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A Guide to Starting Your Hedge Fund


A Guide to Starting Your Hedge Fund


1. Aufl.

von: Erik Serrano Berntsen, John Thompson

76,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 03.03.2015
ISBN/EAN: 9781119064886
Sprache: englisch
Anzahl Seiten: 216

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Beschreibungen

<p><b>Successful hedge fund investing begins with well-informed strategy</b></p> <p><i>A Guide to Starting Your Hedge Fund</i> is a practical, definitive "how-to" guide, designed to help managers design and launch their own funds, and to help investors select and diligence new funds. The first book to examine the practical aspects of setting up and operating funds with a focus on energy commodity markets, this book scrutinises the due diligence process and comprehensively reviews the opportunities and risks of all energy commodity markets as hedge fund investments. Extensive planning and strategy advice prove invaluable to prospective fund managers and investors alike, and detailed discussion of the markets' constraints help inform procedural decisions. Readers gain insight into practical matters including legal and commercial structures, due diligence, fund raising, operations, and more, allowing them to construct a concrete investment plan before ever touching a penny.</p> <p>Asset managers are looking to energy commodities to provide attractive uncorrelated – if volatile – returns. These high returns, however, are accompanied by high risk. Few investors have experience evaluating these investment opportunities, and few prospective fund managers understand the market fundamentals and their associated risks. This book provides the answers sorely lacking in hedge fund literature, giving investors and fund managers the background they need to make smarter decisions.</p> <ul> <li>Understand the markets' structures, opportunities, and risks</li> <li>Develop a comprehensive, well-informed investment strategy</li> <li>Conduct thorough due diligence with a detailed plan</li> </ul> <ul> <li>Examine the practical aspects of fund raising, legal and tax structure, and more</li> </ul> <p>Oil has long been traded by hedge funds, but electricity, the fuels that generate electricity, and the environmental products like emissions allowances and weather derivatives have become the new "hot" investment strategies. These high returns come with higher risk, but <i>A Guide to Starting Your Hedge Fund</i> ensures participants have essential information at their disposal.</p>
<p>Acknowledgements ix</p> <p><b>Part I Why This Book? 1</b></p> <p><b>Chapter 1 Introduction 3</b></p> <p>Why This Book? 3</p> <p>The Big Picture and Energy Commodities 4</p> <p>Case Study: Amaranth Advisors 5</p> <p>Layout 6</p> <p>The Beginning 7</p> <p>Bibliography 7</p> <p><b>Part II the Basics 9</b></p> <p><b>Chapter 2 What Is a Hedge Fund? 11</b></p> <p>I Already Know What a Hedge Fund Is 11</p> <p>A Little Bit of History 12</p> <p>So What Is a Hedge Fund? 13</p> <p>Hedge Funds (Un)Defined 16</p> <p>The Growth of the Hedge Fund Industry 18</p> <p>Hedge Fund + Commodities = Commodities Corporation 19</p> <p>Whither Energy and Commodity Hedge Funds? 20</p> <p>Moving Forward 20</p> <p>Bibliography 21</p> <p><b>Chapter 3 What Are Energy Commodities? 23</b></p> <p>Introduction 23</p> <p>What Are Energy Commodities? 23</p> <p>The Regionality of Electricity 25</p> <p>Why Are Energy Commodities Attractive for Investors? 27</p> <p>A Complex, Solvable Problem 30</p> <p>Drivers of Complexity 31</p> <p>Conditions for Solvability 36</p> <p>Principal Sources of Opportunity and Risk 39</p> <p>Bibliography 46</p> <p><b>Chapter 4 Trading and Investing in Energy Commodities 47</b></p> <p>Bottom-up and Top-down 48</p> <p>Trading + Managing a Business = Successful Hedge Fund 49</p> <p>The Edge? 50</p> <p>Trading Energy Commodities 52</p> <p>Basic Financial Knowledge for Commodities 55</p> <p>Conclusion 56</p> <p>Bibliography 59</p> <p><b>Part III Starting the Journey 61</b></p> <p><b>Chapter 5 The Business Plan: Implications and Applications 63</b></p> <p>Introduction 63</p> <p>Objectives and Uses of a Hedge Fund Business Plan 64</p> <p>Conclusion 71</p> <p>Bibliography 72</p> <p><b>Chapter 6 Laws, Contracts, and Lawyers 73</b></p> <p>Don’t Kill Your Lawyer 73</p> <p>Legal Basics for Funds 74</p> <p>Master–Feeder Fund Structures 77</p> <p>Side-Pocket Structures 81</p> <p>The Firm 84</p> <p>The Investment Advisory Agreement 86</p> <p>Contents vii</p> <p>Attributes and Variations of the Investment Management Enterprise 87</p> <p>Structural Design Decisions 88</p> <p>Case Study: Complex Tax Structuring 98</p> <p>Be Nice To Your Lawyer 103</p> <p>Bibliography 104</p> <p><b>Chapter 7 Service Providers 105</b></p> <p>Introduction 105</p> <p>Long-Term Relationship: Service Providers and Marriage 106</p> <p>Service Providers: Who and Where? 107</p> <p>Negotiate, Negotiate, Negotiate 108</p> <p>Service? 