I always find the AIMA Journal an excellent bellwether of where the alternative investment industry is focusing its attention at the moment. It provides a peak through the shop window at the work being done by some of the brightest minds in the business. 

In Q3 2022, the emphasis is on dissecting the deluge of new regulations and tax proposals currently facing the industry. The US SEC is leading the charge in this regard, although regulators in the UK, the EU and Hong Kong, among others, appear to be equally busy. As articles in this edition explain, not all rule changes are inherently burdensome, and some provide opportunities for fund managers. AIMA, for its part, is working closely with rule-makers in all these jurisdictions on behalf of its members to ensure new rules are fit for purpose. 

Speaking of Hong Kong, many column inches have been dedicated recently to discussing to what extent the city-state is risking its position as a premium global financial hub amidst its protracted stringent COVID-19 rules. However, the discussion of a potential ‘brain drain’ has arguably been a distraction from the government’s work to benefit the asset management industry. Journal contributors within correct this oversight. 

Elsewhere, financial market commentators appear split on whether a global recession is imminent, or even already underway. Although the latest performance figures from industry data providers show hedge funds posting far superior numbers compared to popular equities indices, they are not immune to macroeconomic forces. It is therefore interesting to note the emphasis of contributors on improving operation efficiency through outsourcing, digitisation and outsourcing as a way to mitigate the challenges of the moment.

Comments on digital assets are notably absent from this edition, reflecting what many industry observers are dubbing the new ‘crypto winter’, with many asset prices lingering well below 2021 highs. Contributors that do discuss digital assets capture the mood of the moment with a focus on the increased scrutiny by regulators, a theme that has been echoed in the conversations we hear among policymakers globally and our members.

Finally, I would also like to take this opportunity to highlight a new initiative for the AIMA Journal. Given the growing popularity of the Journal, we are receiving an increasing level of interest from AIMA members and non-members to contribute content. In order to best meet this demand and continue to produce the highest quality and diversity of industry thought leadership, we will be making some changes to our production model.
 
Under this new model, all AIMA (non-Sponsoring Partner) members are entitled to contribute one free article (with the option of an advert) per year with an option to pay for additional content (and/or an advert) in subsequent Journal editions during the year. Non-members also have the option to pay for content (including an advert) per each edition of the journal. AIMA Sponsoring Partners will not be charged and will continue to have the possibility to submit free of charge to each edition of the AIMA journal, subject to any capacity limits that may occur per edition. 

Please do contact my colleague Caterina to learn more about this opportunity.

As always, my sincere thanks to all contributors for their insights.