Bob LittermanPartner, Kepos Capital (a New York–based hedge fund)
Former Partner and Head of Firm–wide Risk Goldman Sachs
David Belmont has written a rather well–researched, thoughtful book on managing hedge fund risk that serves well as a reminder for what hedge fund CIOs, CFOs, and COOs need to think about before they use leverage in their business. The book is written in a style accessible to the lay reader as well as the industry–savvy risk manager. The experience of the managers of the Icarus fund possibly represents what a lot of large well–pedigreed fund managers went through as the Financial Crisis of 2007/2008 developed. I expect it to be received extremely well by people on the buy and sell sides alike.
Satish RamakrishnaHead, Prime Services Risk and Complex Financing, Global Markets Equity
David Belmont s Managing Hedge Fund Risk and Financing is a must–read for anyone investing in, or working for, a hedge fund. David does a superior job of providing both a comprehensive and understandable framework for thinking about hedge fund risk, as well as great detail for understanding, analyzing and managing various risks associated with different types of hedge funds. In particular, the book highlights often overlooked risks including funding and counterparty risk. I learned a lot as a result of reading the book and gave copies to the hedge fund and risk management teams at UTIMCO.
Bruce ZimmermanCEO and CIO
The University of Texas Investment Management Company (UTIMCO)
Written by a seasoned risk professional, David Belmont s new book contains a wealth of insights on how hedge fund risk ought to be managed. The clear and direct writing style makes even complex and arcane issues easy to understand. This book should be of interest to hedge fund managers and investors alike.
Sung Cheng ChihChief Risk Officer, Government of Singapore Investment Corp. (GIC)
Hedge fund managers, administrators, prime brokers and those with risk oversight will find this book informative. It is a practical and implementable guide for risk management and oversight of hedge fund risks and financing with a detailed discussion on liquidity and funding risk management.
Timothy M. Curran, CFAManaging Director
Citigroup Risk Management
Introduction: Managing Complexity and Uncertainty
CHAPTER 1: The Quick and the Dead: Lessons Learned
CHAPTER 2: An Integrated Approach to Hedge Fund Risk Management
CHAPTER 3: A Survey of Hedge Fund Strategies and Risks
CHAPTER 4: Analysis of the Risk/Return Profile of Hedge Fund Strategies
CHAPTER 5: Managing Funding Risk
CHAPTER 6: Managing Counterparty Risk
CHAPTER 7: Risk Management for Hedge Fund Investors
CHAPTER 8: Conclusion