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Evaluating and Implementing Hedge Fund Strategies, 3rd Edition: The Experience of Managers and Investors

This essential guide presents a detailed analysis of hedge fund investment techniques, risk and controls from the viewpoints of managers and investors. This book offers practical advice on how to implement and manage a successful hedge fund strategy and includes discussion on event and equity investing, the evaluation of opportunities, risk assessment control, quantitative analysis of return and risk characteristics, investing in emerging markets and convertible arbitrage.


- Transparency
- Benchmarking indexation
- Asset-backed investing
- Trend following
- Hedge funds in Asia
- The law and regulation of marketing alternative funds in the USA and Europe.
- This book provides an insightful and practical overview of the dynamics, diversity and divergences of hedge fund investment.
Chapter 1: An overview of themes and issues 3
- The purpose of this book
- The structure of this book
- Understanding the beast – a review of Part I Introduction
- Intelligence reports from the front lines – a review of Part II:
- Evaluating opportunities – managers' strategies
- Charting the seas – a review of Part III:
- Evaluating opportunities – investors' strategies
- Before hiring a knife juggler, count his fingers – a review of Part IV:
- Assessing risk and risk control
- Stop me before I speculate again – a review of Part V:
- Hedge funds and public policy
- Taming the wild footnote – a review of Part VI:
- Legal and regulatory issues
- Lessons to be learned, re-learned and re-learned again

Chapter 2: Market gravity and hedge fund aerodynamics:
- Introduction
- Market gravity: systemic risk and return
- Hedge fund aerodynamics: a fundamental change in the risk–return profile
- The rationale for perpetual confusion: true versus nominal hedge funds
- True versus nominal: reduced risk for returns versus non-correlating returns
- Appendix: Unified hedge fund classification system, version 1.6

Chapter 3: Sources of systematic return in hedge funds
- Lars Jaeger and Scott Higbee
- Introduction
- Hedge fund return sources
- The challenges for hedge fund investors
- Implications for portfolio management of hedge funds
- Summary and conclusion

Chapter 4: Historical overview of offshore hedge funds
- Antoine Bernheim
- From humble beginnings
- When starting a hedge fund becomes an easy thing to do
- Performance
- Major trends
- The development of offshore jurisdictions
- The development of offshore administrators
- Looking forward

Chapter 5: Hedge fund trends: review and outlook
- Lois Peltz
- Outlook
- Size, asset flow and growth
- Institutional developments
- Conclusion
- Appendix A: Sampling of institutions using or considering hedge funds
- Appendix B: Important dates in hedge fund history

Chapter 6: Lessons learned from investing in hedge funds
- Introduction
- Past performance
- Adaptability
- Newer managers
- Financing
- Performance potential
- Part II: Evaluating opportunities – managers' strategies

Chapter 7: Adding alpha in merger arbitrage
- Overview
- Merger arbitrage
- Not a game for the inexperienced
- Adding alpha in merger arbitrage
- Just when you thought you understood arbitrage
- Globalisation
- Merger bankruptcy
- Recent trends
- Conclusion

Chapter 8: The hedge fund manager's edge: an overview of event investing
- Hedge funds and the efficient market hypothesis
- Event-driven investing and temporary inefficiencies
- Hedge funds and their edge
- A note on risk premia and liquidity
- Corporate spin-offs: 3Com/Palm
- Corporate split-ups: Canadian Pacific
- Conclusion

Chapter 9: Trend following: performance, risk and correlation characteristics
- Michael S. Rulle
- Introduction
- Trend following and sources of return
- Returns and volatility of returns
- Correlation of returns and portfolio construction
- Conclusion

Chapter 10: Using a long-short portfolio to neutralise market risk and enhance active returns
- Bruce I. Jacobs and Kenneth N. Levy
- Introduction
- Setting up a market-neutral long-short portfolio
- Performance in bull and bear markets
- Benefits of long-short
- Adding back market return
- Some concerns addressed
- The importance of investment insights

Chapter 11: Fixed-income arbitrage
- Michael A. Pintar
- Introduction
- Fixed-income arbitrage strategies and their risks
- Yield curve trades
- Spread trades
- Options trades
- Portfolio risks
- Conclusion

Chapter 12: Asset-backed investing
- Luke E. Imperatore
- Introduction
- Advantages for ABS issuers
- Advantages for ABS buyers
- Technical aspects of the asset-backed market
- Economics of the ABS market
- Opportunities for hedge fund investors in ABS markets
- Conclusion

