HEDGE FUNDS / PRIVATE EQUITY FUNDS /
     CREDIT DERIVATIVES / STRUCTURED FINANCE
                      GROUP




INDEX:

...
1.     GENERAL WEBSITES


                 Websites                                   Information
http://www.fdimagazine.c...
http://www.bloomberg.com/                 Provides real-time and archived financial
                                      ...
hedge funds and alternative funds industry.
http://www.evca.com/html/home.asp            European private equity and ventu...
global news-driven websites covering
                                            Property Funds, Private Equity and ETFs
 ...
hedge funds and other investment products
                                            and services.
http://www.morganstanl...
http://www.cboe.com/                          Chicago Board Options Exchange

http://www.chx.com/                         ...
http://chinahedge.bokee.com/cat.10142239. China hedge fund blog which has hedge
html                                      ...
Code of Ethics, establishing professional
                                           standards of conduct and introducing ...
during the year it refers to, with the use of
                                             graphs, tables, statistics, and...
http://www.altassets.com/                  provide news and research to more than
                                        ...
leveraged and management buyout activity
http://www.ipomonitor.com/                                    IPO Monitor
http://...
regulations, and statistics.
www.csrc.gov.cn                                China Securities Regulatory Commission
       ...
http://www.cvca.com.hk/index.asp           China Venture Capital Association
http://211.154.210.238/en/homepage/index   CS...
http://www.pacificpension.org/index_flash.   PPI, assiting pension funds, corporations and
htm                            ...
2.     HEDGE FUNDS


       Specific Articles and Weblink                      Information
Hedge funds home in on housing....
A Guide to Investing in Hedge Funds -          Almost the same as above one , but more
http://www.smithbarney.com/pdf/Hedg...
the Commission’s views following the
                                             vacating of the rule 2003(b)3-2 placing
...
of Finance (2004)                             that the portfolios of these sophisticated
                                 ...
evolved to deal with these issues. Finally,
                                              this article looks at the ramifi...
comprise the fund's core strategy, and fund
                                            terms are modified to address redu...
demands. Prime brokers help hedge funds
                                            manage their trades with multiple firm...
or other taxing authorities. Under FIN 48
                                             such a risk could result in a tax a...
Brave New World?                              risks arise, also examines how hedge funds
(http://www.lexisnexis.com/uk/leg...
fund advisers must register with the SEC as
                                                investment advisers by Februar...
rapidly in a financial crisis.
Risk Management for Hedge Funds – a            Risk Management is an integral part of the
P...
sAimedAtAdvisersToPrivateEquityAndHe       reliance on the private placement
dgeFunds.pdf) – Debevoise & Plimpton       ex...
http://busmovie.typepad.com/ideoblog/200     SEC regarding the disclosure of hedge
5/11/skeel_on_hedge_.html              ...
The differences between Mutual Funds and       Covers main differences between both
Hedge Funds                           ...
UK Revenue Initiates Revision Of Hedge       The Investment Manager Exemption
Fund Legislation                            ...
12/who_benefits_fr.html) – Café Hayek
(2006)
Why Hedge Funds Make Sense –                     This article evaluates the r...
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Hedge Funds Equity.doc

  1. 1. HEDGE FUNDS / PRIVATE EQUITY FUNDS / CREDIT DERIVATIVES / STRUCTURED FINANCE GROUP INDEX: 1. GENERAL WEBSITES.....................................................................2 2. HEDGE FUNDS……………………………………………………16 3. PRIVATE EQUITY………………………………………………..40 4. CREDIT DERIVATIVES………………………………………....70 5. STRUCTURED FINANCE………………………………………..96 By: Anas Makhdoom Digish Rawal Fernando Locatelli Joshua Jun Liao Mahesh Kumar Miguel Lacerda Natalie Karytinos Rodrigo C. do Vale Wei Sun (Henry)
  2. 2. 1. GENERAL WEBSITES Websites Information http://www.fdimagazine.com/news/fullstor FDI Cayman Island y.php/aid/1346/A_world- class_paradise.html http://www.fdimagazine.com/news/categor FDI Australia yfront.php/id/229/Australia.html http://www.fdimagazine.com/news/categor FDI Hong Kong yfront.php/id/231/Hong_Kong.html http://www.fsa.gov.uk/pubs/plan/financial_ FSA Financial Risk Outlook 2007 risk_outlook_2007.pdf http://www.bofabusinesscapital.com/resour Bank of America ces/capeyes/article_archive.php?bucket=1 Capital Eyes Article Archive: Buyouts / Private Equity / Hedge Funds http://www.bofabusinesscapital.com/resour Capital Eyes: Bank of America ces/capeyes/index.php Legal Guides http://www.maplesandcalder.com/index.cf Legal Guides. These Guides provide an m/fuseaction/library.listsubtype/intitemsubt outline of the substantive law of Ireland, ypeid/1/index.cfm? the Cayman Islands, the British Virgin fuseaction=library.listSubTypeSubjects&in Islands and Jersey. tItemSubTypeID=1 http://www.aima.org/ AIMA is a not-for-profit trade association dedicated to representing the world’s alternative investment community. Addressing issues effecting the industry’s development. http://www.altassets.com/casefor/countries/ A website in which you can find many lists/casefor_northam_region.php cases in north America region ,especially the private equity issues. 2
  3. 3. http://www.bloomberg.com/ Provides real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package to corporations, news organizations, financial and legal professionals and individuals around the world. http://www.bis.org/publ/arpdf/ar2006e7.ht A report of the comprehensive situations of m financial sectors ( investment banks , pension fund hedge fund , etc) http://www.bofabusinesscapital.com/ Many articles available related to hedge fund and private equity http://www.businessweek.com/ Business Week News website. http://www.cafehayek.com/ Website on a day-to-day market update. http://www.cliffordchance.com/home/defau Clifford Chance (lawfirm) lt.aspx http://www.complinet.com/home/ Provider of compliance news, information and software for the financial services industry http://ftalphaville.ft.com/blog/ Alphaville – instant market insight. Blog at the Financial Times website with daily articles related to Hedge Funds, Private Equity, etc. http://www.debevoise.com/ Debevoise & Plimpton LLP (lawfirm) http://www.doingbusiness.org/ The Doing Business database provides objective measures of business regulations and their enforcement. The Doing Business indicators are comparable across 175 economies. They indicate the regulatory costs of business and can be used to analyze specific regulations that enhance or constrain investment, productivity, and growth. http://www.edhec-risk.com/indexes/Hedge The purpose of this specialized section on %20Fund%20Indices this website is to highlight some specific characteristics of hedge fund indices. http://www.efinancialnews.com/privateequi Many news and digests from different ty/ sources about private equity http://www.emergingmarketsmonitor.com/ Emerging Markets Monitor (EMM) provides subscribers with the latest analysis, forecasts and ratings on fixed income, FX, interest rates, commodities, equity markets and global funds across Latin America and other emerging markets. http://www.eurekahedge.com/ Eurekahedge provides the greatest breadth and depth of information on the global 3
