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- Are we there yet? Has the Non-Traded REIT market hit bottom and when how soon will it rebound?
- Alternatives product sales 2017 vs. 2016: Notable trends and drivers; What can we expect in 2018?
- What is the latest on share class and fee structures and how have these impacted product sales?
- DOL fiduciary rule: Market impact to-date. How has the prospect of a fiduciary obligation impacted broker-dealer attitudes toward alternative investment products?
- Sales of Non-Traded REITs and BDCs have been decreasing but the number of large institutions entering the market is going up: What does this mean for current and prospective product sponsors? Market outlook?
- Is the market bifurcating between the large institutional players and everyone else? If so, what is the impact for the different industry stakeholders?
- What opportunities are large institutional investors seeing in this space?
- What’s new in product design? Does innovation translate into fundraising success?
- What type of product will dominate the market – finite life or infinite life? Traditional non-listed REITs or NAV REITs?
- How is the current market environment and regulatory uncertainty affecting the business model for sponsors/asset management firms?
- How is the investment performance of alternatives impacting new fundraising?
- How are Reg D private placements and Reg A+ products faring under current market conditions and the regulatory outlook?
- Conversions and amendments to filings: How are sponsors reacting to the new market order? Will products be repriced?
- Market opportunities and headwinds: What to expect in 2018.
- The DOL fiduciary rule; tax reform; FRN 1502; NASAA’s concentration limit guidelines: What products/structures are necessary to be competitive in today’s regulatory climate?
- Are sponsors moving towards becoming asset managers rather than investing and exiting? Will more sponsors move to perpetual life offerings? What are the pros/cons of such offerings for sponsors/retail investors/the market as a whole?
- How do lower front-end fees change business models? Will sponsors start putting capital into a deal with investors?
- To what degree must the industry reinvent itself? What will the next-generation retail alternative investment product look like? How far away are we from achieving that and what will it take to get there?
- How to appeal to more retail investors and go mainstream? What’s the next step?
- With a decline in Non-Traded REIT sales, where is retail demand for commercial real estate (CRE) being fulfilled? Are we seeing an overall pullback from retail investors in CRE as an alternative investment?
- Have you/are you considering changing your distribution strategy? If so how? How are you determining fee structures? How to position to be attractive to new and old distribution channels?
- How do you decide when to amend or call it quits on a particular product/structure? What are the ramifications of doing so and how to manage?
- How to compete with institutional players for retail investors’ dollars? How are you differentiating yourself?
- What is your investment/asset strategy? What investment/asset types are you favoring, where and why? What to avoid? What is your outlook on the health of the economy and the real estate/debt markets?
- How optimistic are you for 2018-2019 in the current market climate? Are there other industry disruptors on the horizon? How do you see this industry shaking out?
- Update on the DOL fiduciary rule, its implementation and impact
- Deregulation: What to expect and when?
- With a new SEC Chairman what enforcement action to expect?
- BDCs: What’s the latest on bills to modernize rules governing this product? Will they be granted exemptive relief?
- NASAA: The latest on concentration limits and the potential impact; What other change is coming?
- FINRA: Examination priorities; 1031 compliance
- Tax reform: What is the latest and what is the 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?
Robert R. Kaplan Jr.
C. Coy Garrison
- Direct to Consumer: To what extent is this the future for the retail alternative investment industry? How successful has capital raising under Reg A+ and Reg D been within this market? What types of retail investor are utilizing crowdfunding platforms? How to reach them?
- Will 2018 be the year that Reg A+ REITs fully launch? Why the muted response to-date? What can we learn from recent notable success stories/failures?
- How big a distribution channel are RIAs for retail alternatives? What’s the rate of growth of product sales via RIAs? How to get greater acceptance of alternatives within the RIA channel?
- Are family offices worth the time/effort/cost to secure and maintain as an investor? What do family offices look for in a retail product sponsor? How can sponsors establish credibility? What are typical sponsor-level and product-level due diligence processes? Red flags?
- How do family offices source retail alternative investment products? How can sponsors get on their radar? What intermediaries do sponsors often have to go through?
- What does it take for product sponsors to get on the RIA and wirehouse radars? To get on their distribution platforms? What are they looking for? Are processes drastically different from working with IBDs? Will wirehouses finally become a key distribution outlet? What will it take for this to happen? How would their participation impact product and fee structures? Will the big new entrants have a positive impact on this channel for all sponsors?
- Do sponsors need dedicated sales teams for both the RIA channel and IBD channel? For family offices?
- How is the role of IBDs in the retail alternatives market changing? What’s next for this channel?