Chapter 13: Emerging markets
- Bruce Richards and Louis Hanover
- Introduction
- Mexico: a true success story
- As the market evolves
- Emerging markets versus other debt classes
- The current market
- The outlook
- Conclusion

Chapter 14: Convertible arbitrage: the manager's perspective
- Michael A. Boyd, Jr and staff
- Introduction
- The issuer's side of the convertible securities market
- The investor's side of the convertible securities market
- What is a convertible security?
- A synopsis of convertible hedging theory
- Cash and carry trades
- The impact of stochastic models on the convertible market
- A crowded market for convertible arbitrage
- Credit analysis of convertible bonds
- A simplified approach to valuing stock price–credit spread correlation
- Risk management
- Investment portfolio applications
- Alpha and convertible arbitrage performance
- Addendum

Chapter 15: Hedged equity investing
- Lee S. Ainslie III
- Introduction
- Net exposure and long-short ratio
- Leverage
- Market timing in a hedged strategy
- Risks within the hedge
- Hedging instruments
- Challenges of shorting
- Security selection risk
- Non-equity risk
- Global investing
- Large cap versus small cap
- Portfolio issues
- Evaluating trading
- Taxes
- Analysing returns
- Selecting a hedged equity manager

Chapter 16: Understanding credit cycles and hedge fund strategies
- Michael E. Lewitt
- Introduction
- A century of accelerating credit cycles
- Credit cycle acceleration and contagion
- The etiology of the 1997–2002 credit cycle
- Macroeconomic factors
- The manifestations of the 1997–2002 credit cycle
- Conclusion

Chapter 17: European event and arbitrage investing
- Roddy Campbell
- Introduction
- European event and arbitrage investing
- Campbell's first law: arbitrage has never worked in countries that have never been ruled by Britain
- Campbell's second law: government involvement spells danger for arbitrageurs
- Campbell's millennium law: national governments in Europe
have now lost all power to interfere in capital markets
- Campbell's next law: the euro est arrivé
- Another law: shareholders own the companies they own shares in
- A global background
- Back to arbitrage
- Back to the future

Chapter 18: Long-short investment strategy in Japan: capitalising on the dynamic structural change occurring in Japan
- Shuhei Abe
- Introduction
- Dynamic structural changes in Japan
- The emergence of Japan's post-war industrial system
- Dismantling Japan's post-war industrial system
- The SPARX experience of long-short investing in Japan
- Innovative product delivery capability
- Conclusion
- Part III: Evaluating opportunities – investors' strategies

Chapter 19: Analysing the evolution of the European hedge fund industry
- Sohail Jaffer
- Introduction
- An industry overview
- Regulatory environment
- Perceptions
- Investor requirements
- Range of investors
- The advantages and disadvantages of hedge funds
- Allocation process
- Due diligence
- Fee structure
- The future

Chapter 20: Hedge funds in Asia
- Peter Douglas
- Introduction
- Intention of this chapter
- Overview
- Appetite for capital
- Regulatory environment
- Characteristics specific to Asian strategies
- Asian appetite for hedged products
- Current environment
- Future developments

Chapter 21: The life cycle of hedge fund managers
- Jeffrey Tarrant
- Introduction
- Wealth management begets wealth creation (for the manager)
- The maths of the hedge fund business
- Tarrant's rule of eight digits
- The five phases in the life cycle of the hedge fund management firm
- Conclusion

Chapter 22: Utilising hedge funds: the experiences of a private investor
- Lloyd Hascoe
- Hedge funds and private investors
- Evolution of a family investment office
- Private investors and risk
- Discovering hedge funds
- Achieving higher returns and lower risk
- The future of hedge fund investing
- Appendix: The Factor Sensitivity model: a hypothetical example

Chapter 23: Quantitative analysis of hedge funds: a simple comprehensive framework
- Thomas Weber
- Introduction
- Some caveats
- A simple framework for quantitative analysis of hedge funds
- Case study
- Summary

Chapter 24: Institutional investors: incorporating hedge funds into the asset allocation process
- James Berens, Judith Posnikoff and Alexandra Coffey
- Introduction
- What defines a hedge fund?
- Where do hedge funds fit in an institutional portfolio?
- Issues for institutions investing in hedge funds
- Recurrent threat of hedge fund regulation
- Advantages of using a fund of funds
- Conclusion

