An introduction to hedge funds:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London
Risk Books
2007
|
| Subjects: | |
| Online Access: | Klappentext Inhaltsverzeichnis |
| Physical Description: | XIV, 230 S. graph. Darst. |
| ISBN: | 9781904339915 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Hedge funds are one of the most dynamic, and important, players in the financial services
industry and command worldwide attention. This essential new primer is devoted to
introducing and explaining hedge funds; written in a clear and accessible style, it will help
you understand what hedge funds are, how they work and who invests in them. It surveys
the role of hedge fund service providers and what documents are needed to launch and
operate a hedge fund, who oversees hedge funds, aspects of hedge fund trading, offering
materials, and examines what is involved in marketing the securities of hedge funds.
Aimed at newcomers to the hedge fund sector, as well as helping the more experienced
practitioner, An Introduction to Hedge Funds will be particularly useful for:
•
new hedge fund directors who have not previously served on a hedge fund board;
•
investors seeking to learn about hedge funds;
•
investment bankers that are transferring into a prime brokerage team;
•
accountants responsible for hedge fund advisors;
•
long-only fund managers that have been asked to co-manage a new long-short global
equity hedge fund;
•
anyone interested in understanding how a hedge fund works.
Contents
About the Author ix
Introduction xi
1 Hedge Funds: What Are They? 1
What is a hedge fund? 3
Alternative investments 4
Private equity 5
Types of hedge funds 7
Hedge funds globally 11
Service providers 13
Should hedge funds be defined and regulated? 15
Do hedge funds pose risks? 19
What type of hedge fund will feature in this book? 22
2 Types and Structures of Hedge Funds 27
Corporate, limited partnership and unit trust models 27
Oversight 29
The securities of hedge funds 31
Strategies and weighting 33
Restrictions 37
Funds of hedge funds 38
Hedge fund variants 40
3 What s in an Articles of Association, a Limited Partnership
Agreement or a Unit Trust Agreement? 45
Sources of law 45
Incorporation and capital structure 46
Memorandum 47
Articles 47
4 Setting up the Hedge Fund 55
Planning the hedge fund 57
Identifying service providers - the RFP process 61
Requests for Proposals 63
Selecting the prime broker 64
AN INTRODUCTION TO HEDGE FUNDS
Selecting the administrator 67
The investment manager 71
The selection process 74
5 Hedge Funds and Service Providers 77
The investment manager 77
The administrator 82
The prime broker 86
SLAs 93
6 How to Read an Offering Memorandum 95
Drafting 95
What goes into an Offering Memorandum? 96
Cover page 97
Important information 98
Directory 99
Definitions 100
Summary (or key features) 102
Investment objective, policy and restrictions 102
Management 105
Service providers 106
Subscriptions 108
Net asset value 110
Fees and expenses 111
Risk factors 113
Conflicts of interest 115
Reports 115
Master fund issues 115
Taxation 115
General and statutory information 116
Appendixes 116
Private placement memorandum 116
Verification 118
7 How are Shares or Interests in a Hedge Fund Marketed? 119
Private placements 119
Investors 124
Due Diligence Questionnaires 126
Distribution 127
The subscription process 130
Equalisation 131
VI
CONTENTS
8 How is a Hedge Fund Operated? 135
Preparations for launch 135
Initial offering period 136
Research and fund management - and fiduciary duties 137
Trading 139
Prime brokerage 141
Administration 142
Compliance 143
Directors 143
Hedge fund indexes and informational services 144
9 Key Issues: Valuations, Corporate Governance and Side Letters 147
Valuations 147
Corporate governance 152
Side letters 155
10 What Happens When Something Goes Wrong? 159
Valuations 159
Collateral 160
Prime broker conflicts of interest 161
Loss of key employees 162
Risk management 162
Redemptions 165
Adding or changing service providers 166
Insolvency 167
Appendix 1. Example Articles of Association 171
Appendix 2. Documents to Launch a Cayman Islands
Hedge Fund 223
Index 225
|
| adam_txt |
Hedge funds are one of the most dynamic, and important, players in the financial services
industry and command worldwide attention. This essential new primer is devoted to
introducing and explaining hedge funds; written in a clear and accessible style, it will help
you understand what hedge funds are, how they work and who invests in them. It surveys
the role of hedge fund service providers and what documents are needed to launch and
operate a hedge fund, who oversees hedge funds, aspects of hedge fund trading, offering
materials, and examines what is involved in marketing the securities of hedge funds.