  4. 4. hedge funds and alternative funds industry. http://www.evca.com/html/home.asp European private equity and venture capital association website in which you can find many meeting reports and statistics with regard to EU market http://www.fitchratings.com/corporate/inde General website for corporate finance and x.cfm structured finance. http://www.foreignaffairs.org/ America’s influential publication on international affairs and foreign policy. http://www.freshfields.com/en.asp Freshfields Bruckhaus Deringer (lawfirm) http://www.fsa.gov.uk/ The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. http://www.ft.com/home/us Daily news on world business, financial and political news. http://www.guardian.co.uk/ Website of the Guardian, Observer and Guardian Weekly newspapers, including news related to the financial market. http://www.hedgefund.net Some free reports about the latest news and data of hedge funds across the world. http://www.hedgefundcenter.com Brief introduction of hedge funds basic information. http://www.hedgefundintelligence.com/ UK based hedge funds information journal, offering investors information on hedge fund indices in Europe, America and Asia. http://www.hedgefundmarketing.org/ The Hedge Fund Marketing Alliance is designed for hedge fund professionals, financial advisors, investment consultants, and other professionals who are involved in the placement or distribution of hedge funds. http://www.hedgefundregulation.com/ HedgeFundRegulation.com provides a search engine from which you can find different web links related to the regulation of hedge fund. more suitable for law school students http://www.hedgefundsreview.com/ Hedge Funds Review is one of the most read publications for all players in the European hedge fund industry. This definitive source provides hedge fund managers, investors and service providers with in depth news and analysis of trends and developments that will affect their day- to-day business and investment decisions. http://www.hedgeweek.com/ UK based website that provides three daily 4
  5. 5. global news-driven websites covering Property Funds, Private Equity and ETFs respectively. http://www.icc.co.uk/ ICC Information is an acknowledged authority in the provision of UK and Irish company and financial information, providing to clients with access to a wide range of daily updated business information on all UK & Irish companies, directors and shareholders, as well as offering easy access to European and International Data. http://www.ici.org/ Investment Company Institute (ICI) is the national association of U.S. investment companies. http://www.iflr.com/default.asp IFLR covers the latest innovations in areas such as capital markets, banking, project finance, corporate governance, bankruptcy, litigation, fund management and M&A. http://www.investopedia.com A general website linked by a number of articles , good for starting a research from short definition of conceptions related to hedge fund http://www.iosco.org/ International Organization of Securities Commissions – to cooperate together to promote high standards of regulation in order to maintain just, efficient and sound markets; to exchange information on their respective experiences in order to promote the development of domestic markets; to unite their efforts to establish standards and an effective surveillance of international securities transactions; to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offenses. http://www.kirkland.com/ Kirkland & Ellis LLP (law firm) http://global.lexisnexis.com/us LexisNexis is a popular searchable archive of content from newspapers, magazines, legal documents and other printed sources. http://www.library.hbs.edu/guides/financial Online database bearing many papers and _services/trade.html articles with respect to financial and banking issues http://www.london.edu/privateequityinstitu Private equity institute of London Business te/workingpapers.html school , a number of articles and papers http://www.magnum.com/ This website contains information about 5
  6. 6. hedge funds and other investment products and services. http://www.morganstanley.com/views/gef/i A global economic forum in which you can ndex.html search many financial issues in different regions http://www.newstatesman.com/ New Statesman online provides with facilities that allows people across the globe to discuss the issues considered in the new statesman magazine. http://www.pwc.com PriceWaterhouseCoopers website http://www.rgemonitor.com/ Roubini Global Economics website – is an aggregator of ahead-of-the-curve information on global economic and geostrategic issues. http://www.srz.com Schulte, Roth & Zabel LLP (law firm) http://www.sec.gov/ SEC – Securities & Exchange Commission. http://seekingalpha.com Seeking Alpha is a provider of stock market opinion and analysis from blogs, money managers and investment newsletters. http://www.smarteconomist.com/ This website provides with updated reports on business, finance and economics issues. http://www.sonnenschein.com/ Sonnenschein, Nath & Rosenthal LLP (law firm) http://www.tennysoncapital.com/servicesto Tennyson Capital Advisors offers a hedgefunds.html multitude of tailor-made services to hedge fund managers. http://www.thehfa.org/ The Hedge Fund Association is an international not-for-profit association of hedge fund managers, service providers, and investors formed to unite the hedge fund industry and add to the increasing awareness of the advantages and opportunities in hedge funds. http://uk.jstor.org/ JSTOR is a not-for-profit organization with a dual mission to create and maintain a trusted archive of important scholarly journals, and to provide access to them. http://www.ustreas.gov/ The United States Department of Treasury http://www.weil.com/ Weil, Gotshal & Manges LLP (law firm) http://www.willkie.com/ Willkie Farr & Gallagher LLP (law firm) http://www.sec.gov/divisions/corpfin/cfrule Regulations in Corporate Finance (SEC s.shtml U.S.A) http://www.bostonstock.com/ Boston Stock Exchange 6
  7. 7. http://www.cboe.com/ Chicago Board Options Exchange http://www.chx.com/ Chicago Stock Exchange http://www.chx.com/marketreg/index_mar Chicago Stock Exchange Market ketreg.htm Regulation Overview http://www.iseoptions.com/ International Securities Exchange http://www.nasdaq.com/ Nasdaq Stock Exchange http://www.nsx.com/ NSX – National Stock Exchange http://www.nsx.com/Rules.asp NSX – Regulations and rules http://www.nyse.com/ New York Stock Exchange http://www.nyse.com/corpgovernance/113 NYSE Corporate Governance Guideline 7541584196.html http://www.phlx.com/ PHLX Philadelphia Stock Exchange http://www.nyse.com/ NSEC Arca (formely the Pacific Exchange) http://www.cfapubs.org/action/doSearch? CFA Institute providing articles in prevSearch=subjectcodefield: derivatives and, portofolio and stock (T-040)&cookieSet=1 exchange http://en.wikipedia.org/wiki/Private_equity Private equity definition http://www.bondmarkets.com/ SIFMA - Securities Industry of Bonds International Views. International Overview in FDI about geo- http://www.scotiacapital.com/English/bns_ political insecurity econ/gviews.pdf http://www.chinafundlp.com/download.php The download sector of China hedge fund website. There are three very useful research articles related to Chinese hedge fund: ChinaFund LP ,ChinaFund LP(CHINESE GB), ChinaFund Goldman report. All the articles is free. http://www.chinahedge.com.cn/main/en/in China Hedge, most update news about dex.htm Chinese hedge fund can be found in Hedge Fund News Sector. 7
  8. 8. http://chinahedge.bokee.com/cat.10142239. China hedge fund blog which has hedge html news, hedge activities, hedge analysis sectors in the left list. No English Sector. http://www.hkifa.org.hk/eng/Index.aspx Hongkong investment Fund association http://www.sfc.hk/sfc/html/EN/ Hongkong securities and futures commision http://www.world- The World Federation of Exchanges exchanges.org/WFE/home.Asp?nav=ie http://www.bloomberg.com/news/regions/l Bloomberg – Latin America website area atinamerica.html http://www.privateequityinfo.com/? Private Equity website (includes Latin gclid=CLTx7rerrooCFSGQEAod8R_ppg America) http://www.hedgeworld.com/sp_directory/i Hedge Funds Website (includes Latin ndex.cgi?jur=4 America) http://www.hedgefundsreview.com/public/ Hedge Funds Website (includes Latin showPage.html?page=250885 America) http://www.bovespa.com.br/Principal.asp Brazil’s Stock Exchange http://www.bmf.com.br/portal/portal.asp Brazilian Mercantile and Future’s Exchange http://www.cvm.gov.br/ Securities and Exchange Commission from Brazil. http://www.andima.com.br/ The National Association of Financial Market Institutions (ANDIMA - Associação Nacional das Instituições do Mercado Financeiro) (…) brings together several financial institutions ranging from commercial, multiple and investment banks to stock-brokers and securities distributors (…) In (…) the Special Settlement and Custody System (SELIC - Sistema Especial de Liquidação e Custódia) (…) Center for Custody and Financial Settlement of Securities (CETIP - Central de Custódia e de Liquidação Financeira de Títulos) (…) trading in private papers. (…) SELIC and CETIP (…) prompted the introduction of the Market Telecommunications Network (RTM - Rede de Telecomunicações para o Mercado) in 1997. (…) operates as one of the communication networks for the new SPB - Brazilian Payments System, which came into existence on April 22, 2002. In 1999 the Association (…) re-writing its 8
