Private Equity International feature guest article by Edwin Chan
Edwin Chan
Director, UK Funds
View bio Edwin Chan
Director, UK Funds
Edwin Chan joined Intertrust in November 2019 as Director of Business Development in the U.K. where he’s responsible for leading Intertrust’s expansion of its client base among alternative fund managers and investors in Europe. He has a particular focus on specialist alternative asset servicing solutions across hedge funds, private equity, private credit, real estate, infrastructure and renewable energy funds.
With over 20 years’ experience in the alternative fund industry, Edwin joined Intertrust from DMS Governance where he was EMEA Head of Business Development and from Northern Trust where he led the business development efforts in the private capital sector within EMEA. Prior to that he was a Senior Director in business development at SS&C GlobeOp and spent eight years at Wells Fargo where he held several roles, latterly as the Global Head of Fund Accounting. Previously he was European Head of Fund Accounting of Black River Asset Management, a US$ 12BN hedge and private equity manager.
Prior to this, Edwin has held various senior positions at HSBC in Hong Kong, Citi in Bermuda and qualified as a Chartered Accountant with PwC in London.
Edwin is an active contributor to the alternative funds’ industry having been the co-editor for AIMA’s Guide to Sound Practices for the selection of fund administrators, part of the Working Group for the Hedge Fund Standards Board for Administrator Transparency Reporting; and publication of a white paper on hybrid alternative fund structures. Edwin has also ran multiple masterclasses for AIMA and leading law firms on performance fee/carried interest calculations.
Close Edwin Chan
Director, UK Funds
View bio Edwin Chan
Director, UK Funds
Edwin Chan joined Intertrust in November 2019 as Director of Business Development in the U.K. where he’s responsible for leading Intertrust’s expansion of its client base among alternative fund managers and investors in Europe. He has a particular focus on specialist alternative asset servicing solutions across hedge funds, private equity, private credit, real estate, infrastructure and renewable energy funds.
With over 20 years’ experience in the alternative fund industry, Edwin joined Intertrust from DMS Governance where he was EMEA Head of Business Development and from Northern Trust where he led the business development efforts in the private capital sector within EMEA. Prior to that he was a Senior Director in business development at SS&C GlobeOp and spent eight years at Wells Fargo where he held several roles, latterly as the Global Head of Fund Accounting. Previously he was European Head of Fund Accounting of Black River Asset Management, a US$ 12BN hedge and private equity manager.
Prior to this, Edwin has held various senior positions at HSBC in Hong Kong, Citi in Bermuda and qualified as a Chartered Accountant with PwC in London.
Edwin is an active contributor to the alternative funds’ industry having been the co-editor for AIMA’s Guide to Sound Practices for the selection of fund administrators, part of the Working Group for the Hedge Fund Standards Board for Administrator Transparency Reporting; and publication of a white paper on hybrid alternative fund structures. Edwin has also ran multiple masterclasses for AIMA and leading law firms on performance fee/carried interest calculations.
CloseIntertrust Group’s Edwin Chan, senior director, head of funds business development, UK, has written a guest post for Private Equity International (PEI) looking at how fund managers must court retail investors as defined benefit schemes wind down.
The article explores how disclosure, liquidity and operational challenges are among the issues GPs will need to address to tap into this new market. Defined benefit pension schemes have, historically, been mainstay institutional investors in alternative funds, explains Edwin.
Recently, however, these schemes are winding down as members pass on and their liabilities disappear, therefore, their investments in alternative funds, including private capital, are also diminishing.
Edwin highlights how the retail market offers a potential option and asks the question ‘what issues would this raise around marketing to investors who regulators regard as less sophisticated?’
The piece outlines the challenges retail investors must overcome to invest in private capital. Regulations and liquidity, assuaging investors’ fears and facing the operational tests are all emphasized challenges when it comes to retail investments.
Outsourcing could be seen to be more cost-effective and with moves towards opening private capital to retail investors, those that take the first move will see a major advantage in preparing for what lies ahead. Those that are among the first are likely to find that regulatory changes mean retail markets will become available to GPs.
You can read Edwin’s full article on Private Equity International, here.