This essential guide presents a detailed analysis of hedge fund investment techniques, risk and controls from the viewpoints of managers and investors.
This book offers practical advice on how to implement and manage a successful hedge fund strategy and includes discussion on event and equity investing, the evaluation of opportunities, risk assessment control, quantitative analysis of return and risk characteristics, investing in emerging markets and convertible arbitrage. This book provides an insightful and practical overview of the dynamics, diversity and divergences of hedge fund investment.
NOW INCLUDES NEW CHAPTERS on:
Transparency
Benchmarking indexation
Asset-backed investing
Trend following
Hedge funds in Asia
The law and regulation of marketing alternative funds in the USA and Europe.
Contributors include:
* Ronald A. Lake, Lake Partners, Inc. * Ted Caldwell, Lookout Mountain Capital, Inc. * Lars Jaeger and Scott Higbee, Partners Group * Antoine Bernheim, Dome Capital Management, Inc. * Lois Peltz, Infovest * Jonathan P. Bren, Hunt Financial Ventures * John Paulson, Paulson & Co., Inc. * Jason Huemer, Synthesis Funds * Michael S. Rulle, Graham Capital Management, LP * Bruce I. Jacobs and Kenneth N. Levy,Jacobs Levy Equity Management * Michael A. Pintar, Clinton Group * Luke E. Imperatore * Bruce Richards and Louis Hanover,Marathon Asset Management, LLC * Michael A. Boyd, Jr and staff, Forest Investment Management * Lee S. Ainslie III, Maverick Capital * Michael E. Lewitt, Harch Capital Management, Inc. * Roddy Campbell, Cross Asset Management * Shuhei Abe, SPARX Asset Management Co., Ltd. * Sohail Jaffer, Premium Select Lux, SA,AIMA Council Member (Benelux) * Peter Douglas, GFIA, Pte., Ltd., AIMA Council Member (Singapore) * Jeffrey Tarrant, Protégé Partners * Lloyd Hascoe, Hascoe Associates, Inc. * Thomas Weber, LGT Capital Partners AG * James Berens, Judith Posnikoff and Alexandra Coffey,Pacific Alternative Asset Management Company, LLC * Thomas Schneeweis, University of Massachusetts ,and Richard Spurgin, Clark University * Roxanne M. Martino, Harris Alternatives, LLC * Stuart N. Leaf, Paul Isaac and Michael Waldron, Cadogan Management, LLC * Jeff Bramel, DB Advisors, LLC * Paul Singer, Elliott Associates, LP * Guy Hurley, Financial Risk Management, Ltd. * Mike Tremmel, Ernst and Young, LLP * Christopher J. Pesce, Banc of America Securities, LLC * James R. Hedges IV, LJH Global Investments, LLC * Henry Kaufman, Henry Kaufman & Company, Inc. * George Soros, Soros Fund Management * Barry Eichengreen, University of California, Berkeley, and Donald J.Mathieson, International Monetary Fund * James S. Chanos, Kynikos Associates, Ltd. * Philip H. Harris, Andrew S. Kenoe, Sarah Davidoff and Michael A. Lawson, Skadden, Arps, Slate, Meagher & Flom, LLP * Eric Sippel, Eastbourne Capital Management, LLC, and Christopher Rupright, Shartis, Friese & Ginsburg, LLP * Eric C. Bettelheim, Michon de Reya, Solicitors * Nicholas S. Hodge, Kirkpatrick & Lockhart, LLP *
Edited by Ronald A Lake:
Private Equity and Venture Capital: A Practical Guide for Investors and Practitioners, edited by Rick Lake and Ronald A Lake (published 2000)
Also Lars Jaeger:
Through the Alpha Smoke Screens: A Guide to Hedge Fund Return Sources, by Lars Jaeger (published 2005)
The New Generation of Risk Management for Hedge Funds and Private Equity Investments, edited by Lars Jaeger with 43 risk management experts (published 2003)
And Sohail Jaffer:
Alternative Investment Strategies (published 1998)
Funds of Hedge Funds: For Professional Investors and Managers (published 2003)
Islamic Asset Management: Forming the Future for Shari'a-Compliant Investment Strategies (published 2004)
Islamic Retail Banking and Finance: Global Challenges and Opportunities (published 2005)
Multi-Manager Funds: Long-Only Strategies for Managers and Investors (published 2006)
Table of Contents
Evaluating and Implementing Hedge Fund Strategies The experience of managers and investors Third Edition
Contents Acknowledgements Author biographies
Part I: Introduction
