Nordic Hedge Fund Investor Survey Insights into … Hedge Fund Investor Survey...Most Nordic...

Nordic Hedge Fund Investor SurveyPrime Brokerage, Capital Introduction – 2010

Insights into hedge fund investments amongst Nordic Investors

Table of Contents

Key Findings 3 Acknowledgement 4 Investor Profile 4 The investment process 7 Thresholds to invest 12 Allocations 19 Conclusions 19 Contact details 20

Prime Brokerage, Capital Introduction

Nordic Hedge Fund Investor Survey – 2010 | 3

Key Findings

About the investor profile✔ The respondents of this survey represent over $630 billion.

✔ Pension Funds1, Insurance Companies, and Asset Managers2 are by far the biggest investors with over $600 billion under management.

✔ Most investors have not yet filled their maximum allocation quotas to hedge funds.

✔ Most investors invest in single managers as opposed to investing in Fund of Hedge Funds.

About the investment process✔ The most common way to find hedge funds is through Capital Introduction teams, used by

76 % of the investors.

✔ Investors that have mandate to allocate 0–30 % of their total assets represent 80% of the investors, excluding Fund of Hedge Funds.

✔ Most Nordic Investors are confident in their own ability to pick hedge funds and don’t use external advisors when investing.

✔ When meeting a new hedge fund, the investor invests 5 % of the times in average.

About the thresholds to invest✔ Most investors want at least one year of track record before they invest.

✔ 31 % of the investors don’t require funds to have a minimum asset size before they invest.

✔ 56% of the investors accept lock-ups if the fund’s strategy so requires.

✔ Most investors have not changed their transparency requirements after the turbulence of 2008.

About the investors’ allocations✔ 41 % of the investors are increasing their allocations to hedge funds.

✔ During 2009, 68 % of all investments were made in non-Nordic hedge funds.

✔ Long/Short Equity and Global Macro are the strategies that the investors expect to perform the best during 2010.

1 In this survey Pension Funds include State, Corporate, and Mutual Pension Funds2 Investment companies and wealth management


4 | Nordic Hedge Fund Investor Survey – 2010

Acknowledgement

We are proud to present our first empirical Nordic Hedge Fund Investor Survey, which analyses answers from investors actively allocating capital to hedge funds. This survey will be performed on a yearly basis. The responses we have received provide valuable insight into the Nordic investor sentiment and we would like to thank all the investors that have participated in SEB Enskilda, Prime Brokerage, Capital Introduction’s 2010 Nordic Hedge Fund Investor Survey.

73%

11% 11%5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Sweden Denmark Norway Finland

Distribution of Survey Respondents by country

Swedish investors represent 73 % of the Nordic Investors in this survey.

Investor Profile



The respondents of this survey represent $636 billion.

The biggest investors are Asset Managers, Insurance Companies and Pension Funds with more than $600 billion in AUM.

More than half of the investors are investors with at least $1 billion under management.

1,5

1,5

104

253

274

0,6

0,7

0,8

1,0

1 10 100 1000

AUM ($bn)

Asset ManagerPension FundInsurance CompanyFund of Hedge FundsBankAdvisor/ConsultantsFamily Office/Private InvestorCorporate TreasuryPrivate Bank

Distribution of Survey Respondents by Assets

3%

22% 22%24%

30%

0%

5%

10%

15%

20%

25%

30%

35%

< $100m $100m - $500m $500m - $1,000m $1,000m - $10,000m > $10,000m

Distribution of AUM by Investor Asset Size



Investors that have the mandate to allocate 0 – 30 % of their total assets represent 80 % of the investors, excluding Fund of Hedge Funds.

52 % of the investors have allocated less than 10 % of their total assets to hedge funds.

23%

30%

27%

7%

13%

0%

5%

10%

15%

20%

25%

30%

35%

< 10% 10% - 20% 20% - 30% 30% - 50% > 50%

Maximum percentage allocation of total assets to hedge funds

52%

27%

12%

3%6%

0%

10%

20%

30%

40%

50%

60%

< 10% 10% - 20% 20% - 30% 30% - 50% > 50%

Current percentage allocation to hedge funds



74 % of the investors do their major hedge fund investments in single managers, as opposed to investing in Fund of Hedge Funds.

