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1.
CHINA HEDGE： 请介绍一下你们公司和基金的背景及介绍
Salus Alpha集团创办人及投资总监Oliver
Prock：Salus
Alpha是位于列支敦士登，瑞士西邻，的一家另类投资资产管理公司。公司于2001年创办，以符合UCITS准则的一系列对冲基金主导全世界投资市场。Salus
Alpha的业务现今已遍布全球。在欧洲，斯堪的纳维亚半岛，美国，印度，新加坡已及香港等都设有办事处。目前所管理的资产总值达13亿美元，以法定机构客户为主要的投资者。
2. CHINA
HEDGE：请列出你们投资过程、投资风格及投资标的物/市场。
Oliver：Salus
Alpha的远景是将传统互惠基金的優點和对冲基金投资形式的优势合并。投资风格
以保本为首，及以对冲基金经理的洞察能力
-（阿尔法
-
alpha）来索取市场的高回报。对冲基金经理使用本公司自创的定量分析模型进行单一策略投资方式和多经理策略投资方式。
3. CHINA HEDGE：请指出你们的投资策略跟同行的有什么差距及优势？
Oliver：Salus
Alpha的优势在于获得全球首个独特UCITS
III批准及享有每日资产流动性的对冲基金。至今已享有大约十年的优良记录。
4. CHINA HEDGE：请问你们基金的风险特性是怎样，例如杠杆比率，持股集中度、投资限额、对冲策略？你们公司如何达至你们的风险指标？
Oliver：由于是在UCITS
III的监管架构内进行投资模式。投资策略必须得遵守UCITS的投资限制。例如杠杆比率不超过2倍,
單一資產投資不超過20%及对手风险不能超出投资总额的10%。这也从中限制投资基金所承担的风险。
本公司早已把UCITS限制设置在投资模式的系统内。这些内在的措施能避免投资模式超出预定的风险指标。
5. CHINA HEDGE:
什么是UCITS合规的另类投资计划，这种投资工具有什么优胜的地方，你们公司有什么优势采用这策略工具或产品提供给投资者。
Oliver：UCITS是位于欧盟国家所设立的互惠基金投资框架。UCITS框架限定基金的投资范围，风险限度，对手风险等指标，以及基金保管等操作措施。这些措施是为保护投资者的利益而设置。因此UCITS批准的基金都得符合以上严格的制度，特别是资金流动性方面，在任何时段得能应付投资者所有赎回本金的要求。框架的制度也避免基金经理过于使用积极的杠杆效率或投资方式而造成的不必要的风险。
比起其它对冲基金公司的投资模式，Salus
Alpha以UCITS为标准，让投资者的投资能稳步增长，避免因市场的波动而受到干扰。Salus
Alpha的优势在于从2001年就以此模式进行投资策略。公司的业务记录与可见证的表现成绩，在欧洲对冲基金领域也受到肯定。这对投资者是一
种保证。
6. CHINA HEDGE:
请分享一下全球最新监管体系下的对冲基金业状况，现在欧洲监管机构对对冲基金草拟新的条件对整个欧州对冲基金业界及你们公司有何影响，你们有什么方法应付这个改变。
Oliver：金融海啸的庞大摧毁及许多对冲基金的诈骗行为促成了许多投资者与国家金融管理局的觉醒。大家都赞成投资基金管理需要更加严谨以避免金融海啸的重蹈负责。本公司的对冲基金因为没有被金融海啸影响，反而表现优越，UCITS对冲基金因此成为了注目的焦点。各国家金融管理局以及许多对冲基金也都倾向UCITS的监管体系，巡查并希望能了解与实行UCITS批准的基金，以吸引更多投资者。
对于对冲基金业界更严谨的改变，对我们而言不受影响。这是因为当大家正在改变至UCITS指示时，Salus
Alpha已经首先实行这个UCITS的模式，而且有优良的表现成绩证明UCITS的好处。
7. CHINA HEDGE:
对日后的投资环境，你认为哪一投资工具/基金经理策略或地区会表现较好。现在投资环境比较波动，对你们是否有利，那一投资环境对你们是最有利和最不利的？