Chapter 1: An overview of themes and issues Ronald A. Lake, Lake Partners, Inc. The purpose of this book The structure of this book Understanding the beast – a review of Part I: Introduction Intelligence reports from the front lines – a review of Part II: Evaluating opportunities – managers’ strategies Charting the seas – a review of Part III: Evaluating opportunities – investors’ strategies Before hiring a knife juggler, count his fingers – a review of Part IV: Assessing risk and risk control Stop me before I speculate again – a review of Part V: Hedge funds and public policy Taming the wild footnote – a review of Part VI: Legal and regulatory issues Lessons to be learned, re-learned and re-learned again
Chapter 2: Market gravity and hedge fund aerodynamics: the prudent approach to hedge fund classification Ted Caldwell, Lookout Mountain Capital, Inc. Introduction Market gravity: systemic risk and return Hedge fund aerodynamics: a fundamental change in the risk–return profile The rationale for perpetual confusion: true versus nominal hedge funds True versus nominal: reduced risk for returns versus non-correlating returns Appendix: Unified hedge fund classification system, version 1.6
Chapter 3: Sources of systematic return in hedge funds Lars Jaeger and Scott Higbee, Partners Group Introduction Hedge fund return sources The challenges for hedge fund investors Implications for portfolio management of hedge funds Summary and conclusion
Chapter 4: Historical overview of offshore hedge funds Antoine Bernheim, Dome Capital Management, Inc. From humble beginnings When starting a hedge fund becomes an easy thing to do Performance Major trends The development of offshore jurisdictions The development of offshore administrators Looking forward
Chapter 5: Hedge fund trends: review and outlook Lois Peltz, Infovest Outlook Size, asset flow and growth Institutional developments Conclusion Appendix A: Sampling of institutions using or considering hedge funds Appendix B: Important dates in hedge fund history
Chapter 6: Lessons learned from investing in hedge funds over the years Jonathan P. Bren, Hunt Financial Ventures Introduction Past performance Adaptability Newer managers Financing Performance potential
Part II: Evaluating opportunities – managers’ strategies
Chapter 7: Adding alpha in merger arbitrage John Paulson, Paulson & Co., Inc. Overview Merger arbitrage Not a game for the inexperienced Adding alpha in merger arbitrage Just when you thought you understood arbitrage Globalisation Merger bankruptcy Recent trends Conclusion
Chapter 8: The hedge fund manager’s edge: an overview of event investing Jason Huemer, Synthesis Funds Hedge funds and the efficient market hypothesis Event-driven investing and temporary inefficiencies Hedge funds and their edge A note on risk premia and liquidity Corporate spin-offs: 3Com/Palm Corporate split-ups: Canadian Pacific Conclusion
Chapter 9: Trend following: performance, risk and correlation characteristics Michael S. Rulle, Graham Capital Management, LP Introduction Trend following and sources of return Returns and volatility of returns Correlation of returns and portfolio construction Conclusion
Chapter 10: Using a long-short portfolio to neutralise market risk and enhance active returns Bruce I. Jacobs and Kenneth N. Levy, Jacobs Levy Equity Management Introduction Setting up a market-neutral long-short portfolio Performance in bull and bear markets Benefits of long-short Adding back market return Some concerns addressed The importance of investment insights
Chapter 11: Fixed-income arbitrage Michael A. Pintar, Clinton Group Introduction Fixed-income arbitrage strategies and their risks Yield curve trades Spread trades Options trades Portfolio risks Conclusion
Chapter 12: Asset-backed investing Luke E. Imperatore Introduction Advantages for ABS issuers Advantages for ABS buyers Technical aspects of the asset-backed market Economics of the ABS market Opportunities for hedge fund investors in ABS markets Conclusion
Chapter 13: Emerging markets Bruce Richards and Louis Hanover, Marathon Asset Management, LLC Introduction Mexico: a true success story As the market evolves Emerging markets versus other debt classes The current market The outlook Conclusion
