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- Product code: 16062
- ISBN: 9627762849,
ISBN13: 9789627762843,
166 pages, paperback
Published by ISI Publications on 2003
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Description of A Capital Guide to Hedge Funds |
This Book is designed to reflect the continued growth of hedge funds across new markets and sectors. Going beyond pure analysis of the traditional centres, the Guide caters to a broad audience that has keen interest in the issues confronted and debated throughout the text.
Sponsored by Citco, the Guide includes assessments on the past, present and future trends within the hedge fund industry. The Guide also contains a series of profiles, including detailed coverage of markets such as Bermuda, the Cayman Islands, Luxembourg and Hong Kong.
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Contents of A Capital Guide to Hedge Funds |
Introduction: About the Sponsor
William Keunen, Citco Fund Services
1. A year of Turmoil: Impact on Hedge Fund Operations
William Keunen, Citco Fund Services
- Hedge Funds Come in All Shapes and Sizes
- The Appetite for Hedge Funds Spreads
- Managing Hedge Fund Risk and the Administrators Role
- Increased Interest in Outsourcing
- The Fully-fledged 'Front-to-Back' Solution
- Specific Post 9/11 Concerns
- Conclusion
2. Current State of the Hedge Fund Market
Nathan Gantcher, Alpha Investment Management, New York
- Returns and Strategies
- Will the Bubble Burst
- Challenges and Opportunities
- Funds of Funds' Responsibilities
3. Jurisdiction Profiles
Profile One: Jurisdiction Profile: Bermuda
Deborah Poole, Appleby Spurling & Kempe, London
- Introduction
- Structures Available
- Costs
- What is Required to Establish a Fund in Bermuda?
- Bermuda Stock Exchange
- Legislation Pending Following FAFT/OECD/UK Overseas Territories Review
- Other Key Requirements or Idiosyncracies of Interest to Hedge Fund Managers
- Strenghs and Weaknesses
Profile Two: Jurisdiction Profile: Cayman Islands
Mark Lewis, Walkers, Cayman Islands
- Introduction
- Legal Entities and Structures Available in the Cayman Islands
- An Evaluation of Costs in the Cayman Islands
- Cayman Islands Stock Exchange
- Legislative Response to FATF/OECD/UK Overseas Territoires Review
- Anti-money Laundering Legislation
- Additional Cayman Islands Requirements or Idiosyncracies
- Summary of Strengths and Weaknesses
Profile Three: Jurisdiction Profile: Dublin
Hilary Griffey, Kilroys, Dublin
- Introduction
- Legal Entities and Structures Available
- Evaluation of Costs in Dublin
- The Irish Stock Exchange
- Anti-money Laundering Legislation
- Regulation
- Summary of Strengths and Weaknesses
Profile Four: Jurisdiction Profile: Luxembourg
Claude Niedner, Arendt & Medernach, Luxembourg
- Introduction
- Rules Governing Luxembourg Funds
- Investor Protection
- The Flexibility of the Hedge Fund Regime
- Listing
- Conclusion
Profile Five: Jurisdiction Profile: Hong Kong
Mark Shipman and James Walker, Clifford Chance, Hong Kong
- Introduction
- Legal Entities and Structures Available
- Costs in Hong Kong
- Taxation
- Legislative Developments
- Hedge Fund Guidelines
- Anti-money Laundering Legislation
- The Stock Exchange of Hong Kong
- Strengths and Weaknesses
4. Getting the Structure Right for Managers and Investors
Christopher Hilditch and Richard Thompson, Schulte, Rith & Zabel International London
- Fund Vehicles and Structures
- Stand-alone Funds
- Umbrella Funds
- Master-feeder
- Structured Products
- Registered Hedge Funds
- Management Issues
- Management and Control
- Liability to UK Tax of a Non-UK Resident Fund
- Offshore Management Company
- Investment Manager
- Conclusion
5. Legal Segregation of Assets: Towards Global Recognition
Anthony D Whaley, Conyers Dill & Pearson, Bermuda
- Introduction: Growth of the Protected Cell Structure
- Segregated Accounts Companies in Bermuda
- Segregated Portfolio Comapnies in the cayman Islands
- Protected Cell Companies in Guernsey
- Conclusion
6. Current Trends Affecting Flows to Hedge Funds
Victor L Zimmerman Jr Curtis, Mallet-Prevost, Colt & Mosley, Stanford
- Strategies and Funds Currently Favoured by Investors
- The New Seed Investors
- The Consultant's Role in Positioning the new fund for Capital
- Conclusion
7. Sources of Return for Hedge funds and Managed Futures
Dr Lars Jaeger, Partners Group, Baar-Zug
- Introduction
- The Sources of AIS Returns
- The Challenges for Funds of Funds
- Implications for Portfolio Management of AIS
- Conclusion
8. The Inefficiencies of Paper-based Processes
Dave Sahstri, Fundnexus, London
- Relevance for the Hedge Fund Industry
- The Real Cost of Paper
- Where does all the Paper come from?
- The Front Office is Becoming Sublime
- Assessing the Risk Today
- Back to the Future
- Filling in the Cracks
- Independent Verification
- Fund Administrators' Response
- Prospectus Distribution
- Looking Ahead
9. Equalisation
Kieran Conroy, Citco Fund Services, Dublin
- The Free Ride
- Multi-series versus the Equalisation Factor
- The Beauty of Equalisation
- The Equalisation factor
- What's New and What is Coming?
- Conclusion
10. Anti-money Laundering Initiatives for Private Investment Funds
Betty Santangelo and Caroline Krass Levy, Schulte, Roth and Zabel New York
- Introduction
- Investment Companies, Private Investment Funds and the Anti-money Laundering rules generally
- The PATRIOT Act
- Other Potentially Relevant Provisions
- Conclusion
11. UK Financial Services Authority Consults the Hedge Fund Industry
Peter Astleford and William Yong, Dechert London
- Introduction
- A Changing market
- Current UK Regulatory Regime
- The Regulaion of Hedge Fund Managers in the UK
- Options for Change and Questions for Discussion
- Hedge Fund Managers and the FSA's Financial Crime Objective
- Conclusion
12. US Regulatory and Tax Considerations for Offshore Funds
Mark Barth and Marco Blanco, Curtis, Mallet-Prevost, Colt & Mosle New York
- Limited Contact with the United States - Investment and Custody
- Sales outside of the United States, Including Sales Activities Conducted from Within the United Sataes and Internet Sales
- US Investment Managers
- US Shareholders other than from Offerings in the United States
- Public Offerings of Offshore Funds in the United States
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