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Investor Manifesto II - A Declaration of Interdependence
08 Nov 2019

Albourne published the Investor Manifestor II (IMii) in October 2018, furthering its commitment to the pursuit of better practice within the Alternatives industry. This 50-point Manifesto is the second edition of the Investor Manifesto, and it covers ten themes that Albourne has been discussing with investors, industry bodies, managers and regulators. 

The below booklet provides a short narrative of the objectives, key points, considerations, and ultimate value of the first 14 proposals of the Investor Manifesto II.

                                                                                                                   


The goal is to call upon and partner with co-champions on the following proposals:

  • Fees Related:
    • Lobby for change to U.S. tax rules applicable to investors in multi-year investment structures. (Refer to Proposal 1)
    • Promote greater adoption of alpha-based fees in the equity long-only space. (Refer to Proposal 4)     
  • Risk Related:
    • Showcase to regulators the contribution Open Protocol data can make to the identification of systemic risk with the global financial system. (Refer to Proposal 5)       
    • Liaise with Basel III and Solvency II regulators to achieve clearer interpretations of current risk reporting guidelines for alternatives. (Refer to Proposal 6)
    • Promote the 2020 GIPS performance measurement guidelines in the alternative assets industry. (Refer to Proposal 10)
    • Creation and adoption of an industry standard ‘Identifier database’ for Hedge Funds and Private Market portfolio companies’ securities. (Refer to Proposal 12)
  • Private Market Related:
    • Recommend a stronger fund governance model for Private Market funds to make LPACs more effective. (Refer to Proposal 22)         
    • Support the ILPA Principles on the use of subscription lines and borrowing facilities. (Refer to Proposal 26)
  • Hedge Fund Related:
    • The creation of a Standard Investor Profile Template, used across funds to streamline the subscription and AML processes. (Refer to Proposal 28)   
    • Formalizing policies for disclosing and allocating Co-investment opportunities among investors. (Refer to Proposal 29)
    • Provide the SBAI with a to-do list of topics for a working group focused on ‘credit-based’ strategies. (Refer to Proposal 31)
  • Dynamic Beta Related:
    • Require managers to adopt a common standard for  back-testing trading strategies. (Refer to Proposal 38)
  • Responsible Investing Related:
    • Explore the creation of a common base corporate-level ESG reporting format. (Refer to Proposal 46)
    • Recommend that managers across all alternatives agree to a ‘Diversity and Inclusion Policy’. (Refer to Proposal 48)
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