Chapter 14: Convertible arbitrage: the manager’s perspective Michael A. Boyd, Jr and staff, Forest Investment Management Introduction The issuer’s side of the convertible securities market The investor’s side of the convertible securities market What is a convertible security? A synopsis of convertible hedging theory Cash and carry trades The impact of stochastic models on the convertible market A crowded market for convertible arbitrage Credit analysis of convertible bonds A simplified approach to valuing stock price – credit spread correlation Risk management Investment portfolio applications Alpha and convertible arbitrage performance Addendum
Chapter 15: Hedged equity investing Lee S. Ainslie III, Maverick Capital Introduction Net exposure and long-short ratio Leverage Market timing in a hedged strategy Risks within the hedge Hedging instruments Challenges of shorting Security selection risk Non-equity risk Global investing Large cap versus small cap Portfolio issues Evaluating trading Taxes Analysing returns Selecting a hedged equity manager
Chapter 16: Understanding credit cycles and hedge fund strategies Michael E. Lewitt, Harch Capital Management, Inc. Introduction A century of accelerating credit cycles Credit cycle acceleration and contagion The etiology of the 1997–2002 credit cycle Macroeconomic factors The manifestations of the 1997–2002 credit cycle Conclusion Chapter 17: European event and arbitrage investing Roddy Campbell, Cross Asset Management Introduction European event and arbitrage investing Campbell’s first law: arbitrage has never worked in countries that have never been ruled by Britain Campbell’s second law: government involvement spells danger for arbitrageurs Campbell’s millennium law: national governments in Europe have now lost all power to interfere in capital markets Campbell’s next law: the euro est arrivé Another law: shareholders own the companies they own shares in A global background Back to arbitrage Back to the future
Chapter 18: Long-short investment strategy in Japan: capitalising on the dynamic structural change occurring in Japan Shuhei Abe, SPARX Asset Management Co., Ltd. Introduction Dynamic structural changes in Japan The emergence of Japan’s post-war industrial system Dismantling Japan’s post-war industrial system The SPARX experience of long-short investing in Japan Innovative product delivery capability Conclusion
Part III: Evaluating opportunities – investors’ strategies
Chapter 19: Analysing the evolution of the European hedge fund industry Sohail Jaffer, Premium Select Lux, SA, AIMA Council Member (Benelux) Introduction An industry overview Regulatory environment Perceptions Investor requirements Range of investors The advantages and disadvantages of hedge funds Allocation process Due diligence Fee structure The future
Chapter 20: Hedge funds in Asia Peter Douglas, GFIA, Pte., Ltd., AIMA Council Member (Singapore) Introduction Intention of this chapter Overview Appetite for capital Regulatory environment Characteristics specific to Asian strategies Asian appetite for hedged products Current environment Future developments
Chapter 21: The life cycle of hedge fund managers Jeffrey Tarrant, Protégé Partners Introduction Wealth management begets wealth creation (for the manager) The maths of the hedge fund business Tarrant’s rule of eight digits The five phases in the life cycle of the hedge fund management firm Conclusion
Chapter 22: Utilising hedge funds: the experiences of a private investor Lloyd Hascoe, Hascoe Associates, Inc. Hedge funds and private investors Evolution of a family investment office Private investors and risk Discovering hedge funds Achieving higher returns and lower risk The future of hedge fund investing Appendix: The Factor Sensitivity model: a hypothetical example
Chapter 23: Quantitative analysis of hedge funds: a simple comprehensive framework Thomas Weber, LGT Capital Partners AG Introduction Some caveats A simple framework for quantitative analysis of hedge funds Case study Summary
