Practical Operational Due Diligence on Hedge Funds
John Wiley & Sons Inc (Verlag)
978-1-119-01875-9 (ISBN)
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.
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.
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
| Erscheint lt. Verlag | 29.2.2016 |
|---|---|
| Reihe/Serie | Wiley Finance Series |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 178 x 252 mm |
| Gewicht | 1261 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| ISBN-10 | 1-119-01875-7 / 1119018757 |
| ISBN-13 | 978-1-119-01875-9 / 9781119018759 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
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