  9. 9. Code of Ethics, establishing professional standards of conduct and introducing the Market Operations Code (COM) (…) The technical support offered by ANDIMA includes daily monitoring of market behavior with the dissemination of statistical data; monitoring legislation; preparing analyses, studies and reports on key economic issues; elaboration of analyses and reports about relevant economic themes; the sending of complaints and suggestions to the authorities of the economic area; and running one of the most complete data- bases in Brazil, which is open to society at large through publications or electronic media.(…) http://www.uqbar.com.br/site/Home.html Rio de Janeiro based financial knowledge company focused on the Brazilian domestic securitization market. Founded in 2002 and operating in the areas of education, information and technology, Uqbar is the only local company fully dedicated to securitization. http://www.febraban.org.br/ Brazilian Federation of Banks http://www.abrasca.org.br/capa.asp Abrasca (Braziian Association of Publicly- Traded Corporations) http://www.bvrj.com.br/ Rio de Janeiro’s Stock Exchange http://www.rtm.net.br/ Largest Private Extranet of the Brazilian Financial Market http://www.debentures.com.br/ Agency charged with the distribution of debentures in Brazil. http://www.cetip.com.br/ Agency charged with the custody and clearance of public bonds in Brazil. http://www.sugeval.fi.cr/ Costa Rica Securities Comisión http://www.spvs.gov.bo/ Superintendencia de Pensiones, Valores Y Seguros Bolivia www.bolsa-valores-bolivia.com/index.html Bolivia Stock Exchange http://www.sbef.gov.bo/ Superintendencia de Bancos Y Entidades Financieras – Bolivia http://www.andima.com.br/english/publicat Andima Yearbook 2005. Published in ions/arqs/andima_yearbook2005.pdf Portuguese since 1985, and in English since 1991 “Retrospectiva ANDIMA” records the behavior of the Brazilian financial market 9
  10. 10. during the year it refers to, with the use of graphs, tables, statistics, and consolidated information on the market, also including economic activity, monetary indicators, and price indices, among other topics. These contents are completed with analytical texts regarding topics worthy of note during the period under consideration. In this issue all of the financial market’s statistics for 2005 have been recorded in electronic media, in the CD card. This device also contains the full updated version of another publication issued by ANDIMA: the study “Brazil for Foreign Investors”, which provides the detailed functioning and features of the Brazilian financial market, with special emphasis on the different alternatives and the conditions applicable to investments by overseas residents. Also it contens report about IMA – ANDIMA Market Index which embraces almost entirely the outstanding public debt bonds held by the market and an explanation of ANDIMA's Presidente, Alfredo Neves Penteado Moraes, about the Brazilian Bond Market structure. Both publications – as well as other titles devoted to the subject – may be found in ANDIMA’s website, at www.andima.com.br. Through this initiative ANDIMA wishes to contribute to the greater overseas disclosure of the array of information on the Brazilian financial market. http://ec.europa.eu/internal_market/securiti EU official documents on the Prospectus es/prospectus/index_en.htm Directive and related matters. http://www.garp.com/ http://www-finmath.uchicago.edu/Chicago %202005.pdf of Risk Professionals (GARP) website. http://www.iijournals.com/JPE/DEFAULT. innovative strategies and techniques in ASP private equity and venture capital. It shows you the WHAT, HOW, and WHY of each successful deal with detailed explanations 10
  11. 11. http://www.altassets.com/ provide news and research to more than 1,000 institutional investors and 2,000 private equity and venture capital firms worldwide. http://www.bvca.co.uk British Venture Capital Association http://www.privateequityonline.com/ Private equity online ( free trial subscribe) http://www.evcj.com/ European venture Capital Journal http://www.vcjnews.com/ The Venture Capital News around the world http://www.topix.net/vc Venture Capital Forum http://www.seca.ch/default.asp? Swiss Private Equity & Corporate Finance V_ITEM_ID=1128 Association (SECA) is the representative body for Switzerland?s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland http://www.naicvc.com/index.html NAIC National Association of Investment Companies http://www.privateequity.com/ Private Equity Clearinghouse http://www.investopedia.com/terms/v/vent Explanation of very basic terms such as urecapital.asp Angel Investor,Diluted Founders,Down Round,Initial Public Offering - IPO,Pre- Money Valuation,Seasons,Seed Capital,Series A (Preferred Stock), Traunch,Venture Capitalist http://cmef.com/ The Council of Microfinance Equity Funds(CMEF) is the first membership organization bringing together the leading private entities that make equity investments in microfinance institutions (MFIs) in the developing world. The Council’s members seek both social and financial returns from their investments in these institutions, all of which provide a range of financial services to poor households in developing countries http://www.4vco.com/ Venture Capital Operations http://www.piacweb.org/ Pension Investment Association of Canada (PIAC)- The Mission of PIAC is to promote the financial security of pension fund beneficiaries through sound investment policy and practices http://www.buyoutsnews.com/ source of news, features, analysis, and fully-searchable data focussed reporting on 11
  12. 12. leveraged and management buyout activity http://www.ipomonitor.com/ IPO Monitor http://whitman.syr.edu/people/institutes/jou Whiteman Journal of Private Equity rnal/ http://www.thevc.com/ The VC Comic, very interesting http://www.sba.gov/advo/research/ Many VC research articles are available free. http://venture-capital-guide.com/ A very good guide of Venture Capital for the beginner http://www.nyppe.com/hRSec.aspx Three links on this page, summery about 144, 144a and regulation d of SEC rule, and its impact on private market https://www.venturedeal.com/LandingPage VC data base (need subscription) s/Venture3.aspx http://www.corante.com/venture/ Venture Capital Blog, but not update for some time http://www.nvca.org/ National Venture Capital Association http://www.us-ivca.org/ US-India Venture Capital Association http://www.amexcap.com.mx/index.php? Mexican Association for Private Equity id=1 http://www.privateequityonline.com/ Private equity online http://www.redherring.com/ Articles and researches about VC and Private market http://www.nyppe.com/ Very recent market story on the home page http://www.icsb.org/HOMEEnglish/tabid/3 International council for small business in 6/Default.aspx US http://www.catvp.com/about_publications.a This link has several articles which give spx some basic knowledge about VC http://www.arnet.gov/far/ Federal Acquisition Rule http://www.acga-asia.org/ Asian Corporate Governance Association http://www.avcal.com.au/ Australian Venture Capital Association (AVCAL) http://indiavca.org/ India Venture Capital Association http://www.tvca.org.tw/ Taiwan Venture Capital Association www.cbrc.gov.cn/ China Banking Regulatory Commission Formed supervise China's financial industry (its banking institutions, asset management companies, trust and investment companies, and other depository financial institutions)--a job previously done by the PBC. A well- designed site that is easy to navigate and up-to-date. Includes announcements and public notices, speeches, rules and 12
