Handbook of Hedge Funds

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
Handbook of hedge funds François-Serge Lhabitant "With the Handbook of Hedge Funds, François-Serge Lhabitant has created the fundamental guide to hedge fund investments. It covers a lot of ground and can truly serve as an encyclopaedia for both the entry level investors as well as those who would like to delve a little deeper into specific themes. It also includes information on legal environments as well as operational aspects, which other recent publications are clearly lacking."
—Barbara Rupf Bee, Chief Executive Officer, HSBC Republic Investments Limited "Everybody talks about hedge funds these days, but not many people seem to know too much about them. François Lhabitant is the exception. His first book was great and this one is even better. It provides an excellent and unique introduction to the subject; straightforward, objective and with lots of insightful examples. For anyone looking for a serious introduction to hedge funds, this is the book to read."
—Harry M. Kat, PhD, Professor of Risk Management and Director Alternative Investment Research Centre, Cass Business School, London "One of the most comprehensive book about hedge funds ever written. A must read for anyone seeking a thorough understanding of the sector. The book offers a good combination of theory and practice, with the use of interesting and recent case studies. It is very useful in addressing misconceptions and throws light where light is needed."
—Florence Lombard, Executive Director, The Alternative Investment Management Association Limited (AIMA) "Within the past decade, hedge funds have grown to become an accepted part of the investment landscape. With that growth, however, a number of myths have also come into existence. This book is a must read for those individuals who wish to know what is fact and what is not. Moreover, Lhabitant has done it in a manner which educates rather than confuses. Simply put, any academic, practitioner or serious investor should find a place for this on their bookshelf."
—Thomas Schneeweis, Michael and Cheryl Philipp Professor of Finance, University of Massachusetts, Director of the Center for International Securities and Derivatives Markets "This book is an outstanding achievement that brings the reader into the fascinating world of hedge funds. The combined practitioner and academic experiences and records of the author are well translated into this book that gives not only a detailed overview of the industry but detailed explanations of the strategies and deals that are conducted by hedge fund managers. A must read!"
—Pascal Botteron, PhD, Director of Hedge Fund Investments, Deutsche Bank (Suisse)

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 stru…