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00:30
- 27 years in the alternative investment business, first as a portfolio manager for two family offices. - then as founder of a family office consultancy where he worked with about 63 families investing $3 billion in private equity and hedge funds. - Since 2010 he helped over 300 smaller fund managers with the holistic challenge of formulating and implementing appropriate marketing processes.
01:45
Smaller managers’ existential marketing challenge: - 89% of all managers never get over a $100m assets. - Average asset size of funds liquidated in 4Q14 was $76m one year prior to closing. - The primary reason why most managers do not get over the hundred million hurdle is not because of poor performance, but because of marketing. - The problem behind that is that most managers do not have a structured, disciplined and focused marketing process to articulate their value proposition to the right
03:26
The three principal mistakes that can lead to a fund’s early death: 1. Not realising they are starting a business. 2. Thinking the allocation process is about performance. 3. Chasing the “Institutional Unicorn”, not knowing where is their real marketing opportunity.
05:18
Underestimating “the length of the runway”: Temporal expansion of the allocation process: How investor due diligence has changed. Managers are also challenged to gain the attention of the right investors.
07:40
Quantifying the U.S. family office and high net-worth investor landscape: - over 55,000 individuals and families with a net worth of $50m+. - this figure is growing annually at 16%. - very expansive market, but idiosyncratically demanding. - challenge to identify and approach appropriately and intelligently. - the need for a customised engagement strategy.
12:39
Three critical areas managers should focus on: 1. Strategic: What do you communicate?. 2. Tactical: To who?. 3. Financial: How do you finance your marketing?. 40 BPs versus 70 BPs: Do you know your costs of raising assets from private wealth versus institutions? Forensic and diagnostic assessment of a manager’s ability to raise assets
15:32
How to save 90% of marketing costs: - Spending your marketing budget wisely by focusing on the geographic and relational footprint. How family offices select their investments: - Drivers and catalysts that lead to an allocation. - Profiling investors before the first meeting.
19:33
The two top line considerations of family offices. How does an investor-centric marketing process look like?. The 2-2-1 Strategy.
23:20
Not doing enough: Managers underestimate what’s involved to get allocations. Qualitative and quantitive engagement: The need for a structured quantitative outreach process as 100 - 150 meetings required to get 3 - 5 allocations. Performance is not a retention strategy: Also retention of assets requires a process.
26:13
Avoiding the FIFO allocation (first in, first out): Consultative and educational processes create relationships and “sticky” assets. Defining and implementing the appropriate resources.
31:22
What does a manager need to bring to the table to succeed?. Why Johnson talks out 25% of the managers he meets from running a fund business. Best practices required in enterprise management, sales-marketing-distribution, operations, investment process. How to identify service partners: smaller managers need service partners, not service providers.
36:03
When should a fund manager hire a dedicated marketer?. Are third party marketers an option for smaller managers?.
41:12
Will posting returns to a commercial database attract investors?. Where high net-worth and family offices really look for managers. Why “spray and pray” does not work. Avoid unstructured, ad-hoc and inappropriate marketing behaviour.
43:30
Small minority of funds adopt the right marketing process early on. Most managers waste two years before they realise they don’t do it right. How to raise four times more money than the to performing fund.

Chronic difficulty and failure raising assets: Why 89% of all hedge funds never get over $100m

Apr 01 2015 1 Comment
Bryan Johnson has worked for 27 years in the alternative investment business, first as a portfolio manager for two family offices, then as founder of a family office consultancy where he worked with about 63 families investing $3 billion in private equity and hedge funds .

Since 2010 he helped over 300 smaller fund managers with the holistic challenge of formulating and implementing appropriate marketing processes. With 9 out of 10 managers failing to grow over a $100m assets, smaller managers face an existential marketing challenge. ...more

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