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Hedge Funds: Crossing the Institutional Frontier
Euromoney Institutional Investor, Oct 2006
Hedge Funds: Crossing the Institutional Frontier' is a most timely addition to the hedge funds discourse, considering changes in the industry itself: how hedge fund managers should be reacting to consolidation in the industry and the changing demands of investors. The author, Sohail Jaffer has brought together 18 experienced industry leaders who discuss trends within the marketplace and the challenges confronting the industry:
- What are the key factors in a successful hedge fund evolution?
- What are the business models and structural issues in Hedge Funds Mergers & Acquisitions?
- What is the impact of institutionalisation of the industry, and how is this transforming the hedge fund and funds of funds marketplace?
- What are the risks and opportunities for hedge funds in this new environment?
- What are the issues in combining hedge funds and structured products?
- How can hedge funds meet the dangers (and opportunities) of private equity investments?
- What are the operational and regulatory risks facing the industry and how can the industry best meet these?
- How can hedge funds get the best from their prime broker?
- Understanding investible hedge fund indices
- How to successfully leverage a hedge fund portfolio
- What are the new drivers for successful investments, including entry into new markets such as Asia.
This book provides you with a detailed account of the key issues facing the hedge fund industry, and strategies for hedge fund managers to gain success both over competitors and with investors from leaders in the field.
Part 1 considers the current trends in the hedge funds marketplace In Chapter 1, Tom Brown, Giles Drury and Neil Fatharly from KPMG introduce the key trends and challenges facing the hedge funds industry, including capacity, investor money blows, involvement of regulators and convergence with other investment sectors. This is followed by Eric Weber from Freeman and Co., LLC who in Chapter 2 considers hedge fund mergers and acquisitions – what are the business models driving deals? In Chapter 3, Brad Southern, also from Freeman and Co., LLC looks at the nuts and bolts of M&A in the industry – how and why does it happen: what are the motivations for buying and selling, and what are the key structural issues in hedge fund M&A. This part concludes with Philip Manduca from Titanium Capital, who looks at the evolution of hedge funds, from start ups, to established hedge fund businesses.
Part 2 considers the changing demands of investors in hedge funds. This part opens with Alan H. Dorsey from CRA Rogers Casey, who examines institutional investors’ expectations of hedge funds and growth within the industry as it becomes increasingly institutionalised. Blaine Tomlinson from Financial Risk Management provides some practical pointers that investors might use to identify future hedge fund ‘winners’ in Chapter 6. In the following chapter, funds of hedge funds are discussed by Omar Kodmani of the Permal Group – how do they continue to earn their keep and have we reached the peak of investment through these vehicles? Robert Jaeger from EACM Advisors, LLC challenges the conventional myths of hedge fund investing in Chapter 8 – what are the practical realities of what hedge funds should beware? In the final chapter of this part, Bruce Brittain and Andrew Wittkop from Pimco look at the impact of the institutionalisation of the hedge fund marketplace and how their investment practices are transforming the hedge fund marketplace.
The third part of the book considers the risks and opportunities for hedge funds themselves as they approach the new frontier. In Chapter 10, Lothar Mentel from Threadneedle provides an overview of structured products and hedge funds – illustrating their fundamental concepts and discussing their strengths and weaknesses. In Chapter 11, Sir David Cooksey from the EVCA discusses the threat to hedge funds from private equity investors and the impact of this convergence on the investment landscape. Jean-René Giraud from Edhec-Risk Advisory describes the operational risks confronting hedge funds in Chapter 12, which are then considered by Andrew Shrimpton from the Financial Services Authority in Chapter 13 in the light of future industry regulation. This part is concluded by Jim Lafaman at Credit Suisse who discusses the changing role of prime brokers and how hedge funds can ensure best practice.
In the final, Part 4 of this book, our contributors consider some new strategies which may be adopted by hedge funds and investors to ensure the best returns. The part opens with Tom Schneeweis, Vissilis Karavas and Igor Grasic who discuss investible hedge fund indices – how are these constructed, what are the management and performance issues, and what is the relative performance of investible indices and traditional fund of funds products. In Chapter 16, John Dunn III from Thunderbird, The Garvin School of International Management looks at the cost of leverage in hedge fund portfolios and how useful (and dangerous) it can be. This is followed by a discussion of hedge funds in Asia by Khiem Do at Baring Asset Management – what are the growing opportunities in the region. Finally, the book is concluded by Sudhir Krishnamurthi from The Rock Creek Group who summarises the changing nature of the hedge fund industry and considers some strategic decisions in constructing hedge fund portfolios.
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