Chapter 24: Institutional investors: incorporating hedge funds into the asset allocation process James Berens, Judith Posnikoff and Alexandra Coffey, Pacific Alternative Asset Management Company, LLC Introduction What defines a hedge fund? Where do hedge funds fit in an institutional portfolio? Issues for institutions investing in hedge funds Recurrent threat of hedge fund regulation Advantages of using a fund of funds Conclusion
Chapter 25: Quantitative analysis of return and risk characteristics of hedge funds, managed futures and mutual funds Thomas Schneeweis, University of Massachusetts, and Richard Spurgin, ClarkUniversity Introduction Sources of return to hedge fund and managed derivative investments Data and methodology Results Implications of results
Chapter 26: The due diligence process Roxanne M. Martino, Harris Alternatives, LLC Reference checks Aligning incentives Quantitative due diligence Qualitative due diligence Business risk Ongoing due diligence Due diligence on funds of funds
Chapter 27: Understanding continuing trends in hedge funds Stuart N. Leaf, Paul Isaac and Michael Waldron, Cadogan Management, LLC Structural issues Sector trends Conclusions
Chapter 28: Hedge fund benchmarking and indexation Jeff Bramel, DB Advisors, LLC Introduction History and evolution of hedge fund indices Hedge fund indexation problems Index weighting schemes Indices and investability Transparency Liquidity Why index? Hedge fund index investing A survey of hedge fund indices Future trends
Part IV: Assessing risk and risk control
Chapter 29: Risk control and risk management Paul Singer, Elliott Associates, LP Introduction Leverage Concentration and position size Absolute size The human factor People management Counterparty and sovereign risk Liquidity Geopolitical risk Systemic risk Regulatory risk Keeping the risk beast caged Chapter 30: Qualitative aspects of analysing risk and monitoring managers Guy Hurley, Financial Risk Management, Ltd. Introduction Hedge fund managers: character analysis Understanding the hedge fund culture Understanding the investment philosophy Understanding the edge Reflecting the edge in the portfolio Understanding risk management Monitoring a hedge fund
Chapter 31: Assessing risk and risk control: operational issues Mike Tremmel, Ernst and Young, LLP Introduction Prime brokerage Trade authorisation Trade capture Credit and counterparty risk Position and money reconciliation processes with brokers and prime brokers Valuation of financial instruments Currency exposure Future directions, challenges and opportunities
Chapter 32: The evolving role of the prime broker Christopher J. Pesce, Banc of America Securities, LLC Introduction What a prime broker does How does a prime broker help a manager start a hedge fund? How does a prime broker help a hedge fund operate? How do prime brokers help hedge funds find capital? How do prime brokers help hedge funds generate alpha? Conclusion
Chapter 33: Hedge fund transparency James R. Hedges IV, LJH Global Investments, LLC Introduction Hedge fund versus mutual fund investing Advantages and disadvantages of transparency Transparency is not a free good Recent developments
Part V: Hedge funds and public policy
Chapter 34: What bankers don’t know Henry Kaufman, Henry Kaufman & Company, Inc.
Chapter 35: Hedge funds and dynamic hedging George Soros, Soros Fund Management A different view of markets Institutional investors Derivatives What are hedge funds? The Quantum Group of Funds Supervision and regulation Questions
Chapter 36: Hedge funds and financial markets: implications for policy Barry Eichengreen, University of California, Berkeley, and Donald J. Mathieson, International Monetary Fund Introduction Hedge fund operations Hedge funds and market moves Policy implications and options The hedge fund industry Hedge funds and market dynamics Supervision and regulation Hedge funds and recent crises An appraisal
Chapter 37: Short selling, hedge funds and public policy considerations James S. Chanos, Kynikos Associates, Ltd. Introduction Who sells short? Regulatory requirements and economic costs of short selling Short sellers as financial detectives An example of research-based short selling: Enron Is there a need for regulatory change?
