Practical Operational Due Diligence on Hedge Funds
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Practical Operational Due Diligence on Hedge Funds: Processes, Procedures, and Case Studies(The Wiley Finance Series)

Practical Operational Due Diligence on Hedge Funds: Processes, Procedures, and Case Studies(The Wiley Finance Series)


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About the Book

Tighten due diligence procedures for more successful hedge fund investment Practical Operational Due Diligence on Hedge Funds is an encyclopaedic, comprehensive reference, written from the perspective of an experienced practitioner. Accompanied by a useful archive of factual material on different hedge fund issues, including failures, fines, and closures, this book focuses on the areas due diligence professionals should address, and explains why they're important. Extensive discussion of publicised cases identifies the manager entities and actual fund vehicles involved, and provides commentary on what could have been done differently in each case, backed by actual regulatory materials, such as SEC complaints, that recreate the events that took place. Readers gain a deeper understanding of the many facets of due diligence and the many possible pitfalls, learning how standardise processes and avoid major errors and oversights. The amount of money managed by hedge funds has almost doubled from the $1 trillion under management at the time of the financial crisis. Hedge funds can be extremely risky, but can be extremely profitable — as money increasingly flows back in, due diligence on these alternative investments becomes more and more critical. This book provides complete guidance toward the due diligence process, with plentiful real-world examples. Identify the areas of due diligence and what can go wrong Create procedures and checklists to minimise errors Learn what publicised cases could have done differently Gain a deeper understanding of massive failures and successes Proper due diligence can be a massive undertaking, but thoroughness is essential when the price of failure is so high. Practical Operational Due Diligence on Hedge Funds provides the details professionals need to be on point every time.

Table of Contents:
Preface xIiii Acknowledgments xlvii About the Author xlix Disclaimer li Part I Processes and Procedures Chapter 1 What is a Hedge Fund? 3 1.1 The Role of a Hedge Fund in an Investment Portfolio 5 Chapter 2 Defining Operational Issues 7 2.1 Classifying Problems and Failures 8 2.2 Fraud 8 2.3 Insolvency and Winding Up 10 2.4 Investment Losses Outside the Fund’s Stated Volatility Range 10 2.5 Operational Problems, Fund Defaults and Material Breaches of Contract 11 2.6 Regulatory Intervention Resulting in a Settlement, Fine or Fund Closure 12 2.7 What Happens When It All Goes Wrong 12 Chapter 3 Structures for Investment in Alternatives 15 3.1 A Quick Primer on Fund Structures 15 3.2 Limited Companies 17 3.2.2 Significance of Jurisdiction 18 3.3 Unit Trusts 19 3.4 Partnerships 19 3.5 Managed Accounts 20 3.6 Master Feeder and Mini Master Structures 21 3.7 Umbrella Structures 22 3.8 Ucits 23 3.9 The Changing Landscape and the Implications for Investors 23 3.10 Regulatory Arbitrage 23 Chapter 4 Is the Fund for