APFI News & Events

Get the latest insights on selecting ESG funds across equities, bonds and alts. Hear from industry-expert speakers on risk and reporting, join best-practice workshops and get the chance to benchmark your own ESG infrastructure strategies. APFI members are free, and all friends of the APFI can get an exclusive APFI discount of 10% off your booking using code FKN2663APFI or click here.

ETFs are an indispensable tool in the allocator's kit of fund choices. With greater transparency than traditional mutual funds, ETFs are quite possibly a superior "wrapper" for most liquid equity strategies than more opaque fund choices. Yet ETFs remain disproportionately underutilized in Europe than other leading markets in the U.S. and Japan. Come learn what you don't know and improve your knowledge of the European ETF Landscape. The APFI supports the content of this event. APFI members attend for free. All others can save 10% courtesy of APFI with VIP code FKF2254APFI.

The APFI is pleased to support the Alts and Institutional Forum Series events hosted by Markets Group. These events provide APFI members important opportunities to meet with peers and managers and stay abreast of best practices and new innovations in our field. As with all APFI supported events, attendance is complementary for APFI members. Note: the institutional series is only available to end investors, and so not all APFI members may be eligible to attend. Contact the Markets Group for more information.

ALTSSV – September 10^th – Mountain View, CA

ALTSSV is developed and led by CFA Society San Francisco, CAIA San Francisco and the CalALTS Association. With their guidance and oversight, this one-day event will provide participants with an educationally focused agenda and will feature leading practitioners from the fields of private equity, venture capital, real estate, hedge funds, cryptocurrency, artificial intelligence and other sectors of the alternative investment market. Complimentary for all allocators, 15% discount for all managers by using code APFI15ALTS.

https://www.marketsgroup.org/forums/altssv-2019

ALTSMIA – November 7^th - Miami

ALTSMIA is developed and led by the CFA Society of Miami, CAIA Miami and Miami Finance Forum. With their guidance and oversight, this one-day event will provide participants with an educationally focused agenda and will feature leading practitioners from the fields of private equity, venture capital, real estate, hedge funds, cryptocurrency, artificial intelligence and other sectors of the alternative investment market. Complimentary for all allocators, 15% discount for all managers by using code APFI15ALTS. http://alts-miami.com/.

ALTSTX – October 15^th- Dallas

ALTSTX is developed and led by the CAIA Association. With their guidance and oversight, this one-day event will provide participants with an educationally focused agenda and will feature leading practitioners from the fields of private equity, venture capital, real estate, hedge funds, cryptocurrency, artificial intelligence and other sectors of the alternative investment market. Complimentary for all allocators, 15% discount for all managers by using code APFI15ALTS

https://www.marketsgroup.org/forums/altstx-2019

ALTSSEA – September 17^th - Seattle

ALTSSEA was developed as a local, investor-centric and educationally focused one day forum on behalf of CFA Society Seattle, CAIA Association, SAIA Association and Markets Group. The purpose of the meeting is to facilitate the dissemination of actionable investor content coupled with supporting the continued development of the alternative investment industry. Complimentary for all allocators, 15% discount for all managers by using code APFI15ALTS

https://www.marketsgroup.org/forums/alts-sea-2019

IF Benelux – 26 September - Amsterdam

The 3rd Annual Benelux Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75+ staff members, investment officers, board members, and trustees representing the region.

https://www.marketsgroup.org/forums/benelux-institutional-forum-2019

IF UK – 10 October - London

The UK Institutional Forum is an educational initiative designed with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum will bring together 75 investment officers, board members, finance professionals from around the UK and beyond.

https://www.marketsgroup.org/forums/uk-ireland-institutional-forum-2019

IF Nordics – 12 November - Stockholm

The Nordics Institutional Forum - Autumn is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75 staff members, investment officers, board members, and trustees representing Northern European institutions.

https://www.marketsgroup.org/forums/nordics-institutional-fall-forum-2019

IF Germany – 12 December - Frankfurt

The 3rd Germany Institutional Forum is an educational initiative designed with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The program’s agenda will cover major economic trends, asset allocation and risk management, ESG integration, emerging markets, fixed income and rate hikes, private equity allocation trends, and so on. The forum will bring together 75+ investment officers, board members, finance professionals from around Germany and beyond.

https://www.marketsgroup.org/forums/germany-institutional-forum-2019

IF Great Plains – September 12^th - Minneapolis

The 6th Annual Great Plains Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75+ staff members, investment officers, board members and trustees representing Minnesota, Wisconsin, North Dakota, South Dakota, Nebraska and Iowa.

https://www.marketsgroup.org/forums/great-plains-institutional-forum-2019

IF Southwest – September 20^th – Santa Fe

The 5th Annual Southwest Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75+ staff members, investment officers, board members, trustees and investment consultants representing Arizona, New Mexico, Utah and Nevada.