Chapter 25: Quantitative analysis of return and risk characteristics of hedge funds, managed futures and mutual funds
- Thomas Schneeweis and Richard Spurgin
- Introduction
- Sources of return to hedge fund and managed derivative investments
- Data and methodology
- Results
- Implications of results

Chapter 26: The due diligence process
- Roxanne M. Martino
- Reference checks
- Aligning incentives
- Quantitative due diligence
- Qualitative due diligence
- Business risk
- Ongoing due diligence
- Due diligence on funds of funds

Chapter 27: Understanding continuing trends in hedge funds
- Stuart N. Leaf, Paul Isaac and Michael Waldron
- Structural issues
- Sector trends
- Conclusions

Chapter 28: Hedge fund benchmarking and indexation
- Jeff Bramel
- Introduction
- History and evolution of hedge fund indices
- Hedge fund indexation problems
- Index weighting schemes
- Indices and investability
- Transparency
- Liquidity
- Why index?
- Hedge fund index investing
- A survey of hedge fund indices
- Future trends
- Part IV: Assessing risk and risk control

Chapter 29: Risk control and risk management
- Paul Singer
- Introduction
- Leverage
- Concentration and position size
- Absolute size
- The human factor
- People management
- Counterparty and sovereign risk
- Liquidity
- Geopolitical risk
- Systemic risk
- Regulatory risk
- Keeping the risk beast caged

Chapter 30: Qualitative aspects of analysing risk and monitoring managers
- Guy Hurley
- Introduction
- Hedge fund managers: character analysis
- Understanding the hedge fund culture
- Understanding the investment philosophy
- Understanding the edge
- Reflecting the edge in the portfolio
- Understanding risk management
- Monitoring a hedge fund

Chapter 31: Assessing risk and risk control: operational issues
- Mike Tremmel
- Introduction
- Prime brokerage
- Trade authorisation
- Trade capture
- Credit and counterparty risk
- Position and money reconciliation processes with brokers and prime brokers
- Valuation of financial instruments
- Currency exposure
- Future directions, challenges and opportunities

Chapter 32: The evolving role of the prime broker
- Christopher J. Pesce
- Introduction
- What a prime broker does
- How does a prime broker help a manager start a hedge fund?
- How does a prime broker help a hedge fund operate?
- How do prime brokers help hedge funds find capital?
- How do prime brokers help hedge funds generate alpha?
- Conclusion

Chapter 33: Hedge fund transparency
- James R. Hedges, IV
- Introduction
- Hedge fund versus mutual fund investing
- Advantages and disadvantages of transparency
- Transparency is not a free good
- Recent developments
- Part V: Hedge funds and public policy

Chapter 34: What bankers don't know
- Henry Kaufman

Chapter 35: Hedge funds and dynamic hedging
- George Soros
- A different view of markets
- Institutional investors
- Derivatives
- What are hedge funds?
- The Quantum Group of Funds
- Supervision and regulation
- Questions

Chapter 36: Hedge funds and financial markets: implications for policy
- Barry Eichengreen and Donald J. Mathieson
- Introduction
- Hedge fund operations
- Hedge funds and market moves
- Policy implications and options
- The hedge fund industry
- Hedge funds and market dynamics
- Supervision and regulation
- Hedge funds and recent crises
- An appraisal

Chapter 37: Short selling, hedge funds and public policy considerations
- James S. Chanos
- Introduction
- Who sells short?
- Regulatory requirements and economic costs of short selling
- Short sellers as financial detectives
- An example of research-based short selling: Enron
- Is there a need for regulatory change?
- Part VI: Legal and regulatory issues

Chapter 38: Structuring hedge funds – an overview of business, legal and regulatory considerations for managers
- Philip H. Harris, Andrew S. Kenoe, Sarah Davidoff and
- Michael A. Lawson
- Introduction
- Threshold questions
- Types of organisation
- Annuity and insurance products
- US regulatory framework
- Securities Act of 1933 (Securities Act) and Regulation D thereunder;blue sky
- Related 'blue sky' considerations
- Securities Exchange Act of 1934 (the Exchange Act)
- Investment Company Act of 1940 (the Investment Company Act)
- Investment Advisers Act of 1940 (the Advisers Act)
- Commodity Exchange Act of 1974 (CEA)
- Anti-money laundering
- Privacy regulations
- Basic economics
- ERISA-employee benefit plans
- Tax considerations
- Documentation
- Conclusion