The investment process

16%

10%

16%19%

39%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

< 25% 25% - 50% 50% - 75% 75% - 99% 100%

Allocation to Single Managers vs. FoHF

6%

44%

31%

19%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

< 1 month 1 - 3 months 3 - 6 months > 6 months

Length of investment process

50 % of the investors have an investment process that is shorter than 3 months, and more than 80 % of the investors have an investment process that is shorter than 6 months.



76 % of the investors use Capital Introduction teams to find hedge funds.

24%

27%

30%

46%

57%

65%

73%

54%

76%

0% 20% 40% 60% 80%

Capital Introduction teams

Industry colleagues

Hedge fund seminars andconferencesOther

Third party marketeer

Investment advisors

Newspapers & Magazines

Online hedge fund researchprovidersNewsletters

How investors find hedge funds(multiple answers allowed)

35%

65%

0%

10%

20%

30%

40%

50%

60%

70%

Use of external advisors when investing

Use Don't use

Most Nordic investors are confident in their own ability to pick hedge funds.



About half of the Nordic investors use external consultants to make operational DDQ on hedge funds before investing.

Nordic Hedge Fund Investor Survey - 2010

• About half of the Nordic investors use external consultants to make operational DDQ on hedge funds before investing.

Use of external consultants to make operational DDQ

46%

54%

0%

10%

20%

30%

40%

50%

60%

Use Don't use

• 78 % of the investors had less than 50 meeting with new Hedge Fund managers during 2009.

Number of First Meetings

56%

22%

11% 11%

0%0%

10%

20%

30%

40%

50%

60%

0-25 25-50 50-75 75-100 More than 100

- 9 -

78 % of the investors had less than 50 meeting with new Hedge Fund managers during 2009.


• About half of the Nordic investors use external consultants to make operational DDQ on hedge funds before investing.


46%

54%

0%

10%

20%

30%

40%

50%

60%

Use Don't use

• 78 % of the investors had less than 50 meeting with new Hedge Fund managers during 2009.


56%

22%

11% 11%

0%0%

10%

20%

30%

40%

50%

60%

0-25 25-50 50-75 75-100 More than 100

- 9 -





Asset Managers have the highest average number of meetings with new hedge funds.


• Asset Managers has the highest average number of meetings with new hedge funds.

Manager Interviews and Investments

0102030405060

Asset M

anag

er

Fund

ofHed

ge Fu

nds

Insura

nce C

ompa

ny

Pensio

n Fund

Family

Office/P

rivate

Inve

stor

Corpora

te Tre

asury

Private

Bank

Num

ber o

f Firs

t Mee

tings

Average Number of Investments Average Number of First Meetings

• Fund of Hedge Funds has the highest allocation rate of 8%. • The average allocation rate is about 5%.

Allocation Rates(Number of investments/Number of first meetings)

8,0%

6,6%

5,2% 5,1% 5,0% 4,9% 4,8%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

Fund of Hedge Funds Pension Fund Family Office/Private InvestorInsurance Company Corporate Treasury Private BankAsset Manager

- 10 -

Fund of Hedge Funds have the highest allocation rate of 8 %.

The average allocation rate is about 5 %.

Manager Interviews and investmentsNordic Hedge Fund Investor Survey - 2010

• Asset Managers has the highest average number of meetings with new hedge funds.

Manager Interviews and Investments

0102030405060

Asset M

anag

er

Fund

ofHed

ge Fu

nds

Insura

nce C

ompa

ny

Pensio

n Fund

Family

Office/P

rivate

Inve

stor

Corpora

te Tre

asury

Private

Bank

Num

ber o

f Firs

t Mee

tings

Average Number of Investments Average Number of First Meetings

• Fund of Hedge Funds has the highest allocation rate of 8%. • The average allocation rate is about 5%.

Allocation Rates(Number of investments/Number of first meetings)

8,0%

6,6%

5,2% 5,1% 5,0% 4,9% 4,8%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

Fund of Hedge Funds Pension Fund Family Office/Private InvestorInsurance Company Corporate Treasury Private BankAsset Manager

- 10 -

Allocation Rates (Number of investments/Number of first meetings)



19 % of the investors made 75% – 100% of their allocations to hedge funds they have already invested in.


• 19% of the investors made 75%-100% of their allocations to hedge funds they have already invested in.

