The Capital Guide to Hedge Funds 2003

166 pages

multiple authors, Sarah Barham

$225.00

ISBN: 9627762849
Format: Soft cover
Subject:
Pub Date: 01/01/2003
Publisher: ISI Publications

Shipping Weight: 500grams

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ISI Publications is pleased to announce The Capital Guide to Hedge Funds 2003. 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.

Table of Contents:

Introduction: About the Sponsor

William Keunen, Citco Fund Services

Chapter One:

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

Chapter Two:

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

Chapter Three:

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

- Strenghts 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

Chapter Four

Getting the Structure Right for Managers and Investors

Christopher Hilditch and Richard Thompson, Schulte, Roth & 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

Chapter Five

Legal Segregation of Assets: Towards Global Recognition

Anthony D Whaley, Conyers Dill & Pearman, Bermuda

- Introduction: Growth of the Protected Cell Structure

- Segregated Accounts Companies in Bermuda

- Segregated Portfolio Companies in the Cayman Islands

- Protected Cell Companies in Guernsey

- Conclusion

Chapter Six:

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

Chapter Seven

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

Chapter Eight

The Inefficiencies of Paper-based Processes

Dave Shastri, 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

Chapter Nine

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

Chapter Ten

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

Chapter Eleven

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 Regulation 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

Chapter Twelve

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 States 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

Author Contacts

Sponsor Details

The Capital Guide to Hedge Funds 2002

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