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- DOL Fiduciary Rule: Will it create a narrower product shelf? Will there be greater concentration of product offerings from a smaller pool of sponsors?
- What has been the rate of new product registration and within what product types? Within these launches, what is the ratio of new product sponsors entering the market vs. established sponsors launching new products?
- To what degree are product sponsors leaving the Non-Traded REIT/BDC space and offering alternative products such as interval funds and private placements instead? What’s driving any such move? What is the current composition of this market by product type? How is this likely to change over the next 2-5 years?
- Non-Traded REIT & BDC sales: 2016 volumes and 2017-2018 outlook against backdrop of industry headwinds
- ’40 Act Funds: What are the demand/market drivers? What has/hasn’t worked within this product group?
- What is the latest on fee structures and how have these impacted product sales?
- How is this market changing? Who are the new market entrants and what impact are they having on the industry? Is the market bifurcating? Do what degree will more private equity firms distribute through the retail space?
- Capital raising and distribution: Direct to consumer vs. independent broker/dealers vs. wirehouses vs. RIAs. What is the ratio of sales via each channel for alternative products? How does this compare over recent years? Where is the industry headed?
- Exits: Notable trends and what to expect over the next 2 years
- DOL Fiduciary Rule and tax reform: How are you viewing/responding in your strategies? How do you anticipate these impacting the retail alternative investment industry in the short and long term? Is NASAA’s concentration limit guideline the final nail in the coffin for some alternatives?
- How are you getting creative with product structures? How are you determining fee structures? What do you see working/not working?
- What are your strategies in an evolving distribution landscape? How will current product work in a fee-based business? Will you change your distribution methods based on your products? If so, how? Who are your targeted investors?
- How do you decide when to call it quits on a particular product/structure? What are the ramifications of doing so and how to manage?
- How are you viewing the interest that private equity is now showing in the retail market? If it’s positive, how can other product sponsors capitalize on it? If negative, what are you doing to fortify your industry position?
- What are your current priorities and areas of focus? What’s keeping you up at night? Are there other industry disruptors on the horizon?
- How optimistic are you for 2017-2018 in the current market climate? How do you see this industry shaking out? Will it consist of a small pool of sponsors offering all the product? What opportunities still exist for smaller players to enter? Ultimately, what else needs to be done to broaden the appeal of alternatives to retail investors?
- What are Congress’ priorities?
- What legislation will pass?
- DOL Fiduciary Rule: The latest and the subsequent impact on advisers
- What is the current status and its implications?
- Tax reform: What is the latest and its potential impact on 1031 exchanges and DST deals in particular? How will a drop in tax rates affect Non-Traded REITs and other pass-through entities?
- With a new SEC Chairman taking the helm, what (de)regulation and enforcement action to expect? Will there be a pullback of Dodd Frank? If so, to what extent and what will be the likely impact on this market sector?
- NASAA: The latest on concentration limits and the potential impact; What other change is coming?
- FINRA: Examination priorities; 1031 compliance
- 2016 was a tough year for Non-Traded REIT and BDC sales: How did you fare? To what extent will sales rebound once the regulatory dust settles? What is the overall health of these markets?
- What does the macro-economic outlook indicate for investment performance in 2017-18? How has volatility in the credit/high yield markets impacted Non-Traded BDCs? Where are the key investment opportunities for Non-Traded REITs/BDCs currently?
- FRN 15-02/DOL Fiduciary Rule/NASAA’s concentration limits: What impact have these had/will these continue to have on your business and how are you addressing them? What are the opportunities in a post-regulatory era for Non-Traded REIT/BDC sponsors?
- How are Broker/Dealers and RIAs currently viewing Non-Traded REITs/BDCs? Is there the same “shelf space” as there has been previously? Why/why not? How are you differentiating yourself from your competitors and securing “shelf space”? How have you revamped your compensation structure for Broker/Dealers?
- What will ‘traditional’ Non-Traded REIT/BDC products look like going forward? T shares only? What T-share type structures are working? Will A shares survive? How quickly will they be absorbed into the market? Are master-feeder BDCs and multi-share class BDCs the future? What will the Non-Traded REIT/BDC product and industry look like in 2020?
- Do you need to be a known-name, or aligned with one, for success in this market today? Have the doors closed for lesser-known prospective entrants?
- If you are not already, will you shift to sponsoring other retail alternative investment products? If so, what products, why and will these be in addition to or instead of your current offerings?
- What are your exit strategies? Can BDCs “self-liquidate” by letting the loans mature and distributing the proceeds to investors? Or is listing the ideal liquidity event for a BDC?