Chapter 39: Investing in hedge funds: an overview of business, legal and regulatory considerations for investors
- Eric Sippel and Christopher Rupright
- Introduction
- Primary factors influencing a hedge fund's terms
- Significant hedge fund terms
- Conclusion

Chapter 40: Marketing alternative investment funds:law and regulation
- Eric C. Bettelheim
- EU Directives
- The United Kingdom
- The United States
- France
- Germany
- Switzerland
- Conclusion

Chapter 41: Marketing alternative investments: law and regulation in the United States
- Nicholas S. Hodge
- Introduction
- 1933 Act limitations on marketing
- 1940 Act limitations on marketing
- Advisers Act limitations on marketing
- New products

Chapter 42: The evolution and outlook for regulation of hedge funds in the United States
- Nicholas S. Hodge
- Introduction
- Current regulatory environment
- The development of the hedge fund industry and hedge fund regulation
- Climate change: new perceptions of hedge funds
- Future regulatory developments
- Appendices
- Appendix 1: AIMA's illustrative questionnaire for due diligence of hedge fund managers
- Appendix 2: Regulatory and investor protection issues arising from the participation by retail investors in (funds-of-) hedge funds
The diversity, dynamics, disagreements and divergences that animate the hedge fund industry are reflected throughout the structure and content of this book. The topics addressed within the chapters have been divided into six broad sections.

Part I: Introduction, includes this overview and five diverse chapters, which lay out the history and background of the industry, address the basic rationale for hedge funds and provide a basic set of definitions.

Part II: Evaluating opportunities – managers' strategies', represents the 'supply side' of the industry. It is made up of presentations by 12 seasoned hedge fund managers who explore critically the challenges and opportunities they face within their particular discipline of investing, ranging from hedged equity investing to fixed-income arbitrage.

Part III: Evaluating opportunities – investors' strategies', represents the 'demand side' of the industry. It comprises discussions by 10 hands-on investors of the uses and abuses, the pros and the cons of utilising hedge funds. Also included is the due diligence questionnaire developed by the Alternative Investment Management Association (AIMA), which is in Appendix 1.

Part IV: Assessing risk and risk control', addresses what perhaps has become the most important topic within the field. It includes in-depth reviews by five practitioners who approach the issues from very different but related directions, as one is a manager, two are investors/intermediaries, one is an accountant/auditor and one is a prime broker.

Part V: Hedge funds and public policy', explores how hedge funds relate to economic developments and how they affect the behaviour of securities markets. The four contributors not only share very thoughtful reflections on the issues but also offer some very useful guidance to policy makers.

Part VI: Legal and regulatory issues', comprises five chapters that provide much needed clarity for those seeking guidance through the very complex tangle of undergrowth that surrounds hedge funds.

Also included is an IOSCO report, which is in Appendix 2, on regulatory and investor protection issues.
Ronald A. Lake is president of Lake Partners, Inc., an investment consulting firm located in Greenwich, Connecticut. Lake Partners advises institutions and private investment groups on asset allocation, manager selection and programme supervision, with special expertise in hedge funds and alternative investments.

Contributing authors

Shuhei Abe is president, chief executive officer, and chief investment officer at SPARX Asset Management Co., Ltd., which is located in Tokyo. The firm manages various equity and hedged equity programmes in Japanese Equity.

Lee S. Ainslie III is managing partner of Maverick Capital based in New York and Dallas, Texas. The firm manages hedge equity funds.

James Berens, PhD, is a managing director and one of the original founders of Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. He is involved in all stages of the investment process, focusing on asset allocation among various hedge fund strategies, and portfolio risk.

Antoine Bernheim, publisher of The US Offshore Funds Directory and, is president of Dome Capital Management, Inc., a New York-based firm he founded in 1984 to advise European investors. He is also chairman of Dome Securities Corp., a broker-dealer that specialises in raising capital for hedge funds.

Eric C. Bettleheim is a consultant at the law firm of Mishcon de Reya, Solicitors, based in London, England. He specialises in the regulation of financial institutions, derivatives, managed funds and commercial activities.