Real? Establishing the Basics 25 4.1 Constitutional Documents 25 4.2 Fund Contracts and the Basics of Contract Reviews 28 4.3 Service Providers to the Fund 32 4.4 Manager Visits 46 4.5 Background Checks 49 4.6 Initial Questionnaires to Commence Due Diligence Work 50 4.7 “Generic Risks” in Documents and Contracts 53 Chapter 5 Understanding Fund Operations and Controls 61 5.1 Investment Strategies and What They Involve 62 5.2 Operational Structures Required to Support an Investment Strategy 63 5.3 Establishing the Existence of Controls 64 Chapter 6 Governance – Managing Risk Through a Non-Executive Board 65 6.1 Investor-Nominated Directors 66 6.2 Managing Risk as a Non-Executive Board 67 Chapter 7 Reporting to Members and Statutory Reporting 75 7.1 Statutory Reporting 75 7.2 Financial Statements 76 7.3 Designing a Template for Reviewing Financial Statements 81 7.4 Shareholder Voting: the Automatic Proxy 83 7.5 Investor Reporting and Transparency 84 7.6 Conflicts of Interest and Transparency 85 Chapter 8 The Curse of Leverage (Fund Liabilities) 87 8.1 Who Provides Finance 88 8.2 How Financing is Secured 90 8.3 How Collateral Creates Fund Risk 92 8.4 Understanding Default Clauses and Covenants 93 8.5 Collateral Management and the Concept of Margining 95 8.6 Rehypothecation 97 8.7 Blow-Ups Due to Leverage 99 Chapter 9 Fund Assets 103 9.1 Valuation Concepts 103 9.2 Designing Principles for Valuations 105 9.3 Valuations From an Accounting Perspective 108 9.4 AIMA Recommendations 110 9.5 Valuing Level 3 Investments and Illiquid Investments 112 9.6 Valuation Tricks and Discrepancies Including Accounting and Dealing NAVs 113 9.7 Liquidity 115 9.8 Style Drift 116 9.9 The Side Pocket 117 9.10 Reviewing Derivative Transactions 118 9.11 Betting the House and Its Contents 119 9.12 Naked Shorts and Options 120 9.13 Monthly Reporting and What It Means 122 9.14 Hedging Currency Risk and Implications for Liquidity 123 9.15 Realising Fees on a Fund and Deferrals 124 9.16 The Basics on Taxation of Hedge Funds 126 Chapter 10 Fraud 129 10.1 Phantom Funds and Theft 129 10.2 Ponzi Schemes 130 10.3 Intentional Misvaluation 131 10.4 Preferential Treatment 131 10.5 Misrepresentation/Misreporting 132 10.6 The Nick Leeson Syndrome: Rogue Traders 134 10.7 Covering up Mistakes 136 Chapter 11 Fees: The Essence of Hedge Funds 137 11.1 High Water Marks, Hurdles and Claw Back Provisions 138 11.2 What Does It Cost to Run a Fund? 142 11.3 Can Investors Pose a Risk to the Survival of a Fund? 144 11.4 The Gate 145 11.5 Redemption Terms and Lock-Ups 146 11.6 Fees on Side Pockets and Illiquids 146 11.7 The Capital Base of the Fund 147 11.8 Aligning Interests 147 11.9 Arrivals and Departures: Fund Dilution, Rebalancing and Box Management 147 Chapter 12 Regulatory Actions, Politics and Market Confidence 149 12.1 Characteristics of Successful Complaints and Defences 151 12.2 The Basics of an SEC Complaint 154 12.3 Investigations by the UK Financial Conduct Authority 160 12.4 Large Financial Services Firms vs Small Financial Services Firms 165 12.5 Managing Electronic Discovery 169 12.6 Aifmd 170 12.7 Developments in the Asia Pacific Region 171 12.8 Investor Protection Through Regulation 171 12.9 Identifying Future Risks 173 Chapter 13 Key Man Risk, Disaster Recovery and Business Continuity 175 13.1 The House of Cards – Disaster Recovery or Business Continuity 176 13.2 Whose Information Is It Anyway? 