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Handbook of Hedge Funds

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Beschreibung

A comprehensive guide to the burgeoning hedge fund industry

Intended as a comprehensive reference for investors and fund and portfolio managers, Handbook of Hedge Funds combines new material with updated information from Francois-Serge L’habitant’s two other successful hedge fund books. This book features up-to-date regulatory and historical information, new case studies and trade examples, detailed analyses of investment strategies, discussions of hedge fund indices and databases, and tips on portfolio construction.

Francois-Serge L’habitant (Geneva, Switzerland) is the Head of Investment Research at Kedge Capital. He is Professor of Finance at the University of Lausanne and at EDHEC Business School, as well as the author of five books, including Hedge Funds: Quantitative Insights (0-470-85667-X) and Hedge Funds: Myths & Limits (0-470-84477-9), both from Wiley.

Autorentext

About the author

FRANÇOIS-SERGE LHABITANT, PhD, is Chief Investment Officer at Kedge Capital in London. He was formerly a Member of Senior Management at Union Bancaire Privée, and prior to this, a Director at UBS/Global Asset Management. On the academic side, he is a Professor of Finance at the University of Lausanne and at EDHEC Business School. His specialist skills are in the areas of alternative investment (hedge funds) and emerging markets. He is the author of several books on these two subjects and has published numerous research and scientific popularisation articles. He is also a member of the Scientific Council of the Autorité des Marches Financiers, the French regulatory body.

"Lhabitant takes us from the early 1930s to the latest cutting edge research in the field of hedge funds, blending both theoretical and practical information in this handbook and leaving no stone unturned. This new updated text with its panoply of new information, loads of examples and cases for educational purposes is well worth the investment. It is a must for beginners, institutional investors and money managers, lawyers, accountants, academics. In essence the bible of hedge fund books, you cannot ask for better."
Greg N. Gregoriou, Ph.D, Associate Professor of Finance, State University of New York (Plattsburgh)

Klappentext

A comprehensive guide to the burgeoning hedge fund industry Intended as a comprehensive reference for investors and fund andportfolio managers, Handbook of Hedge Funds combines new materialwith updated information from Francois-SergeL'habitant's two other successful hedge fund books.This book features up-to-date regulatory and historicalinformation, new case studies and trade examples, detailed analysesof investment strategies, discussions of hedge fund indices anddatabases, and tips on portfolio construction. Francois-Serge L'habitant (Geneva, Switzerland) isthe Head of Investment Research at Kedge Capital. He is Professorof Finance at the University of Lausanne and at EDHEC BusinessSchool, as well as the author of five books, including HedgeFunds: Quantitative Insights (0-470-85667-X) and HedgeFunds: Myths & Limits (0-470-84477-9), both from Wiley.



Zusammenfassung
A comprehensive guide to the burgeoning hedge fund industry

Intended as a comprehensive reference for investors and fund and portfolio managers, Handbook of Hedge Funds combines new material with updated information from Francois-Serge L'habitant's two other successful hedge fund books. This book features up-to-date regulatory and historical information, new case studies and trade examples, detailed analyses of investment strategies, discussions of hedge fund indices and databases, and tips on portfolio construction.

Francois-Serge L'habitant (Geneva, Switzerland) is the Head of Investment Research at Kedge Capital. He is Professor of Finance at the University of Lausanne and at EDHEC Business School, as well as the author of five books, including Hedge Funds: Quantitative Insights (0-470-85667-X) and Hedge Funds: Myths & Limits (0-470-84477-9), both from Wiley.



