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1.
CHINA HEDGE： 请指出你们公司、基金的背景及投资风格。
Superfund投资集团(香港)董事总经理韩培德：Superfund投资集团于1995年由两位奥地利人Christian
BAHA和Christian HALPER创办。我司为全球十大管理期货基金公司之一，并于全球20个国家及地区经营业务。截至2008年12月，Superfund投资集团合共管理资产逾16.5亿美元。我司的投资宗旨是为所有投资组合带来更好的效率：以真正的分散投资为任何投资组合争取更高的回报及更低的风险。
Superfund旗下基金能通过分散的投资及严谨的风险管理，不论在牛市或熊市，都能取得优于市場的平均回报；我司基金在世界各地获奖无数，广受各界认同。
2. CHINA HEDGE： 请列出你们投资过程及投资标的物/市场。
韩培德：Superfund旗下基金高度分散投资于环球逾100个期货市场。我司理解到中国只有若干数量的商品期货产品，但其实商品只占全球期货市场的约20%交易量。作为环球领先的管理期货基金公司，Superfund不仅投资于石油、天然气、黄金、白银、玉米、可可及棉花等农产品，我司亦投资债券、股票指数、利汇及汇率等金融期货。Superfund交易系统采用大量的技术指标和历史数据分析，计算价格的走势，借以增加获利的成功机率。我司的交易系统跟踪各种市场趋势，所有的买卖指示亦是全自动操作，不受个人的情感影响。
3. CHINA HEDGE： 请解释一下管理期货跟一般的对冲基金的策略最基本的差异在哪？期货管理基金公司行业上，你们相比其它基金经理有何优势地方?
韩培德：管理期货基金与对冲基金同样争取绝对回报，但不同之处甚多。由于期货合约已内含杠杆，故管理期货基金一般不会从银行借贷，并能以约20%的资产作交易的保证金，投资价值100%的期货合约；其余的资产则投放在风险极低的投资工具，如发达国家的国债及现金等。由此可见，管理期货基金能从期货投资获取绝对回报，以及从债券或现金投资取得固定收益。有别于对冲基金，管理期货基金只投资于流通性极高及受严格监管的期货合约产品，故管理期货基金较对冲基金更受监管及透明度较高。
Superfund交易系统拥有13年优良的历史回报，灵活适时的长短仓令业绩优于同业和传统资产如股票及债券。Superfund旗下的基金投资于全球逾100个期货市场，然而所投资的市场关联性较低，令基金能有效地分散风险，优化效益。因此，即使面对2007年底爆发的金融海潚，Superfund旗下的基金依然收获丰硕，成为逆市奇葩。管理期货基金的投资门槛一般较对冲基金为低。有的甚至能以低至5,000美元进场。相反，对冲基金一般最少需要五十万或一百万美元始能入场。
4. CHINA HEDGE: 一般认为期货管理策略的风险指数较高，你们在同行的差别是怎样及有何方法取得比较稳定的风险参数，能否阐述一下你们公司的风险管理运作。
韩培德：Superfund旗下的基金投资于全球逾百个在不同金融中心交易的期货合约以分散投资，把风险分散在关联性较低的市场，借以增加每个投资的获利机率。
持之以恒的资金管理纪律是管理期货基金的主要成功要素。通过限制每单交易的价值上限(以基金总资产的若干百分比)、每个投资类别的价值上限、灵活调整止损点及尽早平盘止损；同时，交易系统每天均会严守止损点，风险得以有效地管理。
由于期货市场一贯内含杠杆，故管理期货基金已把杠杆效应溶入策略中，无需对外贷款。因此，管理期货基金根本上不受近期资金流动性问题所影响。
5. CHINA HEDGE: 您们的投资模型应该比较倾向于计算机程序的运作，在人工或交易员的决策判断上是怎样配合及如何作出相应的投资策略。
韩培德：由Superfund交易系统始发的交易指示讯号的质素，对于我司的交易获利机率至为重要。所有Superfund的基金均全由已进入全自动化运作的交易系统管理，系统则由我司的两位创办人和数十个拥有博士学位的专业人材进行维护，而系统的开发及维护正是Superfund取得重大成功的关键。由于新数据每日不断地输入交易系统内，数据模型及方程式等运算结果可能在短时间内作出显著的变化，而我司深信只有全自动的电脑化计算才能最有效捕捉趋势，抓紧投资机遇。人类的情绪一般是导致巨大投资损失的黑手，全自动化的交易系统能减少因人类情绪而导致的风险。此外，在职的优秀基金经理往往辞职并自立门户，但我司基本上是不会受基金经理流失率影响。这亦间接解释了Superfund何以于过往13年的表现一直稳健。事实上，在过往13年来的业绩实在是令人鼓舞。
6. CHINA HEDGE: 对日后的投资环境，你认为哪一投资主题或地区会表现较好。
韩培德：现市况极度不稳，人心惶惶，投资的变现能力非常重要。我司建议投资者应该考虑变现能力极高、及与传统投资资产类别
(如股票债券等)
关联性极低甚至完全没有关联性的投资；当然，这些投资必须能提供高于市场平均业绩。
期货管理基金﹕一直以来，期货管理基金都被视为最能为投资组合保底的投资策略。资深投资者一般以管理期货基金作为一个独立的资产种类，而其等基金投资于逾全球一百个金融及商品期货市场，包括黄金、原油、货币汇率和股票指数等。管理期货基金与传统的资产种类如股票、债券、房地产等，中长期的关联性极低，故能有效分散绝大部份投资组合的整体风险。
Superfund作为领先的期货管理基金，我司的基金均符合以上三项准则，备受世界各地的投资者推崇。
