Neil Cowhig joined the Fund HQ team as a partner and advisor in 2021, bringing with him over three decades of extensive experience in finance, particularly within the hedge fund sector. His background, a blend of operational expertise and strategic oversight, has made him an invaluable asset both to Fund HQ and its clients.
Neil’s role at Fund HQ is twofold. First, he works as a Chief Operating Officer (COO) consultant, effectively offering Fund HQ’s clients comprehensive operational support. This role often sees him engaging with new or emerging hedge fund managers, helping them to navigate the complexities of launching and running a successful fund. Additionally, he provides COO expertise to larger, more established firms in need of high-level operational insight.
Second, Neil plays a critical role as part of Fund HQ’s senior management team. He is a director at Fund HQ and contributes significantly to the firm’s strategic growth and marketing initiatives, as well as supporting the rest of the Fund HQ team. Balancing these dual roles, Neil’s day-to-day focus is primarily on serving clients, while his work in growing Fund HQ unfolds more organically through networking and word-of-mouth referrals.
Neil’s professional journey
After studying physics at Liverpool University, Neil moved to London to realise his ambition of working in the City. His early days in finance were marked by a formative internship at the stock exchanges, just before the pivotal ‘Big Bang’ deregulation of the 1980s. To establish himself in the financial industry, Neil qualified as a chartered accountant and began working at BDO, specialising in finance as an auditor.
From there, Neil’s career transitioned into banking. He worked in product control roles at Nomura and Deutsche Bank, focusing on prime brokerage and stock lending businesses that catered specifically to hedge funds. He later pivoted to operational due diligence (ODD) for a major hedge fund investor, where he was tasked with scrutinising the operational soundness of hedge fund investments.
This work involved evaluating potential risks, advising on necessary improvements and ensuring funds were properly managed. Reflecting on that time, Neil admits “It’s actually a lot easier criticising other people’s work than doing it yourself.” Yet it was this depth of experience that made him so well-suited to later take on COO roles, including as a co-founder of Trium, a hedge fund hosting platform.
Neil’s career path has been both robust and varied. A key chapter was his tenure at Omni Partners, a large multi-strategy hedge fund group, followed by his involvement in launching and managing Westray Capital Management. Despite Westray’s eventual closure due to insufficient assets, Neil’s adaptability and resilience were evident. It was during this transitional period that he began consulting and ultimately formed a meaningful relationship with Charlie, Fund HQ’s founder, leading to his current role.
Joining Fund HQ
A combination of factors drew Neil to Fund HQ – the appeal of working with a skilled and personable team, particularly Charlie and Maria, and the opportunity to make a tangible impact. “I like project work where there is a beginning, middle and end,” Neil explains. He relishes being able to leverage his wealth of experience to support smaller firms, helping them set up strong, sustainable foundations.
“With smaller companies, you can add value in a way that’s accessible and meaningful” he adds, further noting that there is an immense satisfaction in helping new businesses thrive and watching them grow, knowing he played a pivotal role in their success.
Key challenges and insights
One of the significant challenges new and emerging managers face is the sheer complexity of launching a hedge fund. For new managers, it can be daunting to determine where to start and whom to trust. This is where Neil believes Fund HQ’s collective expertise becomes invaluable.
Neil explains “We’ve done this so many times. We have all the relationships established and we genuinely work in the client’s best interest.” This approach not only saves clients time and money but also positions them to pass due diligence with institutional investors, having ensured that all systems, processes, and policies are in place and are operationally compliant.
Neil emphasises the importance of experience, particularly in managing operational risks. With a process-driven approach, he excels at proactively identifying and mitigating potential risks – skills that are refined through years of hands-on experience. By leveraging this extensive knowledge, Fund HQ can significantly minimise costs and errors for clients, ensuring greater efficiency and effectiveness.
Trends and the path forward
Neil sees the hedge fund industry as an ever-evolving landscape, marked by ongoing regulatory changes and more recently, fierce competition for investors. He highlights the difficulty new funds face in differentiating themselves. “It’s incredibly tough to convince investors when there are thousands of established funds with similar strategies,” he notes. Yet, he remains optimistic, recognising that the challenge also underscores the need for experienced COOs who can manage everything beyond investment and marketing, allowing portfolio managers to focus on what they do best.
Final thoughts
The one thing that Neil hopes every client gains from working with Fund HQ is the genuine sense of care and commitment. Fund HQ’s recommendations are always in the client’s best interest, even if that means suggesting they eventually hire a full-time COO when the time is right. “Trust is key,” Neil states. “We want our clients to succeed and we’re happy to guide them, even if it means helping them transition away from us. Our client’s best interests are absolutely at centre of everything we do.”
Neil’s enduring legacy at Fund HQ is built on this ethos of trust, experience and a relentless dedication to client success, cementing not only his reputation as a pivotal figure in the world of hedge fund operations but also Fund HQ as foundational partner to your fund’s success.