https://www.marketsgroup.org/forums/southwest-institutional-forum-2019

IF Michigan – October 10^th - Lansing

The Michigan Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The program’s agenda will cover pension fund management, smart beta, private equity, global equity, hedge funds, securities litigation, interest rates and the credit cycles, real assets and more. The forum is specially designed to bring together 75+ senior staffs, investment officers, board members and trustees representing the state of Michigan.

https://www.marketsgroup.org/forums/michigan-institutional-forum-2019

IF New England – October 17^th - Boston

The 7th Annual New England Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75+ staff members, investment officers, board members, trustees and investment consultants representing Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut.

https://www.marketsgroup.org/forums/new-england-institutional-forum-2019

IF Southeast – October 23^rd - Atlanta

The 7th Annual Southeast Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise.  The program’s agenda will cover pension fund management, smart beta, private equity, global equity, hedge funds, securities litigation, interest rates and the credit cycles, real assets and more. The forum is specially designed to bring together 75+ senior staffs, investment officers, board members and trustees representing Georgia, Alabama, Florida, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, Louisiana, Maryland, Virginia, and West Virginia.

https://www.marketsgroup.org/forums/southeast-institutional-forum-2019

IF Pennsylvania – November 6^th - Philadelphia

The 6th Annual Pennsylvania Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together roughly 75 staff members, investment officers, board members and trustees representing the institutional community throughout Pennsylvania. The program’s agenda will cover pension fund management, macro outlook and global asset allocation, fund operational issues, the global equity market landscape, as well as a Roundtable discussion from the region's leading Chief Investment Officers and more.

https://www.marketsgroup.org/forums/pennsylvania-institutional-forum-2019

IF Texas – November 14^th - Austin

The 7th Annual Texas Institutional Forum is an educational initiative designed through close coordination with the region’s leading institutional investors to build peer communities that merge global best practices with local expertise. The forum is specially designed to bring together 75+ staff members, investment officers, board members, trustees, and the institutional community representing the state of Texas.  The program’s agenda will include global asset allocation, equity markets, fixed income, private markets, real assets, alternative beta strategies, ETFs and CIO management issues.

https://www.marketsgroup.org/forums/texas-institutional-forum-2019

IF California – December 4^th – Santa Rosa

The 7th Annual California Institutional Forum is designed to address the informational and educational needs of institutional investors, including public and corporate pension plans, university endowments, charitable foundations, healthcare organizations, insurance companies, consultants, board members and trustees representing California, Nevada, Arizona, Utah, North Dakota, Idaho, and Oregon. It is the 7th installment of the series, formerly known as the Pacific States Institutional Investor Forum.

https://www.marketsgroup.org/forums/california-institutional-forum-2019

The Association of Professional Fund Investors will have our annual meeting hosted by FundForum International, the world's largest asset management event, this June 26-27 in Copenhagen Denmark. Registration is free for all APFI members!

What: The Association of Professional Fund Investors (APFI) announces new additions to its leadership team, allowing representation in key North America, Middle East and Africa markets, as well as the creation of an Advisory Board. About: The APFI has announced, with immediate effect, new members to join its leadership team, supporting the work of the current directors. The new members are Riad Daniels, Adam Choppin, and Bev Shah. Read the full release here.

What: This response is provided on behalf of the Association of Professional Fund Investors in response to the Financial Conduct Authority ('FCA') final response MS15/2.3 to the interim paper MS15/2.2, part of the Asset Management market study, with responses for CP17/18 due by 28 September 2017. About: The FCA interim report MS15/2.2: On 1 November 2016 the FCA issued a 200-page interim report assessing the state of the £7trn (€8.18trn) strong asset management sector in the UK, the FCA highlighted that investors in active funds often pay higher charges than necessary due to a lack of price competition. In addition, it highlighted that fund objectives were not always clear, and performance was not always reported against an appropriate benchmark. The study focussed heavily on the experience of the defined contribution pension schemes and investment consultant market and charges and performance of active funds. On 28 June the FCA issued its response MS15/2.3 to that consultation and also released CP17/18 for further consultation. The APFI notes the FCA’s observations set out are broadly consistent with the findings set out in the interim report. Read the full response here.

APFI Director Mussie Kidane was featured in the April 2017 issue of Citywire magazine. 