Inhalt

Foreword by Mark Anson xv

1 Introduction 1

PART I HEDGE FUND OVERVIEW

2 History Revisited 7

2.1 The very early years: The 1930s 7

2.2 The formative years (19491968) 8

2.3 The dark ages (19691974) 11

2.4 The renaissance (19751997) 12

2.5 The Asian and Russian crises (19971998) 15

2.6 The equity bubble years 18

2.7 Hedge funds today 19

2.8 The key characteristics of modern hedge funds 24

2.9 The future 35

3 Legal Environment 37

3.1 The situation in the US 39

3.1.1 The Securities Act (1933) 39

3.1.2 Securities Exchange Act (1934) 44

3.1.3 Investment Company Act 46

3.1.4 Investment Advisers Act (1940) 48

3.1.5 Blue-sky laws 55

3.1.6 National Securities Markets Improvement Act (1996) 55

3.1.7 Employee Retirement Income Security Act (1974) 56

3.1.8 Other regulations 56

3.1.9 The Commodity Futures Trading Commission 57

3.2 The situation in Europe 59

3.2.1 The UCITS directives and mutual fund regulation 59

3.2.2 The case of European hedge funds 62

3.2.3 Germany 63

3.2.4 France 69

3.2.5 Italy 75

3.2.6 Switzerland 76

3.2.7 Ireland 78

3.2.8 Spain 80

3.3 The situation in Asia 81

3.4 Internet and the global village 81

4 Operational and Organizational Structures 85

4.1 Legal structures for stand-alone funds 85

4.1.1 In the United States (onshore) 85

4.1.2 Outside the United States (offshore) 87

4.2 A network of service providers 90

4.2.1 The sponsor and the investors 91

4.2.2 The board of directors 91

4.2.3 The investment adviser 92

4.2.4 The investment manager or management company 92

4.2.5 The brokers 93

4.2.6 The fund administrator 99

4.2.7 The custodian/trustee 103

4.2.8 The legal counsel(s) 103

4.2.9 The auditors 105

4.2.10 The registrar and transfer agent 106

4.2.11 The distributors 106

4.2.12 The listing sponsor 107

4.3 Specific investment structures 108

4.3.1 Mirror funds 108

4.3.2 Master/feeder structures 109

4.3.3 Managed accounts 112

4.3.4 Umbrella funds 114

4.3.5 Multi-class/multi-series funds 115

4.3.6 Side pockets 116

4.3.7 Structured products 117

4.4 Disclosure and documents 118

4.4.1 Private placement memorandum (PPM) 118

4.4.2 Memorandum and articles of association 118

4.4.3 ADV form 118

4.4.4 Limited partnership agreements 119

4.4.5 Side letters 119

5 Understanding the Tools Used by Hedge Funds 121

5.1 Buying and selling using a cash account 121

5.2 Buying on margin 122

5.2.1 Mechanics 122

5.2.2 Buying on margin: an example 124

5.3 Short selling and securities lending 126

5.3.1 Mechanics of short selling 127

5.3.2 A detailed example 134

5.3.3 Restrictions on short selling 135

5.3.4 Potential benefits of short selling 139

5.3.5 Alternatives to securities lending: repos and buys/sell backs 140

5.4 Derivatives 142

5.4.1 Terminology 144

5.4.2 Basic derivatives contracts 144

5.4.3 Credit derivatives 146

5.4.4 Benefits and uses of derivatives 149

5.5 Leverage 151

PART II HEDGE FUND STRATEGIES AND TRADE EXAMPLES

6 Introduction 159

7 Long/Short Equity Strategies 163

7.1 The mechanics of long/short equity investing 163

7.1.1 A single position 163

7.1.2 Sources of return and feasible portfolios 165

7.1.3 Disadvantages of long/short equity investing 169

Produktinformationen

Titel: Handbook of Hedge Funds
Autor:
EAN: 9780470061121
ISBN: 978-0-470-06112-1
Digitaler Kopierschutz: Adobe-DRM
Format: E-Book (pdf)
Herausgeber: Wiley
Genre: Betriebswirtschaft
Anzahl Seiten: 654
Veröffentlichung: 30.01.2007
Jahr: 2007
Untertitel: Englisch
Dateigrösse: 8.9 MB