Part VI: Legal and regulatory issues
Chapter 38: Structuring hedge funds: an overview of business, legal and regulatory considerations for managers Philip H. Harris, Andrew S. Kenoe, Sarah Davidoff and Michael A. Lawson, Skadden, Arps, Slate, Meagher & Flom, LLP Introduction Threshold questions Types of organisation Annuity and insurance products US regulatory framework Securities Act of 1933 (Securities Act) and Regulation D thereunder; blue sky Related ‘blue sky’ considerations Securities Exchange Act of 1934 (the Exchange Act) Investment Company Act of 1940 (the Investment Company Act) Investment Advisers Act of 1940 (the Advisers Act) Commodity Exchange Act of 1974 (CEA) Anti-money laundering Privacy regulations Basic economics ERISA-employee benefit plans Tax considerations Documentation Conclusion
Chapter 39: Investing in hedge funds: an overview of business, legal and regulatory considerations for investors Eric Sippel, Eastbourne Capital Management, LLC, and Christopher Rupright, Shartis, Friese & Ginsburg, LLP Introduction Primary factors influencing a hedge fund’s terms Significant hedge fund terms Conclusion
Chapter 40: Marketing alternative investment funds: law and regulation in Europe Eric C. Bettelheim, Michon de Reya, Solicitors EU Directives The United Kingdom The United States France Germany Switzerland Conclusion
Chapter 41: Marketing alternative investments: law and regulation in the United States Nicholas S. Hodge, Kirkpatrick & Lockhart, LLP Introduction 1933 Act limitations on marketing 1940 Act limitations on marketing Advisers Act limitations on marketing 1934 Act Limitations on marketing New products
Chapter 42: The evolution and outlook for regulation of hedge funds in the United States Nicholas S. Hodge, Kirkpatrick & Lockhart, LLP Introduction Current regulatory environment The development of the hedge fund industry and hedge fund regulation Climate change: new perceptions of hedge funds Future regulatory developments
Appendices
Appendix 1: AIMA’s illustrative questionnaire for due diligence of hedge fund managers Alternative Investment Management Association
Appendix 2: Regulatory and investor protection issues arising from the participation by retail investors in (funds-of-) hedge funds International Organization of Securities Commissions Introduction Regulatory issues raised by the existence of hedge funds Scope of the types of CISs involved
Authors
Author biographies
Editor RonaldA.Lakeis president of Lake Partners, Inc., an investment consulting firm located in Greenwich, Connecticut. Lake Partners advises institutions and private investment groups on asset allocation, manager selection and programme supervision, with special expertise in hedge funds and alternative investments.
Contributing authors
Shuhei Abe is president, chief executive officer, and chief investment officer at SPARX Asset Management Co., Ltd., which is located in Tokyo. The firm manages various equity and hedged equity programmes in Japanese Equity.
Lee S. Ainslie III is managing partner of Maverick Capital based in New York and Dallas, Texas. The firm manages hedge equity funds.
James Berens, PhD, is a managing director and one of the original founders of Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. He is involved in all stages of the investment process, focusing on asset allocation among various hedge fund strategies, and portfolio risk.
Antoine Bernheim, publisher of The US Offshore Funds Directory and Hedgefundnews.com, is president of Dome Capital Management, Inc., a New York-based firm he founded in 1984 to advise European investors. He is also chairman of Dome Securities Corp., a broker-dealer that specialises in raising capital for hedge funds.
Eric C. Bettleheim is a consultant at the law firm of Mishcon de Reya, Solicitors, based in London, England. He specialises in the regulation of financial institutions, derivatives, managed funds and commercial activities.
Jeff Bramel is vice president at DB Advisors, LLC, a subsidiary of the Deutsche Bank Group based in New York. DB Advisors manages the investment of Deutsche Bank’s proprietary capital in hedge fund strategies.
Jonathan P. Bren is a principal at Hunt Financial Ventures, a private investment firm located in Dallas, Texas and New York, which allocates capital to, and incubates, hedge funds.
Michael A. Boyd, Jr is chairman and chief investment officer of Forest Investment Management located in Old Greenwich, Connecticut. The firm focuses on global convertible and other equity-linked securities arbitrage.
Ted Caldwell is founder and president of Lookout Mountain Capital, Inc., located outside Chatanooga, Tennessee. Lookout Mountain specialises in the evaluation, selection and monitoring of hedge funds.