黄金﹕黄金是人类历史上最古老的货币之一；而现在很多国家均正考虑重用黄金本位制以保障其货币的相对价值。更由于黄金不受信贷及交易对手风险影响，我司认为无论任何市况，投资者都应持有一定份额的黄金投资。
基于以上分析，期货管理基金和黄金都是任何投资组合中不能划缺的，并应占投资组合最少15-30%。
7. CHINA HEDGE: 这几个月商品期货及外汇市场都经历了很大的起伏，请指出相对应的对策及投资表现。
韩培德：美国联储局减息至历史新低，加上大量资金流出新兴国家及农产品，令美金及日圆逆转，美国国债屡创新高。此外，消费者停止购买房地产、汽车及耐用品，工业需求下降，导致能源及金属价格暴跌。期内原油价格在历史新高的147美元急跌至35美元，以及很多其他更极端的事例，试问谁又能预计这些剧变?
跟踪趋势
投资者可考虑最古老而又最基本的投资方法──跟踪趋势──但必须以技术含量极高的投资交易系统进行，方能在任何市况都借人性最基本的贪婪与恐惧中找到投资机会：年青人跟随潮流和球场上观众造成的人浪等，都证明这种人性的现象会持续下去，以跟踪趋势为本的投资便能继续以此争取绝对回报。
分散投资
分散投资能有效减低整体风险及增加回报，故投资者应尽可能达到绝对的分散投资，并以此保障投资组合的长远价值，免受短期波动或经济周期影响。
8. CHINA HEDGE: 现在内地不容许期货经纪公司进行自营投资及期货基金的发行，加上国内阳光化私募基金只侧重于股票产品的发行，您们认为中国内地应该怎样完善期货市场的发展。
韩培德：开放本地市场是与国际市场接轨的重要一步；加快落实股指期货更可说是产品开发的一个重要里程碑。其实上，发达国家的市场上已有很多成功规管管理期货基金的例子，令大众能更认识这个资产种类，Superfund旗下的基金已能在美国、日本、澳洲及欧洲等国家公开发售认购的；亚洲地区方面，包括香港及新加坡等地区均容许专业及机构投资者投资Superfund的基金，我司深信管理期货基金引入中国市场只是时间的问题。我司亦期待中国能进一步放宽投资限制，增加机构投资者的数目，完善市场经济模式。
9. CHINA HEDGE: 现在环球金融海潚的背景下，您们认为应该怎样理解国内推出融资融券及金融期货的时间表？您们认为官方及监管机构推出指数期货时最重要是注意什么问题。
韩培德：为资本市场引入杠杆交易以及卖空(短仓)机制能为市场带来新的动力，加大改革力度。然而，近期市场情绪不稳，推迟了有关当局推出各项改革的时间表，但我司相信中国政府的救市措施将为资本市场的改革创造了有利的条件。
有关推出股指期货方面，股指期货本来的目的是对冲投资风险，但国内监管部门应注意推出的初期可能对增加现货市场的沽售压力；投机者亦可能刻意推低市场价格谋利，做成市场波动，机构投资者则可能营造悲观市场情绪，在逆市时谋取利润。这些都是无可避免的，但只要有关部门能做好监管工作，我司仍对中长期目标感到乐观。
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，怎样看待管理期货作为配置资产的功效。
韩培德：现有的QDII投资产品只侧重于股票投资，故大熊市来临时，有关产品价格顺理成章地全线严重亏损，无一幸免。在资产配置方面，Superfund一直推崇真正的分散投资，投资组合内建议包含股票、债券、房地产、对冲基金、管理期货基金和黄金，分额则随市况灵活调节。在现时市况低迷的环境下，投资者更需要一些能在任何市况都能获利的资产，因此，管理期货基金和黄金的分额更见重要。而且当所有货币都贬值时，黄金的保值作用卓越。
逾五十年前，哈里．马科维茨教授(Professor Harry
Markowitz)提出现代投资组合理论(Modern
Portfolio
Theory)：他提出在任何投资组合加入更多关联性较低的资产种类能有效提升回报及减低整体风险，改善投资效率；这个所有金融系学生都要修的理论，令马科维茨教授取得最高荣誉的诺贝尔奖。这套理论更是整个管理期货基金业界的座右铭。
11. CHINA HEDGE: 您们最近向投资者公告了您们公司不会发生像「麦道夫欺骗案」的事件，也指出您们在操作上与他们的重大分别，能否简单介绍一下。
韩培德：这是一件非常不幸的事件，据报受波及的投资者更包括跨国金融机构及超高端客户。有见及此，我司实在有必要指出，管理期货基金如Superfund在结构上和业务运作上与麦道夫骗局之间有重大差别，凸显Superfund的投资者不会承受类似的风险。
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与麦道夫不同，所有Superfund旗下基金在世界各地都由全球“四大”会计师事务所负责审计工作，包括安永(Ernst
&
Young)和毕马威(KPMG)会计师事务所等。根据报导，麦道夫聘请一所位于纽约罗克兰县只有三名员工名为Friehling
& Horowitz的会计师事务所进行审计。
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与麦道夫不同，所有Superfund旗下基金通过全球知名的独立第三方经纪结算账户进行交易及持仓，如英国巴克莱集团(Barclays)、加拿大皇家银行(Royal
Bank of Canada)、法国的Newedge（由法国兴业银行和东方汇理银行联营）和美国的ADM。麦道夫则通过自己的经纪公司进行交易，托管资产以及进行行政管理，造就了潜在的欺诈机会。
