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The Capital Report on the Seeding and Incubation of Hedge Funds

The Capital Report on the Seeding and Incubation of Hedge Funds

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The latest in the Capital Report series, this publication is aimed not only at aspirant new hedge fund managers, but also at those providing, or wishing to start to provide, seeding and incubation services. The featured authors have wide and varied experience. Dechert LLP is the sponsor of this publication and the chapters contained within this book will aid all those engaging in the seeding and incubation of hedge funds. Table of Contents: Foreword Peter Astleford, Co-Chair and Peter Draper, Partner, Financial Services Group, Dechert LLP, London. Chapter One: The Basics of Seeding and Incubation Ian Morley, Dawnay, Day Group, London. Introduction Finding the businesses to back The due diligence process The negotiating process Exits The business model The psychology of being an entrepreneur Strengths and weaknesses Don t micromanage the business Managing the business going forward Management information systems Start-ups regulated by the Financial Services Authority Risk management Case study one Case study two Conclusion Chapter Two: Alternative Investments: Myths versus Reality Thomas Schneeweis, Director, CISDM, Isenberg School of Management, University of Massachusetts. Introduction Hedge funds and financial innovation The world of hedge funds Today s issues Chapter Three: Early Stage Investing: Why Emerging Hedge Funds Outperform in the Hedge Fund Life Cycle John E. Dunn III, UBK Alternative Investments, Geneva and Tushar Patel HFIM Hedge Funds Investment Management Ltd., London. Supporting the case for emerging funds An emerging hedge fund defined Why emerging hedge funds outperform Innovation and evolution: New sources of returns Generating returns from unique opportunities Rapid decision-making structures Unlocking new investment opportunities Ability to generate returns from illiquidity Benefits of smaller assets under management Investing in smaller positions Raw energy Emerging managers motivation Fee structure explains large fund underperformance A hedge fund life-cycle approach to hedge fund manager selection Emerging stage The maturing stage Established or matured stage Conclusions Chapter Four: Hedge Fund Legal Structures and their Impact on Performance Bhaswar Gupta and Ed Szado, CISDM, Isenberg School of Management, University of Massachusetts. Introduction The legal nomenclature Literature review Data and methodology Empirical results Conclusions Chapter Five: Exiting Hedge Fund Incubator Models Peter D. Astleford, Chris Carrodus and Peter Draper, Dechert LLP, London. Introduction Needs and objectives of the incubatee Needs and objectives of the incubator Fees and costs Planning for exit Case studies Example one Example two Forward planning Chapter Six: Re-evaluating Effective Valuation, Risk and Controls Lynn Connolly, Deloitte & Touche LLP, New York.p> Regulatory guidelines and valuation concerns New product developments and emerging valuation process Transparency or translucency Independence revisited Portfolio risk management and quantifying the qualitative Mitigating controls and procedures Conclusion current trends and recommendations Chapter Seven: Factor Exposures and Hedge Fund Operational Risk: The Case of Amaranth Bhaswar Gupta and Hossein Kazemi, CISDM, Isenberg School of Management, University of Massachusetts. Introduction The failure of Amaranth LLC Data and methodology Empirical results and discussion Summary statistics Single-factor regressions Monitoring test Conclusions Contacts