Reinvestments in Hedge Funds

39%

6%

19%16%

19%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0-10% 10-25% 25-50% 50-75% 75-100%

• The majority of the investors don’t seed3 hedge funds.• Among the investor categories, the Pension Funds had the highest

seeding frequency.

Proportion of seeders

26%

74%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Don't Seed

3 Seed; investing in start-ups and at launch of new hedge fund strategies

- 11 -

The majority of the investors don’t seed3 hedge funds.

Among the investor categories, the Pension Funds had the highest seeding frequency.


• 19% of the investors made 75%-100% of their allocations to hedge funds they have already invested in.


39%

6%

19%16%

19%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0-10% 10-25% 25-50% 50-75% 75-100%

• The majority of the investors don’t seed3 hedge funds.• Among the investor categories, the Pension Funds had the highest

seeding frequency.


26%

74%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Seed Don't Seed


- 11 -






Thresholds to invest



• Most investors want 12-36 months of track record before they are willing to invest.

Track Record Requirements

9%6%

12%

52%

21%

0%

10%

20%

30%

40%

50%

60%

< 3 months 3-6 months 6-12 months 12-36 months > 36 months

• 33% of the investors don’t have any restrictions about representing a too large proportion of a fund’s assets.

Maximum Concentration

19%22%

6%3%

11%

6%

33%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0-5% 5-10% 10-15% 15-20% 20-25% > 25% Have no such requirement

- 12 -

33 % of the investors don’t have any restrictions about representing a too large proportion of a fund’s assets.



• Most investors want 12-36 months of track record before they are willing to invest.


9%6%

12%

52%

21%

0%

10%

20%

30%

40%

50%

60%

< 3 months 3-6 months 6-12 months 12-36 months > 36 months

• 33% of the investors don’t have any restrictions about representing a too large proportion of a fund’s assets.


19%22%

6%3%

11%

6%

33%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0-5% 5-10% 10-15% 15-20% 20-25% > 25% Have no such requirement

- 12 -



Most investors want 12-36 months of track record before they are willing to invest.



31 % of the investors don’t require funds to have a minimum asset size before they can invest.

72 % of the investors with minimum asset size limits require the fund to be bigger than $50 million.


• 31 % of the investors don’t require funds to have a minimum asset size before they can invest.

• 72% of the investors with minimum asset size limits require the fund to be bigger than $50 million.

Minimum Asset Size

19%

8%

22%

8%11%

31%

0%

5%

10%

15%

20%

25%

30%

35%

< $50m $50m - $100m $100m - $500m$250m - $500m > $500m Have no such requirement

• 71% of the investors have requirements of the fund’s liquidity. • Monthly liquidity is the most common requirement.

Requirements of Liquidity

3%

46%

17%

29%

6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Daily Weekly Monthly Quarterly We have no such requirement

- 13 -

71 % of the investors have requirements of the fund’s liquidity.

Monthly liquidity is the most common requirement.


• 31 % of the investors don’t require funds to have a minimum asset size before they can invest.

• 72% of the investors with minimum asset size limits require the fund to be bigger than $50 million.

Minimum Asset Size

19%

8%

22%

8%11%

31%

0%

5%

10%

15%

20%

25%

30%

35%

< $50m $50m - $100m $100m - $500m$250m - $500m > $500m Have no such requirement

• 71% of the investors have requirements of the fund’s liquidity. • Monthly liquidity is the most common requirement.


3%

46%

17%

29%

6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Daily Weekly Monthly Quarterly We have no such requirement

- 13 -

Minimum Asset Size




56 % of the investors accept Lock-Ups if the strategy so requires.


• 56% of the investors accept Lock-Ups if the strategy so requires.

Acceptance of Lock-Ups

56%

44%

0%

10%

20%

30%

40%

50%

60%

Accept Lock-Ups Don't Accept Lock-Ups

• 14% of the investors had increased their requirements of transparency after the turbulence of 2008. Examples of new requirements are visibility of the portfolio and more regular updates.

Changes of transparancy requirements after 2008

14%

86%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Increased requirements Unchanged requirements

- 14 -

14 % of the investors had increased their requirements of transparency after the turbulence of 2008. Examples of new requirements are visibility of the portfolio and more regular updates.


