Hedge Funds Review - 2007-07-01
Articles in this issue
Full steam ahead of the fund floating boat
The rush to launch permanent capital vehicles has not slowed, despite the grandfather of London's closed-ended, listed vehicle market replacing the manager of one of its key funds of funds due to what it saw as underperformance as David Walker reports
Short investing for the long haul
Today's short selling processes may be more refined, but industry best practice is still a way off, says Michael Marburg of Ramsey Asset Management
Derivative products, but an original approach to prime broking
Andrea Angelone, head of the equity finance desk at JP Morgan's equity derivatives group (pictured, left) and Neil Taylor, executive director, equity finance, from JP Morgan explain how the prime broker specialises in derivative solutions, and what…
Enter the dragon, via Hong Kong
Chinese firms continue coming to market, but Hong Kong is where the value is best, writes Solomon Teague
Beyond stock loan and margining
Merrill Lynch's Jeff Penney explains why the leading prime brokers have gone beyond talking about margin and lending, and why those such as Merrill Lynch have moved into the more elegant sphere of financial engineering for their hedge fund clients
Knowledge is power
Edhec's Noël Amenc and Mathieu Vaissié outline the information that investment firms' activity reports should contain if they are to measure and manage their risk effectively
How granular profits could profit hedge funds
A confluence of supply and demand stresses could see corn and other grains make hedge funds trading in them some handy money, as David Walker explains
US and UK firms become allies in the fight for futures
Chicago, home to the futures exchanges, is an obvious draw for fund managers, but the partnership strategies of local players are further opening up the market, suggests Astor's Robert Stein. By Phyllis Feinberg
Fund derivatives and financing
IGS Group's Michael Romanek observes a certain amount of give and take in negotiating the right fund financing
Being nimble and fleet of foot...
Scotia Capital's Jim Buckley says an international profile and the ability to source and risk‑assess new market instruments are critical to good client relationships. He adds that being jack of all trades but master of none is little good for a prime…
Chicago's thriving hedge fund culture
The Windy City, despite its geographical distance from the main financial centres, is proving a hotbed of hedge fund action attracting portfolio managers from every international corner, says Scott Schweighauser, a partner at investment firm Harris…
With merger mania, can short ever be sweet?
UK equity hedge fund managers believe private equity bid deal analysis holds the answer to working a short book in the current markets, says Solomon Teague
Chicago: more than just a windy city?
When it comes to managing hedge funds Chicago, with its wealth of exchanges and universities, is like nowhere else, say the city's major service providers. Phyllis Feinberg gets the lowdown on the centre's service providers' offerings
Hedge funds fall for that Gallic charm
While institutional investors in France may be turning their attention to non-correlated returns, they know what they like (and don't like), and it pays for managers to find out first, as David Walker explains
Chicago's exchange merger mania
exchanges
Model mismatch
While mark-to-market may be the prefered route to pricing, sometimes it just isn't possible. The Bank of New York's Tim Murphy and Markit's Richard Earl look long and hard at models as they apply to the pricing for OTC instruments
This lunch packs an educational punch!
One lunch, four managers, many products. Solomon Teague observes the very different market predictions of a convertible bond researcher, property fund developer, an asset manager and investment committee chairman.
Synthetic considerations...
tete à tete: shorting
Directional, with focused discipline
Scotland's Cartesian Capital has turned in a healthy first year with its UK long/short hedge fund. David Walker found out why they had such an enjoyable first birthday...
The new foundation for hedge funds
Hedge funds going digital was one thing, but boy, do they generate some data? More than you can put on a floppy disk, anyway, as Bob Guilbert from Eze Castle explains
Of talent and track records...
David Walker chats with Deutsche Bank's Barry Bausano and Jonathan Hitchon about the central prime broking issues and challenges and the latest services at brokers' disposal
Power through sharp focus
When choosing a prime broker, clients should conduct a thorough review of firms' core competencies to assess suitability, says Lehman's prime broking team
So much more than just Scandinavian hedge fund coverage...
Stability, reliability and commitment, plus the ability to operate under local jurisdictions, are key to selecting prime brokers, says the head of prime brokerage at SEB, Jonas Lindgren
Vive la difference, says Credit Suisse
In an increasingly complex marketplace of prime broking houses, it's the small differences between brokers that are likely to make or break the client relationship, says Credit Suisse managing director Philip Vasan
There's more than one way to skin a cat
The ability to invest long and short is central to efficient risk mitigation in today's capital markets, so the theory goes, but your IT systems need to be able to keep up
The responsive alternative...
Barclays Capital's Michael Brian explains hedge funds' nimbleness does put pressure on prime brokers to respond in kind but, as is the case with all rapidly changing industries, the cream does still rise to the top
When speed is of the essence: working the short sell in Asia
Speed is critical when going short in Asia's emerging markets, says Lionhart's Jason Kennard. Success means knowing the market and your customers, and having 24-hour access to a trading platform that can adequately back up your strategies, he adds
