Vincent Ip and Billy Zhang Featured in AsianInvestor on Trends in Separately Managed Accounts

In The News
February 19, 2024

An article published by AsianInvestor on Feb. 26 titled “Pensions, SWFs gravitate to fund of one for alts strategies,” outlines how large institutional investors are increasingly taking advantage of separately managed accounts (SMAs), featuring insights from asset management partner Vincent Ip and asset management counsel Billy Zhang (both of Hong Kong). In the piece, Vincent and Billy discuss a range of considerations for sponsors and investors, including how SMAs diverge from traditional blind-pool funds or ad-hoc co-investment vehicles, bespoke arrangements, fund economics and the deeper relationships that arise from these between fund managers and sponsors.

"LPs are trending towards consolidating their GP relationships, so it makes sense for large investors to opt for SMAs to gain exposure to attractive sectors with managers and sponsors that they have already built partnerships with," Vincent outlined in the piece.

"With more visibility and control over deal flow, there is room for investors to negotiate economic terms like blended fees, low or no fees, etc.," according to Billy.

Vince and Billy’s recently released Viewpoints piece on this topic is titled “Fund of one: Recent trends in separately managed accounts.”