Roddy Campbell founded Cross Asset Management in 1998. Located in London, the firm manages arbitrage and event-driven strategies in corporate equity and credit markets, specialising in Europe.
James S. Chanos is president of Kynikos Associates, Ltd. Based in New York, the firm focuses primarily on unhedged short selling of overvalued securities through the domestic Ursus Partners fund as well as Ursus International, Ltd., for international clients.
Alexandra Coffey is an analyst at Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. She provides analytical support to the firm’s investment management team.
Sarah Davidoff is an associate in the investment management department of the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, New York.
Peter Douglas is the principal of GFIA, Pte., Ltd., a Singapore-based research consultancy established in 1998. The firm researches and monitors Asian hedge funds on behalf of professional investors, and advises allocators and fiduciary investors on hedged strategies.
Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, California. He is also research associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and research fellow of the Centre for Economic Policy Research in London.
Louis Hanover is the chief investment officer of Marathon Asset Management, LLC, New York. The firm specialises in the global credit markets and manages various hedge funds in emerging markets, convertible bond arbitrage, distressed debt and credit trading strategies.
Philip H. Harris is a partner in the investment companies and advisers group of the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, New York. He specialises in private investment funds, registered investment funds and related merger and acquisition transactions.
Lloyd Hascoe is managing director of Hascoe Associates, Inc., a family office located in Greenwich, Connecticut. He has overall responsibility for the firm and focuses on strategic investment policy and asset allocation.
James R. Hedges IV is the founder, president and chief investment officer of LJH Global Investments, LLC, a hedge fund advisory firm based in Naples, Florida.
Scott Higbee is an associate vice president in the New York office of Partners Group, an alternative investments firm based in Zug, Switzerland.
Nicholas S. Hodge is a partner in the Boston, Massachusetts office of the law firm of Kirkpatrick & Lockhart, LLP. He focuses on representing hedge funds, investment advisers, broker-dealers, real estate funds and other alternative investment vehicles.
Jason Huemer is the president of Synthesis Funds, a hedge fund incubator and seed investment firm located in New York. He also is the author of the monthly ‘Hedge Row’ column in the Financial Times.
Guy Hurley is the global head of manager selection at Financial Risk Management, Ltd., a London-based fund of hedge funds.
Luke E. Imperatore was most recently a managing director of Old Hill Partners, Darien, Connecticut, where he focused on business development and client services. The firm manages funds specialising in asset-backed securities.
IOSCO the International Organization of Securities Commissions, strives to cooperate to promote high standards of regulation to maintain just, efficient and sound markets.
Paul Isaac is chief investment officer at fund of funds firm Cadogan Management, LLC, New York. He has helped direct manager research and portfolio management at Cadogan since 1999.
Bruce I. Jacobs is a principal of Jacobs Levy Equity Management, Florham Park, New Jersey. Founded in 1986, Jacobs Levy has an institutional clientele and focuses exclusively on active management of US equity portfolios.
Lars Jaeger, PhD, is a founding partner of saisGroup, an investment firm specialising in alternative investment strategies based in Zug, Switzerland. SaisGroup merged with Partners Group at the end of 2001. He heads the risk management and quantitative analysis group.
Sohail Jaffer is managing director at Premium Select Lux, SA, an asset management company based in Luxembourg. He is a Council Member of AIMA and has edited and contributed to several international hedge fund publications.
Henry Kaufman is president of Henry Kaufman & Company, Inc., a financial and economic consulting firm based in New York.
Andrew S. Kenoe is a partner at the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, in Chicago, Illinois. He counsels clients on a wide range of domestic and cross-border transactional tax issues.
Michael A. Lawson is a partner at the law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, in Los Angeles, California. He heads the firm’s employee benefits group.
Stuart N. Leaf is chief executive officer of Cadogan Management, LLC, New York. He has been involved in the research, creation and management of Cadogan’s multi-manager hedge fund portfolios since the inception of the firm in 1994.