Jon Beckett is UK director of the Association of Professional Fund Investors. A Call to Asian Professional Fund Investors What does it take to be a professional fund investor in Asia today? Asian professional fund investors find themselves amid a technological and regulatory revolution. They face tough questions. To follow the journey of the Anglo-Saxon model or explore a new path? To embrace environmental, social and governance standards, or to exploit assets stranded by this concept? To go active or passive? To follow or to show leadership? To this end, the Association of Professional Fund Investors (APFI) was formed to serve as a global body by and for its membership. It enables professional fund investors to share ideas, ensure best practices and network with peers, be they fund gatekeepers, fund buyers, manager research analysts or fund selectors. Consequently, the APFI has already begun to build strong networks in the United Kingdom, Nordics and elsewhere in Europe. However our membership remains, frustratingly, lighter in Asia, Africa and the Middle East. The APFI has held events in both Hong Kong and across Europe to debate the regulatory and technological future of fund research. We believe that due to the uniqueness of Asian fund markets, professional fund investors in these markets can share insights to the benefit of APFI members globally, and in return enjoy the experiences of like-minded professional fund investors from other regions. The aim is shared global best practice. A great example of this is the multi-year global Due Diligence Questionnaire project, which is rolling out in 2017 in association with Door, our technology partner. The APFI seeks to be at the forefront of technological change within professional fund investing, and is looking for other technology and training partners to discuss the direction of the industry and opportunities. More crucially the APFI is calling on professional fund investors in Asia to become engaged, to lead APFI initiatives in the region, to be a spokesperson, build membership, engage trade bodies and regulators, and champion professionalism in fund investing in Asia. This is an opportunity to get involved with a growing professional body that is on the cutting edge of our field. It is an association created and run by professional fund investors, for professional fund investors. APFI believes that the inclusion of the investors’ viewpoint is crucial to the sustainable growth of the asset management industry. To this end we act to ensure the continued recognition of the importance of professional fund investors and advance their role within the industry. There are some simple truths that APFI members see as central. Certainly, there are others and we invite new members to add ideas, but here are the basics:

• Funds are bought by professional fund investors, not sold to them.
• Hot concepts are the basis for short-lived bubbles; APFI members seek to isolate funds and their managers that have sustainable investment merit.
• A strong competitive environment for funds is crucial, of which open architecture is a key component.
• A well thought out, sophisticated approach to fund research is forward looking and past performance is only a limited aspect of the selection process.
• There is no ‘right way’ to analyse and select funds – APFI members utilise a broad range of techniques and methodologies.
• Professional investors work most effectively in an environment of independence and objectivity.

One particular area of focus for APFI is responsible investing and how to bring this into the mainstream. We are working with professional fund investors globally to consider, for example, the difference between socially responsible investing (SRI), which uses negative screening, and ESG approaches, and how investors should assess the differences. That question in turn can vary between institutional investors and private banks, and also country to country depending on prevailing corporate governance conventions, for example, between Singapore and Japan. Investors also have to establish whether there is a clear enough investment or risk management case for SRI/ESG. Other challenges include the lack of universally agreed standards for ESG. Without such standards, how do investors weigh up the investment case, cost, or the societal good? How important should an investor's carbon and greenhouse gas footprint indeed become? When considering responsible investing, should we also take a longer term approach to investing? The backdrop is the inescapable fact that assets are moving tectonically towards passive funds. Can an index tracking fund ever be a good steward of client assets?   In terms of changing behaviour, does activism, voting and corporate governance actually work? Ultimately, to bring responsible investing into the mainstream may require fund buyers, and all professionals in the value chain, to take a fiduciary oath to clients. It is daunting to think that deciding these questions will prove less difficult than finding the answers. APFI is here to work with fund buyers through these challenges and we welcome Asian investors to join us in these endeavours.

This response is provided on behalf of the Association of Professional Fund Investors after having consulted members and Professional Fund Investors ('PFIs'). The following details APFI's final response to the Financial Conduct Authority ('FCA') consultation paper, relating to property and illiquid funds, with responses due by 8 May 2017. The FCA discussion paper DP17/1, in February 2017 the FCA highlighted recent price and gating actions by property funds following the EU Referendum, and sought industry views on the use and practices around the use of property funds and other funds invested in non-daily tradable asset classes, particularly by funds (including unit-linked) that are themselves daily traded. "This paper considers some of the risks created when consumers use open-ended investment funds to gain exposure to assets that may be difficult for the fund manager to buy, sell, or value quickly. In this paper we refer to these assets as ‘illiquid assets’: they may include land and buildings, infrastructure, and financial assets such as unlisted securities." 1.1, Page 5, DP17/1. The Association of Professional Fund Investors (APFI) welcomes the FCA examining this area of great interest on behalf of fund buyers and customers. The APFI supports greater transparency relating to the liquidity and trading practices of fund management and how they impact customer outcomes.” Following the EU Referendum and series of actions by property fund providers, and following engagement with the Association of Real Estate Funds (AREF) directly, the APFI issued the following press release. Read the full response here.