The FCA and HM Treasury have unveiled the biggest overhaul of UK rules for alternative investment managers since Brexit. From reporting and remuneration to risk management, the proposals could reshape how hedge funds, private credit managers and other alternative investment firms are regulated.

What exactly is changing and why? In this episode, AIMA's Jennifer Wood, Global Head of Asset Management Regulation & Sound Practices, and James Hopegood, Director of Asset Management Regulation, explain the thinking behind the reforms, highlight the proposals that matter most, and discuss what firms should expect next.

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What do Korean hedge funds, Hong Kong tax reform, football managers, SMAs and quantum computing have in common? They all featured in the conversations that The Long-Short hosts Tom Kehoe and Drew Nicol couldn't stop talking about long after the microphones were put away. 

• Peter Kim explains why hedge funds are gaining traction in South Korea and why investors are paying attention.
• Darren Bowdern discusses proposed changes that could transform Hong Kong's asset management industry.
• Kieran Maguire reveals why choosing the right football manager can be the ultimate source of alpha.
• Brandon Gill shares insights into the growing influence of separately managed accounts (SMAs).
• Bill Laboon explores a fascinating question: could quantum computing one day render Bitcoin vulnerable?

Along the way, Tom and Drew reflect on the ideas, opportunities and risks that challenged conventional thinking throughout the quarter. Whether you're interested in hedge funds, asset management, institutional investing, football finance or emerging technology, this episode offers a fresh perspective on some of the most thought-provoking discussions from the past three months.

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This week, we're revisiting a standout episode from 2025 whose themes are even more relevant today. As climate change and El Niño-driven weather events continue to influence global catastrophe risks, Tom and Drew explore one of the most fascinating and fast-evolving areas of alternative investing: insurance-linked securities and catastrophe bonds, where finance meets the forces of nature.

Joined by Tim Yip of ILS Advisers and Steve Smith of Maybole Capital, they explore how investors manage disaster risk, earn uncorrelated returns, and build resilience in a changing climate. Tune in as they unpack what lies ahead for this unique asset class as a new hurricane season approaches.

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Quantum computing promises breakthroughs that could transform life as we know it – but what happens when the technology becomes powerful enough to crack the cryptography underpinning billions of dollars in digital assets?

In this episode of The Long-Short, we speak with Bill Laboon, Vice President, Technical Operations at Web3 Foundation, to explore the looming collision between quantum computing and blockchain technology. They discuss why Google's plan to migrate to post-quantum cryptography by 2029 is a wake-up call, how advances in quantum computing could threaten cryptocurrencies, and why the transition to quantum-resistant systems presents both technical and social challenges.

With large portions of Bitcoin and Ethereum potentially vulnerable, are investors and the crypto industry prepared for the next great technological shift? And how far away is the quantum threat really?

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A major milestone for Hong Kong's asset management industry is now within reach. After more than six years of sustained advocacy, engagement and collaboration led by AIMA alongside industry leaders, long-awaited reforms to Hong Kong's carried interest and performance fee regimes are edging closer to reality.

In this episode of The Long-Short Tom Kehoe and Drew Nicol are joined by Darren Bowdern, Head of Asset Management Tax, Hong Kong, KPMG China, to discuss these highly anticipated changes and what they could mean for asset managers, investors and Hong Kong's future as a leading global asset management hub.

Together, they explore the industry's role in shaping the reforms, why they matter, and how they could further strengthen Hong Kong's competitiveness as one of the world's premier financial centres.

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After a decade of relative stability, the investment landscape is changing fast. Higher interest rates, geopolitical fragmentation and persistent market volatility are forcing institutional investors to rethink how they allocate capital, construct portfolios and manage risk.

In this episode of The Long-Short, we speak with Brandon Gill-New, Managing Director and Head of External Partnerships at the Alberta Investment Management Corporation (AIMCo), one of Canada’s leading institutional investors.

Gill-New sits at the centre of AIMCo’s relationships with external managers across public and private markets, giving her a rare perspective on how large asset owners are adapting to a far more uncertain investment environment.

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Europe’s credit markets are flashing mixed signals: some see a drought of opportunity, others see one of the richest hunting grounds in years. So, who’s right?

Akshay Shah, Founder and Chief Investment Officer of Kyma Capital, joins Tom and Drew to unpack why he believes today’s European distressed debt market offers one of the deepest and most durable opportunity sets in decades.

Shah also explores what makes Europe’s credit markets so complex and inefficient compared with the US, how private credit is reshaping the landscape, and why the rule of law matters more to investors than many might think.

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Why are football clubs - volatile, emotionally driven businesses - attracting billions from private equity firms, celebrities, and sovereign wealth funds?

In this episode, football finance expert Kieran Maguire joins The Long-Short to unpack the economics of the global game: where investors find alpha, the true financial cost of relegation from the Premier League, the rise of multi-club ownership, regulation, valuations, and why capital keeps flowing into the world’s most popular sport.

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South Korea is having a capital markets moment.

Home to global leaders in semiconductors, automotive manufacturing and advanced technology, Korea’s markets have delivered extraordinary returns in recent years, fuelled by a powerful combination of market momentum, policy reform and shifting global capital flows. As a result, the country is increasingly attracting the attention of some of the world’s largest hedge funds and asset managers, alongside a groundswell of new domestic capital pouring into public markets.

But can Korea finally move beyond the long-discussed “Korea discount” and build a more sustainable growth market for both domestic and international investors?

Joining us to explore these questions is Peter Kim, Senior Managing Director and Head of the Global & Wholesale Division at KB Securities, and one of Korea’s best-known market commentators. Together, we discuss the forces driving Korea’s economic resurgence, the evolution of its capital markets, the rise of alternatives and private credit, and whether Seoul could emerge as a new Asian alternative investment powerhouse.

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This episode tackles one of the most misunderstood, and, frankly, misrepresented topics in private markets right now: gating. Often painted as a crisis measure, gating is in fact a tool designed to match investor liquidity with inherently illiquid assets.

Joe Morrissey, a Partner at Seward & Kissel, joins Tom Kehoe and Drew Nicol to explain why gates exist, the difference between fund-level and investor-level restrictions, and why better investor education may be the real key to avoiding panic when markets turn.

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