Miami, December 1, 2015 – In conjunction with Miami’s Art Basel, the Florida Alternative Investment Association (FLAIA) presented “A Global Macro Perspective 2016.” The evening discussion was hosted by Akerman LLP, the largest full service commercial law firm in Florida, and moderated by Thomas Trujillo, partner with KPMG. Opening the event, Rainford Knight, Ph. D., board member of FLAIA, stated that the not-for-profit began in 2007 when Michael Corcelli, founder and chairman, became frustrated with the absence of a hedge fund community in South Florida. Michael began hosting dinners with several hedge fund managers. With $65 million allocating into hedge funds, Miami is now one of the fastest growing areas of allocation within the United States. As Miami ranks 2nd to the North American average of 16%, in terms of percentage of institutional assets, Dr. Knight jokingly stated, “Not everyone in Florida is playing shuffle board.”
However, the perfect storm of events are brewing. Financial markets are contending with global growth concerns, global deflationary fears, an impending fed rate hike, plunging commodity prices, extended valuations, deteriorating credit conditions – just to name a few – and now, fear of increasing geopolitical concerns that will come to the forefront of 2016. Bottom line, the next few years will introduce a new environment to investors. With a new regime of volatility, muted returns, and little to no price appreciation with bonds, investors will need to exercise more discretion when allocating assets.
FLAIA’s high level event did not only inform members of the alternative investment community about the major global macroeconomic trends of 2016, but reacquainted old friends, as well. On this year’s panel was Shannon Morton, Director at BlackRock; Peter Halloran, CEO and Founder of Pharos Financial Group; Luis Laboy of RWC Partners; Daryl Jones, Director of Research at Hedgeye; and Michael Corcelli, CIO of Alexander Alternative Capital. Several dominant economic themes were discussed in detail.
The Florida Alternative Investment Association (FLAIA) is a not-for-profit 501(c) (6) organization created to establish Florida as an internationally leading center for Alternative Investment management.