• 56% of the investors accept Lock-Ups if the strategy so requires.


56%

44%

0%

10%

20%

30%

40%

50%

60%

Accept Lock-Ups Don't Accept Lock-Ups

• 14% of the investors had increased their requirements of transparency after the turbulence of 2008. Examples of new requirements are visibility of the portfolio and more regular updates.


14%

86%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Increased requirements Unchanged requirements

- 14 -





41 % of the investors are interested in structures solutions such as managed accounts.


• 41% of the investors are interested in structures solutions such as managed accounts.

Interest in managed accounts

41%

59%

0%

10%

20%

30%

40%

50%

60%

70%

Interested in managed accounts Not interested in managed accounts

• 35% of the investors have UCITS as their preferred legal structure.

Legal Structure Preferences(multiple answers allowed)

16%

22%

35%

43%

0% 10% 20% 30% 40% 50%

We have no such preferencesUCITSOff-shoreOn-shore

- 15 -

43 % of the investors have no preferences regarding legal structure.


• 41% of the investors are interested in structures solutions such as managed accounts.


41%

59%

0%

10%

20%

30%

40%

50%

60%

70%

Interested in managed accounts Not interested in managed accounts

• 35% of the investors have UCITS as their preferred legal structure.

Legal Structure Preferences(multiple answers allowed)

16%

22%

35%

43%

0% 10% 20% 30% 40% 50%

We have no such preferencesUCITSOff-shoreOn-shore

- 15 -


Legal Structure Preferences (multiple answers allowed)



Allocations


Allocations

• 41% of the Nordic Investors are expecting to increase their allocations to hedge funds during 2010.

Expectations of hedge fund alloctions to increase/decrease during 2010

41%

14%

46%

0%5%

10%15%20%25%

30%35%40%45%50%55%

Increase Decrease Remain unchanged

• European and American hedge funds were the largest targets to the Nordic investors during 2009.

• 68% of all investments were made in non-Nordic hedge funds.

Regions where investments have been made during 2009multiple answers possible

3%

3%

8%

8%

19%

51%

51%

68%

0% 10% 20% 30% 40% 50% 60% 70% 80%

EuropeUSANordicAsia ex-JapanEastern EuropeJapanLatin AmericaAfrica

- 16 -

European and American hedge funds were the largest targets to the Nordic investors during 2009.

68 % of all investments were made in non-Nordic hedge funds.

Expectations of hedge fund allocations increase/decrease during 2010


Allocations

• 41% of the Nordic Investors are expecting to increase their allocations to hedge funds during 2010.

Expectations of hedge fund alloctions to increase/decrease during 2010

41%

14%

46%

0%5%

10%15%20%25%

30%35%40%45%50%55%

Increase Decrease Remain unchanged

• European and American hedge funds were the largest targets to the Nordic investors during 2009.

• 68% of all investments were made in non-Nordic hedge funds.

Regions where investments have been made during 2009multiple answers possible

3%

3%

8%

8%

19%

51%

51%

68%

0% 10% 20% 30% 40% 50% 60% 70% 80%


- 16 -

Regions where investments have been made during 2009 (multiple answers possible)

41 % of the Nordic Investors are expecting to increase their allocations to hedge funds during 2010.



Europe keeps the position as the largest investment target during 2010.

Long/Short Equity was the strategy that attracted most investments during 2009.

Distribution of investmens 2009 by strategiesmultiple answers allowed

Regions where investors expect to increase their allocations during 2010 (multiple answers allowed)

Distribution of investments 2009 by strategies (multiple answers allowed)


• Europe keeps the position as the largest investment target during 2010. • Investors expect to increase their investments by 25% in Asia ex-Japan

in 2010 compared to 2009.

Regions where investors expect to increase their allocations during 2010

multiple answers allowed

3%

5%

5%

24%

32%

35%

51%

0%

0% 10% 20% 30% 40% 50% 60%


• Long/Short Equity was the strategy that attracted the most investments during 2009.

