Alternatives – Network Meeting 2021-III
Theme – Theoretic and Operational Due Diligence – Manager Selection and Tax
In late 2020, the CAIA Association conducted an in-depth survey among their active members that asked them to look past standard risk and return metrics and share their views on the drivers of manager selection.
Some of the findings were, 1) that qualitative factors are often deemed more important than quantitative factors in alternative investments manager due diligence, 2) when asked specifically about predictability, respondents said that qualitative factors are most powerful, 3) skill assessment for alternative investment managers is considered more difficult than for traditional investment managers and requires greater analysis of the philosophy, culture, and processes of the manager and 4) the operational due diligence of manager business risk can dominate or override assessment of investment skill and is critical to the manager selection process. Last but not least, a proper tax due diligence is key to avoid unnecessary tax leakage.
To elaborate on different due diligence tasks, including the findings above, we have invited Dr. Keith Black, Ph.D., CAIA, CFA, FDP and Managing Director, Content Strategy at the CAIA Association, Martin Reng, Partner, Tax at Deloitte Danmark and Klaus Rühne, Partner at ATP Private Equity Partners to discuss the factors that make operational due diligence of manager business risk critical to the manager selection process.
During the presentations, the network gathers for a network session.
This network meeting is inspired and created by the Alternatives network committee under the Danish Finance Society/CFA Society Denmark.
Networking, sandwich & registration
Welcome and introductionary remarks
Due Diligence: Exploring Manager Research
Dr. Keith Black, Ph.D., CAIA, CFA, FDP, Managing Director, Content Strategy, the CAIA Association
Tax Due Diligence
Martin Reng, Partner, Tax at Deloitte Danmark
Due Diligence – the ATP PEP perspective
Klaus Rühne, Partner, ATP PEP
Dr. Keith Black, Ph.D., CAIA, CFA, FDP, Managing Director, Content Strategy
The CAIA Organisation
Keith Black has over thirty years of financial market experience, serving approximately half of that time as an academic and half as a trader and consultant to institutional investors. He currently serves as Managing Director of Content Strategy for the CAIA Association. During his most recent role at Ennis Knupp + Associates, Keith advised foundations, endowments and pension funds on their asset allocation and manager selection strategies in hedge funds, commodities, and managed futures. Prior experience includes commodities derivatives trading, stock options research and Cboe floor trading, and building quantitative stock selection models for mutual funds and hedge funds. Dr. Black previously served as an assistant professor and senior lecturer at the Illinois Institute of Technology.
He has contributed to the CFA Digest, and has published in The Journal of Wealth Management, The Journal of Trading, The Journal of Investing, and The Journal of Alternative Investments, among others. He is the author of the book “Managing a Hedge Fund,” as well as co-author of the second, third, and fourth editions of the CAIA Level I and Level II curriculum. Dr. Black was named to the Institutional Investor magazine’s list of “Rising Stars of Hedge Funds” in 2010.
Dr. Black earned a BA from Whittier College, an MBA from Carnegie Mellon University, and a PhD from the Illinois Institute of Technology. He has earned the Chartered Financial Analyst (CFA) designation and was a member of the inaugural class of both CAIA and FDP members.
Martin Reng, Partner, Tax
Martin Reng har været partner i Deloitte Tax & Legal siden marts 2021. Inden da var Martin Reng advokat hos Bech-Bruun fra 2019 og før det, partner hos KPMG Acor Tax. Han har beskæftiget sig med finansiel skat og skattemæssig strukturering i 21 år, både på Skatteministeriets område, i den finansielle branche og indenfor rådgivning. Kunderne er livsforsikringsselskaber, pensionskasser, family offices, kapitalfonde, m.v.
Han er desuden ekspert i pensionsafkastbeskatning (forfatter til den nugældende lov, da han var ansat hos Skatteministeriet), finansiel beskatning og indberetningspligter (FATCA, CRS, DAC6).
Han har vurderet 200+ investeringer i fonde, indenfor de fire hovedområder private equity, fast ejendom, infrastruktur og kredit. Martin Reng er uddannet jurist fra Aarhus Universitet.
Klaus Rühne, Partner
ATP Private Equity Partners
Klaus Rühne joined ATP PEP in 2003. Klaus received an MSc in Economics from Copenhagen University, Denmark and has over a decade of experience in corporate finance, and equity research from Danske Bank, and SEB Enskilda Securities in Copenhagen, Stockholm, and London.
He serves on the advisory boards of the following funds: Abingworth Management IV & V, Archer Capital V, Charlesbank VII & VIII, Clarus Lifesciences II, Elvaston V, Invest Industrial V, Seed Capital I, II & III, Shamrock Capital Growth II, III & IV, Turkven III and Wicks Communications and Media Partners III & IV.
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CFA PL credits
If you are a CFA Institute member, you are eligible to record 2.25 PL credits hours for your participation in this meeting.