177 13.3 Insurance 178 Chapter 14 Negotiating Terms and Exercising Rights 181 14.1 The Subscription Document 181 14.2 The Necessity for Side Agreements 182 14.3 The Implications of Side Agreements 185 14.4 Things to Consider 187 14.5 Exercising Shareholder Rights 191 14.6 Taking Over the Management of the Fund 192 14.7 Exiting or Redeeming From a Fund 193 Chapter 15 Risk Ratings and Scoring 195 15.1 Scoring: Temptations and Dangers 196 15.2 Risk Mapping and SOX Controls 197 15.3 A Template for Scoring a Hedge Fund 200 15.4 External Rating Agencies 221 15.5 Outsourcing Due Diligence by Funds of Funds and Institutions 222 Chapter 16 Marketing to Investors 229 16.1 What the Prospectus Does Not Say 229 16.2 Does Operational Risk Really Matter? 231 16.3 Marketing as a Differentiating Factor 232 16.4 Career Risk Management 233 16.5 Investment Selection Processes – the Deceptiveness of the Power of Veto and Overriding Controls 235 Part II Case Studies Chapter 17 Case Studies Pre- 2000 239 17.1 Fleschner Becker Associates 242 17.2 D.E. Shaw & Co LP 244 17.3 Askin Capital Management L.P. 247 17.4 Guarente-Harrington Associates 250 17.5 Hubshman Management Corp 253 17.6 Investor Overseas Services Limited 253 17.7 Long-Term Capital Management L.P. 256 17.8 Niederhoffer Investments Inc/NCZ Commodities Inc 259 17.9 Odey Asset Management Ltd 260 17.10 Omega Advisors Inc 261 17.11 Pharos Capital Management LP 265 17.12 Piper Capital Management Inc 266 17.13 Steadman Security Corporation 268 17.14 Steinhardt Management Company Inc 270 17.15 Takara Asset Management Corporation 273 Chapter 18 Case Studies 2000 275 18.1 Ashbury Capital Management LLC 275 18.2 Laser Advisers Inc 276 18.3 Manhattan Capital Management, Inc 277 18.4 Maricopa International Investment Corporation 279 18.5 Penta Investment Advisers Ltd 280 18.6 Soros Fund Management LLC 282 18.7 Tiger Management Corp 283 Chapter 19 Case Studies 2001 285 19.1 E Thomas Jung and E Thomas Jung Partners Ltd 285 19.2 Marque Millennium Group, Inc. 286 19.2.1 Reference Article 286 19.2.2 Background 286 19.2.3 Observations 287 19.3 Heartland Advisors Inc 287 Chapter 20 Case Studies 2002 289 20.1 Beacon Hill Asset Management LLC 289 20.2 Integral Investment Management LP 290 20.3 Klesch & Co Limited 292 20.4 Orca Funds Inc 293 20.5 Trout Trading Management Company Ltd 294 Chapter 21 Case Studies 2003 297 21.1 Cptr Llc 297 21.2 Canary Investment Management LLC 299 21.3 Eifuku Investment Management Limited 303 21.4 J.T. Investment Group Inc and New Resource Investment Group INC 304 21.5 Lancer Management Group LLC and Lancer Management Group II LLC 305 21.6 Lipper Holdings, LLC 308 21.7 Millennium Capital Group LLC 310 Chapter 22 Case Studies 2004 313 22.1 Dobbins Offshore Capital LLC 313 22.2 Fountainhead Asset Management LLC 314 22.3 LF Global Investments LLC 316 22.4 Nextra Investment Management SGR 317 Chapter 23 Case Studies 2005 319 23.1 Creedon Keller & Partners 319 23.2 Aman Capital Management Pte LTD 320 23.3 Applegate Investments 322 23.4 Amerindo Investment Advisors Inc 322 23.5 Lake Dow Capital, LLC 324 23.6 Bailey Coates Asset Management LLP 325 23.7 Bayou