  13. 13. regulations, and statistics. www.csrc.gov.cn China Securities Regulatory Commission (CSRC) China's principal securities regulator. The Chinese version of its website is up-to-date and rich in information about CSRC policies, regulations and functions. The English version has undergone an overhaul, resulting in a site that contains nearly as much current information as the Chinese version. China's Code of Corporate Governance is easily found under the Laws and Regulations section, and any difficulties navigating the site or finding information can be overcome by using either the site map or the excellent search engine http://www.sse.com.cn/cs/zhs/xxfw/flgz/temp/en Shanghai Exchange regulation and rules _sserule20060515.html#1 China's main stock exchange. A non-profit making membership institution directly governed by the CSRC. The English version of its website is quick and easy to navigate, although modest in content compared to the Chinese version. www.szse.com.cn Shenzhen Stock Exchange (SZSE): www.szse.com.cn China's second stock exchange. The English version of its site is similarly thin compared to the Chinese version, although it does have useful--if limited in scope--sections on news and rules/regulations. http://www.csfrc.com/ Creative Structered finance http://www.cvca.com.cn/index.asp China venture capital association website www.ccer.edu.cn China Centre for Economic Research (CCER): A very useful website that contains a lot of information relating China’s economic and financial position and developments. The site includes a search engine as well as publications and papers. http://www.trustlaws.net/FinancialLaw/List Partnership Enterprise Law of the People’s .asp? Republic of China SelectID=3353&ClassID=118&SpecialID= http://www.antiventurecapital.com/securiti A resource on securities law aimed at the eslaw.htm startup seeking to raise venture capital or angel capital. 13
  14. 14. http://www.cvca.com.hk/index.asp China Venture Capital Association http://211.154.210.238/en/homepage/index CSRC, site of China Securities Regulatory _en.jsp Commission http://www.chinawuliu.com.cn/en/law/cont Law of the People's Republic of China on ent/200609/2006901.html Partnership Enterprises http://en.zongjun.com.cn/newEbiz1/EbizPo World Investment Net of China, the foreign rtalFG/portal/html/index.html investment sector is full of news related to news and information of foreign investment in China http://www.chinaventurenews.com/ Very good website for China venture capital news, full of recent movement of China venture capital. http://www.freshfields.com/places/china/fs China investment banking and financial news/en.asp services legal alert http://www.fengtou.net/vc/research.asp Research sector of the China’s Venture Capital Net, academic analysis of VC in China http://sp.fudan.edu.cn/finance/fi_fx.html Fudan University National Science Park, venture capital: the site has basic introduction, model term sheet, hot issue analysis, and famous cases. But no English sector http://www.cvc360.com/ Chinese website for venture capital information and legislation research. No English Sector http://www.chinasite.com/Business/Ventur You can found full of links related to the eCapital.html information of China’s VC http://www.hkvca.com.hk/2004/index.html Hongkong Venture Capital And Private Equity Association http://www.lowtax.net/lowtax/html/hongko Summerize the recent profile of the ng/jhkvent.html venture capital in Hongkong and the impact of recent legislation (such as MPF, Revenue (Profits Tax Exemption for Offshore Funds) Bill 2005) on this field http://www.hkvca.com.hk/2004/m5-set.htm Hong Kong Tax Exemption on Offshore Funds http://www.hkex.com.hk/regulatory.htm Hongkong exchange regulation and rules http://www.hkvca.com.hk/2004/index.html Hong Kong Venture Capital Association http://www.zero2ipo.com.hk/ Qingke Venture Capital Information http://www.svca.org.sg/index1.htm Singapore Venture Capital Association (SVCA) http://www.acra.gov.sg/ ACRC, Singapore accounting and corporate regulatory authority Business Angel in Singapore http://www.sgx.com/ Singapore Stock Exchange http://www.svca.org.sg/index1.htm Singapore VC & Private Equity Association 14
  15. 15. http://www.pacificpension.org/index_flash. PPI, assiting pension funds, corporations and htm financial institutions worldwide to carry out their fiduciary responsibilities, especially with repect to Asia-Pacific region. http://www.ilpa.info/index.html The Institutional Limited Partners Association is a non-profit organization committed to serving limited partner investors in the global private equity industry by providing a forum for: • Facilitating value-added communication • Enhancing education in the asset class; and • Promoting research and standards in the private equity industry http://www.gulfvca.org/ GVCA, Gulf Venture Capital Association http://www.avcanet.com/ AVCA, African Venture Capital Association http://www.abvcap.com.br/ Brazilian Venture Capital Association http://www.bradynet.com/ Bradynet is the pioneer and leading provider of Emerging Market's fixed income information through the Internet. 15
  16. 16. 2. HEDGE FUNDS Specific Articles and Weblink Information Hedge funds home in on housing. Article Hedge Funds growing numbers of http://www.ft.com/cms/s/b78c0fdc-4e40-1 hedge funds have placed bets on a slump in 1db-bcbc-0000779e2340.html the US housing sector in recent weeks, weakening a key index tied to the performance of subprime mortgages, according to dealers. What is a Hedge Fund? What is a Hedge Fund? In the modern http://www.jkrfinancial.com/hedgeFunds.cf context, the term "hedge fund" is applied m somewhat indiscriminately and beyond the scope of its original meaning. Broadly speaking, hedge funds are private investment limited partnerships, whose managers are compensated based on performance, and not as a fixed percentage of assets under management. Moreover, the hedge fund manager typically has a significant personal stake in the fund and thus views himself as a partner of other fund participants. Activist Fund Structuring Utilizing activist or corporate governance (http://www.srz.com/files/ai-spring-05- investment strategies in a traditional hedge nissenbaum.pdf) – SRZ (2005) fund structure has its benefits and presents certain challenges. Fund managers utilizing these strategies usually desire to use their expertise and their fund's influence as a minority shareholder of a company to effect change in the company in order to increase the value of the fund's investment. Administration of Hedge Funds – Is it a Article regarding administration on hedge Complex Question? funds. (http://www.customhousegroup.com/custo m.house.group.news.offshore.investment.p hp?number=20) – Custom House Group (2001) Advantages of hedge funds over mutual Brief article with advantages of hedge funds funds over mutual funds. (http://www.thehfa.org/advantages.cfm) – The Hedge Funds Association (2005) 16
  17. 17. A Guide to Investing in Hedge Funds - Almost the same as above one , but more http://www.smithbarney.com/pdf/HedgeFu from investor perspective to guide how to ndPrime_0305.pdf * chose a hedge fund for investment Bank seeks self-regulation to stabilize This article describes the attempt of the hedge funds Bank of England for London-based hedge (http://business.guardian.co.uk/story/0,,198 funds to agree a voluntary code of conduct 4799,00.html) – Guardian Unlimited to encourage greater transparency and (2007) provide better governance in the contentious industry. Breaking Legal and Legislative This brief article outlines recent legal and Developments in the Hedge Fund Arena Congressional developments that impact (http://www.sonnenschein.com/docs/docs_ the hedge fund market. Both as a result of e-alert/Hedge_Funds.pdf) – Sonnenschein the June 23, 2006 ruling by the U.S. Court (2006) of Appeals for the D.C. Circuit in Goldstein v. SEC, and recent lawsuits related to Biovail, Overstock.com and the practice of “naked shorting,” significant media and Congressional attention has again focused on the hedge fund industry. Changes in Hedge Fund Investment Changes in the investment behaviours of Behavior and the Impact on Financial hedge fund , its implication and the role of Markets - central bank http://www.boj.or.jp/en/type/ronbun/rev/re v06e06.htm Comparative Analysis of Hedge Fund Are hedge funds more attractive when Returns compared with other counterparts? this is http://www.edhec- the article which proves the comparative risk.com/edhec_publications/RISKReview. analysis , however from more finical angle 2006-02-03.3955/attachments/Comparative %20Analysis%20of%20Hedge%20Fund %20Returns.pdf Crimes and Misdemeanours – and How to This article explain the danger signals from Avoid Each When Investing in Hedge frauds past in Hedge Funds, and give tips Funds on how to avoid, or at least minimise, the (http://www.srz.com/files/October chances of being hit by frauds of the future. %202006%20-%20HedgeArticle.pdf) – SRZ (2006) Dancing with regulators – the practical The US Securities and Exchange implications of the Goldstein Case Commission (SEC or Commission) has (http://www.edhec- continued with its efforts to address the risk.com/latest_news/Alternative fallout from the decision in the Goldstein %20Investments/RISKArticle.2006-08-31. Case. The latest action in its ongoing 0420?newsletter=yes) – Edhec-Risk (2006) attempts to bring hedge fund advisers under greater scrutiny came in the form of a letter to the American Bar Association setting out 17
