Introduction
· Hedge Funds defined. Lock-ups, Gates, Hurdle Rates, Side Pockets
· The pursuit of Absolute Return & Performance Fees
· How large is the Hedge Fund Universe? The numbers in context
· Where are they? Domicile, Onshore vs Offshore
· Asset Class performance or Manager value-added? The search for Alpha
Hedge Fund Tactics, Counter-Parties and Competition
· Tactics - Leverage & Short Selling. Regulatory intervention & increased transparency
· Where is the competition? The reaction from the traditional Fund Managers
· UCITS III – Hedge Funds ‘lite’?
· External Relationships - Prime Brokerage, Custodians, Fund Administrators
Issues for Hedge Fund Investors
· Rationale for Hedge Funds in an Investors’ Portfolio. Is it still there?
· The non-correlated Asset Class, Survivorship Bias, Drawdown
· The changing Investor base – Institutions are now the target market
· Leverage, Risk and Transparency
· Risk-adjusted performance measurement
· Institutionalisation of Hedge Funds, Index Providers – Benchmark Risk
Risk Management for Hedge Funds
· Market , leverage and Credit risk
· Political and legal risk
· Gap and liquidity risk, Mark-to-market risk
· Why do Hedge Funds fail? Do not forget Operational Risk
· Tools for the Analysis of Financial Risk – From VaR to Stress Testing
· The Regulator’s standpoint