John Mark Ramsey
- Where are fundamentals? Is the US economy headed for another downturn? Can the economy keep growing at its current rate?
- Interest rates, tax reform and anticipated monetary policy: Is the new Administration good, bad or indifferent for retail investors/alternatives product sponsors?
- Is the investment bloom off the Commercial Real Estate (CRE) market? Business credit and the debt markets: What is the 2017-18 market outlook?
- Is Brexit a positive development for US CRE? To what degree will this increase capital flows to US CRE, particularly from the Middle East and Asia? What impact is China’s slowdown having on the US markets? What is the 2017-18 outlook for global economic/political instability? How does this all translate for the retail alternatives market?
- Oil and the energy markets in 2017: What to expect?
- All things considered, what is the alternatives investment outlook for 2017-18? Where should the smart money go?
This session is two-fold. First, we reevaluate the value of doing the traditional Non-Traded REIT structure under the proposed tax reform, asking such questions as: How does the business model need to change? Do Non-Traded REITs need to convert to a Daily NAV REIT to make the business model work? Second, we examine alternative structures to the traditional Non-Traded REIT model to see what has worked/not worked and why and to look at what other structures might be on the horizon. Ultimately we attempt to answer what structure(s) will survive on a long-term basis. The alternative structures that we examine are Daily NAVs; the Private equity model; the multi-share class model.
Following on from the previous session
- Managing liquidity: What are the benefits/drawbacks of the interval fund structure? Daily NAV REITs?; Closed-end funds? Can these products adequately meet liquidity demands? Daily NAV REITs: Will perpetual life entities replace liquid products?
- What innovation are we seeing in structure amongst these product types? In an uncertain regulatory climate, what longevity do these product structures have? How does the regulatory/compliance oversight compare between them?
- What are the different types of interval fund/closed end fund/Daily NAV REIT on the market? How do they differ in their investment strategies/the nature of their underlying assets? Their fees – both at point of sale and ongoing? How are they performing? Are they covering distributions? Are redemptions going up? How does the investment potential of these product types compare in the current macroeconomic climate?
- Where do these products fit within a typical investor’s portfolio, particularly relative to Non-Traded REITs/BDCs? On a product sponsor’s platform?
- How is the fundraising environment for interval funds, especially relative to Daily NAV REITs? Closed end funds? What are the primary sources of capital and fund raising for Daily NAV REITs? What are the main due diligence hot buttons?
- What limitations are there in terms of the number of product sponsors this market can accommodate? How far from capacity is the market within these product types?
- What’s driving the current uptick in private placements? What’s selling? What’s not? Will new launches continue at the same, a decreased or increased rate? Why?
- What are the unique features that make private placements attractive to retail investors vs. other alternative products? To product sponsors? What prospective sponsors are best-suited for this product type?
- What niche products, strategies, structures are appearing within new private placement launches? What else is coming down the pipeline?
- Will more product sponsors move to perpetual life offerings? What would be the ramifications of this on the market as a whole? What are the pros and cons of perpetual life offerings for sponsors/retail investors?
- Equity private placements vs. commercial real estate private placements: How do these compare as an investment today for retail investors? Product sponsors?
- Crowded-funded private placements vs. private placements sold via independent broker/dealers and advisers: Which way to go and other considerations for product sponsors
- How are broker/dealers and RIAs currently viewing private placements? What reasons are cited by this community for selling or not selling private placements? What attributes are shared among the products that make IBD/RIA shelves?
- What are the key regulatory, due diligence, compliance and liability hot buttons for private placements? What should broker/dealers and advisers be aware of to protect themselves and their clients? How do advisers and investors determine if reporting provided is sufficient and what can they require of sponsors to get the information they need?
Market participants will share their viewpoints on fee structures and share classes just over a year since FINRA 15-02 went into effect – what’s working, what’s not working, efforts towards standardization and what we can expect in the future, particularly under the latest status of the DOL Fiduciary Rule.
- What’s compressing distribution costs? Will the industry see more uniformity amongst such costs? What will it take to have standardization of commissions?
- As a product sponsor: Are you offering just one share class or multiple share classes? How are you selecting which share classes to offer? Do you anticipate more share classes being created? If so, what other share classes can be designed? What do internal fees within Non-Traded REITs look like? Where are they going? How low can they go?
- As a Broker/Dealer: Are you approving both T and A share strategies? How to determine what share strategy to choose? What additional due diligence steps are now required? How to determine which is better: Upfront vs. long term costs?