Aimed at newcomers to the hedge fund sector, as well as helping the more experienced
practitioner, An Introduction to Hedge Funds will be particularly useful for:
•
new hedge fund directors who have not previously served on a hedge fund board;
•
investors seeking to learn about hedge funds;
•
investment bankers that are transferring into a prime brokerage team;
•
accountants responsible for hedge fund advisors;
•
long-only fund managers that have been asked to co-manage a new long-short global
equity hedge fund;
•
anyone interested in understanding how a hedge fund works.
Contents
About the Author ix
Introduction xi
1 Hedge Funds: What Are They? 1
What is a hedge fund? 3
Alternative investments 4
Private equity 5
Types of hedge funds 7
Hedge funds globally 11
Service providers 13
Should hedge funds be defined and regulated? 15
Do hedge funds pose risks? 19
What type of hedge fund will feature in this book? 22
2 Types and Structures of Hedge Funds 27
Corporate, limited partnership and unit trust models 27
Oversight 29
The securities of hedge funds 31
Strategies and weighting 33
Restrictions 37
Funds of hedge funds 38
Hedge fund variants 40
3 What's in an Articles of Association, a Limited Partnership
Agreement or a Unit Trust Agreement? 45
Sources of law 45
Incorporation and capital structure 46
Memorandum 47
Articles 47
4 Setting up the Hedge Fund 55
Planning the hedge fund 57
Identifying service providers - the RFP process 61
Requests for Proposals 63
Selecting the prime broker 64
AN INTRODUCTION TO HEDGE FUNDS
Selecting the administrator 67
The investment manager 71
The selection process 74
5 Hedge Funds and Service Providers 77
The investment manager 77
The administrator 82
The prime broker 86
SLAs 93
6 How to Read an Offering Memorandum 95
Drafting 95
What goes into an Offering Memorandum? 96
Cover page 97
Important information 98
Directory 99
Definitions 100
Summary (or key features) 102
Investment objective, policy and restrictions 102
Management 105
Service providers 106
Subscriptions 108
Net asset value 110
Fees and expenses 111
Risk factors 113
Conflicts of interest 115
Reports 115
Master fund issues 115
Taxation 115
General and statutory information 116
Appendixes 116
Private placement memorandum 116
Verification 118
7 How are Shares or Interests in a Hedge Fund Marketed? 119
Private placements 119
Investors 124
Due Diligence Questionnaires 126
Distribution 127
The subscription process 130
Equalisation 131
VI
CONTENTS
8 How is a Hedge Fund Operated? 135
Preparations for launch 135
Initial offering period 136
Research and fund management - and fiduciary duties 137
Trading 139
Prime brokerage 141
Administration 142
Compliance 143
Directors 143
Hedge fund indexes and informational services 144
9 Key Issues: Valuations, Corporate Governance and Side Letters 147
Valuations 147
Corporate governance 152
Side letters 155
10 What Happens When Something Goes Wrong? 159
Valuations 159
Collateral 160
Prime broker conflicts of interest 161
Loss of key employees 162
Risk management 162
Redemptions 165
Adding or changing service providers 166
Insolvency 167
Appendix 1. Example Articles of Association 171
Appendix 2. Documents to Launch a Cayman Islands
Hedge Fund 223
Index 225 |
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| spelling | Berman, Mark Verfasser aut An introduction to hedge funds Mark Berman London Risk Books 2007 XIV, 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Hedge funds Hedge Fund (DE-588)4444016-9 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Hedge Fund (DE-588)4444016-9 s b DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016489151&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016489151&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Berman, Mark An introduction to hedge funds Hedge funds Hedge Fund (DE-588)4444016-9 gnd |
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| title | An introduction to hedge funds |
| title_auth | An introduction to hedge funds |
| title_exact_search | An introduction to hedge funds |
| title_exact_search_txtP | An introduction to hedge funds |
| title_full | An introduction to hedge funds Mark Berman |
| title_fullStr | An introduction to hedge funds Mark Berman |
| title_full_unstemmed | An introduction to hedge funds Mark Berman |
| title_short | An introduction to hedge funds |
| title_sort | an introduction to hedge funds |
| topic | Hedge funds Hedge Fund (DE-588)4444016-9 gnd |
| topic_facet | Hedge funds Hedge Fund Einführung |
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