Management LLC 325 23.8 AJR Capital Inc and Century Maxim Fund Inc. 327 23.9 Durus Capital Management LLC 328 23.10 Entrust Capital Management Inc 331 23.11 EPG Capital Management Inc 331 23.12 HMC International, LLC 333 23.13 K.L. Group LLC, KL Florida LLC & KL Triangulum Management LLC 334 23.14 Hunter Capital Management LP 335 23.15 Linuxor Asset Management LLC 336 23.16 Lyceum Capital LP 338 23.17 Marin Capital Partners LLC 339 23.18 Millennium Management LLC 339 23.19 Norshield Asset Management (Canada) Ltd 341 23.20 Philadelphia Alternative Asset Management Company LLC 344 23.21 Phoenix Kapitaldienst GMBH 345 23.22 Pippin Investments 347 23.23 Portus Alternative Asset Management Inc 348 23.24 Refco Inc. 350 23.25 Springer Investment Management Inc 351 23.26 Tenet Asset Management LLC 353 23.27 Melhado, Flynn & Associates Inc 354 23.28 Veras Investment Partners LLC 356 23.29 Wood River Capital Management LLC 357 Chapter 24 Case Studies 2006 359 24.1 Amaranth Advisors LLC 359 24.2 Archeus Capital Management LLC 370 24.3 Benchmark Asset Management – UK 372 24.4 Capitalworks Investment Partners, LLC 373 24.5 CMG-Capital Management Group Holding Company, LLC 374 24.6 Directors Financial Group Ltd 376 24.7 Endeavour Funds Management Limited 378 24.8 Global Crown Capital LLC and J&C Global Securities Investments LLC 379 24.9 GLG Partners Inc 381 24.10 International Management Associates LLC 385 24.11 Brummer & Partners 386 24.12 Manchester Trading LLC 387 24.13 Motherrock LP 388 24.14 Langley Capital LLC 389 24.15 RCG Capital Advisors LLC 391 24.16 Samaritan Asset Management Services Inc 392 24.17 Seaforth Meridian Advisors LLC 394 24.18 Plusfunds Group Inc 396 24.19 Spinner Asset Management LLC 398 24.20 Viper Capital Management LLC and Compass Fund Management LLC 399 Chapter 25 Cases Studies 2007 401 25.1 Absolute Capital Group Ltd 401 25.2 Absolute Capital Management Ltd 404 25.3 Aragon Capital Management LLC 409 25.4 AXA Investment Managers Inc 410 25.5 Basis Capital Funds Management Ltd 412 25.6 Beacon Rock Capital, LLC 415 25.7 Bear Stearns Asset Management Inc 416 25.8 Cambridge Place Investment Management LLP 419 25.9 Cheyne Capital Management (UK) LLP 420 25.10 Clarion Management LLC 422 25.11 Cooper Hill Partners LLC 424 25.12 DSJ International Resources Ltd (Chelsey Capital) 424 25.13 Evercrest Capital (PTY) Ltd 425 25.14 Forsyth Partners Ltd 426 25.15 Braddock Financial Corporation 428 25.16 Geronimo Financial Asset Management LLC 429 25.17 Goldlink Capital Asset Management Limited 429 25.18 Caribbean Commodities Ltd 431 25.19 Haidar Capital Management LLC 433 25.20 Lake Shore Asset Management Ltd 434 25.21 Lydia Capital LLC 436 25.22 Bear Stearns & Co Inc 438 25.23 MDL Capital Management Inc 440 25.24 Mercurius Capital Management Limited 442 25.25 Goldman Sachs Group Inc 445 25.26 ODDO and CIE/ODDO Asset Management 446 25.27 Eiger Capital Limited 447 25.28 Sachsen LB 449 25.29 BNP Paribas SA 450 25.30 Pirate Capital LLC 451 25.31 Quattro Global Capital LLC 452 25.32 IKB Credit Asset Management GmbH 453 25.33 Ritchie Capital Management LLC 455 25.34 Rubicon Fund Management LLP 458 25.35 Sentinel Management Group Inc 459 25.36 Sowood Capital Management LP 462 25.37 Stratix Asset Management LLC 464 25.38 Synapse Investment