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与麦道夫不同，Superfund聘用国际知名的独立第三方机构，如瑞士银行、卢森堡的CACEIS银行和PNC投资服务公司等作为基金托管人及行政管理人，并提供基金计价服务，根据独立第三方结算机构提供的数据计算每周及／或每月的基金净值。而麦道夫则只进行内部估值，增加其造假的机会。
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与麦道夫不同，Superfund以公开募集基金形式成立新基金，坦诚接受监管机构的监管；如在美国，Superfund接受由证券交易委员会、CFTC、FINRA及NFA等审查。
Superfund旗下基金及公司接受来自香港、新加坡、奥地利、法国、德国、日本、卢森堡、荷兰、波兰、瑞典、芬兰、丹麦、瑞士和澳洲的监管机构监管，而且在大部份国家及地区都能作公开募集。而麦道夫则通过没受监管的对冲基金取得的资产并进行诈骗。
12. CHINA HEDGE: 在最近几年，我们看到有大型对冲基金在期货仓位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及管理期货行业将来的发展。
韩培德：严谨的风险管理、严格的交易纪律、有效的官方监管以及和不作对外借贷，均是Superfund旗下基金变现能力极高的主要因素。即使自美国在七十年代引入公募的管理期货基金制度后，市场上亦鲜有重大的基金倒闭事件。反之，缺乏监管的传统对冲基金行业则出现了一些如长期资本管理公司（LTCM）和千日红基金(Amaranth
Advisors)等重大的倒闭事件。管理期货基金严守每笔投资及市场上限，有效预防倒闭事件发生。
近期每日都差不多有国家掏出不同的国有化或收购方案，我司认为在另类投资业界会出现类似的整合情况。未能达到规模效应的较小型公司，只要质素良好，不难受到大型公司的垂青而进行并购，毕竟财政稳健的大型机构总为长期发展方针作打算。我司坚信的是：全自动化的交易系统将会是未来的重点发展趋势，因为脆弱的人性往往是导致错误投资决定的主要原因。
13. CHINA HEDGE: 您们对中国内地的业务有何计划，例如会否积极准备国内商品期货及将来的股指期货市场的投资机会或设立国内办事处？
韩培德：对于任何一个有发展潜力的市场，我司都有一个时间表。有一些市场，我司会在当地设立一个办事处或分公司；在另一些市场，我司会通过邻近的办事处提供客户服务。现时我司并没有在中国开设办事处；但我司在香港的分公司是受香港证券及期货事务委员会监管的金融机构，业务人员均是持有投资牌照的专业人员，公司内有精通国语、粤语、英语、德语、韩语及意大利语等的同事，服务包括大中华区在内的北亚区投资者，我的香港公司同事王俊彦先生就是负责大中华区的业务。然而，在中国开设办事处，甚至在华投资，都是我司的中期目标，是以凸显我司对中国市场的决心与承诺。
被访问嘉宾简历：
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Superfund Financial (Hong
Kong) Limited
瑞柏投资(香港)有限公司
董事总经理 -
韩培德 (Johann Peter SANTER)
韩培德先生持有奥地利University of
Applied Science BFI
Vienna银行及财务硕士学位，并加拿大的蒙特娄的McGill大学进修后加入奥地利中央银行(OeNB)工作，主理信贷风险工作。韩在2004年7月加入奥地利维也纳的Superfund
Asset Management
GmbH，主理欧洲及非洲的机构投资业务，并于2005年9月协助集团开设瑞典分公司并出掌该分公司的总经理，全权负责北欧业务。自2006年12月起，韩出任Superfund于香港分公司的的董事总经理及新加坡分公司的董事，负责亚太区的业务发展。韩经常于CNBC、彭博及英国广播公司担任客席评论员，并精通英语及德语。 |
1. CHINA HEDGE: What is the
background of your company, funds
and investment style?
Johann Peter SANTER,
Managing Director of Superfund
Financial (Hong Kong) Limited: The Superfund group of investment
companies was found in 1995 by two
Austrians, Mr Christian BAHA & Mr
Christian HALPER. We are one of
the top 10 Managed Futures Fund
providers in the world with
offices in 20 countries and
regions. The Superfund group of
investment companies collectively
manages USD 1.65 billion as of
December 2008. The main objective
of the Superfund trading strategy
