of-funds-between-mainland-china-and-hong-kong (2016-02-10)
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  • IT in Wealth Management - EY - Switzerland
    Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets Transactions About Transaction Advisory Services Lead Advisory Divestiture Advisory Services Operational Transaction Services Restructuring Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services Global Business Network Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Legal Transactions Industries Core Business Services The EY difference Your development Life at EY Joining EY Alumni Home Industries Financial Services Digital disruption and the game changing role of technology in global wealth management Digital disruption and the game changing role of technology in global wealth management IT in Wealth Management 2015 Content Overview Digital disruption in wealth management IT performance in wealth management Next generation core banking Moving towards a new model for IT Share Wealth management is changing Multiple forces such as tighter regulation fast paced customer demands market shifts unconventional foes and disruptive technologies are creating a new playing field for wealth managers Within this new playing field the role of technology is shifting Technology has always been at the heart of how wealth managers do business In the past wealth managers have targeted their investments at the back office driving efficiencies and cost reductions The emergence of digital technologies for delivering services is forcing wealth managers to invest in their front office digital capabilities or run the risk of falling behind This much is certain Wealth managers are left with no choice but to strategically invest in their IT These IT investments are needed to modernize core banking platforms built around legacy technology and to improve the

    Original URL path: http://www.ey.com/CH/en/Industries/Financial-Services/EY-wealth-management-IT-survey (2016-02-10)
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  • 2014 global hedge fund and investor survey - EY - Global
    offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Financial Services Wealth Asset Management 2014 global hedge fund and investor survey 2014 global hedge fund and investor survey Content Growth Expenses Cloud computing and cybersecurity Share Our eighth annual survey of global hedge funds finds the focus of the industry shifting to growth after five years of volatile conditions Given the increased competition for assets managers are taking a wide range of paths to growth Methodology 100 telephone interviews with hedge funds representing US 956b in assets under management 65 telephone interviews with institutional investors representing US 1 3t in assets with US 220b allocated to hedge funds Of those 65 respondents 14 represented funds of funds and 51 represented pensions or endowments Managers with over US 10b in assets under management AUM are continually launching new products such as separately managed accounts liquid alternatives and long only funds Investor appetite appears strong for these new products However the generally lower fee structures are affecting margins Midsize and smaller managers meanwhile remain focused on increasing growth via current offerings to existing clients and through reaching new investors Funds of funds FOFs are evolving as they battle to keep their share of the market through the use of registered products More than half of our

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Asset-Management/2014-global-hedge-fund-and-investor-survey---Growth (2016-02-10)
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  • Global Fund Distribution services - EY - Luxembourg
    Services Divestiture Advisory Services Restructuring Transaction Support Transaction Tax Valuation Business Modelling Specialty Services China Overseas Investment Network Climate Change and Sustainability Services Family Business Services Global Business Network Careers Students The EY difference Your role here Your development Life at EY Joining EY Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Alumni Home Services Advisory Global Fund Distribution services Global Fund Distribution services Welcome Contents Welcome Market Intelligence Regulatory Intelligence Fund Registration Fund Tax Reporting Global Fund Reporting Services Share EY Global Fund Distribution EY GFD refers to a set of innovative services developed by EY to help asset managers with the cross border distribution and registration of their UCITS AIFs and other CIS Collective Investment Schemes It covers all key distribution markets in Europe Asia Latin America Africa and the Middle East Through an integrated web platform EY GFD covers the following services Market Intelligence Market Intelligence provides you with pragmatic and dynamic access to fund market information enabling you to define and challenge your product development and distribution strategies It helps you determine which product to distribute in which jurisdiction to which category of investors and through which distribution channels Regulatory Intelligence Regulatory Intelligence provides you with country based regulatory information describing how to register your funds step by step and how to cope with local fund reporting and maintenance requirements Regulatory Intelligence provides you with a do it yourself practical guide to implement your distribution strategy and register your UCITS AIFs and other CIS for public distribution or distribute your AIFs on a private placement basis Fund Registration Fund Registration offers you an end to end service to efficiently outsource the filing of regulatory applications to regulators collect disseminate fund documents and manage monitor the fund registration process