Kenneth N. Levy is a principal of Jacobs Levy Equity Management, Florham Park, New Jersey. Founded in 1986, Jacobs Levy has an institutional clientele and focuses exclusively on active management of US equity portfolios.
Michael E. Lewitt is the president of Harch Capital Management, Inc., a money management firm based in Boca Raton, Florida, that specialises in non-investment-grade bonds and bank loans. Mr Lewitt is also author of The HCM Market Letter, a monthly review of the financial markets.
Roxanne M. Martino is the president and chief investment officer of Harris Alternatives, LLC. Harris Alternatives, which is based in Chicago, Illinois, offers alternative investment funds to individual and institutional investors.
Donald J. Mathieson is chief of the Emerging Markets Surveillance Division, International Capital Market Department, of the International Monetary Fund in Washington, DC.
Emma Mugridge is the director of AIMA (Alternative Investment Management Association) in London. Founded in 1990, AIMA is a not-for-profit trade association for the alternative investment community.
John Paulson is the president of Paulson & Co., Inc., in New York. The firm manages domestic and offshore funds focused on merger arbitrage.
Lois Peltz is the president and chief executive officer of Infovest21 in New York. In addition to providing an e-mail news service and Strategy Focus, a monthly publication, Infovest21 organises educational hedge fund events. She is the author of The New Investment Superstars published by John Wiley in 2002.
Christopher J. Pesce is managing director and global head of prime brokerage at Banc of America Securities, LLC, New York.
Michael A. Pintar is a former portfolio manager with Clinton Group based in New York.
Judith Posnikoff, PhD, is a managing director and a founder of Pacific Alternative Asset Management Co., LLC, an institutional fund-of-funds firm based in Irvine, California. She is responsible for interviewing, selecting and monitoring hedge fund managers, with a focus on the equity market-neutral and merger arbitrage strategies.
Bruce Richards is the president of Marathon Asset Management, LLC, New York. The firm specialises in the global credit markets and manages various hedge funds in emerging markets, convertible bond arbitrage, distressed debt and credit trading strategies.
Michael S. Rulle is the president and a principal of Graham Capital Management (GCM), LP, a Stamford, Connecticut-based commodities trading adviser.
Christopher Rupright is a partner at the law firm of Shartsis, Friese & Ginsburg, LLP, in San Francisco, California. He focuses on counseling investment advisory firms, and organising private investment pools, including hedge funds and offshore funds.
Thomas Schneeweis is director of the Center for International Securities and Derivatives Markets and Professor of Finance at the Isenberg School of Management, University of Massachusetts. He is also managing partner of Schneeweis Associates, a multi-manager investment consulting firm in Amherst, Massachusetts.
Paul Singer is general partner of Elliott Associates, LP, a New York-based investment firm. Mr Singer is also investment manager of Elliott International Limited, a Cayman Islands based fund. The goals of both Elliot and Elliott International are to achieve a moderate return with low risk.
Eric Sippel is the chief operating officer and general counsel of Eastbourne Capital Management, LLC, a hedge fund manager in San Rafael, California. Prior to joining Eastbourne, he was a partner at the law firm of Shartsis, Friese & Ginsburg, LLP.
George Soros is the chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies.
Richard Spurgin is assistant professor of finance at Clark University, Worcester, Massachusetts, and a partner in Schneeweis Partners, a multi-manager investment consulting firm in Amherst, Massachusetts.
Jeffrey Tarrant is the president and chief investment officer of Protégé Partners, a New York based fund of hedge funds that invests with, and seeds, small and specialised hedge funds.
Mike Tremmel is a senior manager in the asset management practice in the Pacific Northwest region for Ernst & Young, LLP. He advises investment partnerships, offshore funds, registered investment advisers and other financial services entities.
Michael Waldron is director of research at the fund of funds firm Cadogan Management, LLC, New York. He has been involved in manager research and portfolio management at Cadogan since 1997.
Thomas Weber, PhD, is a founding partner and head of hedge fund investments at LGT Capital Partners AG, a fund of funds manager for alternative assets based in Switzerland, which invests in private equity and hedge funds on a global basis.
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