Get in on the ACT: Monaco FundForum 2022

A round-up of the Monaco FundForum 2022 by Stuart Alexander: lots of interesting conversations about the future of the industry.

Last week I had a very enjoyable few days in Monaco at the world-renowned FundForum. An event that I have been to on a fair few occasions over the years and something that I have always found interesting. This year was no exception, but the conversation was so different from the last time I went that it was hard to join the dots from then to now. The industry has gone through some fundamental changes in recent years, and it is clear to see that the evolution has some way to go. I listened with great interest to Henning Swabey at Calastone talk about the technical challenges for fund distribution and the panels “Crystal Ball” was required. I also spoke with Claire O’Brien at Citi who was preparing for a panel in a few weeks’ time talking about what the industry will look like in eight years’ time. For both Henning and Claire and their respective panels, the challenge for many is keeping up to date today, not 5-8 years’ time!

We can all prepare for what we know and for what we think is right such as digitisation and addressing diversity at all levels, but it becomes more problematic with things we can’t anticipate or foresee. Developments can seem to come along with seemingly increasing regularity and some are easy but many take time and knowledge in the space. SFDR/ESG is a case in point, a key discussion point at many of the panel sessions in Monaco. The fact that many companies have adopted ESG into their business probably hides a lot of “greenwashing” with the lack of experience and skill sets to actually implement the subtleties of many aspects of ESG. The industry is expected to adopt these changes, but with many bringing in some rather expensive consultants to tell them what they already know, the changes look challenging for many. However, there is an answer to the industry’s woes, namely ACT. Headed up by the team behind City Hive, Bev Shah and Mandy Kirkby, ACT is based on three key pillars. Investing in and valuing people, accountability and disclosures, and the purpose, value and visions of a business. In short, it allows a firm to be challenged and demonstrate that it has onboarded all things ESG and not just ticked a box or two for the benefits of stakeholders and customers. In Monaco Chief Flag Waver for diversity, sustainability and general good governance, Bev Shah, was talking on a panel about what firms need to do in this space and it was clear that ACT was the panacea to many woes of the onboarding true ESG credentials. It allows those of us in the industry to assess, measure and catalyse change where an investment management firm is looking to seriously take on true ESG credentials. The thing I really liked was the internal visibility which allows you to create action plans as a result. One to get involved with I think and certainly a huge step in the right direction.

Elsewhere at Monaco it was clear that the industry is going through a series of significant changes driven by investors demands and regulatory expectations. Digitisation, digital assets and improving the client onboarding process were key take-aways from the conference. I hasten to add there were many other conversations taking place but I couldn’t be in every talk, despite my best endeavours! Slow developments by the administration firms over the years have meant that investors still send a fax and wet signatures which is ludicrous in the 21st century. Equally the regulators have been slow to embrace crypto although with some understandable caution as security of the assets has been at times scarily absent. The whole digitisation of the industry is gathering pace and several excellent firms such as Fenergo are bringing forward initiatives, and in some cases the administrators have been forced to adopt their own initiatives for fear of losing the race.

Finally, the biggest sign of the health of the industry is the sheer number of people and firms who were there this year. Admittedly last year in October the pandemic was still affecting us all but a smaller conference was held; this year people returned in much greater numbers and much credit to the folk over at IMPower for pulling it all together. It was great to see conversation, debate and argument over key issues by industry leaders and stalwarts of this industry. Naturally there was some fine entertaining and thank you to my hosts on the two nights I was there. You know who you are! But as I said in an earlier blog the relationship aspects of our business have not gone away. Zoom is no replacement for good old chatting to people over a coffee or a beer/glass of wine. We benefit from that interaction and I’m sure we all benefitted from it last week.

I will be back next year and I hope to report that the industry is still in fine fettle and embracing the changes that is thrown at it. As to whether I will be there in 5-8 years time… ask me then!

In other news...

IMPORTANT INFORMATION

You must submit your agreement before access to the site can be granted

SCROLL TO READ

This website is directed at institutional clients and individuals who have taken appropriate professional advice, who possess the necessary experience, knowledge and expertise to make their investment decisions and properly assess the risk that it incurs.

Gemini Capital Management (Ireland) Limited, trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland, reference number C155302. Its principal office is at Ground Floor, 118 Rock Rd, Booterstown, Co. Dublin, A94 V0Y7 and its registered office is at 1 WML, Windmill Lane, Dublin 2, D02 F206.

GemCap acts as management company and global distributor to GemCap Investment Funds (Ireland) plc.

GemCap Investment Funds (Ireland) plc is an umbrella fund with segregated liability between sub-funds incorporated as an investment company with variable capital registered under the registered number 485081 under Irish law pursuant to the Companies Act 2014 and authorised by the Central Bank of Ireland, reference number C67292, pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) ), having its registered office at 1 WML, Windmill Lane, Dublin 2, D02 F206(“the Fund”) .

The contents of this site have been prepared solely for information purposes and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. GemCap and the Fund does not give or make any guarantee, representation, warranty or other promise or confirmation (whether express or implied) as to its accuracy or completeness.

 

Risk Warnings

Please remember that the value of investments and the income from them can fluctuate (this may partly be the result of exchange rate fluctuations) and you may not get back the full amount invested. Past performance may not a reliable guide to future performance. A comprehensive list of risk factors is detailed in the Prospectus and the key investor information document (“KIID”) and an investment should not be contemplated until the risks are fully considered. The Prospectus and KIID can be viewed at www.geminicapital.ie

GemCap does not provide financial, investment, tax or any other professional advice in any way and none of the information on this site should be construed as such. None of the information contained on this site constitutes an offer to buy or sell or a solicitation, recommendation, invitation by or on behalf of GemCap to buy or sell any security, product, service or investment. Any opinions expressed on this site do not constitute investment advice and independent advice should be sought where appropriate. The view and/or opinions expressed by GemCap through this or any other platform, may be subject to change.

