Matthew Stiling - "The Pros and Cons of Internal Versus External Investment Management"
Matthew Stiling, Senior Operational Due Diligence Analyst at Investcorp-Tages, revisits the beginnings of his career in hedge fund accounting and operational roles. He describes transitioning into ODD, working with blue-chip funds, and gaining a benchmark for best practices. He identifies how operational structures form the foundation for growth. He also touches on how his current firm has evolved to meet industry demands.
0¤V¯'0̧ˬ˭ »ŃĢ̇¤ƜŶƤ̧òūĘ̧ ŶūƤ̧Ŷļ́ VūưĠƜūòŞ̌ÙĠƜƤƸƤ̧0ǖưĠƜūòŞ̌ VūǐĠƤưũĠūư̧tòūòĻĠũĠūư tòưưŃĠǑ̧¯ưʼnŠʼnūĻ ¯ĠūʼnŶƜ̧ƙĠƜòưʼnŶūòŞ̌'ƸĢ̇'ʼnŠʼnĻĠūđĢ̇ūòŠǗƤư ̧͙VūǐĠƤưđŶƜƙ̽»òĻĠƤ
ÚŃòư͐Ƥ̧VūƤʼnĘĠ ͅ˭̯˭˴̧͆ VūưƜŶĘƸđưʼnŶū̧ưŶ̧tòưưŃĠǑ̧¯ưʼnŠʼnūĻ ͅˮ˱̯˯˭̧͆ IƸŠŞ̌¤ŶĘđòƤư̧0ƙʼnƤŶĘĠ ͅˮ̯˱˵̧͆ ŶūĺƜŶūưʼnūĻ̧§ʼnƤʼnūĻ̧»òŠĠūư̧0ǖƙĠūƤĠƤ̧òūĘ̧ ŶũƙŠʼnòūđĢ̇¤ƜĠƤƤƸƜĠƤ ͅ˰̯ˮ˯̧͆ ŶũƙòƜʼnūĻ̧VūưĠƜūòŞ̌¯đòŠòďʼnŠʼnưǗ̧ǑʼnưŅ́0ǖưĠƜūòŞ̌§ĠŠòưʼnŶūƤŃʼnƙƤ ͅˮ̯ˬ˱̧͆ 0ūŃòūđʼnūĻ̧ƙĠƜòưʼnŶūòŞ̌'òưò̧đƜŶƤƤ̧IƸūĘƤ ͅ˭̯˭ˬ̧͆ òŠòūđʼnūĻ̧VūưĠƜūòŞ̌'òưò̧òūĘ̧ ŠʼnĠūư̧ÂƙĘòưĠƤ ͅ˭̯ˮ˳̧͆ »ƜʼnũũʼnūĻ̧'òưò̧ǐĠƜŠŶòĘ̧ʼnū̧ƤƤĠư̧ŠŠŶđòưʼnŶūƤ ͅ˱̯˭ˬ͆ ĘòƙưʼnūĻ̧ưŶ̧0ǐŶŠǐʼnūĻ̧jʼnƛƸʼnĘʼnưǗ̧'ĠũòūĘƤ ͅˬ̯˰˴̧͆ ĠŠĠďƜòưʼnūĻ̧ ŶŠŠòďŶƜòưʼnǐĢ̇VūĘƸƤưƜǗ̧JƜŶǑưŅ́ ͅ˭̯ˬ˳͆ ¤ƜʼnŶƜʼnưʼnǢĢ̇ ƸŠưƸƜĢ̇ĺŶƜ̧¯ưƜŶūĻĠƜ̧§ĠưĠūưʼnŶū ͅˬ̯˱˱̧͆ ¯ŃŶƜư̧̧̽ ŶūĺƜŶūưʼnūĻ̧§ʼnƤʼnūĻ̧»òŠĠūư̧0ǖƙĠūƤĠƤ̧òūĘ̧ ŶũƙŠʼnòūđĢ̇¤ƜĠƤƤƸƜĠƤ ͅˬ̯˱ˮ̧͆ ¯ŃŶƜư̧̧̽0ūŃòūđʼnūĻ̧ƙĠƜòưʼnŶūòŞ̌'òưò̧đƜŶƤƤ̧IƸūĘƤ