  18. 18. the Commission’s views following the vacating of the rule 2003(b)3-2 placing registration obligations on hedge fund managers. Developments in the hedge fund industry The development of hedge funds with http://www.bis.org/review/r050216d.pdf * fundamental issues such as market volatility , leverage and regulations Due diligence in Hedge Fund World Covers also the service providers such as (http://www.tennysoncapital.com/articledu the Prime Broker. ediligence.html) – Tennyson Capital Advisors EDHEC European Alternative Brief primer on the hedge funds , easy to Diversification Practices Survey - understand and nice for beginners http://www.edhec-risk.com/site_edhecrisk/ public/features/RISKArticle.2006-02-20.58 19 Europe gains as banks rally NEWS Scrutiny of hedge fund in UK http://www.ft.com/cms/s/015814a8-50c7- 11da-bbd7-0000779e2340.html Forming a Hedge Fund Certain comments for the formation of a (http://www.hedgefundregulation.com/For hedge fund. mingafund.doc) – Hedge Fund Regulation G7 ministers to scrutinise hedge funds Germany wants more transparency, not (http://www.ft.com/cms/s/3db4a4e4- regulation, for the hedge funds sector. b650-11db-9eea-0000779e2340.html) – Financial Times (2007) G7: Call for hedge fund scrutiny - Latest attitude to the scrutiny of hedge http://money.cnn.com/2007/02/11/news/int fund of G7 news ernational/g7_hedgefunds.reut/index.htm? postversion=2007021108 Hands off Hedge Funds The massive growth of hedge funds has (http://www.foreignaffairs.org/20070101fa sparked warnings of instability and essay86107/sebastian-mallaby/hands-off- demands that the industry be regulated. But hedge-funds.html) – Foreign Affairs (2007) the fear of hedge funds is overblown, based on a misunderstanding of their role in the international financial system. Hedge Funds Brief article trying to explain a definition (http://www.hedgeco.net/hedge-funds.htm) for hedge funds. – HedgeCo.Net Hedge Funds: a discussion of risk and FSA’s understanding of the risks posed by regulatory engagement the hedge funds sector, which has included (http://www.fsa.gov.uk/pages/about/media/ a series of visits to hedge fund managers notes/bn008.shtml) – FSA (2005) and advisers Hedge Funds and the Technology Bubble This article examines stock holdings of (http://www.princeton.edu/~markus/researc hedge funds during the time of the h/papers/hedgefunds_bubble.pdf) – Journal Technology Bubble on NASDAQ and find 18
  19. 19. of Finance (2004) that the portfolios of these sophisticated investors were heavily tilted towards (overpriced) technology stocks. Hedge Funds and the Asian Currency Hedge fund and its relationship to the Crisis of 1997 - Asian crisis 1997 , a good illustration of the ftp://viking.som.yale.edu/will/research.ter hedge fund risks related to the stability of m/crisis.pdf financial market Hedge Fund buyouts accelerate Another large hedge fund has been bought (http://www.iflr.com/default.asp? out, continuing the recent spate of such Page=9&PUBID=263&ISS=23443&SID= deals. 674955&LS=EMS119166) – International Financial Law Review (2007) Hedge fund performance and persistence in This paper tests the performance of several bull and bear markets hedge funds in a time period that (http://129.3.20.41/eps/fin/papers/0402/040 encompasses unambiguously bullish and 2018.pdf) – (2003) bearish trends whose pivot is commonly set at March 2000. Hedge Funds – an Overview Analysis of the legal structure of a typical (http://www.lexisnexis.com/uk/legal/results UK managed hedge fund, the specific risks /docview/docview.do? associated with hedge funds and their risb=21_T1100497949&format=GNBFUL regulatory treatment. L&sort=BOOLEAN&startDocNo=1&resul tsUrlKey=29_T1100497951&cisb=22_T11 00497950&treeMax=true&treeWidth=0&c si=280100&docNo=2) – Journal of International Banking & Financial Law (2004) Hedge Funds and Derivatives Markets: Remarks of Emil E. Henry Jr., Assistant History, Issues, and Current Initiatives Secretary of the Treasury, Before the Fixed (http://www.treas.gov/press/releases/js4111 Income Forum “Hedge Funds and .htm) – United States Department of the Derivatives Markets: History, Issues, and Treasury (2006) Current Initiatives. Hedge Funds and Financial Stability The hedge fund and financial stability http://www.bankofengland.co.uk/publicatio ns/speeches/2006/speech285.pdf Hedge Funds and Private Equity Converge This article examines some of the reasons (http://inform.cliffordchance.com/ve/ZZ77 for hedge funds infiltrating private equity 80Qk26BH8228ci7) – Clifford Chance territory and the convergence of private (2006) equity and hedge funds. It compares and contrasts the key features of private equity and hedge funds and outlines their respective advantages and disadvantages when operating in the private equity market. It analyzes the liquidity and valuation issues convergence presents and describes how hedge fund terms have 19
  20. 20. evolved to deal with these issues. Finally, this article looks at the ramifications of convergence for the private equity market and how the landscape may evolve in the future. Hedge Funds and Systemic Risk Hedge funds and systemic risk http://federalreserve.gov/boarddocs/speech es/2006/200605162/default.htm Hedge Funds and the Asian Currency The hedge funds and the Asian financial Crisis of 1997 crises http://papers.ssrn.com/sol3/papers.cfm? abstract_id=58650 Hedge Funds and the Collapse of Long This article bearing on a case study with Term Capital Management the famous collapse of LTCM, which is http://uk.jstor.org/view/08953309/di01471 the typical demonstration o f risks that 8/01p0122r/0? hedge fund face currentResult=08953309%2bdi014718%2b 01p0122r %2b0%2cFF7F7E&searchUrl=http%3A %2F%2Fuk.jstor.org%2Fsearch %2FBasicResults%3Fhp%3D25%26si %3D1%26Query%3Dhedge%2Bfund Hedge-Fund Borrowing Examined by Fed, U.S. and European regulators are SEC, European Regulators conducting a joint probe into whether (http://www.bloomberg.com/apps/news? banks and securities firms set strict enough pid=20601103&sid=aMFZqx2S1aWg&ref limits on loans to hedge funds. er=news) – Bloomberg (2007) Hedge Funds Charge Too Much for This article critic the performance fees Returns (http://www.bloomberg.com/apps/ charged by hedge funds. news? pid=20601087&sid=aVViEDarvCWk&ref er=home) – Bloomberg (2007) Hedge Funds Have to Open their Books to Interview of former CEO of Citigroup Regulators - Sandy Weill , his concerns about the hedge http://www.spiegel.de/international/spiegel fund’ risk in the context of dollar crisis /0,1518,465785,00.html A and US trade deficit Hedge Funds in Private Equity In recent years, we have seen increasing (http://www.srz.com/files/im_fall05_Hedg activity by hedge fund managers who are eFundsInPrivateEquity.pdf) – SRZ (2005) expanding beyond the traditional arena of hedged public securities investing to embrace a broader range of assets and strategies, including activist investing, distressed investing and private equity/debt investing. In some cases, these less liquid strategies are limited to a portion of a fund's portfolio; in other cases, they 20