- How to use Reg D strategically? As seed capital for start-ups? As an interim strategy for sponsors establishing a long-term strategy? What sponsors are best-suited for Reg D offerings?
- How is Reg A+ being used by REITs? When to consider Reg A+ over other routes to market? Will the ceiling be raised to $75 million under the Financial CHOICE Act 2.0?
- What niche products, strategies, structures are appearing within new Reg D/Reg A+ launches?
- What features make these offerings attractive to retail investors vs. other alternative products?
- What’s selling? What’s not? What else is coming down the pipeline? Who is the investor base?
- Will more sponsors move to perpetual life offerings? What are the pros/cons of such offerings?
- What has been the impact of the DOL fiduciary rule? As a sponsor, how are you managing this?
- As a sponsor, how are you dealing with liquidity? Overcoming load issues?
- How are IBDs/RIAs viewing such offerings? What attributes are shared among products that make their shelves?
- Crowded-funded offerings vs. offerings sold via IBDs/RIAs: Which way to go for sponsors?
- Let’s talk about risk….As a sponsor how are you mitigating risk? How are you quantifying your risk management? What’s the risk-reward?
- What are the regulatory, due diligence, compliance and liability hot buttons for Reg D/Reg A+ offerings? What should IBDs/RIAs 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?
What macro-economic trends and fiscal policy – both domestic and international – are likely to have the greatest impact on CRE/credit-orientated investments? What are notable demographic and social trends that CRE investors need to be aware of? Senior housing, medical office, student housing, warehousing and infrastructure are some of the asset types that have garnered significant investor interest in recent years based on evolving demographic and social trends. But which niche asset types and which markets will offer the greatest investment potential over the next 3-7+ years, particularly when factoring in the macro-economic outlook? In examining these factors, this session assesses which asset types, and which markets, will offer the best mid-long-term investment potential as well as the greatest protection in a possible market downturn.
- What’s driving sponsor and retail investor interest in interval funds?
- Managing liquidity: What are the benefits/drawbacks of the interval fund structure?
- Assessing the pros/cons of the different investment strategies being employed by interval funds
- How do current offerings differ in terms of fees – both at point of sale and ongoing? How are they performing? Are they covering distributions? Are redemptions going up?
- Are interval funds structured differently enough to Non-Traded REITs to apply different due diligence standards on suitability? Concentration?
- How should IBDs/RIAs evaluate these products as an investment for retail investors? Where do they fit within a typical investor’s portfolio, particularly relative to Non-Traded REITs/BDCs?
- What are the common features of interval funds that have been accepted onto IBD/RIA shelves? What features do interval funds have that IBD/RIA due diligence teams favor over similar investment products?
- Buyer beware: Not all interval funds are created equal –What red flags to look for? What are best approaches to follow-on due diligence? How can fund sponsors better communicate the benefits of their offering? Better enable a smoother, faster due diligence process for IBDs/RIAs?
- Accounting policies for interval funds: What can/can’t be disclosed in semi-annual and annual reports?
- How many interval funds can the market comfortably accommodate?
- What can we expect from the interval fund market next year?
With private equity firms becoming more active in the retail alternative market space, the purpose of this session is trifold. First, we look at the pros and cons of the private equity product offerings as an investment for retail investors. Secondly, we assess the advantages and disadvantages of these product structures for prospective sponsors over the traditional limited partnerships. Finally, we assess the implications of private equity targeting retail investors on the overall dynamics of the retail alternatives market. Additional questions discussed are:
- Can you do a public non-traded private equity fund and meet all the regulatory hurdles? If so, what is the business case for sponsor prospects?
- Can non-traded private equity offerings for retail investors really offer institutional quality investments? Can they meet demands for liquidity?
- What retail alternative product structures are private equity firms favoring and why?
- Is the current trend of private equity entering the retail alternative investment market just the beginning? Why the increased interest in this market? What are the implications of such firms entering this market space for other product sponsors? Retail investors?
- After an industry-wide decline in Non-Traded REITs/BDCs sales, is the market primed for a rebound? What business models work in this regulatory climate? Are daily NAV REITs the way to go? Perpetual REITs? What are the pros/cons of such structures/models?
- Non-Traded Preferred Stock Offerings: How are they performing and what has been the reception amongst retail investors? Where do they fit in investors’ portfolios? What are their advantages/disadvantages as an investment product for retail investors?
- What are the opportunities in a post-regulatory era for Non-Traded REIT/BDC/Preferred Stock Offerings sponsors? What other innovation can we expect from these sectors? What will ‘traditional’ Non-Traded REIT/BDC products look like going forward and what place will they have in investors’ portfolios?