is to create the most efficient
performance enhancer for any
portfolio. Superfund funds profit
from broad diversification and
have the potential to yield
above-average returns from both
rising and falling markets using
strict systematic risk management.
Superfund funds have received
various top rankings globally and
regionally.
2. CHINA HEDGE: What is your
investment underlying, market &
investment process?
Johann: Superfund funds are well
diversified and investing in over
100 international futures markets.
We understand that in China, only
certain commodity futures trading
are available. In fact, commodity
markets account for only about 20%
of the global futures market.
Therefore, as an advanced global
player, Superfund funds not only
trade in commodities such as
natural gas, silver, corn, cocoa
and cotton, but also financial
futures such as bonds, equity
indices and currencies. Superfund
trading systems use a wide range
of technical indicators and
historical data to identify price
patterns which offer a high
probability of success. Based on
these trends, the technical
trading systems automatically
issue real time buy and sell
orders.
3. CHINA HEDGE: Please explain
the main basic difference between
general hedge fund and managed
futures in terms of strategies?
What differentiates your company
from other managers in the sector
of managed futures?
Johann: Managed futures funds focus on
absolute returns similar to hedge
funds, with different
characteristics in many other
areas. Because leverage is built
into futures trading, managed
futures funds can, in general,
invest approximately 20% of their
assets to get 100% market
participation. The rest can be
invested in conservative
instruments like government bonds
or money market instruments. So
there are 2 possible sources of
profits: from futures trading and
from the return on investments in
bonds or money market instruments.
Managed futures funds generally do
not borrow outside capital. Unlike
typical hedge funds, managed
futures funds trade on highly
liquid and regulated contracts.
Thus, managed futures are more
regulated with higher
transparency.
Superfund trading systems have
13-year proven track record and
have the flexibility to go both
long and short, with the potential
to make above-average returns in
various market directions.