  21. 21. comprise the fund's core strategy, and fund terms are modified to address reduced liquidity by incorporating some of the terms traditionally used by private equity funds. These hybrid strategies and structures have blurred the line between private equity and hedge investing and have enabled hedge fund managers to become meaningful players in the private equity marketplace. Hedge Funds, Leverage, and the Lessons of The US President’s Working Group on Long-Term Capital Management Financial Markets recommends a number (http://www.ustreas.gov/press/releases/repo of measures designed to constrain rts/hedgfund.pdf) – United States excessive leverage in the financial system. Department of the Treasury (1999) The events in global financial markets in the summer and fall of 1998 demonstrated that excessive leverage can greatly magnify the negative effects of any event or series of events on the financial system as a whole. The near collapse of Long-Term Capital Management (“LTCM”), a private sector investment firm, highlighted the possibility that problems at one financial institution could be transmitted to other institutions, and potentially pose risks to the financial system. Hedge Funds – Strategies that worked well Strategies the hedge fund applies, brief http://www.fundstreet.org/2006/02/hedge_f introduction unds_str.html Hedge Fund of Funds versus Multi-strategy What are the benefits of and differences Hedge Funds between an investment in a multi-strategy (http://www.thehfa.org/articles.cfm) – hedge fund and a hedge fund of funds? Hedge Funds Association (2006) Hedge Funds – risks versus rewards (http:// This article looks at what hedge funds have www.lexisnexis.com/uk/legal/results/docvi to offer and illustrates in a case study the ew/docview.do? issues that trustees must consider. risb=21_T1100510154&format=GNBFUL L&sort=BOOLEAN&startDocNo=1&resul tsUrlKey=29_T1100510156&cisb=22_T11 00510155&treeMax=true&treeWidth=0&c si=280079&docNo=5) – Occupational Pensions Journal (2004) Hedge funds turn 'prime' brokerage into As hedge funds grow in size, complexity misnomer (http://www.post- and clout, many investment managers are gazette.com/pg/06023/643013.stm) – Post- finding that a single prime broker isn't Gazette (2006) enough to meet their expanding list of 21
  22. 22. demands. Prime brokers help hedge funds manage their trades with multiple firms and also provide lending, portfolio reporting and custodial services, among other things. Hedge funds: what should be the regulatory How to response to the issues that hedge response fund brings ( protection , market integrity, -http://www.fsa.gov.uk/pages/Library/Com transparency) munication/Speeches/2006/1207cm.shtml Hedgies Gone Wild: Global Authorities Brief article reporting debates from top Seek To Regulate The Industry officials seeking to regulate the industry of (http://usmarket.seekingalpha.com/article/2 hedge funds in order to give more 5358) – Seeking Alpha (2007) transparency, etc. Hedging Your Bets: A Heads Up on Hedge Article from the SEC regarding hedge Funds and Funds of Hedge Funds funds, definitions and protections. (http://www.sec.gov/answers/hedge.htm) – Securities and Exchange Commission (2007) How to Set Up a Hedge Fund This article provides with the necessary (http://www.hedgefundmarketing.org/Howt steps for setting up a hedge fund. o.pdf) – Hannah Terhune (Attorney) If Hedge Funds Made the Mess, They Can Fix It Too. (http://quote.bloomberg.com/apps/news? pid=10000039&refer=columnist_currier&s id=a.2lJicRXOno) – Bloomberg (2006) Implications of the growth of Hedge Funds Report of the Staff of the U.S. Securities (http://www.sec.gov/news/studies/hedgefu and Exchange Commission, September nds0903.pdf) – Securities and Exchange 2003, providing a thorough definition of Commission (2003) hedge funds, the background of their development, the different forms of hedge funds available, who manages them, and how they’re regulated. An ideal combination of hedge fund and the context of US, imparting the analysis of hedge fund plus the comparison made among pooled investment vehicles. Meanwhile introduce the pertinent laws and regulations of hedge fund in US. Important Tax Accounting Pronouncement FASB Interpretation No. 48, Accounting May Affect Hedge Funds for Uncertainty in Income Taxes, has been (http://www.thehfa.org/articles.cfm) – issued by the Financial Accounting Hedge Funds Association (2007) Standards Board. FIN 48 may affect hedge funds and other alternative investment vehicles if there is a risk of income tax being assessed at the fund level by the IRS 22
  23. 23. or other taxing authorities. Under FIN 48 such a risk could result in a tax accrual which would be a reduction of the fund’s net asset value. Institutions Get Satisfaction with Hedge This study confirmed that institutional Funds investors continue to increase their (http://www.aima.org/uploads/StateSt71.pd allocation to alternative investment f) – AIMA Journal (2006) vehicles. Nearly half of institutional investor respondents have 10% or more of their portfolios invested in hedge funds nowadays. This represents an increase over results of State Street’s 2004 study, when just over a third of respondents said hedge funds represented 10% or more of their assets. Investing in Hedge Funds: Adding Value This paper introduces a suitable extension through Active Style Allocation Decisions of the Black-Litterman Bayesian approach (http://www.edhec- to portfolio construction that allows for the risk.com/features/RISKReview.2005-12-19 incorporation of .1651/attachments/Investing%20in active views about hedge fund strategy %20Hedge%20Funds.pdf) – Edhec Risk performance in the presence of nontrivial and Asset Management Research Centre preferences about higher moments of hedge Publication (2006) fund return distributions. IOSCO Technical Committee approves The regulatory environment for hedge final report on the Regulatory Environment funds – of Hedge Funds a survey and comparison. (http://www.iosco.org/library/pubdocs/pdf/ IOSCOPD226.pdf) – IOSCO (2007) Irish Hedge Funds and Prime Brokers As a general principle, the Irish regulator, (http://www.srz.com/files/im-su04- the Irish Financial Services Regulatory Hilditch.pdf) – SRZ (2004) Authority (IFSRA), requires the assets of an Irish fund to be held by its custodian or a duly appointed sub-custodian. This is incompatible with the typical nature of a prime brokerage relationship where the prime broker will have the right to use certain of the assets of the hedge fund as if they were its own. Latin American Hedge Funds 2006 – http:// Special reports on hedge funds in Latin www.hedgeweek.com/download/36125/He American countries. dgeweek%20Special%20Report%20- %20Latin%20American%20Hedge %20Funds%202006.pdf – Hegde Week Legal Risk Management And Transacting This article looks at how the hedge fund Business With Hedge Funds — Is There A business is 23rganized and where the legal 23
  24. 24. Brave New World? risks arise, also examines how hedge funds (http://www.lexisnexis.com/uk/legal/results have turned themselves from social pariahs /docview/docview.do? to respectable institutions in a small period risb=21_T1100371685&format=GNBFUL and considers whether this reduces or L&sort=BOOLEAN&startDocNo=1&resul increases the legal risks which their trading tsUrlKey=29_T1100371687&cisb=22_T11 counterparties are likely to encounter. 00371686&treeMax=true&treeWidth=0&c si=280100&docNo=1) – Journal of International Banking & Financial Law (2005) London opens its arm to hedge funds – Hedge fund Bredin Howard has announced http://www.iflr.com/default.asp? its plans to raise approximately €1 billion Page=9&PUBID=263&ISS=23443&SID= on the main market of the London Stock 675824&LS=EMS119914 – International Exchange via the offering of BH Macro. Financial Law Review (2007) The offering will be the first feeder fund for a hedge fund to be listed on LSE’s main market, and marks a change of tack following the listing of MW Tops on Euronext in 2006. MFA’s 2005 Sound Practices for Hedge One article examines from the manager Fund Managers point of view the issues about how to http://www.mfainfo.org/images/PDF/MFA operate a sound hedge fund. The interesting s_2005_Sound_Practices_FINAL.pdf points are the risks and obligations of a hedge fund is facing as well as the regulations MiFID: client 24ategorization This briefing considers the FSA’s proposals (http://www.freshfields.com/publications/p on the implementation of the Markets in dfs/2006/16638.pdf) – Freshfields (2006) Financial Instruments Directive (“MiFID”) client 24ategorization requirements and the possibility for grandfathering between the current and MiFID regimes. Mitigating Tax Risks of Hedge Funds Covers tax risks for offshore hedge funds Investments in Loans of investing in loans. (http://www.willkie.com/files/tbl_s29Publi cations/FileUpload5686/2364/Mitigating_T ax_Risks_of_Hedge_Fund.pdf) – Willkie Farr & Gallagher LLP (2007) New SEC rule requires registration for In response to rapid growth in the number most hedge fund advisers and size of hedge funds, increasing direct (http://www.kirkland.com/files/tbl_s14Publ and indirect participation of “retail” ications/Document1303/1421/Investment investors and significant recent regulatory %20Management%20Alert%20(Dec. enforcement actions involving hedge funds, %202004).pdf) – Kirkland (2004) the SEC, by 3-2 vote, changed the client counting rule under the Investment Advisers Act of 1940, so that most hedge 24