̧¤ŶĘđòƤư̧ǑʼnưŅ́tòưưŃĠǑ̧¯ưʼnŠʼnūĻ tòưưŃĠǑ̧¯ưʼnŠʼnūĻ̧̮¯ĠūʼnŶƜ̧ƙĠƜòưʼnŶūòŞ̌'ƸĢ̇ 'ʼnŠʼnĻĠūđĢ̇ūòŠǗƤư̧òư̧VūǐĠƤưđŶƜƙ̽»òĻĠƤ̧̮ƜĠǐʼnƤʼnưƤ̧ ưŃĢ̇ďĠĻʼnūūʼnūĻƤ̧Ŷļ́ŃʼnƤ̧đòƜĠĠƜ̧ʼnū̧ŃĠĘĻĢ̇ĺƸūĘ̧ òđđŶƸūưʼnūĻ̧òūĘ̧ŶƙĠƜòưʼnŶūòŞ̌ƜŶŠĠƤ̭ QĢ̇ĘĠƤđƜʼnďĠƤ̧ưƜòūƤʼnưʼnŶūʼnūĻ̧ʼnūưŶ̧''̧̮ǑŶƜŜʼnūĻ̧ ǑʼnưŅ́ďŠƸĠ̽đŃʼnƙ̧ĺƸūĘƤ̧̮òūĘ̧ĻòʼnūʼnūĻ̧ò̧ďĠūđŃũòƜŞ̂ ĺŶƜ̧ďĠƤư̧ƙƜòđưʼnđĠƤ̧̭QĢ̇ʼnĘĠūưʼnǪĠƤ̧ŃŶǑ̧ŶƙĠƜòưʼnŶūòŞ̌ ƤưƜƸđưƸƜĠƤ̧ĺŶƜũ̧ưŃĢ̇ĺŶƸūĘòưʼnŶū̧ĺŶƜ̧ĻƜŶǑưṊ́ QĢ̇òŠƤŶ̧ưŶƸđŃĠƤ̧Ŷū̧ŃŶǑ̧ŃʼnƤ̧đƸƜƜĠūư̧ǪƜũ̧ŃòƤ̧ ĠǐŶŠǐĠĘ̧ưŶ̧ũĠĠư̧ʼnūĘƸƤưƜǗ̧ĘĠũòūĘƤ̧̭
IƸŠŞ̌0ƙʼnƤŶĘĠ ͍»ŃĢ̇ŜĠǗ̧ưŶ̧ƤƸđđĠƤƤ̧ʼnū̧ưŃʼnƤ̧ʼnūĘƸƤưƜǗ̧ʼnƤ̧ ưƜƸƤư̧̮ưƜòūƤƙòƜĠūđǗ̧̮òūĘ̧đƸŠưƸƜĢ̭̇ ÚŃĠưŃĠƜ̧ǗŶƸ͐ƜĢ̇ǑŶƜŜʼnūĻ̧ǑʼnưŅ́ʼnūưĠƜūòŞ̌ ŶƜ̧ĠǖưĠƜūòŞ̌ũòūòĻĠƜƤ̧̮ưŃĢ̇ ƜĠŠòưʼnŶūƤŃʼnƙƤ̧ǗŶƸ̧ďƸʼnŠĘ̧òūĘ̧ưŃĢ̇ǫŶǑ̧Ŷļ́ ʼnūĺŶƜũòưʼnŶū̧ǗŶƸ̧ũòʼnūưòʼnū̧òƜĢ̇ǑŃòư̧ ĘƜʼnǐĢ̇ŠŶūĻ̽ưĠƜũ̧ƙĠƜĺŶƜũòūđĢ̭͎̇
ͅˮ̯˯˴̧ÙʼnĘĠŶ̧͆IƸŠŞ̌0ƙʼnƤŶĘĢ̇QʼnĻŃŠʼnĻŃưƤ
ͅˮ̯˱˵̧ÙʼnĘĠŶ̧͆ ŶūĺƜŶūưʼnūĻ̧§ʼnƤʼnūĻ̧»òŠĠūư̧ 0ǖƙĠūƤĠƤ̧òūĘ̧ ŶũƙŠʼnòūđĢ̇¤ƜĠƤƤƸƜĠƤ ͍§ĠĻƸŠòưŶƜǗ̧òūĘ̧đŶũƙŠʼnòūđĢ̇ đŃòūĻĠƤ̧òƜĢ̇ĘƜʼnǐʼnūĻ̧ǗŶƸƜ̧ ďƜĠòŜĠǐĠū̧ÂţŃʼnĻŃĠƜ̭͎
ͅ˰̯ˮ˯̧ÙʼnĘĠŶ͆ ̧ ŶũƙòƜʼnūĻ̧VūưĠƜūòŞ̌ ¯đòŠòďʼnŠʼnưǗ̧ǑʼnưŅ́0ǖưĠƜūòŞ̌§ĠŠòưʼnŶūƤŃʼnƙƤ ͍ÚĢ̇ďĠŠʼnĠǐĢ̇ʼnū̧͏ưƜƸƤư̧̮ďƸư̧ ǐĠƜʼnĺǗ̧͐ưŶ̧ũòʼnūưòʼnū̧ƤưƜŶūĻ̧ òŠʼnĻūũĠūư̭͎