Superfund funds trade in more than
100 markets, with a low
correlation among each market
which reduces the risk relative to
potential return. In this regard,
Superfund funds generate
tremendous results even under the
global financial turmoil since
late 2007. Managed futures funds
commonly have relatively lower
investment minimums than hedge
funds. Some funds are available
for as little as USD5,000 initial
investment. Hedge funds generally
are only available to high net
worth individuals with a minimum
investment amount of USD500,000 to
$1 million.
4. CHINA HEDGE: General comment
towards the strategies of managed
futures is high volatility. Is
there any difference compared to
your peers? What methods can
maintain the stable risk
parameter? Can you also share with
us your risk management?
Johann: Superfund funds trade futures
contracts in many different
financial centers around the
world. This broad diversification
ensures that risk is spread across
many different markets which
behave independently from each
other and also increases the
number of potentially profitable
trading opportunities.
Consistent money management is the
key to success for managed futures
strategy. Risk is controlled by
limiting the size of each
individual trading positions and
cutting losses early. Position
limit and sector limit (as a
percentage of total fund assets)
are also implemented. The total
risk is continuously screened on a
daily basis and any losses are
automatically limited by stop-loss
orders.
With managed futures funds, due to
the customary practices on futures
markets, the leverage is
automatically incorporated into
the strategy and no additional
loan is required to create
leverage. Therefore, managed
futures funds are generally not
affected by the liquidity crisis.
5. CHINA HEDGE: Your investment
model tends to the use of
computerized program. What is the
role of manual and trader decision
to implement the investment
strategies and how to attain the
goal?
Johann: The quality of trading signals
generated by Superfund trading
systems is very important in our
day-to-day trading activity. All
Superfund funds are 100% based on
our fully automatic trading
systems, which are maintained by
our founders with a group of Ph.Ds.
System development and maintenance
are crucial in our success as new
data is fed into the system
everyday. Models deliver results
that can change dramatically
within a short period of time and
it is our belief that only
computer models are able to
capture the most out of trends for
making trading profits. In such
market, human emotions could be
the culprit of huge losses and
computerized trading minimizes
manager risk as well. Manager
turnover therefore is much less of
a risk than in hedge funds, where
good fund managers often leave for
other firms or to start their own
operations. The lack of manager
turnover partly explains the
relatively consistent performance
of many systematic trend-following
funds over the years. In fact, the
results in the last 13 years are
encouraging.
6. CHINA HEDGE: What investment
theme do you expect to see in the
securities type or geographical
location in the year ahead?
Johann: Under the current extreme
situation, liquidity is king.
Investor should look for
investment theme that provides
excellent liquidity, low or no
correlation to traditional asset
classes and of course delivering
above average profit
simultaneously.
Managed futures: It is a
particularly interesting
investment strategy because
historically they have offered a
significant degree of downside
protection. Sophisticated
investors use managed futures
funds as a separate asset class.
We can trade in more than 100
financial and commodity markets
ranging from gold and oil to
currencies and stock indices,
managed future funds have no
long-term correlation to most
traditional asset classes like
equities, bonds, real estate and
hedge funds. It has the ability to
add broad diversification to an
overall investment portfolio.
Being one of the major players of
managed futures fund providers,
Superfund funds fulfill all three
criteria and thus very popular
among worldwide investors.
Gold: It is the oldest form of
currency. Many countries are
reconsidering gold standard. It
has no default risk and
counterparty risk which suggest
that a core holding in gold is
appropriate, whatever the cyclical
conditions.
In a nutshell, managed futures
fund and gold are two essential
components in every portfolio and
all sorts of investors should
maintain 15% - 30% of their assets
in these two asset classes.
7. CHINA HEDGE: There has been
large fluctuation in the
commodities futures and foreign
exchange market in the recent
months. Please indicate your
recent investment philosophy to
tackle the issue and the recent
performance.
Johann: A massive flight of capital from
emerging markets and commodity
driven currencies triggered dollar
and yen reversals propelling US
bonds to record highs as the Fed
cut interest rates to all time
lows. Energy and metal markets
collapsed amid disappearing
industrial demand as consumers
stopped buying homes, cars, and
other durable goods. For example,
crude oil reached $147 and quickly
went down to below $40 within a
few months. And there are a lot
more extreme examples, who can
predict any one of them?
Trend-Following
You may want to consider the most
simplest and basic approach of
investment, TRENDFOLLOWING. It
must be implemented by a highly
sophisticated trading system.