Management LLP 465 25.39 TPG-Axon Capital Management LP 466 25.40 Tribeca Global Management LLC 467 25.41 Dillon Read Capital Management LLC 468 25.42 UBS Securities LLC 469 25.43 Union Investment Asset Management Holding AG 471 25.44 United Capital Markets Holdings Inc 472 25.45 Wharton Asset Management GB Ltd 473 Chapter 26 Case Studies 2008 475 26.1 Citigroup Global Markets Inc MAT/ASTA Funds 475 26.2 Gabriel Capital Corporation 477 26.3 Blue River Asset Management LLC 481 26.4 Bluebay Asset Management PLC 484 26.5 Carlyle Investment Management LLC 486 26.6 Centaurus Capital Ltd 488 26.7 1861 Capital Management LLC 489 26.8 Andor Capital Management LLC 490 26.9 Ceres Capital Partners LLC 491 26.10 Citadel LLC 493 26.11 Coadum Advisers Inc & Mansell Capital Partners III LLC 495 26.12 Cornerstone Quantitative Investment Group Inc 496 26.13 Citigroup Capital Markets Inc – CSO Partners Fund 497 26.14 Dalton Strategic Partnership LLP 498 26.15 D.B. Zwirn & Co. L.P. 499 26.16 Deephaven Capital Management LLC and Knight Capital Group 502 26.17 Drake Capital Management LLC 503 26.18 Dreier LLP 505 26.19 Endeavour Capital LLP 506 26.20 Epic Capital Management Inc 507 26.21 Deltaone Capital Partners Corp 508 26.22 Citigroup Alternative Investments LLC 510 26.23 Fairfield Greenwich Advisors LLC 511 26.24 Focus Capital Investors LLC 512 26.25 Fortress Investment Group LLC 513 26.26 Front Street Capital Corporation 515 26.27 Global Opportunities (GO) Capital Asset Management B.V. 517 26.28 Barclays Bank PLC 518 26.29 Gordian Knot Ltd 520 26.30 Gradient Capital Partners LLP 523 26.31 Headstart Advisers Limited 525 26.32 Heritage Wealth Management Inc 526 26.33 Highland Capital Management LP 528 26.34 ING (NZ) Limited 529 26.35 Insana Capital Partners LP 531 26.36 Lahde Capital Management LLC 532 26.37 Lawrence Asset Management LP 533 26.38 Libertyview Capital Management Inc 535 26.39 London Diversified Fund Management LLP 539 26.40 UBS Third Party Management Company S.A. and Access Partners S.A. 537 26.41 Tremont Group Holdings Inc 539 26.42 Bernard L. Madoff Investment Securities LLC 540 26.43 Kingate Management Ltd 543 26.44 Manhasset Capital Management LLC 544 26.45 Maxam Capital Management LLC 545 26.46 MKM Longboat Capital Advisors LLP 546 26.47 Morgan Asset Management Inc 547 26.48 Oak Group Inc 549 26.49 Okumus Capital LLC 550 26.50 Citigroup Inc – Old Lane Partners LP 551 26.51 Banco Santander SA 552 26.52 Ore Hill Partners LLC 554 26.53 Ospraie Management LLC 555 26.54 Pardus Capital Management LP 556 26.55 Parkcentral Capital Management LP 557 26.56 Peloton Partners LLP 558 26.57 Pentagon Capital Management PLC 560 26.58 Platinum Grove Asset Management LP 562 26.59 Polar Capital LLP 564 26.60 Polygon Investment Partners LLP 565 26.61 Powe Capital Management LLP 568 26.62 Quantek Asset Management LLC 569 26.63 Regan & Company 572 26.64 Rockwater Municipal Advisors LLC 573 26.65 Deutsche Bank AG 575 26.66 Rumson Capital LLC 576 26.67 Russell Capital Inc 577 26.68 Windmill Management LLC 580 26.69 Sailfish Capital Partners LLC 581 26.70 Salida Capital LP 582 26.71 Satellite Asset Management LP 584 26.72 Sextant Capital Management Inc 585 26.73 Standard Chartered Bank plc 586 26.74 Stone & Youngberg LLC 588 26.75 Galloway Capital