Independent asset managers and multi-family offices typically focus on offering one-stop solutions to a discerning clientele. This regularly forces relatively small teams to cover a wide range of asset classes in order to offer holistic investment solutions that not only meet clients’ needs, but also take into account individual tastes and preferences.
The result is often a combination of internally managed products (such as conviction lists or proprietary funds and AMCs) and third-party funds. The latter may sometimes seem trivial, but it poses important problems and limitations that are discussed in this article.
When looking for actively managed externally managed funds, especially in the liquid alternatives space, we tend to gravitate towards systematic strategies.