Thus, no matter under uptrend or
downtrend, this strategy can still
benefit from greed and fear of
human behavior. Large groups of
people tend to follow the lead of
others. Thus, just a few people in
a stadium can stand up and start a
“wave.” A movie star wears a new
type of jacket and six months
later it is adopted by stores and
young people worldwide. History
shows that this phenomenon of mass
psychology is unlikely to change.
So the funds based on trend
following take advantage of this
same behavior in the futures
markets.
Diversification
You must diversify your investment
portfolio, and thereby spread your
risk. We should look for true
diversification in the portfolio
as this can protect the downside
in the long run and through
various economic cycles.
8. CHINA HEDGE: Nowadays, in
China, it is prohibited for local
futures broker to engage in
proprietary trading and no futures
fund has been allowed. In
addition, those legalized private
investment funds tend to launch
equity-related investment
products. What is your comment on
how to enhance the development of
local futures market?
Johann: It is important to gradually open
up and establish greater linkages
between local and international
markets. Product development
including the launch of index
futures can be a milestone. There
are also a lot of successful
references for managed futures
fund legislation that brought this
undiscovered asset class to the
public. For example, Superfund’s
funds are publicly authorized in
United Status, Japan, Australia
and European countries as well as
available for professional and
institutional investors in Asia
including Hong Kong and Singapore.
We believe that it is a matter of
time when China will put managed
futures funds onto agenda for
discussion. For further market
development, it would be desirable
to relax the participation
restrictions to increase the
presence of institutional
investors.
9. CHINA HEDGE: In current
global financial crisis, what is
your view on the timetable of the
launch of margin financing, short
selling and financial futures in
China? What is the comment that
Chinese government and regulators
should need to address on the
launch of index futures?
Johann: The launch of margin trade and
short-selling is an important step
in the reform and development of
the China’s capital markets, and
will inject new vitality into the
securities market. Its launch of
the reforms has been delayed by
massive market volatility but
authorities now appear to believe
a government rescue plan for the
market is creating conditions
under which the reforms can
proceed.
Regarding the launch of index
futures, Chinese regulators should
be cautioned that futures trading
might initially increase selling
pressure on the cash market. The
worry is that with the
introduction of futures products
investors could bet on decreasing
share prices, encouraging a huge
correction as big institutional
investors seek to profit on a
potential downturn
10. CHINA HEDGE: Local
institution and regulators
nowadays are conservative to new
offshore QDII investment. How do
you think the managed futures as a
way to act as component of asset
allocation?
Johann: The existing QDII products
strongly inclined to long-only
equity investment products. Nearly
all of those products inevitably
suffer heavy losses when the
equity market tumbled due to high.
In terms of asset allocation,
Superfund always recommends a TRUE
diversification of investment
portfolios, which can be consisted
of a dynamic portion of equity,
bonds, real estate, hedge funds,
managed futures funds and gold.
The existence of managed futures
funds and gold becomes more
crucial in times of crisis because
it is the period when you need
asset classes that can profit not
only from upward movements but
also from downward movements. Gold
stores value when all the fiat
currencies lose their value during
turmoil.
Modern Portfolio Theory
established by Nobel Laureate
Professor Harry Markowitz
suggested that adding an
uncorrelated asset class to a
portfolio will enhance its
efficiency by improving its return
and reducing its risk. This theory
is the motto of the entire managed
futures fund industry.
11. CHINA HEDGE: Your company
recently issue a statement to
mention that a scandal like Madoff
could never happen with Superfund.
Can you share some facts with our
readers?
Johann: It is unfortunate that such thing
happens and a lot of the investors
lost substantial amount of money.
Therefore, the situation makes it
even more necessary to pinpoint
several very important structural
and operational differences
between managed futures funds such
as Superfund and Madoff that
should provide comfort and
reassurance to investors that
their investments in Superfund
funds are not subject to similar
risks.
- Unlike Madoff, all Superfund
funds throughout the world are
audited by one of the members of
the “Big Four” auditing firms:
Deloitte & Touche Tohmatsu, Ernst
& Young, KPMG, and Pricewaterhouse
Coopers. Madoff reportedly used a
three-employee audit firm,
Friehling & Horowitz, located in
Rockland County, NY.
- Unlike Madoff, Superfund funds
execute trades through separate
brokerage accounts held only at
independent and well known
third-party clearing firms, such
as Barclays, Royal Bank of Canada,
ADM and Newedge (jointly owned by
Societe Generale and Calyon).
