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Broadridge’s Buy Side Gambit

The evolving buy side operating model

“Running a large hedge fund or asset management company is a lot of work, and thanks to regulators, the increasing sophistication of investors, complexity of products, technology and information security requirements, it is not getting easier,” says Bennett Egeth, President of Broadridge Investment Management, Reference Data and Risk Solutions. “Many of the large funds are victims of their success, 60 to 70% of the people working in large funds are working in operational, accounting and technology with little direct involvement in generating alpha or raising capital.”

According to Egeth, it has been very hard for these complicated, sometimes secretive organisations to ask themselves not just what is differentiating, but whether perhaps a third party could run the operations any better. Egeth points to a series of questions firms should take the time to answer:

• Are our operational requirements materially different from our peers?

• Are we experts at delivering services under SLAs and do we have a mature operational governance model?

• Do we have the capabilities to manage our technology in a scalable and secure manner?

• How much are we spending on non-differentiating activities?

• How much of our management team cycles are spent in supervising non-differentiating activities?

• How can we better align our cost drivers and fixed expenses to the drivers of the profitability?

Would our investors feel better if we had a specialist handling these capabilities?

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About The Hedge Fund Journal

INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.