Oliver：现今的股市状态显示了经济尚未复述，市场仍战战兢兢，随时都会遭到复发性的波动。与此同时，因金融海啸的后遗症，投资者都对对冲基金感到兴趣，认同了对冲策略的重要性。所以对冲基金在日后的环境下表现较良好。
Salus
Alpha在近期接获了许多关于管理期货以及商品套利的投资询问。相信投资者都认知这两种对冲策略和市场的相关及系数非常低。Salus
Alpha管理资产的任务是保本，然后稳健成长。任何环境都对我们有利。
8. CHINA HEDGE:
你们对2010年下半年的新兴市场特别是中国，有何看法？你们有没有有关中国的投资组合，如有，你们认为将来会否增加或减少你们的投资，如没有，是什么原因。请分享你们未来的产品计划？
Oliver：Salus
Alpha相信中国市场会继续保持活跃增长。绝大部分的投资者仍然存有投资的资金与念头，希望能找出优良的投资途径。我们相信在下半年，商品投资市场会备受瞩目。中国是商品投资市场内，众所皆知的一名活跃投资者。许多投资者因此对Salus
Alpha Commodity Arbitrage
Fund非常感兴趣。
Salus
Alpha的投资领域展在世界各地的期货市场，但不专注任何国家。若對中国有此需求，本公司会考虑
开设投资市场。
9. CHINA HEDGE:
在最近几年，我们看到有大型对冲基金在投资上有重大损失而被迫关闭及最近麦道夫欺骗案的事件发生，我们应该怎样看待环球对冲基金行业将来的发展。
Salus Alpha业务计划总监Guenther
Schneider：全球各国对冲基金行业的严格要求与透明化，以及各类骗案的发生，让各国推出更严谨的资产管理法令，朝UCITS架构前进以防类似事件再度的发生。
10. CHINA HEDGE:
境内投资者及监管机构现在对QDII出海投资都很审慎，您们认为在海外投资上，怎样看待以UCITS合规的另类投资计划作为配置资产的功效？哪类型的中国投资者最适合投资你们的UCITS合规的另类投资计划？
Oliver：投资者及监管机构的审慎态度是能被理解的。UCITS合规计划正当能化解投资者对于另类投资所带来的困扰。UCITS计划正是为了消除不良投资方式而设立。UCITS提倡具透明度的投资模式以及要求一定的资金流动性是投资组合的必备条件。
Guenther：Salus
Alpha的UCITS对冲基金适合大型机构的投资组合投资以及公众人士的个人投资，应为UCITS合规不同阶层的投资者都能受益。
11. CHINA HEDGE:
过去几年，您们公司有没有获得奖项以表扬您们公司的优秀业积？
Guenther：Salus Alpha
在这两年内，以Salus Alpha Directional
Markets 和Salus Alpha Event Driven
获得Barclays Hedge的杰出基金奖，备受肯定。
12. CHINA HEDGE:
你们的新加坡办事处的功能是什么？您们对中国内地的业务有何计划，例如会否积极准备国内投资机会或设立国内办事处？
Guenther：Salus
Alpha在新加坡设立成为亚洲总部并且与香港办事处同时进行市场分销技能。本公司非常关注中国内地的市场，并相信我们的投资模式能为投资者的投资增值。在中国设立分公司的潜能非常大。
被访问嘉宾简历：
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Salus Alpha创办人及投资总监Oliver
Prock先生
Oliver Prock先生 是Salus
Alpha
的创办人及投资总监。他毕业于奥地利维也纳大学的经济贸易系并获得工商管理硕士学位（MBA）。Mr.
Oliver Prock
在投资界内因担任了众多职位而累积了不少经验。他曾经执行过财务工程，研发新投资产品，交易以及销售等业务。毕业后在一家美国商品交易公司工作，之后在奥地利的第三大银行奥地利中央合作银行（Raiffeisen
Zentralbank AG）负责衍生工具以及结构性产品。
在担任Salus Alpha总裁的职位前， Mr.
Prock也曾经任职于奥地利第一银行-奥地利银行
（Erste
Bank）。他负责另类投资产品的研发以及管理。Mr.