Madoff performed its own prime
brokerage services by executing
its own trades and acting as
custodian and administrator for
its customer’s assets which, in
part, created a framework for
potential fraud.
- Unlike Madoff, Superfund funds
engage in well known and
internationally recognized
independent fund custodians and
administrators, such as CACEIS
Bank Luxembourg, UBS Fund Services
and PNC Investor Services to
perform custody, administrative
and accounting services, including
the calculation of a weekly and/or
monthly net asset value (NAV)
based on brokerage statements
issued by the independent clearing
firms. Madoff performed valuations
of its assets internally, which
allowed it the ability to engage
in fraudulent accounting
practices.
- Unlike with Madoff, the
Superfund model is to register
funds as public offerings subject
to extensive regulatory oversight.
For example, in the U.S. Superfund
funds and/or Superfund companies
are subject to scrutiny in routine
regulatory audits by the SEC, the
CFTC, FINRA and the NFA. Superfund
companies and/or products are
highly registered in Hong Kong,
Singapore, Austria, France,
Germany, Japan, Luxembourg, The
Netherlands, Poland, Sweden,
Finland, Denmark, Switzerland and
Australia. Madoff obtained the
assets it used to commit the
alleged fraud via unregistered
hedge funds that are highly
unregulated.
12. CHINA HEDGE: In recent
years, we have seen a number of
giant hedge funds shut down due to
a huge position loss on futures
and the case of Madoff scandal.
How do you predict the development
of global hedge funds and managed
futures in the future?
Johann: Because of strong risk management,
strict trading discipline,
effective regulatory oversight and
lack of borrowing, Superfund’s
funds have shown strong solvency.
Since the introduction of public
managed futures funds in the U.S.
in the 1970s, there has not been a
single noteworthy blow up. In
sharp contrast, the lightly
regulated hedge fund industry has
witnessed some spectacular
collapses, including Long Term
Capital Management and Amaranth
Advisors. Strict sector and market
limits in managed futures funds
help to prevent blow-ups.
It is observed under this
situation where there are historic
bailouts going on every day. We
expect similar consolidations for
the entire alternative investment
field. Smaller players who deliver
niche solution but cannot achieve
economy of scale may become the
target of bigger players that are
consistently looking for
opportunities, provided that they
are themselves financially sound.
Our strong belief is that
systematic trading will be the
future of investing as it takes
out human emotion during trading,
which is the major cause of making
wrong investment decision.
13. CHINA HEDGE: What is the
future business planning of your
company in China. Is there any
plan to do preparation on the
investment in local commodities
futures and the pending index
futures? Any target to set up
China office to monitor the
business opportunities?
Johann: We have a roadmap in every country
we are interested. In some
countries we will open up an
office while in other cases we
will provide our service through
an office nearby. In the case of
China, although we do not have an
office in Mainland China, we do
have an office in Hong Kong, which
is licensed with the Hong Kong
Securities and Futures
Commissions, serving our investors
in North Asia. Opening up a
representative office or even
investment offices in China are
definitely on top of our medium
term goal list so as to show our
commitment to provide service and
advice to mainland investors.
Profile of Johann:
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Johann Peter SANTER,
Managing Director of Superfund
Financial (Hong Kong) Limited,
Johann graduated with a
Master degree in Banking and
Finance from the University of
Applied Science BFI Vienna.
After completing graduate
studies in Montreal at McGill,
Johann started his career at
the “Credit and Rating
Department” of the CENTRAL
Bank of Austria (OeNB). In
July 2004, he joined Superfund
Asset Management GmbH in
Vienna and soon became
responsible for institutional
clients all over Europe and
Africa. After the promotion to
the |
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Superfund management team as
Country Manager for Sweden in
September 2005, Johann took
care of the whole setup of the
Superfund Investment Center in
Sweden and in the Nordic
region. Besides focusing on
distribution, he directed also
public relations as well as
marketing. Since December 2006
Johann is located in Hong
Kong, taking care of the Asian
Market for Superfund. As
Managing Director of Superfund
Financial (HK) Ltd. and
Director of Superfund
Financial (Singapore) Pte Ltd.
he is in charge of the
company’s expansion in Asia.
Johann is also a frequent
commentator on CNBC, Bloomberg
and BBC, and he speaks fluent
German and English. |
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