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The Original ‘Big Data’ Strategy

Kempen’s Diversified Structured Credit Pool
Remko van der Erf

Kempen’s hedge fund solutions franchise has continued to mature since The Hedge Fund Journal last profiled the offering in 2013. Assets have grown to over $1.3 billion, from a mixture of steady performance, net inflows and the launch of a new multi-manager solution in structured credit: Diversified Structured Credit Pool (‘DSCP’). Kempen’s team is expanding. Alongside the two co-heads of Hedge Fund Solutions, Remko van der Erf and Michiel Meeuwissen, Kempen hired industry stalwart, Igor Puljic in 2013, who was previously Deputy CIO at Key Asset Management, as Senior Portfolio Manager, and Jeanne Spronck, who wrote her thesis on hedge fund replication, managed futures and alternative risk premia, as Portfolio Manager in 2016. Kempen is currently seeking to hire a fifth hedge fund manager selection specialist. The four-strong full-time hedge fund team are supported by an advisory board of five, which has recently added Mark Smith, formerly an event-driven and merger arbitrage manager at Gruss. The hedge fund specialists also draw on expertise elsewhere in Kempen. There are 17 other manager selection professionals, covering traditional strategies, private debt, real estate and private equity; equity and credit analysts looking at single securities; trade execution, fund structuring, operations professionals; a risk team of eleven, and legal and compliance.

Michiel Meeuwissen, Co-Heads, Hedge Fund Solutions

If Kempen’s team keeps growing, its roster of hedge funds has moved in the opposite direction. “The number of managers has shrunk to around 21, as we have further increased portfolios’ concentration,” says Meeuwissen. Retaining Aksia for a full operational due diligence (‘ODD’) second opinion – on top of Kempen’s own ODD – is one change that Kempen implemented in 2013. Kempen’s team shadowed Aksia’s ODD routines and determined that the process was thorough and high touch. A further augmentation of Kempen’s process is using RiskMetrics HedgePlatform for risk aggregation (with some managers also offering Open Protocol Enabling Risk Aggregation). Separately from risk aggregation, Kempen continues to obtain full position transparency electronically (or upon site visits for some ‘old school’ managers).

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