Prock在世界各大银行与机构累积的投资管理经验共超过15年。
身为总裁及基金经理，Mr Prock 在近几年在另类投资领 |
域得到重要的突破。例如推出世界第一符合UCITSIII合规的对冲基金
- “Salus Alpha Equity
Hedged”而且也在维也纳股市上市对冲指数而被受瞩目。
同时，Mr Oliver
Prock也是奥地利另类投资协会（VAI）的创办人。至2003年创办，这个独立机构是第一间为另类投资公司而设置的，独立机构是维持及保护另类投资公司的利益与提供规管的机构。
奥地利另类投资协会（VAI）的任务是协助会员们的另类投资产品符合规定。地利另类投资协会VAI也负责推广投资家对另类投资的兴趣和了解。组织也大力推广奥地利成为世界另类投资中心。 |
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Salus Alpha业务计划总监Guenther
Schneider先生
Mr. Guenther Schneider是Salus
Alpha业务计划总监。Mr.
Schneider毕业于奥地利维也纳大学的经济贸易系并获得工商管理硕士学位（MBA）。在加入Salus
Alpha之前，他是奥地利瑞泰人寿保险有限公司的投资总监同时也是公司董事局的会员之一。他也曾经在奥地利中央合作银行负责定息产品的投资。在过去20多年，Mr。Schneider
在欧洲各大银行以及投资公司担任过许多职位，累积了不少经验。
Mr. Schneider的丰富经验,
对于提升本公司创新投资产品在欧洲的意识扮演着非常重要的角色。 |
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如果您想了解更多的对冲基金经理采访报告，请参考我们的国际顶级对冲基金公司独家专访系列。如果您对对冲基金采访报告有任何疑问，请联系info@chinahedge.com.cn
1. CHINA HEDGE: What is the
background of your company? Could
you please show us a picture of
your company’s products?
Oliver Prock,
Founder & CIO
of Salus Alpha
Group: Salus Alpha is a
Swiss based Alternative Investment
Manager and a pioneer in UCITS
compliant Alternative Investments.
Started in 2001, the Group’s
presence can now be traced all
over Europe, Scandinavia regions,
USA, India, Singapore and Hong
Kong. Current asset under
management stands at US$1.3
billion, and the
main clientele base of Salus Alpha
are institutional investors.
2. CHINA HEDGE: What is the
investment philosophy of your
company and your investment style
and tools/market?
Oliver:
Our vision is to merge the
benefits of the traditional mutual
funds with the advantages of
alternative funds.
Salus Alpha’s investment
philosophy is envisioned in the
company name. “Salus” (in Latin)
which represents good health,
soundness; safety, welfare,
well-being and a wish for a
person's/portfolio welfare. We
distinguish ourselves with our
alpha seeking capabilities in
contrast with most beta driven
funds.
The company utilizes our own quant
models for our Single Manager
funds trading and Multi Manager
selection.
3. CHINA HEDGE: What
differentiates you from other
hedge fund managers that follow
similar strategies?
Oliver:
Salus Alpha is a pioneer in
delivering UCITS III approved,
regulated hedge funds that offer
daily liquidity to investors, with
a proven track record since 2001.
4. CHINA HEDGE: What’s the risk
characteristics of your fund,
e.g., leverage, concentration,
limit, hedging strategies etc.?
How do you achieve your risk
objectives?
Oliver:
The risk characteristics of
our strategies follow strictly the
requirements set under the UCITS
III directive. (eg. Leverage
limited to maximum 2x,
no more than 20% invested
in an underlying asset & no more
than 10% invested in a
counterparty). Risk management
based on in depth quantitative
analysis and experience in manager
selection has been inbuilt into
the trading and manager selection
system.
5. CHINA HEDGE: What is the
UCITS compliant
Alternative Investments? What is
the main advantage for these types
of investments for investors? Is
there any advantage for your firm
to employ these strategies?
Oliver:
UCITS (Undertakings for
Collective Investments in
Transferable Securities) is the
regulated mutual fund framework
that is developed for funds to be
distributed within the European
Union and globally. Due to its aim
of investor protection and high
regulation standards, UCITS
approved funds must be highly
diversified liquid and meet the
investment limits as set by the
directive.
Under the UCITS framework,
investors are assured, legally of
highly regulated investment
funds which are transparent and
liquid.