Jeff Bramel is vice president at DB Advisors, LLC, a subsidiary of the Deutsche Bank Group based in New York. DB Advisors manages the investment of Deutsche Bank's proprietary capital in hedge fund strategies.

Jonathan P. Bren is a principal at Hunt Financial Ventures, a private investment firm located in Dallas, Texas and New York, which allocates capital to, and incubates, hedge funds.

Michael A. Boyd, Jr is chairman and chief investment officer of Forest Investment Management located in Old Greenwich, Connecticut. The firm focuses on global convertible and other equity-linked securities arbitrage.

Ted Caldwell is founder and president of Lookout Mountain Capital, Inc., located outside Chatanooga, Tennessee. Lookout Mountain specialises in the evaluation, selection and monitoring of hedge funds.

Roddy Campbell founded Cross Asset Management in 1998. Located in London, the firm manages arbitrage and event-driven strategies in corporate equity and credit markets, specialising in Europe.

James S. Chanos is president of Kynikos Associates, Ltd. Based in New York, the firm focuses primarily on unhedged short selling of overvalued securities through the domestic Ursus Partners fund as well as Ursus International, Ltd., for international clients.

Alexandra Coffey is an analyst at Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. She provides analytical support to the firm's investment management team.

Sarah Davidoff is an associate in the investment management department of the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, New York.

Peter Douglas is the principal of GFIA, Pte., Ltd., a Singapore-based research consultancy established in 1998. The firm researches and monitors Asian hedge funds on behalf of professional investors, and advises allocators and fiduciary investors on hedged strategies.

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, California. He is also research associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and research fellow of the Centre for Economic Policy Research in London.

Louis Hanover is the chief investment officer of Marathon Asset Management, LLC, New York. The firm specialises in the global credit markets and manages various hedge funds in emerging markets, convertible bond arbitrage, distressed debt and credit trading strategies.

Philip H. Harris is a partner in the investment companies and advisers group of the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, New York. He specialises in private investment funds, registered investment funds and related merger and acquisition transactions.

Lloyd Hascoe is managing director of Hascoe Associates, Inc., a family office located in Greenwich, Connecticut. He has overall responsibility for the firm and focuses on strategic investment policy and asset allocation.

James R. Hedges IV is the founder, president and chief investment officer of LJH Global Investments, LLC, a hedge fund advisory firm based in Naples, Florida.

Scott Higbee is an associate vice president in the New York office of Partners Group, an alternative investments firm based in Zug, Switzerland.

Nicholas S. Hodge is a partner in the Boston, Massachusetts office of the law firm of Kirkpatrick & Lockhart, LLP. He focuses on representing hedge funds, investment advisers, broker-dealers, real estate funds and other alternative investment vehicles.

Jason Huemer is the president of Synthesis Funds, a hedge fund incubator and seed investment firm located in New York. He also is the author of the monthly ‘Hedge Row' column in the Financial Times.

Guy Hurley is the global head of manager selection at Financial Risk Management, Ltd., a London-based fund of hedge funds.

Luke E. Imperatore was most recently a managing director of Old Hill Partners, Darien, Connecticut, where he focused on business development and client services. The firm manages funds specialising in asset-backed securities.

IOSCO the International Organization of Securities Commissions, strives to cooperate to promote high standards of regulation to maintain just, efficient and sound markets.

Paul Isaac is chief investment officer at fund of funds firm Cadogan Management, LLC, New York. He has helped direct manager research and portfolio management at Cadogan since 1999.

Bruce I. Jacobs is a principal of Jacobs Levy Equity Management, Florham Park, New Jersey. Founded in 1986, Jacobs Levy has an institutional clientele and focuses exclusively on active management of US equity portfolios.

Lars Jaeger, PhD, is a founding partner of saisGroup, an investment firm specialising in alternative investment strategies based in Zug, Switzerland. SaisGroup merged with Partners Group at the end of 2001. He heads the risk management and quantitative analysis group.

Sohail Jaffer is managing director at Premium Select Lux, SA, an asset management company based in Luxembourg. He is a Council Member of AIMA and has edited and contributed to several international hedge fund publications.

Henry Kaufman is president of Henry Kaufman & Company, Inc., a financial and economic consulting firm based in New York.

Andrew S. Kenoe is a partner at the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, in Chicago, Illinois. He counsels clients on a wide range of domestic and cross-border transactional tax issues.

