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- Who were the winners and losers in the non-listed alts universe this year? What’s attracting capital? What are noteworthy distribution trends across channels?
- 2019 was a strong year across many non-listed products: What factors were behind the uptick in sales? What is current retail investor sentiment? What can we expect in 2020?
- What are the market-impacting factors of 2020 to watch closely? What will be the impact of the general election year on the non-listed alts market?
- What are rising asset types within non-listed alts products? Cannabis? ESG/sustainability-orientated investments? Other? What are the investment trends to look for in 2020-2021?
- Publics vs. privates: Key trends to watch
- BDCs: What’s next for this product?
- What new products are in registration? Anything notable? What further innovation can we expect and along what lines?
- Who are the new/up-and-coming market entrants? Who are the ones to watch? Is the retail alt industry becoming institutionalized?
- Consolidation, conversions and amendments to filings: The latest on how sponsors continue to adapt their business model; What has been the response amongst distributors/retail investors? What further adaptation can we expect?
- Exits: The latest
- Is a recession coming? To what degree do non-listed alts offer protection to retail investors? Are some product types/investment strategies better-positioned to offer protection than others?
- How are you preparing for a possible downturn? Will the fact that 2020 is a general election year have any impact on your strategy?
- What returns are realistic in the current uncertain climate? How are you setting retail investors’ expectations?
- What further institutionalization of the non-listed retail alts market can we expect? Will the barriers to market entry soon be too great for non-institutional players?
- Reaching new retail investors vs. expanding allocations from your existing investors: Where are you focusing efforts? What investments are you making in investor education? Investments in penetrating new distribution channels? What have you found to be successful?
- What is your strategy for getting retail investors’ capital back? What percentage of your investors are reinvesting with you? Any notable trends in where your investors are (re)investing capital?
- Are there any untapped opportunities within the non-listed alts market today? Where will you be focusing your efforts for the next 12-24 months?
- What further evolution will we see in the retail non-listed alts industry? Where is the industry headed? What do you see as its greatest threats? Can we learn anything from the past 10 years as an indicator of what to expect over the next 10 years?
- As we enter a new decade, where do you see your organization in 2030?
H. Michael Schwartz
This session examines the latest in critical industry developments that could impact alternatives reach amongst retail investors. In discussing the latest developments we also address what sponsors and distributors need to be considering and possible steps forward.
- Making private markets more accessible to retail investors: The latest from the SEC
- Regulation Best Interest and state-level initiatives: An update
Mary Katherine Rawls
- What are sponsors’ underwriting strategies in this protracted cycle with prices at historic levels? How can IBDs/RIAs effectively evaluate risk within investment strategies and determine what is best for their retail clients with numerous factors affecting investment potential to consider?
- What are core/core+/value added/opportunistic/debt investment strategies in today’s climate? How to accurately define value added?
- How are sponsors adding value to assets? How can IBDs/RIAs effectively evaluate value added investment strategies?
- Are some stabilized assets more risky than opportunistic assets in certain markets in the current climate/cycle? How to determine risk?
- Sponsors: What are your asset underwriting strategies? What pillars do you look for before you take a position on an asset? What do due diligence officers at IBDs/RIA need to understand about sponsor underwriting processes?
- How can IBDs/RIAs navigate the different investment strategies and risk factors at this stage in the cycle? How best to include in clients’ portfolios?
- What returns are realistic for core/core+/value add/opportunistic/debt today? Will the dial for any move in the near-term?
- What is the capital raising environment for core/core +/value added/opportunistic/debt products amongst retail investors? Are certain investment strategies gaining favor?
- What can we learn from the first QOZ funds to launch? Are there winners and losers? Are QOZ investments worth the hype for product sponsors? Distributors?
- Why the diversity of opinion amongst distributors on the place of QOZs on their platform? What is the right balance?
- What types of retail investor are (un)suitable for QOZ investments? Are certain kinds of distributors better positioned to sell QOZs than others? Are certain types of sponsor better positioned to offer such products?
- What are the QOZ product structuring considerations? Does any structure offer advantages over other structures?
- What is the due diligence process for distributors? How to determine if a sponsor has the sufficient experience? To identify risks in any given QOZ investment? What are QOZ investment/sponsor red flags for you?
- What are sponsors’ QOZ due diligence factors? As a sponsor, how are you underwriting deals?