Salus Alpha has embraced the UCITS
regulation standards since the
start of the business in 2001 and
is an advocate in offering
transparent, regulated and liquid
hedge fund strategies for
investors.
6. CHINA HEDGE: Can you
share with us the updated hedge
fund business angle under the
current and proposed global
regulatory frameworks? What is the
impact of European hedge fund
houses and your company under the
new hedge fund rules proposed by
European regulators? Any planning
of your company to tackle the
change?
Oliver:
There has been a paradigm
shift towards stricter regulatory
frameworks for hedge funds since
the financial crisis and
uncovering of Ponzi schemes such
as Madoff and Cayman Island funds.
In order to safe guard investors,
many authorities have been
reviewing and adopting the UCITS
framework for funds regulation.
Many hedge funds are trying to
review their operations and
investment strategies and move
towards complying with the UCITS
requirements. However, due to
strict limits set by the UCITS
framework, many fund houses are
experiencing difficulty in meeting
the requirements.
Salus Alpha being an advocate of
regulated, transparent frameworks
is built to match UCITS
requirement since day one of the
start of the company. Being a
pioneer in UCITS compliant hedge
funds, the funds are in full
compliance with UCITS requirements
since launch and do not require
any changes on the scheme. Salus
Alpha aims to continue being the
global leader in delivering
superior results with our UCITS
III funds.
7. CHINA HEDGE: What investment
themes do you expect to
out-perform in 2010? Given the
current volatile market
environment, is it in favor of
your investments or against yours?
What do you think is your most
favorite investment environment
and your least favorite investment
environment?
Oliver:
With continuing volatility in
the market and experiences in
heavy draw downs in the past few
years, alternatives/hedge funds as
an asset class are being valued
with greater importance.
Integrating highly regulated hedge
funds with a proven track record
into one’s portfolio is no longer
optional, if one wants to seek
alpha from the market while
eradicating beta.
Growing sophistication amongst
investors has increased interest
in Single Managers (managing lowly
correlated strategies) who are
able to capture returns from the
market regardless of market
condition. Salus Alpha funds have
outperformed the markets
consistently especially in times
of crisis.
Salus Alpha Directional
Markets Fund (Managed Futures
strategy) and Commodity Arbitrage
Fund have seen growing interest
due to their low correlations with
the market coupled with strong
performance.
With a proven track record, we
look to outperform the market in
all market environments.
8. CHINA HEDGE: How’s your view
on emerging market, especially in
China in the 2H 2010? Is there any
China related investment at your
portfolio? If yes, is there any
change on planning in the future?
If no, any reason? What is the
future planning on your product?
Oliver:
Emerging markets such as China
will continue its strong growth
despite the slow recovering
economy. We believe investors in
China will continue to look out
for strategies that are able to
weather market volatilities and
deliver the performance they
require. Commodities, in which
China is a strong driver of the
prices, will definitely be asset
class to be focused on. That can
be seen through Salus Alpha
Commodity Arbitrage Fund which is
being viewed by many investors as
a certain correlation to the China
driven commodities market.
Salus Alpha’s strategies generally
covers all markets globally and do
not have country specific related
investments. Should there be any
interest, we are definitely open
for discussions.
9. CHINA HEDGE: In recent
years, we have seen a number of
giant hedge funds shut down due to
a huge loss and redemption, and
the appearance of Madoff scandal.
How do you predict the development
of global hedge funds in the
future?
Guenther Schneider, Head of
Business Development of Salus
Alpha Group:
Global hedge funds will be
demanded to open up and be more
transparent towards investors.
With authorities moving towards
regulations such as the UCITS
framework to prevent similar
scandals from happening, global
hedge funds will also look to the
same direction.
10. CHINA HEDGE: Local
institution and regulators
nowadays are conservative to new
offshore QDII investment. How do
you think the UCITS compliant
Alternative Investments as a way
to act as component of asset
allocation? Which types of Chinese
investors may be the suitable
candidate to monitor your UCITS
products?
Oliver:
It is not surprising
that investors hold a conservative
view towards offshore investments
which had failed to deliver,
coupled with an active domestic
equity market. We believe UCITS
compliant alternative investments
will offer new insights to
investors who is able to tell from
the track record, that
alternatives plays an important
part in asset allocation.