- T Shares: Are they struggling? How are they being integrated? Will they work? What has been the take-up by registered reps? What share classes are selling and why?
- How are share classes impacted by (the latest status of) the DOL Fiduciary Rule?
- What direction is the industry heading in regards to fee structures/ share classes for alternative retail investment products?
Participation is strictly limited to qualified attendees. To register and to submit discussion points, please email firstname.lastname@example.org. Submitted questions will remain anonymous. Among the suggested discussion points are:
- What due diligence-related concerns are currently topping your list? Are these concerns a product of the current product and regulatory climate?
- What additional due diligence steps have you incorporated into your product and sponsor review processes due to multiple share classes, new product structures? What are best practice approaches to share class due diligence? How to ensure retail investors are adequately educated on the different classes?
- What are the latest regulatory due diligence hot buttons? What aspects of the due diligence process at both the product level and sponsor level warrant greater focus today?
- What can we learn from recent due diligence failures at the product and sponsor level?
- What questions should due diligence officers be asking? What are the new red flags to look for? How to better work/communicate with sponsors during review processes?
- What are common best practices for ongoing due diligence? How often? What to look for? When to drop products/sponsors? How to communicate with your retail clients in the event of product drop?
- Information security and cyber security: In light of major data breaches, what assurances should IBDs/RIAs be requesting from industry partners? What steps to incorporate internally to better handle/protect client data?
- Why the proliferation of new credit-orientated retail alternative investment products? What market opportunities are such investments looking to capitalize on? How many such products can this market sustain?
- How do you design/review credit-orientated retail alternative investment products in light of possible interest rate hikes?
- How do the credit-orientated products differ in terms of structure and offerings? How are they performing?
- How are they being received by the Independent Broker/Dealer (IBD) and RIA community? How important is being a brand name? Can small prospective sponsors compete with the big guys?
- What are the key due diligence considerations for IBDs/RIAs when assessing such products?
- Non-Traded Preferred Stock Offerings: What are they? What is their market history? How are they structured? What similarities do they share/differences do they have to Non-Traded REIT offerings?
- What are their advantages/disadvantages as an investment product for retail investors? Product sponsors? How liquid are they? What do typical fees/expenses look like? How appropriate are they in the evolving regulatory environment for retail products?
- Where do they fit in investors’ portfolio? How do they compare to other alternatives offerings for retail investors in terms of risks/rewards?
- What are the due diligence considerations for IBDs/RIAs? How are IBDs/RIAs viewing this product? What has been the reception amongst retail investors?
In times of significant market upheaval there can often be a knowledge gap between industry participants as to the challenges faced by others and hence what their subsequent needs are. In this panel the buy- and sell-sides discuss their respective challenges today and explore areas and ways of addressing these together to enhance the industry overall. Among the points addressed are:
- Due Diligence in an era of changing product structures & multiple share classes
- Highlighting areas for greater collaboration between product sponsors, IBDs/RIAs and third party due diligence firms
- Follow-on due diligence
- Communication: On what, how and how often
- How can sponsors work with IBDs/RIAs on standardization for compensation for traditional alternative products, NAV products and ’40 Act funds?
- What can product sponsors do to further broaden the appeal of alternatives to retail investors? To help IBDs/RIAs maintain sales volume?
- What obstacles are product sponsors facing in the wake of recent regulation that need to be better understood by IBDs/RIAs?
- Why have 1031 exchanges made a comeback? What’s driving investor demand? How great is the volume of tax-deferred property deals that were done during the previous market peak now coming due? What are notable market trends?
- What is the outlook for this market sector, particularly in light of regulatory/tax reform?
- How many product sponsors are there? What is the business case to enter this market today?
- How do current product offerings differ/compare? What assets (type/size/geo) are being targeted?
- What are the due diligence considerations for IBDs/RIAs at the sponsor level? Offering level – single assets vs. portfolios?
- Assessing the pros and cons of 1031 securitized structures: TICs vs DSTs; When does a TIC structure make sense over a DST?
- Fees and expenses
- Regulatory hot buttons on client suitability and compliance
- Liquidation/exits: When, how? How to assess the best reinvestment option for investors?
Do drops in the sales of a product necessarily equate a lesser value for retail investors? What place do alternatives with a higher correlation have in investors’ portfolios? In a maturing market against a backdrop of unprecedented regulatory change and economic uncertainty is it time to revisit accepted investment ‘truths’? In answering questions such as these, this session examines what constitutes a balanced portfolio for retail investors in the current macro-economic and regulatory climate, with a particular look at the role of alternatives.
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Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
Surveys, Market Research & Customer Feedback
We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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