- “The sooner you invest in QOZs, the better the tax break and the better the fund”: Is this accurate? Is the window closing on QOZ investments? What opportunities remain?
- How to make the economics of DSTs work in the current high-price, rising interest rate climate?
- Preparing for a downturn: Buyer beware? How are/should 1031/DST sponsors build protections for retail investors into their offerings?
- Exits: Will we see more in 2020? Why now?
- How are broker/dealers and RIAs approaching due diligence challenges at the property level? What are the valuation pitfalls to avoid, especially at this stage in the cycle? What are common red flags for distributors in 1031/DST offerings?
- With a rapidly expanding market how great is the risk that 1031 sponsors may compromise on asset/program quality and/or distributors compromise their due diligence to meet the growing demand from retail investors?
- Examining recent innovations within 1031/DST offerings and assessing their true benefits for retail investors
- What further product and market evolution are we likely to see within 1031s/DSTs?
- What will it take for RIAs and wirehouses to fully jump on board the 1031/DST bandwagon?
- The secondary market for DSTs/1031s: The only way is up?
This new product-centric session takes a deep dive approach to the latest key happenings, strategies, performance and outlook for different types of non-listed alts. In providing a strategic summary for each product type, our panel attempts to determine the value proposition that each product offers retail investors today. Talking points include:
- How are sponsors positioning for market/economic/regulatory factors likely to impact performance and capital raising in 2020?
- Product/investment strategies and innovation: What is/isn’t gaining traction amongst retail investors?
- Stress-testing for an uncertain economic climate
- Exits: How are sponsors returning capital to investors?
- In summary: The value proposition to retail investors, especially compared to similar products
- Cybersecurity basics: Where do the risks lie? What data needs to be secured? What are key areas of focus for the SEC and FINRA
- Cyber-risk assessment: Identifying internal vulnerabilities vs. third party/vendor risk
- Implementing an information security governance framework
- Technical controls to protect data and the hardware/software on which it is stored/processed
- Implementing policies and procedures for detecting and responding to incidents; Steps to improve response times
- What are the cybersecurity/IT risk management responsibilities of registered representatives and IARs? What steps should they be taking?
- Disclosures/educating retail investors on cyber-based risk
- Vendor management and due diligence
- Cyber-insurance: What it is, what it covers and when to consider
- What can we learn from recent cybersecurity breaches?
What are the effects of robo-advice on non-listed alternatives? What can the industry do to shape the results? In this featured presentation John Harrison, Executive Director, ADISA attempts to answer these questions while providing the latest industry research on the issue.
- What constitutes a balanced portfolio for retail investors in the current macro-economic climate? What role should alternatives play?
- Assessing the pros and cons of different alt product structures in terms of risk; liquidity, cost, etc. for retail investors in the current economic environment
- Which wrappers offer retail investors the greatest protection in a market downturn?
- How to determine if a wrapper may/may not be the best structure for the underlying assets?
- How to determine if a wrapper may/may not be suited to a particular client?
- Which wrappers are proving particularly popular amongst retail investors? Which are stalling/failing to gain traction? Why?
- Understanding the key regulatory differences and pressures for the various product structures
- “I like the underlying assets but not the wrapper.” What next?
- Getting comfortable with a product wrapper: The critical boxes that need to be checked
- What are retail investors’ investment preferences today and how do they differ between the different types of investor (Family Office, HNW, mass affluent, millennials, baby boomers, etc.)?
- Is there a difference in how they view investments in the current macro-economic environment and at this stage in the market cycle? What are notable trends in product structures and asset types being preferred by the different investor types? Who’s opting for public vs. private markets? How important is a product sponsor’s name? Track record?
- To what degree will the election year impact investment choices?
- Are ESG/sustainability-focused investments gaining traction in any group?
- With new distribution channels and innovative technology broadening the range of methods by which to invest (via IBDs/RIAs/online technology, etc.), what are the different retail investors opting to do?
- How can product sponsors better position themselves to penetrate different investor groups?
- What should IBDs/RIAs add to their platforms for their client base? Engagement and communication strategies?
- What is your sentiment about non-listed alts as we head into 2020? What are the key factors influencing this?
- What product stress-testing measures are you employing in the event of a market downturn? Are you revisiting your platform? Risk parameters?
- How are you approaching Regulation Best Interest and states’ related initiatives? Are you becoming/will you become more cautious about non-mainstream investment products?