Michael A. Lawson is a partner at the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, in Los Angeles, California. He heads the firm's employee benefits group.

Stuart N. Leaf is chief executive officer of Cadogan Management, LLC, New York. He has been involved in the research, creation and management of Cadogan's multi-manager hedge fund portfolios since the inception of the firm in 1994.

Kenneth N. Levy is a principal of Jacobs Levy Equity Management, Florham Park, New Jersey. Founded in 1986, Jacobs Levy has an institutional clientele and focuses exclusively on active management of US equity portfolios.

Michael E. Lewitt is the president of Harch Capital Management, Inc., a money management firm based in Boca Raton, Florida, that specialises in non-investment-grade bonds and bank loans. Mr Lewitt is also author of The HCM Market Letter, a monthly review of the financial markets.

Roxanne M. Martino is the president and chief investment officer of Harris Alternatives, LLC. Harris Alternatives, which is based in Chicago, Illinois, offers alternative investment funds to individual and institutional investors.

Donald J. Mathieson is chief of the Emerging Markets Surveillance Division, International Capital Market Department, of the International Monetary Fund in Washington, DC.

Emma Mugridge is the director of AIMA (Alternative Investment Management Association) in London. Founded in 1990, AIMA is a not-for-profit trade association for the alternative investment community.

John Paulson is the president of Paulson & Co., Inc., in New York. The firm manages domestic and offshore funds focused on merger arbitrage.

Lois Peltz is the president and chief executive officer of Infovest21 in New York. In addition to providing an e-mail news service and Strategy Focus, a monthly publication, Infovest21 organises educational hedge fund events. She is the author of The New Investment Superstars published by John Wiley in 2002.

Christopher J. Pesce is managing director and global head of prime brokerage at Banc of America Securities, LLC, New York.

Michael A. Pintar is a former portfolio manager with Clinton Group based in New York.

Judith Posnikoff, PhD, is a managing director and a founder of Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. She is responsible for interviewing, selecting and monitoring hedge fund managers, with a focus on the equity market-neutral and merger arbitrage strategies.

Bruce Richards is the president of Marathon Asset Management, LLC, New York. The firm specialises in the global credit markets and manages various hedge funds in emerging markets, convertible bond arbitrage, distressed debt and credit trading strategies.

Michael S. Rulle is the president and a principal of Graham Capital Management (GCM), LP, a Stamford, Connecticut-based commodities trading adviser.

Christopher Rupright is a partner at the law firm of Shartsis, Friese & Ginsburg, LLP, in San Francisco, California. He focuses on counseling investment advisory firms, and organising private investment pools, including hedge funds and offshore funds.

Thomas Schneeweis is director of the Center for International Securities and Derivatives Markets and Professor of Finance at the Isenberg School of Management, University of Massachusetts. He is also managing partner of Schneeweis Associates, a multi-manager investment consulting firm in Amherst, Massachusetts.

Paul Singer is general partner of Elliott Associates, LP, a New York-based investment firm. Mr Singer is also investment manager of Elliott International Limited, a Cayman Islands based fund. The goals of both Elliot and Elliott International are to achieve a moderate return with low risk.

Eric Sippel is the chief operating officer and general counsel of Eastbourne Capital Management, LLC, a hedge fund manager in San Rafael, California. Prior to joining Eastbourne, he was a partner at the law firm of Shartsis, Friese & Ginsburg, LLP.

George Soros is the chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies.

Richard Spurgin is assistant professor of finance at Clark University, Worcester, Massachusetts, and a partner in Schneeweis Partners, a multi-manager investment consulting firm in Amherst, Massachusetts.

Jeffrey Tarrant is the president and chief investment officer of Protégé Partners, a New York based fund of hedge funds that invests with, and seeds, small and specialised hedge funds.

Mike Tremmel is a senior manager in the asset management practice in the Pacific Northwest region for Ernst & Young, LLP. He advises investment partnerships, offshore funds, registered investment advisers and other financial services entities.

Michael Waldron is director of research at the fund of funds firm Cadogan Management, LLC, New York. He has been involved in manager research and portfolio management at Cadogan since 1997.

Thomas Weber, PhD, is a founding partner and head of hedge fund investments at LGT Capital Partners AG, a fund of funds manager for alternative assets based in Switzerland, which invests in private equity and hedge funds on a global basis.
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