Seward & Kissel’s Steve Nadel Discusses The Key Hedge fund Trends Based On His Latest ADV Research

ValueWalk’s Raul Panganiban interviews Steve Nadel, Partner in Seward & Kissel’s Investment Management Group.

Q2 hedge fund letters, conference, scoops etc

Interview with Steve Nadel

Transcript

Good morning podcast listeners. Today’s very special episode with Steve Nadel, he is partner at Seward & Kissel, LLP. He has over 25 years of experience as an attorney to hedge funds, private equity firms and registered advisors. He’s the author of the new hedge fund study, and the new ADV study. He’s a graduate of the Brooklyn Law School at NYU Stern School of Business and Finance, and today’s episode we discuss his latest study, the ADV study, by welcome Steve to the show, and I want to welcome our listeners to a very special episode.

Welcome to ValueTalk with Raul.

So I just wanted to welcome our listeners to a very special episode. I have Steve Nadel partner at Seward & Kissel LLP. Steve, welcome to the show.

Thank you so much for having me. I appreciate being back on.

All right. Yeah. Can you give me a brief history of Seward & Kissel? And who the firm is?

Sure, sure. The firm has been around since 1890. So we recently celebrated our 120 fifth anniversary a few years ago and more relevant, I think, to this call. We are also the oldest law firm and hedge fund space having shut up in 1949, the hedge fund by the name of AW Jones, which is considered to be the first hedge fund ever.

All right, yeah. And before we getting into the recent study that you have here, the ADV study, can you just tell me about the the thought leadership that you guys been putting out in regards to the hedge fund industry as a whole? Like you had the new hedge funds, which addresses the new ones? And then the the other side newsletter as well?

Yeah, absolutely. So we have a pretty large practice in the space and about 10 years ago, we realised as we kept getting questions for clients about, you know, what we’re seeing, what are we hearing? What are other clients doing? So we had all this sort of captive information at our fingertips because we were setting up all these funds, that we decided to convert that idea into action. And we did a study for the first time about 10 years ago called our new hedge fund study, which was a study of all new hedge funds that we set up at that particularly year. And we focused on areas such as fees of liquidity. And we’ve been doing it for nine years, and it’s gone very well. During that time period. We’ve also worked on some other studies. So we work on a study for side letters, which comes out every year on the on the half year. So we run it from July one to June 30. And we look at areas such as MFN rights, transparency, liquidity and fees. And it’s one of many that we’ve tried to do we always try to bring extra sort of market intelligence to our clients by virtue of our large number of managers that are under our day to day review.