  25. 25. fund advisers must register with the SEC as investment advisers by February 1, 2006. Optimal Disclosure and Operational Risk: More from legal or policy aspects to Evidence from Hedge Fund Registration address the operational risks of hedge funds http://papers.ssrn.com/sol3/papers.cfm? in terms of U.S context and the regulation abstract_id=918461 * of hedge fund from SEC Performance Characteristics of Hedge This article reviews the organizational Funds and Commodity Funds: Natural vs. structure of hedge funds, makes data Spurious Biases (http://uk.jstor.org/cgi-bin/ collection a much more onerous task, jstor/printpage/00221090/di020189/02p005 amplifying the impact of performance 27/0.pdf? measurement biases backcontext=page&dowhat=Acrobat&conf ig=jstor&userID=89cd84b1@warwick.ac.u k/01cce4406415e3a1108c240bd0&0.pdf) – The Journal of Financial and Quantitative Analysis (2000) Planning for Hedge Fund Manager Hedge funds often depend on a few key Succession players. Until recently, most of these (http://www.srz.com/publications/publicati crucial portfolio managers, traders and onsDetail.aspx?publicationId=1063) – SRZ analysts acted as though they were (2004) immortal. As the industry matures, however, managers and investors are recognizing the need to plan for the unexpected death or disability of a portfolio manager, or even a whole team, perhaps traveling in the same corporate jet. And as hedge fund firms grow, it becomes more important to address the risk that vital personnel will quit. Prime Brokerage – The benefits of a good The prime broker plays a crucial role in the prime broker functioning and ongoing success of a hedge (http://www.hedgefundintelligence.com/eh/ fund. While a variety of firms offer reports/2004_06/prime_brokerage.htm) – different levels of expertise, a full-service Hedge Fund Intelligence (2004) prime broker is capable of providing a wealth of services which are instrumental for the successful long-term running of the business. Recent Developments in Hedge Funds Recent development in hedge fund http://www.boj.or.jp/en/type/ronbun/ron/re search/ron0606a.htm Regulators see dangers in hedge fund US, UK and European regulators have collateral expressed concern in recent meetings that (http://www.ft.com/cms/s/cb0a9650- investment banks may be allowing hedge b006-11db-94ab-0000779e2340.html) – funds to increase their borrowing capacity Financial Times (2007) using collateral that could lose its value 25
  26. 26. rapidly in a financial crisis. Risk Management for Hedge Funds – a Risk Management is an integral part of the Prime Broker’s Perspective product offering of a prime broker. (http://www.aima.org/uploads/2003%5Cfe bruary%5Cbearstearns.pdf) – AIMA Journal (2003) Risk and the Financial System - http://www.rba.gov.au/Speeches/2006/sp_d g_150906.html Risk Transfer and Financial Stability http:// A short and arguable article, addressing the www.federalreserve.gov/boarddocs/speech pertinent issues resulted from the es/2005/20050505/default.htm proliferation of financial derivatives and the hedge fund, like the transfer of credit risk outside the banking system may pose a threat to the stability of financial system as a whole. it is good for having general ideas of the new issues in the frontier of hedge fund topics and the credit risk topics, not for detailed insight and analysis . SEC adopts rule on registration of certain Rule 203(b) (3)-2, which was adopted by hedge fund advisers the SEC on October 26, 2004, requires (http://www.pwcservices.com/pwc_alternat most private fund advisers to register with ives/pdf/040968_PwC_Alternatives_P5_6_ the Commission. 02_17.pdf) – PriceWaterhouseCoopers (2004) SEC Proposes New Rules Affecting Private On December 27, 2006, the SEC released Equity Sponsors two proposed rules affecting private equity (http://www.weil.com/wgm/pages/Controll sponsors in response to the decision in er.jsp? Goldstein v. SEC, where the Court of z=r&sz=nl&db=wgm/cwgmpubs.nsf&d=A Appeals of the D.C. Circuit vacated the 3C6376D38B4546D8525726700613342& hedge fund registration rule. The first rule v=Private%20Equity is an antifraud provision promulgated under %20Alert&f=a200701) – Weil, Gotshal & the Investment Advisers Act of 1940 and Manges (2007) the second rule would increase the accredited investor standard under Regulation D for natural persons investing in certain funds. SEC proposes new rules aimed at advisers The SEC closed out 2006 by proposing two to sets of rules of great importance to private Private equity and Hedge funds – fund managers: a broadly applicable (http://www.debevoise.com/files/Publicatio “evergreen” antifraud rule and a severe n/2b13bfb5-fc44-40fe-bec8-19a30e65ada0/ narrowing of the categories of natural Presentation/PublicationAttachment/2fbdd persons (such as employees and “friends bf9-20f4-480c- and family”) who can invest in certain ba17-1fac9f003352/SECProposesNewRule types of private funds issuing securities in 26
  27. 27. sAimedAtAdvisersToPrivateEquityAndHe reliance on the private placement dgeFunds.pdf) – Debevoise & Plimpton exemption from registration under the LLP (2007) Securities Act of 1933 (the “Securities Act”) provided by Regulation D. SEC publishes text of new rules for hedge SEC has published the text of its proposed fund and private equity fund advisers new rules for advisers to hedge funds and (http://www.edhec- private equity funds. First, the SEC are risk.com/latest_news/Alternative proposing to adopt a new antifraud rule %20Investments/RISKArticle.2007-01-10. under the Investment Advisers Act of 1940 5540?newsletter=yes) – Edhec-Risk (2007) that would clarify, in light of the recent court decision in Goldstein v SEC, the ability of the SEC to bring enforcement actions under the Advisers Act against investment advisers who defraud investors or prospective investors in a hedge fund or other pooled investment vehicle. Second, they are proposing a rule that would revise the requirements for determining whether an individual is eligible to invest in certain pooled investment vehicles. This would be accomplished by defining a new category of accredited investor called “accredited natural person,” which is designed to help ensure that investors in these types of funds are capable of evaluating and bearing the risks of their investments. SEC Registration of Private Investment Another article gives an introduction of Partnerships after Abrahamson v. Fleschner fundamentals of hedge funds, featuring a http://uk.jstor.org/view/00101958/ap03061 case study in conjunction with the 5/03a00030/0?searchUrl=http regulation of the hedge funds. it helps us %3a//uk.jstor.org/search/BasicResults from legal point of view to address the %3fhp%3d25%26si%3d1%26Query issues related to hedge funds %3dhedge%2bfund%2b %2bregulation&frame=noframe&currentR esult=00101958%2bap030615%2b03a0003 0%2b0%2cFEFF0F&userID=89cdfb01@w arwick.ac.uk/01cc9933162809110ccaeb89c &dpi=3&config=jstor Sell-out: Why hedge funds will destroy the Critics on the worldwide role of the hedge world funds. (http://www.newstatesman.com/200607310 033) – New Statesman (2007) Should Hedge Funds be Regulated? (http:// Brief article regarding the regulation of www.hedgeco.net/hedge-fund- hedge funds, if should be more developed regulations.htm) – HedgeCo.net and how. Skeel on hedge funds The comment on the new rules issued by 27
