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Alternative Investment Strategies
Euromoney Institutional Investor, Jan 2002, Pages: 384
There are three primary advantages to alternative investments: diversification – ie, low correlations
with the traditional asset classes – which, if handled correctly, can result in improved
portfolio stability; ability to be tailored to meet the investor’s needs, thereby delivering very
specific risk/return trade-offs; and potential to offer a more efficient way of accessing certain
markets and asset classes.
However, only through a solid knowledge base can the investor attain the required portfolio
mix to ensure well spread diversification. In order to achieve this mix, the investor
requires the appropriate expertise to select the best alternative managers, as paramount in any
asset allocation is the surety that the investment matches the investor’s risk/return ratio and
fulfils all other requirements. This is something that leading consultants impress upon
investors as one of the greatest potential risks that await them. The investor and investment
team must understand one another’s activities and objectives: comprehensive due diligence
must have been completed on both sides and investment guidelines agreed. For instance,
investment techniques, trading philosophy and history, and risk management are some of the
many points on which both parties must agree to prior to any partnership agreement. We have
taken this opportunity to include, therefore, a brief guide to due diligence for alternative
investment managers that has been recently completed by AIMA.
It is universally accepted that there is a primary need for education of potential investors,
whether a pension plan, endowment or foundation, family office or private individual. AIMA
decided, therefore, to commission this publication, in association with Euromoney Books, to endeavour to answer many of the questions raised and to provide a single reference document
covering the broad range of alternative investments. It should be noted, however, that the
book does not specifically cover the different forms of real-estate investment, as this topic has
been discussed in depth in several other publications.
The contributors herein are highly respected within the alternative investment industry
and we are grateful for their valuable input to this educational process. We believe that the
expertise and information provided within this book will continue to enhance the global
awareness and understanding of this rapidly growing area and provide you with a concise outline
of your many investment choices.
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