ͅˮ̯ˬ˱̧͆0ūŃòūđʼnūĻ̧ƙĠƜòưʼnŶūòŞ̌'òưò̧đƜŶƤƤ̧ IƸūĘƤ ͍VūĺŶƜũòưʼnŶū̧ǫŶǑ̧ʼnƤ̧ǐʼnưòŞ̮̌ ĺƜŶũ̧ĘòǗ̧ŶūĢ̇ưŃƜŶƸĻŅ́ĠǐĠƜǗ̧ ĺŶŠŠŶǑ̽Ƹƙ̭͎
ͅ˭̯˭ˬ̧ÙʼnĘĠŶ̧͆ òŠòūđʼnūĻ̧VūưĠƜūòŞ̌'òưò̧ òūĘ̧ ŠʼnĠūư̧ÂƙĘòưĠƤ ͕VūưĠƜūòŞ̌ũòūòĻĠƜ̧ďƸƤʼnūĠƤƤ̧ʼnƤ̧ ŶďǐʼnŶƸƤŠǗ̧òďŶƸư̧ƜĠòŠ̽ưʼnũĢ̇Ęòưò̧ǫŶǑ̧̭ ĠđòƸƤĢ̇ʼnư͖Ƥ̧ĺĠĠĘʼnūĻ̧ʼnūưŶ̧ŶƸƜ̧ƜʼnƤŞ̂ ũòūòĻĠũĠūư̧ƤǗƤưĠũ̧ưŃòư̧ưŃĠū̧ĺĠĠĘƤ̧ ʼnūưŶ̧ò̧ĘʼnòŠŶĻƸĢ̇ǑʼnưŅ́ŶƸƜ̧ƤòŠĠƤ̧ưĠòṷ͕̃
ͅ˭̯ˮ˳̧ÙʼnĘĠŶ͆ ̧»ƜʼnũũʼnūĻ̧'òưò̧ ǐĠƜŠŶòĘ̧ʼnū̧ƤƤĠư̧ŠŠŶđòưʼnŶūƤ ͍ŠŠŶđòưŶƜƤ̧ũƸƤư̧ďĢ̇ďĠưưĠƜ̧òư̧ òƤŜʼnūĻ̧ĺŶƜ̧ưŃĢ̇ƜʼnĻŃư̧ʼnūĺŶƜũòưʼnŶū̧̮ ūŶư̧řƸƤư̧ũŶƜĠ̭͎
ͅ˱̯˭ˬ̧͆ĘòƙưʼnūĻ̧ưŶ̧0ǐŶŠǐʼnūĻ̧jʼnƛƸʼnĘʼnưǗ̧ 'ĠũòūĘƤ ͍jʼnƛƸʼnĘʼnưǗ̧ưĠƜũƤ̧òƜĢ̇ĻƜŶǑʼnūĻ̧ ũŶƜĢ̇ʼnŠŠʼnƛƸʼnĘ̧̮ĠǐĠū̧ĺŶƜ̧ŠʼnƛƸʼnĘ̧ òƤƤĠư̧đŠòƤƤĠƤ̭͎
ͅˬ̯˰˴̧ÙʼnĘĠŶ̧͆ ĠŠĠďƜòưʼnūĻ̧ ŶŠŠòďŶƜòưʼnǐĢ̇ VūĘƸƤưƜǗ̧JƜŶǑưŃ ͍»ŃĠƜĢ̇òƜĢ̇ò̧ĻƜĠòư̧ďƜĠĠĘ̧Ŷļ́ ƙĠŶƙŠĢ̇ʼnū̧ưŃʼnƤ̧ʼnūĘƸƤưƜǗ̧ǑʼnưŅ́ òū̧ĠūưƜĠƙƜĠūĠƸƜʼnòŞ̌ƤƙʼnƜʼnư̭͎
ͅ˭̯ˬ˳̧ÙʼnĘĠŶ͆ ̧¤ƜʼnŶƜʼnưʼnǢĢ̇ ƸŠưƸƜĢ̇ĺŶƜ̧ ¯ưƜŶūĻĠƜ̧§ĠưĠūưʼnŶū ͍IʼnƜũƤ̧ūĠĠĘ̧ò̧ďĠưưĠƜ̧đƸŠưƸƜĢ̇ ưŃòư̧ĺĠĠĘƤ̧ʼnūưŶ̧Ƥưòĺļ́ƜĠưĠūưʼnŶṷ͎̄
à» 0̧¯Q§»̯ ŶūĺƜŶūưʼnūĻ̧§ʼnƤʼnūĻ̧ »òŠĠūư̧0ǖƙĠūƤĠƤ̧òūĘ̧ ŶũƙŠʼnòūđĢ̇¤ƜĠƤƤƸƜĠƤ ͍§ĠĻƸŠòưŶƜǗ̧òūĘ̧đŶũƙŠʼnòūđĢ̇ đŃòūĻĠƤ̧òƜĢ̇ĘƜʼnǐʼnūĻ̧ǗŶƸƜ̧ ďƜĠòŜĠǐĠū̧ÂţŃʼnĻŃĠƜ̭͎
à» 0̧¯Q§»̯ 0ūŃòūđʼnūĻ̧ ƙĠƜòưʼnŶūòŞ̌'òưò̧ đƜŶƤƤ̧IƸūĘƤ ͍VūĺŶƜũòưʼnŶū̧ǫŶǑ̧ʼnƤ̧ǐʼnưòŞ̮̌ ĺƜŶũ̧ĘòǗ̧ŶūĢ̇ưŃƜŶƸĻŅ́ ĠǐĠƜǗ̧ĺŶŠŠŶǑ̽Ƹƙ̭͎
ÚòưđŅ́ŶƸƜ̧ƙŶĘđòƤư̧Ŷū̧ǗŶƸƜ̧ĺòǐŶƜʼnưĢ̇ƙŠòưĺŶƜũ