Management LLC 589 26.76 Tantallon Capital Advisors Pte Ltd 590 26.77 Tequesta Capital Advisors LP 592 26.78 Toscafund Asset Management LLP 593 26.79 JO Hambro Capital Management Ltd 594 26.80 Turnberry Capital Management LP 595 26.81 First Republic Investment Management Inc 596 26.82 Webb Asset Management Canada Inc 597 Chapter 27 Case Studies 2009 601 27.1 Scoop Management Inc & Scoop Capital LLC 601 27.2 Asenqua Inc 603 27.3 Astarra Asset Management Pty Limited 604 27.4 Atticus Capital 607 27.5 Austin Capital Management, Ltd 609 27.6 Acorn Capital Management LLC 611 27.7 Boston Provident LP 613 27.8 Chais 1991 Family Trust 614 27.9 Cerebrus Capital Management LP 615 27.10 Cohmad Securities Corporation 616 27.11 CRW Management LP 618 27.12 Dynamic Decisions Capital Management Ltd 619 27.13 Evergreen Investment Management Company LLC 622 27.14 Finvest Asset Management LLC 624 27.15 Galleon Management LP 625 27.16 HFV Asset Management LP 627 27.17 Jadis Investments LLC 628 27.18 JWM Partners LLC 630 27.19 K1 Fonds GBR 631 27.20 Lancelot Investment Management LLC 633 27.21 Locke Capital Management Inc 635 27.22 Lodge Capital Group LLC 637 27.23 M.A.G. Capital LLC 638 27.24 New Castle Funds, LLC 640 27.25 New Star Asset Management Group PLC 641 27.26 Northern Rivers Capital Management Inc 643 27.27 Nylon Capital LLP 644 27.28 North Hills Management LLC 646 27.29 Onyx Capital LLC 647 27.30 Crossroad Capital Management LLC 648   27.31 Pequot Capital Management Inc 649 27.32 Ponta Negra Group LLC 651 27.33 Raptor Capital Management LP 652 27.34 RCS Hedge Fund 654 27.35 Ruderman Capital Management LLC 655 27.36 Sand Dollar Investing Partners LLC 656 27.37 SNC Asset Management Inc 658 27.38 Solaris Management LLC 660 27.39 3V Capital Management LLC 662 27.40 Weavering Capital (UK) Ltd 664 27.41 West End Capital Management LLC & West End Financial Advisors LLC 669 27.42 Westgate Capital Management LLC 671 27.43 Westridge Capital Management Inc 672 27.44 S2 Capital Management LLC 675 Chapter 28 Case Studies 2010 677 28.1 Camulos Capital LP 677 28.2 Diamondback Capital Management LLC 679 28.3 Easy Equity Asset Management Inc 681 28.4 Ebullio Capital Management LLP 682 28.5 Frontpoint Partners LLC 684 28.6 Gartmore Group PLC 686 28.7 Gem Capital LLC 687 28.8 Global Holdings LLC 688 28.9 Grifphon Asset Management LLC and Sasquatch Capital LLC 689 28.10 GSC Group Inc and J.P. Morgan Securities LLC 691 28.11 Chimay Capital Management Inc 694 28.12 Horseman Capital Management, L.P. 695 28.13 Imperium Investment Advisors LLC 696 28.14 Lanexa Management LLC 698 28.15 Life’s Good Inc 699 28.16 Onyx Capital Advisors LLC 700 28.17 PEF Advisors LLC 702 28.18 Garcia Capital Management LLC 704 28.19 Goldman Sachs & Co 704 28.20 Plainfield Asset Management LLC 707 28.21 Southridge Capital Management LLC 709 28.22 Thinkstrategy Capital Management LLC/Lilaboc LLC 712 28.23 Cowen Group Inc 714 Chapter 29 Case Studies 2011 717 29.1 AXA Rosenberg Investment Management LLC 717 29.2 Barai Capital Management LP 719 29.3 Baystar Capital Management LLC 720 29.4 Benchmark Asset Managers LLC, and Harvest Managers LLC 722 29.5 360 Global Capital LLC 724 29.6 Aethra Asset Management B.V. 724 29.7 3 Degrees Asset Management Pte Ltd 725 29.8 Fletcher Asset Management