- What impact has the market entry of private equity giants had on your business? Do you need to be a known-name, or aligned with one, for success in this market today?
- What is your investment strategy and how are you differentiating your product from others? How are you competing for retail dollars with interval funds? With your product peers? Have you revamped your fee/compensation structure for Broker/Dealers? If so, how?
- What does the macro-economic outlook indicate for investment performance in 2018-19? How has volatility in the credit/high yield markets impacted Non-Traded BDCs?
- 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 exit strategies are options today? Convert to Daily NAV? Listing?
- Converting to a Daily NAV: How to manage existing investors and control a possible flood of redemptions? What liquidity to provide? How to avoid litigation regarding liquidity? Do you change the fee structure?
This session explores the different options open to sponsors of products which didn’t gain anticipated market traction. The pros and cons and inherent legal issues of such options are discussed along with the impact on the distributors and retail investors.
Questions from the floor are welcome and attendees are highly encouraged to submit questions/topics in advance. Participation is strictly limited to qualified attendees. To register and to submit discussion points, please email email@example.com. Submitted questions will remain anonymous.
- Has the industry seen more uniformity amongst distribution costs since FRN 1502? What will it take to have standardization of commissions?
- As a product sponsor: What share classes are you offering? How are you selecting which to offer? Do you anticipate more share classes being created? If so, what others can be designed? What do internal fees within your product look like? Where are they going? How low can they go? Would you defer fees? Absorb the cost of marketing? Look to alternative routes to raise capital?
- 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 DOL Fiduciary Rule?
- What direction is the industry heading regarding fee structures/share classes for alternative retail investment products?
- 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 considering tax reform? Will Section 1031 like-kind exchanges be repealed under the current Administration? If so, what are the next steps/options for investors?
- With market uncertainty around tax reform, what is the business case for prospective sponsors/retail investors to jump on the bandwagon today?
- How many 1031 exchange sponsors are there? How do offerings differ/compare?
- 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?
- To what degree are you holding back adding new products to your shelves due to regulatory/market uncertainty? What products are you now focused on/no longer focused on and why?
- How has access to institutional-style products affected your investment selection process? How have retail investors been responding to institutional-style products? How to get mass acceptance of such high-quality products amongst retail investors?
- What traditional limited life products should(n’t) be in an advisory account in light of DOL? How are you integrating alternatives into advisory accounts?
- How are you viewing the current state of the market and the changing dynamics, particular in terms of distribution? What do you see as the future role of the IBD in the retail alternative investment space, particularly considering increasing involvement of alternative capital raising/distribution channels such as crowdfunding, wirehouses and RIAs? Does the Independent Broker/Dealer (IBD) model still work for alternative investments? Will you stop selling commission-based products to RIAs? Will IBDs need to go to the advisory account model?
- How are you viewing compensation structures for retail alternatives? What should the compensation structure look like? Are you working towards compensation standardization? What will it take to achieve? What is the price sensitivity of retail investors today?
- What are your current priorities? What, if any, opportunities are you seeing? How do IBDs pivot to make up for lost revenue in this regulatory environment? What are your expectations in a post-DOL market environment?
- Understanding the inner workings of distributing via the RIA channel: How does it differ from the IBD channel?
- What do RIAs look for in a retail alternative product? In product sponsors? How can sponsors differentiate themselves? What such products/sponsors are gaining traction amongst RIAs?
- How receptive are RIAs to external wholesalers? What do RIAs look for in wholesalers? How important is it for a product sponsor to have their own internal dedicated RIA sales team?
- What are the top questions that RIAs ask product sponsors? Red flags that you look for?
- What must product sponsors understand about your approach to product selection?
- “It’s a relationship business”: Key sponsor do’s and don’ts
- What are critical take-aways for sponsor in their sales and marketing outreach to RIAs?
Craig M. Porter Rollins
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We may also provide delegate details (e.g. name, email) to event sponsors who, subject to your consent, may contact you for their own advertising and marketing purposes.
Advertising & Marketing
We use the personal data you provide us and which we collect from you to inform you about similar products and services which we provide. We may send you marketing communications that are sponsored by our partners and which are targeted to your interests based on information you have provided us such as job title, employer and/or industry. If you have consented to receive information from other Euromoney group companies, we may share your personal data with these companies so that they can fulfil your request to receive marketing materials in accordance with your preferences. We will not share your personal data with any third parties for their own marketing purposes unless you have provided your consent.
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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