Hedge Funds - Sinn oder Unsinn für den Privatanleger : Herausforderung für den Privatkundenmarkt
Creators: name: Amrein, Rita
name: Hofmann, Roland
Publisher: name: ZHAW Zürcher Hochschule für Angewandte Wissenschaften
Year: 2010
Subjects: Hedge Funds
Privatanleger
Risikomanagement
Private Investors
Risk Management
332: Finanzwirtschaft

description: The universe of investment products and its complexity has risen significantly over the last few years and producers, distributors and investors are faced with new challenges. Not only have structured products recently flooded the market but alternative investments in particular have gained interest of private investors. Just until recently, many of these products, such as hedge funds and private equity were solely available for very wealthy investors or institutional clients. Consequently, the number of hedge funds and funds of hedge funds and their managed assets has climbed constantly for the last couple of years. Nonetheless, the current penetration of hedge funds in the portfolios of private clients still remains very low, despite the fact that the portfolio efficiency of a traditional portfolio could be improved by adding hedge funds.

Modern Portfolio Theory would require every investor to add hedge funds to his or her portfolio. However, several barriers currently prevent a higher penetration in the portfolios of private investors. These obstacles though cannot be entirely blamed to the hedge funds industry and the lack of transparency. They are rather caused by all involved parties – producer, distributor and investor – and all of them have to face their own problems. Whereas producers have to manage their operational risks in a much better way, distributors are currently lacking the required high quality hedge funds know-how and advisory skills. Finally, investors should stop relying solely on investor’s protection rules and blaming others for their own unfavourable investment decisions – although this reaction may be quite understandable psychologically and in the light of Behavioural Finance.

Unless certain measures are taken by all involved parties, hedge funds will not become a common part of private investors; portfolios in a way shares and bonds currently are. Hence, producers not only have to improve the transparency of their products but also fight their current operational risks which are responsible for an astonishing number of hedge funds collapses. Furthermore, distributors need to enable their advisors for high level hedge funds advisory, i.e. by implementing a certified further education. Not only have clients to be informed properly about the risks of hedge funds, but they must also understand them. Finally, it is essential that investors take responsibility for their investment decisions by getting financial literate and inform themselves about the product prior to buying it. An open and transparent communication can overcome the current prejudices against hedge funds. Combined with the implementation of different measures by all parties – producers, distributors and private investors – hedge funds may no longer exclusively diversify the portfolios of the rich and institutional clients, but also become a valuable asset class for private clients.
description: Die Komplexität der Finanzanlagen ist in den letzten Jahren stetig gewachsen und stellt Produkthersteller, Kundenberater und Anleger vor neue Herausforderungen. Insbesondere Alternative Anlagen gewannen bei Privatanlegern an Aufmerksamkeit. So erfreuten sich auch Hedge Funds und Funds of Hedge Funds bei den Investoren mit kleinerem Vermögen immer grösserer Beliebtheit und die Zahl der angebotenen Produkte und verwalteten Fondsvermögen stieg in den letzten Jahren kontinuierlich an. Trotzdem ist die Durchdringung von Hedge Funds in den Wertschriftendepots von Privatkunden noch verschwindend klein, obwohl durch die Beimischung von Hedge Funds die Portfolioeffizienz jedes traditionellen Wertschriftendepots verbessert werden könnte.

Machen Hedge Funds aus rein finanzmathematischer Sicht durchaus Sinn in jedem Wertschriftendepot, verhindern zurzeit zahlreiche Barrieren eine bessere Durchdringung von Hedge Funds im Portfolio der Privatkunden. Diese Hindernisse lassen sich nicht nur der Hedge Funds Industrie und ihrer mangelnden Transparenz anlasten. Vielmehr ist es sowohl an Hersteller, Vertrieb als auch Privatanleger, sich den diversen Hürden zu stellen. Während die Hersteller vor allem ihr eigenes operationelles Risikomanagement in den Griff kriegen müssen, fehlt es beim Vertrieb am fachlichen Hedge-Funds-Know-how an breiter Beraterfront. Die Anleger wiederum verstecken sich allzu gern hinter Anlegerschutzrichtlinien und weisen die Verantwortung für die getätigten Investitionen bei ungünstiger Entwicklung von sich - eine aus finanzpsychologischer oder eben Behavioural Finance Sicht durchaus verständliche Reaktion.

Entsprechend sind Massnahmen bei allen Parteien erforderlich, um Hedge Funds schlussendlich zu einer ebenso selbstverständlichen Anlageklasse in den Depots der Privatkunden zu machen, wie derzeit Aktien und Obligationen. Während die Hersteller ihre Produkte transparenter ausgestalten und ihr Risikomanagement verbessern müssen, ist bei der Vertriebsseite der Ausbildungsstand stark zu heben, beispielsweise durch die Einführung von zertifizierten Hedge Funds-Verkaufsspezialisten. Die Privatanleger ihrerseits bedürfen einer besseren Risikoaufklärung, müssen sich aber auch vermehrt auf ihre Eigenverantwortung in Bezug auf ihre Anlageentscheide zurückbesinnen und sich vor einem Investment die notwendigen Informationen beschaffen. Mit einer offenen und transparenten Kommunikation gegen die herrschenden Vorurteile und der Implementierung verschiedener Massnahmen bei jeder Partei - Hersteller, Vertrieb, Privatanleger - können Hedge Funds aufgrund ihrer Vielseitigkeit zukünftig nicht nur die Portfolios der Reichen und Institutionellen diversifizieren, sondern sich auch bei den Privatanlegern zu einem treuen Begleiter im Portfolio mausern.
description: The universe of investment products and its complexity has risen significantly over the last few years and producers, distributors and investors are faced with new challenges. Not only have structured products recently flooded the market but alternative investments in particular have gained interest of private investors. Just until recently, many of these products, such as hedge funds and private equity were solely available for very wealthy investors or institutional clients. Consequently, the number of hedge funds and funds of hedge funds and their managed assets has climbed constantly for the last couple of years. Nonetheless, the current penetration of hedge funds in the portfolios of private clients still remains very low, despite the fact that the portfolio efficiency of a traditional portfolio could be improved by adding hedge funds.

Modern Portfolio Theory would require every investor to add hedge funds to his or her portfolio. However, several barriers currently prevent a higher penetration in the portfolios of private investors. These obstacles though cannot be entirely blamed to the hedge funds industry and the lack of transparency. They are rather caused by all involved parties – producer, distributor and investor – and all of them have to face their own problems. Whereas producers have to manage their operational risks in a much better way, distributors are currently lacking the required high quality hedge funds know-how and advisory skills. Finally, investors should stop relying solely on investor’s protection rules and blaming others for their own unfavourable investment decisions – although this reaction may be quite understandable psychologically and in the light of Behavioural Finance.

Unless certain measures are taken by all involved parties, hedge funds will not become a common part of private investors; portfolios in a way shares and bonds currently are. Hence, producers not only have to improve the transparency of their products but also fight their current operational risks which are responsible for an astonishing number of hedge funds collapses. Furthermore, distributors need to enable their advisors for high level hedge funds advisory, i.e. by implementing a certified further education. Not only have clients to be informed properly about the risks of hedge funds, but they must also understand them. Finally, it is essential that investors take responsibility for their investment decisions by getting financial literate and inform themselves about the product prior to buying it. An open and transparent communication can overcome the current prejudices against hedge funds. Combined with the implementation of different measures by all parties – producers, distributors and private investors – hedge funds may no longer exclusively diversify the portfolios of the rich and institutional clients, but also become a valuable asset class for private clients.