    Original URL path: http://www.ey.com/LU/en/Services/Advisory/Global-Fund-Distribution (2016-02-10)
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  • CFOs can create a competitive advantage in PE - EY - Global
    Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Private Equity CFOs can create a competitive advantage in PE CFOs can create a competitive advantage in PE Infographic Share The overwhelming demand for private equity makes it the asset class of choice But investors are now focusing on operational excellence as a key differentiator Almost three quarters of the PE firms we surveyed plan to raise significant capital in the next two years Performance has been and always will be an investor s top criterion but stakeholders are now also focusing on regulatory and operational risk management and transparency Investors have added a new layer proven operational excellence to their definition of performance To create a competitive advantage private equity CFOs must demonstrate that their internal operations are both effective and efficient Performance opens the door To win we must demonstrate why investors should allocate capital to us Regulatory managing risk Today s CFO must master operational and regulatory risk portfolio monitoring and valuation as well as direct interaction with investors They have been spending more time than ever dealing with regulators and compliance will remain a core concern Investors are increasing their focus on private equity firms fiduciary responsibilities and regulators continue to sharpen their examinations of the industry At the same time CFOs are being asked to mitigate if not eliminate operating risks Top among those risks is cybersecurity protecting confidential information involving investments investors and the firm itself has quickly become a fundamental issue Reporting the critical link Reporting is more than the critical link between private equity firms and investors it s also the most prominent area for firms to gain a competitive advantage Private equity firms that report in a transparent timely and reliable fashion demonstrate operational excellence Investors want to increase their comfort level by developing a complete understanding of valuations and how private equity firms operate behind the scenes This desire for faster more robust and more customized reporting increases the CFO s workload Investors have become more sophisticated They are asking new questions developing processes and making specific requests Private equity firms expect requests for customized reports to increase in both quality and quantity CFOs who master the complexities of timely and transparent reporting can place their firm head and shoulders above the average Making the best use of resources CFOs in extending their focus face a series of challenges around infrastructure and resources Spreadsheets and manual processes limit private equity firms in their ability to respond to the increase of reporting requests so they must look at new technology and new processes including outsourcing Investors are comfortable with private equity firms moving to an outsourced model for tactical areas But they prefer compliance investor relations portfolio analysis and valuation to remain in house For those functions technology solutions might

    Original URL path: http://www.ey.com/GL/en/Industries/Private-Equity/EY-cfos-can-create-a-competitive-advantage-in-pe (2016-02-10)
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  • EY - Front-office transformation through technology - EY - Global
    Joining EY Global Delivery Network Alumni Home Industries Financial Services Wealth Asset Management Front office transformation through technology Front office transformation through technology Share Facing pressure from investors and regulators asset managers are leveraging new technology to develop front office operating models that are cost efficient reliable customizable and globally scalable What is driving the current wave of front office transformation How is technology playing a role And what are the broader implications of front office transformation Six drivers of front office transformation Six factors are stimulating a wave of front office transformation across the asset management industry Product evolution and geographic growth Front office systems must support the development of complex new investments such as multi asset funds and structured products within a global operating model Cost savings Competition and fee transparency continue to pressure revenues while costs related to regulation and product development rise Harnessing data Technology in itself is rarely a differentiator However when linked with high quality data technology is increasingly seen as a key driver of investment decisions Reporting As investors increasingly scrutinize returns technology is vital to consistent cost effective reporting across the firm Risk management Many front office systems are an inefficient mixture of technologies custom off the shelf spreadsheets manual processes and so on Standardized robust technology can help achieve more effective governance and risk management Shifting decision making Decisions on front office technology are now as likely to be made by business managers as by fund managers Input from the investment division although vital is now only part of the picture Latest technology developments Front office restructuring is often triggered by the need to upgrade or replace existing technology The latest systems now provide automated trade capture with minimal manual entry real time risk analysis and compliance capabilities Vendors continue to develop new features One example is the capability to combine front office portfolio reporting with back office accounting data in real time to produce an investment book of record IBOR An IBOR can eliminate many problems associated with an accounting based data architecture It also offers a central aggregation point for users to view any type of data for any instrument at any time Front office software also now offers good scalability This includes the capability to handle multi location multi jurisdiction portfolios Many managers have used this technology in recent years as a springboard for diversified international growth Hosted front office systems Hosted or managed front office software is becoming more common In our experience most firms can benefit from implementing a consistent front office model across markets geographies and business units However larger firms naturally offer the greatest potential for consolidation Regardless of the firm the hosted approach has several potential benefits Simplicity Hosted systems reduce the need for internal administration Changes related to market and regulatory requirements MiFID Dodd Frank and so on can be incorporated more quickly Focus Hosted systems let technology specialists focus on higher value activities that provide a competitive advantage Cost Most hosted

    Original URL path: http://www.ey.com/GL/en/Industries/Financial-Services/Asset-Management/ey-front-office-transformation-through-technology (2016-02-10)
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  • EY Global financial services M&A themes 2015 - EY - Global
    Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Services Transactions Global financial services M A themes 2015 Global financial services M A themes 2015 Inside Chapters Overview Banking and capital markets 2015 key themes Insurance 2015 key themes Wealth and asset management 2015 key themes Tweets by EY Transactions Share Global deal activity We explore key themes that are expected to influence M A activity in 2015 across banking and capital markets insurance and wealth and asset management Increasing global activity After three years of decreasing M A activity in the global financial services sector there was a marked increase in the number of deals in 2014 21 higher compared to 2013 Total disclosed deal value also increased but only by 10 year on year Fewer transformational deals Despite greater levels of activity in the sector the number of large deals fell in 2014 fewer than 50 deals with

    Original URL path: http://www.ey.com/GL/en/Services/Transactions/EY-global-financial-services-m-a-themes-2015 (2016-02-10)
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