Inc 727 29.9 Duma Capital Management LLC and Duma Capital Partners LLC 731 29.10 Harbinger Capital Partners LLC 731 29.11 Alnbri Management, LLC & Managed Accounts Asset Management LLC 734 29.12 IU Group Inc 736 29.13 James Caird Asset Management LLP 737 29.14 Juno Mother Earth Asset Management LLC 739 29.15 Komodo Capital Management Pte Ltd 741 29.16 Leaddog Capital Markets LLC 742 29.17 Liquid Capital Management, LLC 744 29.18 Locust Offshore Management, LLC 745 29.19 Longacre Fund Management LLC 747 29.20 Michael Kenwood Asset Management LLC 747 29.21 Millennium Global Investments Ltd 749 29.22 Neural Markets LLC 751 29.23 New Century Investment Management LLC 753 29.24 O.S.S. Capital Management LP 754 29.25 Paulson & Co Inc 755 29.26 Pegasus Investment Management LLC 757 29.27 RAB Capital Ltd 758 29.28 Seatown Holdings Pte 760 29.29 SHK Asset Management LLC 761 29.30 SJK Investment Management LLC 762 29.31 Spencer House Capital Management LLP 764 29.32 Task Capital Management LLC, ARM Capital Management LLC & Vigilant Capital Management LLC 765 29.33 Tontine Capital Management LLC 766 29.34 Trafalgar Asset Managers Limited 767 29.35 Vanquish Capital Group LLC 769 29.36 WCM Capital Inc 770 29.36.1 Reference Article 770 29.36.2 Background 770 29.36.3 Observations 771 29.37 Wessex Asset Management Limited 771 Chapter 30 Case Studies 2012 773 30.1 Abante Capital (Proprietary) Limited and Basileus Capital (Pty) Ltd 773 30.2 Tell Investments LLP 775 30.3 TIG Advisors LLC 776 30.4 Tradewinds Global Investors LLC 777 30.5 Voras Capital Management LLC 778 30.6 Bluegold Capital Management LLP 779 30.7 Thaddeus Capital Management (HK) Limited 780 30.8 Brickell Fund LLC 781 30.9 Aletheia Research and Management Inc 782 Appendix A Index of Case Studies by Investment Manager 785 Appendix B UK Serious Fraud Office Hedge Fund Investor Questionnaire 793 Index 795 List of Funds 800 List of Fund Managers 805

About the Author :
RAJIV JAITLY is the managing partner at Jaitly LLP, a risk consultancy that provides independent risk, fund governance and operational due diligence services to global alternative investment clients. He set up and managed due diligence and investment management operations for the alternative investment asset businesses of major companies such as UBS, Santander and AXA. Jaitly has also advised the Regulatory Policy team of the U.K. Pensions Regulator, was appointed an expert by the UK Office of Fair Trading for its market study into the UK defined contributions pensions market and was commissioned by the UK Financial Services Consumer Panel to write a report on Fund Costs and their implications. He has also held appointments as a non-executive director of funds.


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Product Details
  • ISBN-13: 9781119018759
  • Publisher: John Wiley & Sons Inc
  • Publisher Imprint: John Wiley & Sons Inc
  • Height: 252 mm
  • No of Pages: 880
  • Returnable: N
  • Spine Width: 41 mm
  • Weight: 1261 gr
  • ISBN-10: 1119018757
  • Publisher Date: 19 Feb 2016
  • Binding: Hardback
  • Language: English
  • Returnable: N
  • Series Title: The Wiley Finance Series
  • Sub Title: Processes, Procedures, and Case Studies
  • Width: 178 mm


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