Portfolios: prevalent but problematic

Introduction

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One of any potential investor’s fundamental concerns is to select an efficient reference portfolio. But it seems dealers are divided over what their role should be in bespoke deal portfolio selection (see article). In our second article on single-tranche CDOs, we highlight the changing nature of hedge funds’ involvement in this market – they have shifted from investing in to managing bespoke deals (see article).

Although the ubiquity of products such as CDOs and nth-to-default basket

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