  28. 28. http://busmovie.typepad.com/ideoblog/200 SEC regarding the disclosure of hedge 5/11/skeel_on_hedge_.html fund So what are hedge funds? Describes the role of the hedge funds in the (http://news.bbc.co.uk/1/hi/business/44992 financial market. 90.stm) – BBC (2005) Some considerations in setting up a hedge Article prepared by a professional fund corporation with some comments for the (http://www.hrice.com/uploads/content/M formation of a hedge fund. whatleyHedgeFunds1204.pdf) – Howard, Rice, Nemerovski, Canady, Falk & Rabkin (2004) Survival Analysis of the Hedge Funds This paper applies a survival analysis to (http://www.boj.or.jp/en/type/ronbun/ron/w individual hedge fund data reported in the ps/data/wp06e05.pdf) – Bank of Japan Lipper TASS database. Estimation results (2006) are summarized as follows. (i) Funds with higher returns, assets under management (AUM), and recent fund flows, and funds with lower volatilities and higher skewness of returns and AUM have higher survival probabilities. (ii) Incentive scheme matters for survival probabilities, and the directions of the effects differ depending on the measures: funds with higher incentive fees have lower survival probabilities, while those with a high water mark have higher survival probabilities. (iii) Cancellation policies as proxies for liquidity constraints matter: funds with a longer redemption notice period and a lower redemption frequency have higher survival probabilities. (iv) As the number of total hedge funds becomes larger, survival probability significantly falls. (v) On the other hand, leverage does not significantly influence survival probabilities. The Benefits of Hedge Funds: 2006 Update Benefits of hedge funds http://cisdm.som.umass.edu/research/pdffil es/benefitsofhedgefunds.pdf The Challenge of Hedge Fund How to measure the performance of a Performance Measurement: hedge fund, new method. But more suitable a Toolbox Rather Than a Pandora’s Box for financial study http://www.edhec- risk.com/edhec_publications/RISKReview. 2006-11-17.4344/attachments/position %20paper%20the%20challenge%20of %20hedge%20fund070111.pdf 28
  29. 29. The differences between Mutual Funds and Covers main differences between both Hedge Funds funds (regulatory, pricing and liquidity, (http://www.ici.org/funds/abt/faqs_hedge.h investor characteristics). tml) – ICI – Investment Company Institute (2007) The hedge fund cheat sheet The first page of this newsletter describes (http://www.hedgefundmarketing.org/HF_ the types of hedge funds in the market. CheatSheet_p1.pdf) – Hegde Fund Marketing (2005) The Life Cycle of Hedge Funds: Fund This paper analyzes the life cycles of hedge Flows, funds. Size and Performance (http://lfe.mit.edu/media/hedge_fund_life_ cycle.pdf) – MIT Sloan School of Management (2004) The real stakes in the hedge fund hearings News and comments about the regulation (http://www.businessweek.com/bwdaily/dn of hedge funds. flash/content/dec2006/db20061206_00083 3.htm? chan=top+news_top+news+index_investin g) – Business Week (2006) The regulation of hedge funds Testimony of Randal K. Quarles, Under (http://www.treas.gov/press/releases/hp24. Secretary, for Domestic Finance, U.S. htm) – The United States Department of Department of the Treasury regarding the the Treasury (2006) regulation of hedge funds. The regulation, taxation and distribution of Covers current developments in the hedge hedge funds in Europe: Changes and funds market, pan-European regulatory challenges developments, current developments in the (http://www.pwc.com/extweb/pwcpublicati taxation of hedge funds, hedge fund ons.nsf/dfeb71994ed9bd4d8025714900308 managers and hedge fund investors as well 62f/ea8e7a7f4b061fb8802572250040b6e2/ as an overview of the various national tax $FILE/ATTMS0V6/TheRegulation,Taxatio regimes as they affect hedge fund managers n,DistributionOfHedgeFunds-2006.pdf) – and hedge fund investors. PriceWaterhouseCoopers (2006) The role of the hedge funds in the US Testimony of Randal K. Quarles, Under market – Secretary for Domestic Finance U.S. (http://www.treas.gov/press/releases/js4264 Department of the Treasury, regarding the .htm) – The United States Department of role of the hedge funds –rapid growth, the Treasury (2006) regulation, etc. The Rules of the Long-Term Game (http:// Short-termism vs. Long-termism www.aima.org/uploads/Platinum70.pdf) – investment. AIMA Journal (2006) Time-varying exposures and leverage in The use of leverage of hedge funds with hedge funds regard to the change of the market and the http://www.bis.org/publ/qtrpdf/r_qt0503f.p variation of its risk exposures df 29
  30. 30. UK Revenue Initiates Revision Of Hedge The Investment Manager Exemption Fund Legislation ("IME") is a statutory exemption which (http://www.srz.com/files/120406_UK ensures that non UK-resident funds which %20Revenue%20Initiates%20Revision have a UK investment manager are not %20of%20HF%20Legislation.pdf) – SRZ subject to UK tax on their profits. (2006) Statement of Practice 1/01 ("SP 1/01"), which currently provides guidance on the application of the IME, was issued in 2001, before the recent substantial increase in UK hedge-fund manager activity and consequential market developments. The Draft Of A Revised Statement Of Practice (The "New Draft SP") is intended to replace SP 1/01 and bring HM Revenue And Customs ("HMRC") guidance (and the IME generally) up to speed with these industry developments. In addition to the New Draft SP, HMRC have issued an "open letter," which provides further background information on the New Draft SP and sets out a number of issues not addressed in the draft which are still under consideration. Uncle Sam is Watching You Given the focus by both the US securities (http://www.srz.com/publications/publicati regulators and investors on high-profile onsDetail.aspx?publicationId=1530) – SRZ hedge fund meltdowns, such as Manhattan (2006) Investment Fund, Lipper, Beacon Hill and Lancer, more and more efforts are being made to assert jurisdiction in US Courts over hedge fund managers, administrators, auditors and other service providers to offshore hedge funds, regardless of where the managers of service providers are located. Understanding Alternative Investments: A This article is good for background –study Primer on Hedge Fund Evaluation of hedge fund , providing many http://www.vanguard.com.au/library/pdf/R fundamental knowledge for the beginner L_Hedge_Fund_Evaluation_P01%2005.pd f * Use of Prime Brokers by Hedge Funds Covers the appointment of prime brokers (http://www.complinet.com/file_store/pdf/r by Operators of Private Hedge Funds. ulebooks/DFSA_CP37_amended.pdf) – Dubai Financial Services Authority (2006) Who Benefits from Hedge Fund A brief article about who will be benefited Regulations? – in the market from hedge fund regulations. (http://cafehayek.typepad.com/hayek/2006/ 30
  31. 31. 12/who_benefits_fr.html) – Café Hayek (2006) Why Hedge Funds Make Sense – This article evaluates the reasons why (http://www.thehfa.org/articles/1.pdf) – hedge funds have produced high levels of Morgan Stanley (2000) risk-adjusted return and alpha, and show how portfolios of hedge funds can enhance strategic asset allocation for both pension funds and endowments. Issues Facing Hedge Funds as They Adopt New Investment Strategies - http://www.bofabusinesscapital.com/resour ces/capeyes/a09-06-353.html?bucket=1 EDHEC comments on the lessons to be lessons to be drawn from the Amaranth drawn from the Amaranth debacle - http:// debacle www.edhec- risk.com/latest_news/Alternative %20Investments/RISKArticle.2006-10-02. 0711?newsletter=yes Hedge funds & derivatives: A brilliant paper discuss the relationship A maturing relationship between hedge fund and derivative , a http://marhedge.com/public/Derivatives- maturing relationship Report.pdf The wrong kinds of risk the hedge funds The growth of the hedge fund business is take on. increasingly driven by institutional investors seeking to raise their exposure to https://registration.ft.com/registration/barri alternative assets. None of the recent er? problems in the sector, whether caused by referer=http://www.rgemonitor.com/663/w fraud or incompetence, seems likely to halt orld_markets/corporate_bonds_and_credit_ that trend. derivatives/? more=cluster&cluster_id=5527&location= http %3A//www.ft.com/cms/s/dce7349c-5c90-1 1db-9e7e-0000779e2340.html Market Risk - Hedge Funds and Credit A recent article in Forbes this week alerts Derivatives, the Next Financial investors to the potential downfall of hedge Catastrophe? funds, should credit default swaps take a dive. Hedge funds are heavily invested in http://www.garp.com/risknews/newsfeed.as these derivatives and “if something goes p? wrong, the pain will be widespread,” the Category=6&MyFile=2006-10-10-13643.ht article states. With corporate debt defaults ml low these days, the temptation is high to write insurance policies on bonds. A hedge fund can make $60,000 to $1 million a year selling protection on $10 million in bonds. 31

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