Funds of hedge funds : for professional investors and managers
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書誌事項
Funds of hedge funds : for professional investors and managers
Euromoney Books, c2003
- : pbk
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注記
Includes bibliographical references
内容説明・目次
内容説明
Drawing on the experience of leading practitioners across the hedge fund and funds of funds industry, the book brings you independent, practical and focused advice and experience from the perspective of investor, hedge fund and funds of funds managers, and legal and accounting advisors. In 21 chapters the book examines all aspects of funds of funds and ensures you have a comprehensive understanding of their uses, structures, risks and rewards. For hedge funds and funds of funds professionals as well as private and institutional investors, this book is the complete compendium for the present and future of the industry.
目次
Funds of Hedge Funds: For Professional Investors and Managers Contents Author biographies Foreword by Hans de Ruiter Foreword by Mark Yusko Preface Sohail Jaffer Part I: Understanding funds of funds Chapter 1: The case for funds of funds Alexander M Ineichen Introduction Industry characteristics Investment philosophy Risk and return Advantages and disadvantages of funds of hedge funds Value proposition Chapter 2: Market characteristics Christopher Merlini and Pascal Koppel Historical background Who invests in hedge funds? How funds of funds operate Portfolio construction Types of funds of funds Multi-manager hedge funds versus funds of funds Conclusions Chapter 3: Classification and diversification Philip DiDio Introduction Classification An example of a classification system The challenge of classification Sub-division case study: convertible arbitrage Fund of funds diversification Conclusions on diversification Chapter 4: The future of funds of hedge funds Sohail Jaffer Introduction Industry consolidation Structured products Hedge fund indices Onshore hedge funds Future perspectives Part II: Asset allocation and manager selection Chapter 5: Asset allocation from the institutional investor's perspective Peter Todd Introduction The asset allocation problem Funds of funds: benefits and obstacles Funds of funds as an asset class Funds of funds styles Capital market assumptions Three quantitative examples Conclusion Chapter 6: Manager selection Omar Kodmani Introduction Individual hedge funds Fund of funds managers Final thoughts Chapter 7: Marketing funds of funds Sophie van Straelen Introduction Market environment Competitive edges: key success factors Analysing and presenting competitive edges Corporate communication Distribution channels Legal constraints Conclusions Chapter 8: The significance of liquidity and transparency for multi-manager AIS portfolios Lars Jaeger and Werner E Rutsch Introduction The challenges of funds of funds Liquidity for AIS Liquidity and transparency Liquidity of funds of funds Conclusion Part III: Structured products and strategies Chapter 9: Structured alternative investment products Mehraj Mattoo Introduction Fund derivatives: a brief overview Which structured product to use? Summary and conclusions Chapter 10: Collateralised Fund Obligations Mark Anson Introduction Overview of Collateralised Obligations An example of a Collateralised Fund Obligation Benefits of CFOs Risks of CFOs Summary Chapter 11: Investing in hedge funds through insurance products Brad F Cole and Christine M Kailus Introduction Insurance overview Products for the sophisticated investor PPLI regulation Risks and other important considerations Expanding the investor base The international market-place Summary and conclusions Part IV: Establishment and operations Chapter 12: Sponsoring start-up hedge funds Hans Tischhauser Introduction How do hedge funds start? Start-up managers: initial considerations Issues regarding sponsors The sponsor's viewpoint Different models The economics of sponsoring start-up funds Summary Chapter 13: Legal issues in structuring and operating funds of hedge funds Stuart Martin Identifying the structure Identifying the domicile Operating funds of hedge funds Summary Chapter 14: Establishing a fund of hedge funds in Luxembourg, Ireland and Switzerland Claude Kremer, Claude Niedner, David Dillon, Shelby R du Pasquier and Olivier Stahler Introduction Luxembourg Ireland Switzerland Conclusion Part V: Performance measurement and risk control Chapter 15: Performance measurement from the allocator's perspective Virginia Parker Introduction Hedge fund databases and indices Judging the quality of a hedge fund's performance Predictability of returns: determining the appropriate target Summary Chapter 16: Performance measurement issues for investors Thomas Schneeweis, Hossein Kazemi and Richard Spurgin Introduction Characteristics of hedge funds Creating funds of funds Managing funds of funds: a risk diversification or return enhancer approach Monitoring funds of funds Fund of funds creation, management and monitoring: state of the art Funds of funds as absolute return strategies Conclusions Appendix 1: A comparison of indices Appendix 2: Relative index performance, 1998 - 2002 (June) Chapter 17: Risk control strategies: the manager's perspective Pierre-Yves Moix and Stefan Scholz Introduction Risk types and leverage Risk monitoring and management Conclusion Chapter 18: Risk management: the investor's perspective Damian Johnson and Nick Macleod Introduction: a cautionary tale Due diligence Identifying fund of funds risk Risk monitoring and risk aggregation Monitoring strategy drift Chapter summary Part VI: Administration, accounting and regulation Chapter 19: Fund of hedge funds administration Brenda Buckley Introduction The continuous process of due diligence Establishment phase of a fund of hedge funds Administration services Custodian services overview of a fund of hedge funds Operational flows and issues Conclusions Chapter 20: Taxation and accounting issues in funds of hedge funds Joel Press Introduction IAS versus US GAAP Operations Fees Equalisation Reporting CFTC Technology and risk management Listing Currency Principal-protected funds Distributed securities US tax issues European taxation Chapter 21: Fund of hedge funds regulation Nathalie Dogniez Introduction Components of hedge fund regulations Why regulate hedge funds? The fund of hedge funds case Taxation Fund of hedge funds regulation: selective overview Conclusions
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