The shares in the Fund have not been and will not be registered under the US Securities Act of 1933 (the “1933 Act”) as amended or the securities laws of any of the states of the United States. The Shares may not be offered, sold, transferred, pledged or delivered, directly or indirectly, in or into the United States or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the 1933 Act and any applicable state laws, nor in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where their promotion and sale are permitted.

The information contained on the website may not be redistributed directly or indirectly to any citizen or resident of the United States or any other jurisdiction where its distribution may be restricted by law. It is the responsibility of persons accessing the website to ensure compliance with the above.

Disclaimer for Investors in Switzerland

The Fund and its sub-funds, Calamos Global Convertible Fund and Third Avenue Real Estate Value Fund has been approved by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”) for offering to Swiss non-qualified investors.

This website may contain advertising.

In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale Vaudoise, Place St.-François 14, CH-1003 Lausanne.

Swiss investors may obtain free of charge from the representative in Switzerland, the relevant fund documents, namely the prospectus, the key investor information documents, the articles of association, as well as the annual and semi-annual reports.

 

Past performance results are no indication of future results. Issuance and redemption commissions are not included in the performance figures. Performance results referring to a period of less than twelve months (year-to-date-performance, start of investment fund within the last twelve months) are no reliable indicator for future results due to the short comparison period.

 

Additional information for Qualified Investors in Switzerland:

The below-mentioned investment funds, which are also disclosed on this website, are neither registered with FINMA nor under contract for representation to Swiss investors. These investment funds may not be distributed neither to Swiss non-qualified and qualified investors nor exclusively to Swiss qualified investors:

 

GemCap Investment Funds (Ireland) Plc

Atlantic House Defined Returns Fund

Atlantic House Global Defined Returns Fund

Atlantic House Total Return Fund

Atlantic House US Enhanced Equity Fund

Causeway Defined Growth Fund

GSI Global Sustainable Value Fund

GSI Global Sustainable Focused Value Fund

London & Capital Global Balanced Fixed Income Fund

London & Capital Global Conservative Fixed Income Fund

London & Capital Global Defensive Equity Fund (this Fund has terminated and accordingly, Shares in this Fund are no longer available for investment)

London & Capital Global Growth Fund

London & Capital Global Growth Fixed Income Fund

London & Capital Global Star Equity Fund

London & Capital Global Balanced Fund

Principal Asset Allocation Fund

Semper Total Return Fund

TEAM International Equity Fund

 

 

Legal

This GemCap website and material contained herein (including information from third parties) is provided ‘as is’, without any representation or endorsement made and without warranty of any kind whether express or implied, including, but not limited to, the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security, completeness and accuracy.

By entering this site, you acknowledge and agree that the use of this site is at your own risk and to the extent permissible by applicable law, in no circumstances, including (but not limited to) negligence, shall GemCap be liable for any direct, indirect, incidental, special, consequential, or punitive damages, losses, costs or expenses nor for any loss of profit that results from the use of, or inability to use this site or any material on any site linked to this site (including but not limited to any viruses or any other errors or defects or failures in computer transmissions or network communications) even if we have been advised of the possibility of such damage. In addition, no liability can be accepted by GemCap in respect of any changes made to the content of this site by unauthorised third parties. All express or implied warranties or representations are excluded to the fullest extent permissible by law. We do not warrant that this site does not infringe any intellectual property rights of third parties.

No data transmission over the internet can be guaranteed as totally secure. Whilst GemCap strives to protect such information and every effort has been made to implement security protocols, in line with relevant legislation to ensure safe processing and storage of any data transmitted, we do not guarantee and cannot ensure the security of any information which you transmit to us. Accordingly, any information which you transmit to us is transmitted at your own risk.

The GemCap website is not a substitute for independent professional advice and users should obtain any appropriate professional advice relevant to their particular circumstances.

The information on this site is issued by GemCap.

 

Cookies

If you use the internet quite a bit, there’s a good chance you’ve heard of cookies.

But what are they?

Also known as HTML cookies, tracking cookies or magic cookies, these tiny files are automatically downloaded by your computer when you’re browsing online. Don’t worry – they’re perfectly safe. But we’d still like to take a moment to explain what cookies do, which ones we use and how to remove them – if you really want to.

Are Cookies Safe?

Yes, cookies are safe. The information they collect is completely anonymous. We never, ever, collect personal information using cookies. What’s more, cookies are not harmful to your computer, they take up minimal space and they can be removed with just a few clicks.

GemCap’s Cookie Functionality

  • Cookies provide enhanced functionality and speed to our site
  • These cookies help us to recognise your computer when you visit Gemini-Capital.ie and enable us to improve your visits to our website
  • Cookies assist us in identifying what kind of visitor/user you are, for us to provide you with the most relevant content
  •  

How Can I Remove Cookies?

Most computers are set to download cookies automatically, so if you’re happy with everything you’ve read, simply carry on as you were. However, if you’re at all concerned about having cookies on your computer, deleting them is simple.

Show me how to remove cookies

Likewise, you can also change your computer settings so that it won’t download any more cookies.

Show me how to change my cookie settings

The information on this site is issued by Gemini Capital Management (Ireland) Ltd, which is registered in Ireland No. 579677. The registered address for the company is 1 WML, Windmill Lane, Dublin 2, D02 F206, Ireland.