- How are you now viewing Qualified Opportunity Zone (QOZ) investments? What has been the response of your family office/HNW/retail investor clients to such products?
- Are retail investors focusing more on investment strategy vs. product structure in the current climate? Are there any investment or product strategies that you are showing greater interest in? Less interest?
- How are you educating retail investors on the place of non-listed alts in their portfolio? To what degree do your clients now accept such investments as being integral to their portfolio? Is there a difference between generations in the education and acceptance of non-listed alts?
- How should advisors be advising their clients at this stage in the cycle? What guidance are you giving on what to sell/not sell?
- What investments are you making in new technology and for what purpose?
- What advice would you give product sponsors wanting to ‘stand out’ in an increasingly crowded marketplace?
Please come prepared to join the discussion with your peers. Attendees are highly encouraged to submit questions/topics in advance. Participation is strictly limited to qualified independent broker/dealer, registered reps and RIA attendees only. To register and to submit discussion points, please email firstname.lastname@example.org. Submitted questions will remain anonymous.
- What are the operational challenges of expanding into new distribution channels?: RIAs; Wirehouses; Family Offices; crowdfunding sites
- What innovative approaches to back-office functions/streamlining processes are helping sponsors penetrate new distribution channels?
- What are the non-operational challenges for sponsors distributing non-listed alts via different distribution channels (RIAs/Family Offices, etc.)? How does it differ to distributing via IBDs?
- Expanding RIA, Wirehouse and Family Office interest in your non-listed alts product: Do’s/don’ts
- Forming relationships and communicating with RIAs, Family Offices and Wirehouses: How are these processes different to that with IBDs?
- What do wholesalers and national accounts managers need to understand and do in their approach to and ongoing communication with RIAs, Family Offices and Wirehouses? How can sponsors better train their sales teams to work with such channels/clients?
- Getting on custodial platforms: What are the key considerations/steps for non-listed alts sponsors? What are the steps for sponsors to properly structure relationships with custodians? How are custodians viewing non-listed alts today?
- What is the business case for non-listed alt product sponsors to offer Environmental, Social and Corporate Governance (ESG) and sustainability investing-focused products?
- The latest trends in ESG and sustainability investing within the non-listed alternatives industry
- To what degree are ESG and sustainability issues impacting retail investors’ investment decisions? Where is this heading?
- Are distribution channels placing greater emphasis on ESG and sustainability issues when selecting products/sponsors for their platforms? Is a portion of their product selection dedicated to ESG/sustainability-focused offerings?
- What sponsor-level and product-level ESG/sustainability information are distributors requesting from sponsors?
- Not all are created equal: What due diligence issues specific to ESG/sustainable investing products/sponsors do distributors need to understand?
- What do retail investors want to know about ESG and sustainable investing? How are advisors effectively engaging retail investors and communicating with them on such investments?
- How can advisors determine which ESG/sustainable investing products are right for their retail clients?
- Sustainability/ESG oversight/management/reporting; What more can product sponsors be doing to incorporate such initiatives/disclosures at the company level and product level?
- The SEC’s focus on ESG and sustainability issues: What does this mean for sponsors and distributors? What else can we expect from the SEC on ESG and sustainability and when?
From due diligence and underlying asset evaluation to reporting, compliance, tax issues, paperwork processing, and engaging and educating clients – the non-listed alts learning curve for RIAs can be considerable. In this session a panel of RIAs discuss the operational challenges they have overcome in adding non-listed alts to their platform and the client education issues they continue to address.
- What is the business case for RIAs to sell non-listed alts to their clients?
- What is the learning curve that RIAs have around non-listed alt products?
- What have been the key operations challenges in offering non-listed alts to your clients?
- The key client engagement/education challenges?
- How can product sponsors help RIAs overcome such operations/client education challenges?
- What other resources are available for RIAs?
In this session we offer insight into non-real estate-based non-listed alt products. In doing so, we compare them to real estate-based non-listed offerings as an investment for retail investors. Areas addressed: risk-reward profiles; factors impacting investment potential; how sponsors evaluate deals; the economics of such offerings; and what distributors need to consider in conducting due diligence.
- Insurance-linked securities
This session addresses using Qualified Opportunity Zone funds, 1031 exchanges, Conservation Easements, Oil and Gas Drilling Programs and Tax Credits to solve income and capital gains tax issues for high income individuals and entities. Active audience participation is encouraged.
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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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