Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
Ten years on from the 2008 financial crisis, some of the market
conditions from that time are returning, including contracted
liquidity, according to Tom Kehoe Global Head of Research, AIMA. In a
research study, AIMA explores the issue of liquidity
and alternative investments, looking at several facets. Kehoes
explains that since 2008, asset managers collaborated and formed
bespoke liquidity conditions for specific alternative investment
funds to match the requirements of invested instruments, and
established investor-level gates to prevent forced portfolio
liquidation to meet redemptions. He argues that from an investor
perspective, portfolio and fund liquidity should work together, as
liquid funds provide less space to gate or suspend redemptions.
Since alternative investments can offer greater liquidity, the
assets managers handling them should be compensated accordingly,
unless investors agree to lower fees and longer lock-ups.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