110</p> <p>How to Choose? 112</p> <p>Final Thoughts 113</p> <p>Bibliography 113</p> <p><b>Part IV Running the Business 115</b></p> <p><b>Chapter 8 Fundraising 117</b></p> <p>Strategic Investor Portfolio Design 118</p> <p>Start-up Lifecycle Analysis and Investor Portfolio Development 127</p> <p>Investor Acquisition – Marketing 130</p> <p>Tools for Marketing and Key Marketing Documents 140</p> <p>Marketing Documentation 143</p> <p>Investor Maintenance – Investor Relations 152</p> <p><b>Chapter 9 Operations and Infrastructure 155</b></p> <p>Introduction 155</p> <p>Infrastructure and Technology 158</p> <p>Bibliography 160</p> <p><b>Part V Final Thoughts 161</b></p> <p><b>Chapter 10 Investing in Energy Commodity Hedge Funds 163</b></p> <p>Asset Allocation: Portfolio Building Basics 163</p> <p>Asset Allocation: Understanding Different Strategies 167</p> <p>Checklist for Investing in Energy Commodity Hedge Funds 170</p> <p>Bibliography 171</p> <p><b>Chapter 11 Quo Vadis 173</b></p> <p>Bibliography 179</p> <p>Appendix A Sample Business Plan Outline 181</p> <p>Appendix B Outline of a Confidential Explanatory Memorandum: Sample Offshore Feeder Ltd 183</p> <p>Appendix C Sample Due Diligence Questionnaire Outline 189</p> <p>Index 195</p>
<p><b>Erik Serrano Berntsen</b> is CEO of Stable Asset Management. Prior to Stable, he was a Consultant with Bain & Co., where he consulted on private equity deal studies as well as a broad spectrum of corporate engagements. During his time at Bain he was also an advisor to the Prince’s Trust, including advising on the UK-wide Volunteer Strategy initiative. Erik holds a Bachelor of Arts in Politics, Philosophy and Economics from Keble College, University of Oxford, and a Masters of Business Administration with honours and a Concentration in Finance from the University of Chicago Booth School of Business.</p> <p><b>John Thompson</b> is Principal of Stable Asset Management. Prior to Stable, he was a senior executive of Enron Europe. He has held regulatory affairs and market operations management roles with Wintershall (BASF) and was regional financial coordinator for Milestone Petroleum (Burlington Resources). John began his energy career in the oil and gas fields of the Rocky Mountains and later as a well-site mud-logging engineer. John has held several Directorships, including Member of the Supervisory Board of the European Energy Exchange (EEX). John also holds a Masters of Business Administration from the University of Chicago Booth School of Business. <p>Stable Asset Management is a hedge fund seeding firm that backs top trading talent globally to build institutional quality asset management firms.
<p><i>A Guide to Starting Your Hedge Fund</i> is a practical and definitive guide that offers investors and fund managers the information and tools they need to select, design, and launch their own funds. Written by Erik Serrano Berntsen and John Thompson – hedge fund and energy industry experts – this important resource examines the practical aspects of setting up and operating funds, giving additional insight into the burgeoning sector of energy commodity markets. The authors scrutinise the due diligence process and offer an intelligent review of energy hedge fund investment opportunities and risks. This important text also includes a wealth of planning and strategic advice that will prove invaluable to prospective fund managers and investors.</p> <p><i>A Guide to Starting Your Hedge </i>Fund gives prospective fund managers an accessible approach for mastering the key elements necessary if they are to develop a successful hedge fund. Berntsen and Thompson put the focus on a proven method for creating an effective overall strategy. They reveal how to create a sound business plan, outline the critical legal requirements, and show what it takes to work well with service providers, such as prime brokers and administrators. The book explores the fundamentals of running an investment management firm, includes information on fundraising techniques, and clearly shows how to administer the daily operations of a hedge fund. <p>Serrano Berntsen and Thompson offer their in-the-trenches wisdom and sound advice that investors should consider before adding an energy commodity hedge fund to their portfolio. The authors also include their insights into the future of energy commodity hedge funds. Designed as a practical resource, the book contains an outline of a sample business plan, offering memorandum, and a helpful due diligence questionnaire. <p>Whilst oil has long been traded by hedge funds, natural gas, electricity, and the environmental products like emissions allowances and weather derivatives are the new and highly desirable investment strategies. These high returns come with major risk, <i>A Guide to Starting Your Hedge Fund</i> gives savvy investors and fund managers the information they need to make smart decisions.

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