Distribution of investments 2009 by strategiesmultiple answers allowed

3%8%8%8%

14%14%

16%16%

19%22%22%

27%30%30%

32%35%

38%43%

57%

0% 10% 20% 30% 40% 50% 60%

Long/short EquityGlobal MacroCTA/Managed FuturesCreditMarket NeutralHigh Yield/DistressedMulti StrategyCommoditiesEvent DrivenFixed Income ArbitrageOtherVolatility ArbitrageLong/Short Equity, High Turnover TradingStatistical ArbitrageConvertible ArbitrageMerger ArbitrageLong/Short Equity, Sector biasLong/Short Equity, Small/Mid CapLong/Short Equity, Short bias

- 17 -



Global Macro and Long/Short Equity are the strategies that most investors believe will perform favorably during 2010.

Expected increase of allocations for 2010 by strategymultiple answers allowed

Strategies expected to perform favorably during 2010multiple answers allowed

Expected increase of allocations for 2010 by strategy (multiple answers allowed)

Strategies expected to perform favorably during 2010 (multiple answers allowed)

Global Macro is expected to be the most popular strategy during 2010.



Strategies which are hard to findWhen asked what strategies that the investors thought was hard to find, we received mixed responses. Several investors thought it was hard to find Long/Short Equity strategies that performed well both in bull and bear markets, while others thought it was hard to find Hedge Funds with a focus on Latin America. The most common response was that it is hard to find consistent out performers over a long term horizon.

ConclusionsThe hedge fund industry is expected to grow further during 2010. 41 % of the investors are expecting to increase their allocations and most investors have not yet filled their maximum allocation quotas to hedge funds.

Around 25 % of the investors expect Event Driven, Credit and High Yield/Distressed strategies to perform well during 2010, while only around 11 % of the investors expect to increase their allocations to these strategies this year. This is likely to be because of investors diversifying their portfolios and that they are making long term investments, where the next year’s performance won’t be the most important factor in their investment decision.

The typical Nordic investor requires a hedge fund to have 12-36 months of track record, a fund size larger than $50 million and monthly liquidity, to be willing to invest. Furthermore, the Nordic investor takes about 30 new meetings per year and invests in 1 or 2 of the managers he or she has met. However, most Nordic investors are open-minded when it comes to hedge fund strategies and diversification of their investments. In 2009 most of the investors allocated the majority of their assets to hedge funds that they had not previously invested in.



Contact Details

Jonas Lindgren Charlotte Bonde Tamm Head of Prime Brokerage Head of Capital Introduction +46 8 506 23 306 +46 8 506 23 311

Albert Hammar Peter Lindohf Head of Prime Brokerage Sales Survey Editorial +46 8 506 23 308 +46 8 506 23 065

Prime BrokerageSEB Enskilda Prime Brokerage, is a unit exclusively set up to provide service to money managers with an absolute return focus, all strategies, structures and geographies. SEB Enskilda Prime Brokerage has over 30 years of experience with leading European and US Hedge Funds.

DisclaimerThe information in this document has been compiled by SEB Merchant Banking, a division of Skandinaviska Enskilda Banken AB (publ) (“SEB”). It is produced for private information of recipients and SEB is not soliciting any action based upon it. All information has been compiled in good faith from sources believed to be reliable. However, no representation or warranty, expressed or implied, is made with respect to the completeness or accuracy of its contents and the information is not to be relied upon as authoritative. Recipients are urged to base any investment decisions upon such investigations as they deem necessarily. To the extent permit-ted by applicable law, no liability whatsoever is accepted for any direct or indirect loss arising from the use of this document or its content. Your attention is drawn to the fact that SEB, or any entity associated with SEB or its affiliates, officers, directors, employees or shareholders of such members may from time to time have holdings in the securities mentioned herein.

Confidentiality NoticeThis report is confidential and may not be reproduced or redistributed to any person other than its recipient from the Bank. Skandinaviska Enskilda Banken AB (publ), 2010. All rights reserved.

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Beijing

Shanghai

New York

São Paulo

Singapore

Moskva

St: Petersburg

Geneve

MarbellaNice

London

Paris Luxemburg

Warzaw

Kiev

New Delhi

Germany

Estonia

Russia

Latvia

Lithuania

SwedenNorway

Denmark

Finland

Poland

Ukraine

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SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the Baltic countries – Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Poland, Ukraine and Russia and a global presence through its international network in major financial centers. On March 31, 2010, the Group’s total assets amounted to SEK 2,285bn while its assets under management totalled SEK 1.382bn. The Group has about 19.000 employees.

Read more about SEB at www.sebgroup.com

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