Managing a Hedge Fund: A Complete Guide to Trading, Business Strategies, Risk Management, and Regulations

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9780071434812: Managing a Hedge Fund: A Complete Guide to Trading, Business Strategies, Risk Management, and Regulations

Hedge funds now account for 25 percent of all NYSE trading volume and are one of the fastest growing sectors in today’s financial industry. Managing a Hedge Fund examines every significant issue facing a hedge fund manager, from management of numerous types of risk to due diligence requirements, use of arbitrage and other exotic activities, and more. Broad-based where most hedge fund books are narrowly focused, it provides current and potential managers with a concise but comprehensive treatment on managing—and maximizing—a hedge fund in today’s fiercely competitive investing arena.

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From the Author:

This project started as class notes for the Hedge Funds course in the MS Financial Markets program in the Stuart Graduate School of Business at the Illinois Institute of Technology. When this course was first taught in the fall of 2002, I could not find one book that covered all of the topics necessary to teach a comprehensive graduate course on Hedge Funds. This book is an attempt to summarize research from all areas of the industry, allowing readers a one-stop access to hedge fund information.

Therefore, it is my hope that more MBA and MS programs will start teaching courses on hedge funds, and that this book will be very helpful in their teaching process. This book is written at an intermediate level, presuming prior knowledge of options and futures markets as well as Markowitz style investment theory.

Professionals from all areas of the alternative investment arena may also find this project to be helpful. Regulators, brokers and bankers may have advanced knowledge of standard financial products, but have been unable to keep up with the phenomenal growth of the opaque hedge funds industry.

Perhaps the most important audience could be those who currently manage, or aspire to manage, hedge funds or funds of hedge funds. Hedge fund managers may find new ways of analyzing the risk and reward of their trades, or be able to offer new funds in another style area. Funds of funds managers need to understand all styles of trading, and it is hoped that this book will allow these managers to become fluent in all strategies.

Finally, this project hopes to demystify hedge funds for investors. Hedge funds should be seen as a way to diversify a portfolio, reducing risks and offering investors returns that can offset losses in their traditional investment portfolio. Investors should learn the reasons for the lack of transparency for hedge funds, and that hedge funds don’t have to be seen as an inherently risky investment style.

From the Back Cover:

The practitioner's guidebook to operating and profiting from a successful hedge fund

Hedge funds have become one of the most-discussed yet misunderstood players in today's investment marketplace. They have also become one of the most potentially rewarding, both for investors and successful fund managers. Managing a Hedge Fund explores the numerous vital issues in launching and managing a hedge fund, and is the one book guaranteed to help both investors and professional money managers demystify the inner workings of this increasingly popular vehicle.

"Finally, a thorough and understandable book on hedge funds. Black has written a book that makes the arcane world of hedge funds far easier to understand. It is one resource that you will want to keep close to your desk."--John Mauldin, President, Millennium Wave Investment and author, Bull's Eye Investing

"As an academic and as a practitioner specializing in hedge funds, this book finds just the right blend of real world insight and quantitative analysis. I strongly recommend it to any individual looking for a clear and insightful reference to the area of hedge funds."

--Dr. Thomas Schneeweis, director, Center for International Securities and Derivatives Markets, Professor of Finance, University of Massachusetts, and editor, Journal of Alternative Investments

"An important read. Keith H. Black combines his real-world trading experience and academic background to create a clearly written and comprehensive guide to starting, managing and investing in a hedge fund."--Tim Biggam, Chief Option Strategist, Man Financial, and head trader, Hardel Relative Value Fund

"An immensely helpful reference. Professor Black has done an admirable job of condensing an entire graduate level course into a single, easy to read reference work."--Gerald W. Laurain, CFA, Senior Vice President, Director of Alternative Investments, LaSalle Bank Wealth Management

Hedge funds have emerged from the shadows of Wall Street to become one of today's fastest-growing investment classes, accounting for 25 percent of trading volume on the NYSE. But the rules and regulations for their operation often remain shrouded in mystery.

Managing a Hedge Fund provides current and prospective fund managers with the knowledge and tools they need to understand and control the unique world of hedge fund operation. Broad in coverage where most hedge fund books are narrowly focused, it draws on and summarizes salient research from all areas of the investment field, providing professionals with the one-stop hedge fund reference that is currently as sorely needed as it is difficult to find.

Whether you are currently a hedge fund professional or simply looking for a comprehensive and authoritative reference on the current knowledge in this fascinating area, Managing a Hedge Fund will provide you with the answers you need on topics including:

  • Requirements for starting and operating a hedge fund--regulatory issues, investor requirements, risk evaluation and management, and more
  • Measurement of a wide range of risks, including liquidity, counterparty, operational, market, legal, transparency, and model risk
  • Strategies for operating the numerous types of hedge funds, including equity, fixed income, MBS, global macro, distressed, and more

More than just focusing solely on the operational aspects of hedge funds, Managing a Hedge Fund also provides a dynamic picture of the history and current state of the industry. From the beginnings of their widespread popularity in the 1980s to the mistakes that led to the collapse of Long Term Capital Management to high-profile personalities like George Soros, author Keith Black pulls back the curtains to provide a compellingly honest and detailed portrait of an industry still in its relative infancy, yet growing in importance and impact with each passing year.

While it is true that hedge fund investing is not for everyone, it is also true that the universe of hedge fund investors has undergone incredible growth--growth that shows no signs of slowing down. Managing a Hedge Fund introduces you to the techniques and strategies that constitute today's hedge fund state of the art, and provides you with an intriguing glimpse of where this exciting industry is headed.

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