With the assurance of UCITS legal
framework, the investor can be
sure that the fund manager is
monitored and the strategies are
not a “black box model” or having
“out of control leverages”
Guenther:
Salus Alpha funds have
long been invested by
institutional funds directly and
with the implementation of UCITS
III, the funds are being invested
by retail investors through our
distribution partners. This
implies that our strategies are
straightforward, transparent and
regulated for both institutions as
well as high net
worth clients.
11. CHINA HEDGE: Is there any
awards your firm got in the past
few years to recognize your
company strength?
Guenther:
In the last two years
Salus Alpha successfully launched
a series of award winning funds.
Among the Award's winners was
Salus Alpha Directional Market,
and Salus Alpha Event Driven was
granted the Recognition Award for
Excellence by Barclay Hedge.
12. CHINA HEDGE: What is the
function at your Singapore office?
What is the future business
planning of your company in
mainland China. Any target to set
up China office to monitor local
investment or business
opportunities?
Guenther:
With the rapid development
of countries such as China, Salus
Alpha is extremely keen to share
our expertise with investors. We
strongly believe we will be able
to add value to their portfolio
with ongoing calls for reforms in
the industry.
In 2009, Salus Alpha entered
Singapore, one of the world’s
leading financial centers, through
its affiliate Salus Alpha
Financial Services (SG) Pte. Ltd,
acting as Asian’s operating
headquarters.
In 2010, Salus Alpha started the
Hong Kong Branch office and both
offices are currently carrying out
business development in the Asia
region.
Profile of Interviewees
Profile of Oliver Prock:
|
|
Oliver Prock,
Founder &
CIO of Salus Alpha Group
Mr Oliver Prock is the founder
and Chief Investment Officer
of Salus Alpha. He graduated
from Vienna University of
Business and Economics with an
MBA and has gained experience
in different investment fields
such as financial engineering,
product development, trading
and sales. He started his
career working for an American
CTA. Later on, he was in
charge of derivatives and
structured products at
Raiffeisen Zentralbank AG.
Before he became CEO of Salus
Alpha, he |
|
worked at Erste Bank, where he
was responsible for the
development and the management
of alternative investment
products of Erste Bank. Mr.
Prock has over 15 years of
professional investment
experience working for banks
and investment companies in
Austria and abroad.
As CEO and Fund Manager, he
has achieved important
successes in the past years in
the range of alternative
investments, for instance,
with the introduction of the
first world-wide UCITS III
compliant alternative
investment fund "Salus Alpha
Equity Hedged". Also, the
successful development of the
Alternative Investment Indices
listed on the Viennese Stock
Exchange was realized under
his management.
Furthermore, Mr. Oliver Prock
is the founding member and
chairman of the board of the
Vereinigung Alternativer
Investments (VAI). Vereinigung
Alternativer Investments
(VAI), founded in 2003, which
is the first independent
agency for protecting and
representing interests of the
providers of alternative
investment products on the
Austrian capital market.
Apart from providing support
to the members in all areas,
the VAI oversees the increase
in popularity of alternative
investments and the
improvement in the
understanding of these
investment vehicles as one of
its major tasks. In addition,
the VAI tries to increase the
attractiveness of Austria as
the investment location for
alternative investments
through various measures.
|
Profile of
Guenther Schneider:
|
|
Guenther Schneider, Head of
Business Development of Salus
Alpha Group
Mr. Guenther Schneider is the
Head of Business Development
of Salus Alpha Capital GmbH.
He graduated from Vienna
University of Business and
Economics with a Masters in
Business Administration.
Before he became a member of
Salus Alpha he has worked as
Chief Investment Officer of
Skandia Austria and as a
Member of the Board of Skandia
Austria Holding AG. Prior to
that, he was in charge of
Fixed Income
Securities at the
Raiffeisen Zentralbank AG.
With his previous work
experience and his
contacts, Mr. Schneider
playsan important role |
|
in raising awareness for our
innovative products in the
European market. Mr. Schneider
has gained exceptional
professional investment
experience for over 20 years,
while working in different
investment fields for banks
and investment companies in
Austria and Europe. |
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