I'm now attending an interesting panel moderated by Will Sykes entitled "Dealing with problems that arise: lessons learned from things that went wrong…". Very experienced panellists with many war stories to share: Sarah Caygill of IPAF, Jack Inglis of AIMA, Conrad Levy of Infusive and Michael Rummel of CQS.
The panel spoke about the difficult decisions that have to be taken by fund boards during times of crisis (e.g., determining whether to suspend redemptions, as many funds did during the financial crisis) and the value of high quality directors who are able to represent the interests of investors by asking challenging questions of managers and who aren't overstretched by sitting on too many boards.
Cybersecurity was also a focus of the session, with Will noting that legal firms are now leading the charge in this area, following well-publicised security breaches such as the Panama / Paradise Papers.
The importance of frank and open communications with investors and counterparties was a theme throughout. For example, a representative of a large institutional investor attending the session noted that it is not so much the crises themselves that cause them to redeem from funds as the managers' responses to those crises.