Managing Hedge Fund Risk and Financing
John Wiley & Sons Inc (Verlag)
978-0-470-82726-0 (ISBN)
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The ultimate guide to dealing with hedge fund risk in a post-Great Recession world Hedge funds have been faced with a variety of new challenges as a result of the ongoing financial crisis. The simultaneous collapse of major financial institutions that were their trading counterparties and service providers, fundamental and systemic increases in market volatility and illiquidity, and unrelenting demands from investors to redeem their hedge fund investments have conspired to make the climate for hedge funds extremely uncomfortable. As a result, many funds have failed or been forced to close due to poor performance. Managing Hedge Fund Risk and Financing: Adapting to a New Era brings together the many lessons learned from the recent crisis.
Advising hedge fund managers and CFOs on how to manage the risk of their investment strategies and structure relationships to best insulate their firms and investors from the failures of financial counterparties, the book looks in detail at the various methodologies for managing hedge fund market, credit, and operational risks depending on the hedge fund's investment strategy. Also covering best practice ISDA, Prime Brokerage, Fee and Margin Lock Up, and including tips for Committed Facility lending contracts, the book includes everything you need to know to learn from the events of the past to inform your future hedge fund dealings.
Shows how to manage hedge fund risk through the application of financial risk modelling and measurement techniques as well as the structuring of financial relationships with investors, regulators, creditors, and trading counterparties
Written by a global finance expert, David Belmont, who worked closely with hedge fund clients during the crisis and experienced first hand what works
Explains how to profit from the financial crisis
In the wake of the Financial Crisis there have been calls for more stringent management of hedge fund risk, and this timely book offers comprehensive guidelines for CFOs looking to ensure world-class levels of corporate governance.
David Belmont has over 19 years of buy side and sell side risk management experience gained as a Chief Risk Officer, hedge fund risk manager, hedge fund investor, and a hedge fund lender. David is currently the Chief Risk Officer for Commonfund, a manager of US$27 billion of long term client assets across hedge funds, private equity, real estate, commodities, fixed income and equities. Previously, David was the Head of Risk Management for Temasek Holdings, the Singapore sovereign wealth fund, where in addition to risk-managing the direct investing, Private Equity, and long-only investments, David risk-managed Temasek’s internal hedge fund strategies and its third party hedge fund investing. Earlier in his career, David was the risk manager for Cargill’s Financial Markets Group, the precursor to the multi-strategy hedge fund, Black River Asset Management. Subsequently, David was the Director of Risk for Nexgen Capital, a closely held hedge fund active in emerging markets, credit arbitrage, volatility arbitrage, and natural catastrophe bonds. David’s sell side experience comes from his recent role as Global Head of Hedge Fund Risk Credit at UBS Investment Bank and as Head of Risk Management for UBS Prime Brokerage in the Americas. David holds Master of Business Administration and Master of Science degrees from Yale University and is a Chartered Financial Analyst.
About the Author ix
Acknowledgments xi
Introduction: Managing Complexity and Uncertainty xiii
Chapter 1: The Quick and the Dead: Lessons Learned 1
Chapter 2: An Integrated Approach to Hedge Fund Risk Management 33
Chapter 3: A Survey of Hedge Fund Strategies and Risks 83
Chapter 4: Analysis of the Risk/Return Profile of Hedge Fund Strategies 143
Chapter 5: Managing Funding Risk 239
Chapter 6: Managing Counterparty Risk 299
Chapter 7: Risk Management for Hedge Fund Investors 315
Chapter 8: Conclusion 345
Appendix 1 349
Appendix 2 353
Appendix 3 355
Index 361
| Erscheint lt. Verlag | 4.10.2011 |
|---|---|
| Reihe/Serie | Wiley Finance |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 163 x 236 mm |
| Gewicht | 689 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| ISBN-10 | 0-470-82726-2 / 0470827262 |
| ISBN-13 | 978-0-470-82726-0 / 9780470827260 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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