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This section includes investor type descriptions for professional clients and market counterparties.
Professional client
A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client
(i) Deemed Professional Client
A person is a “deemed” professional client if the person is:
- a supranational organisation whose members are either countries, central banks or national monetary authorities
• a government, government agency, central bank or other national monetary authority of any country or jurisdiction
• a public authority or state investment body
• an Authorised Market Institution, Regulated Exchange or regulated clearing house
• a Regulated Financial Institution or the management company of a regulated pension fund;
• a Collective Investment Fund or a regulated pension fund;
• a corporate body whose shares are listed or admitted to trading on any exchange of an IOCSO member country
• trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million;
• a Single Family Office licensed under the Single Family Office Regulations
• a person classified as a ‘large undertaking’ who meetstwoof the following criteria (i) a balance sheet total of at least $20 million; (ii) a net annual turnover of at least $40 million or (iii) own funds or called up capital of at least $2 million
(ii) Service-based Professional Clients
A person is a ‘serviced-based’ professional client if
- the services provided to the client is in relation to the provision of credit including arranging and/or advising on credit
• the services provided to the client relates to corporate structuring and financing such as advice relating to an acquisition, disposal, structuring, restructuring, financing or refinancing of a corporation or other legal entity i.e. takeovers, mergers and capital raising
(iii) Assessed-based Professional Clients
Assessed-based professional clients can be either (i) individuals; or (ii) undertakings
Individuals
An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:
- the individual (and primary account holder, if relevant) has net assets of at least $1 million; and
• the individual is, or has been, an employee of an authorised firm or a regulated financial institution in the past two years; or
• the individual can provide evidence which demonstrates that they have sufficient knowledge and experience of relevant markets, products and associated risks
Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder
Undertakings
Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:
- has own funds or called up capital of at least $1 million; and
• can evidence that they have sufficient knowledge and experience of relevant markets, products and associated risks
Market counterparties
A Market Counterparty is any person who is either:
- authorised firm;
• regulated financial institution; or
• professional client
A SPOTLIGHT ON PORTFOLIO TRENDS
The portfolio of the future
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY
In today’s markets, portfolio construction has entered a new regime. Higher macro and market volatility, greater dispersion, diverging monetary policy and heightened geopolitical tensions have made traditional diversification less reliable and portfolio outcomes harder to predict.
Against this backdrop, hedge funds are becoming increasingly important building blocks. They offer the potential for durable alpha, low correlation to traditional assets, and meaningful downside protection across market cycles, in our view, particularly when stock-bond relationships become less dependable.
What defines this next chapter for hedge funds is not just the environment, but the opportunity set. Spanning macro-strategy, equity-hedged, event-driven and multi-strategy approaches, hedge funds can enhance portfolio resilience, returns and efficiency.
Our analysis suggests that these benefits are amplified when multiple strategies work together. Blending hedge funds with each other, and with other asset classes such as private markets, can further improve expected risk-adjusted returns and enhance portfolio diversification, all while preserving liquidity, consequently helping investors to design a portfolio fit for the future.
Read more in the latest edition of our Portfolio of the future series.
Estimated length: 58 seconds.
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The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
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The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forwardlooking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forwardlooking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser
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In today’s volatile macro and market environment, traditional portfolio strategies may fall short. The Portfolio of the Future series explores innovative approaches and emerging trends to help investors build more resilient, efficient multi-asset portfolios.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Meeting a higher performance bar: hedge funds
In a more volatile and fragmented market environment, traditional diversifiers are becoming less reliable. We believe hedge funds are increasingly emerging as core components of portfolios and can potentially offer durable alpha, uncorrelated returns and downside protection across market cycles.
Spanning macro, equity-hedged, event-driven and multi-strategy approaches, hedge funds may help transform volatility into a source of return. When blended together or alongside private markets, they may enhance portfolio resilience, improve risk-adjusted returns and help redefine diversification for a new investment regime.
Meeting a higher performance bar: hedge funds
Higher volatility, weaker correlations and geopolitical uncertainty are challenging traditional portfolio diversifiers and increasing unpredictability in portfolio construction. Hedge funds are becoming essential building blocks, offering durable alpha, uncorrelated returns and downside protection across market cycles. We outline the benefits of macro, equity‑hedged, event‑driven and multi‑strategy approaches, hedge funds and how blending multiple strategies can enhance portfolio resilience and improve risk‑adjusted returns.
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