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Hedge Funds and Prime Brokers, 2nd Edition

Hedge Funds and Prime Brokers, 2nd Edition

Author: Mark Berman
Publisher: Risk Books
ISBN: 9781904339991
Published In: January 2012
Format: Paperback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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The Credit Crisis is reshaping the hedge fund industry. At a time when proposals to regulate hedge funds and impose restrictions on their investment managers are at the top of the political agenda in Europe and the US, prime brokers continue to curtail funding, which impacts hedge fund trading and profitability, while investors are returning, slowly, to these critical AI pooled investment vehicles.

Beyond the legislative and regulatory agendas, the Credit Crisis has shown how critical it is to understand the intricacies of the hedge fund-prime broker relationship, notably in areas such as hypothecation, disclosure of risk factors, key provisions of the prime brokerage agreement and knowing what to do, and how fast to act, when things go wrong.

Hedge Funds and Prime Brokers, Second Edition is the first book to analyse the regulations proposed in the light of the Credit Crisis in Europe, the US and Asia. Edited by an internationally recognised expert in financial services regulation and with contributions from leading experts in investment, law and regulation, Hedge Funds and Prime Brokers, Second Edition is the indispensible guide to all aspects of what has become one of the most important relationships in modern finance.

This new book builds on the coverage of best-selling first edition, with expanded coverage and additional contributors. Leading industry experts focus on new laws and rules and what they mean for the industry. New chapters address

the coming US hedge fund rules
Europe’s Draft Directive on Alternative Investment Fund Managers
legislative developments in Asia
breach of duty, remedies and insolvency
what the hedge fund of tomorrow will look like

Fully revised chapters take in the lessons of the Credit Crisis in their analysis of:

conflicts of interest
the economics of the relationship
corporate governance by and for hedge funds
key tax and accounting issues

In-depth and practitioner-focused, Hedge Funds and Prime Brokers, Second Edition is the complete guide to the complexities of the hedge fund-prime broker relationship.

1 What are Hedge Funds?

Mark Berman

CompliGlobe Ltd

2 What are Prime Brokers?

Richard R Lindsey

Callcott Group, LLC

3 The US Prime Brokerage Model

Larry E. Bergmann, Matthew B. Comstock

Willkie Farr & Gallagher LLP

4 The Non-US Prime Brokerage Agreement

Mark Berman

CompliGlobe Ltd

5 Conflicts of Interest Involving Hedge Funds and their Prime Brokers

Nathan J. Greene, Russell D. Sacks

Shearman & Sterling LLP

6 The Economic and Trading Factors that Drive the Relationship

Paul Dentskevich

Brevan Howard Jersey

7 Corporate Governance by and for Hedge Funds

Barry P. Barbash

Willkie Farr & Gallagher LLP

8 Key Tax and Accounting Issues

Robert Mirsky

Laven Partners

9 Breach of Duty, Remedies and Insolvency

Christopher Russell, Angus Davison

Ogier

10 The Rising Regulatory Tide: Navigating the Coming US Hedge Fund Rules

Nathan J. Greene

Shearman & Sterling LLP

11 The Draft Directive on Alternative Investment Fund Managers

Larissa Silverentand, Petra Zijp

NautaDutilh

12 Legislative Developments in Asia

James Walker

Clifford Chance

13 The Hedge Fund of Tomorrow: Building an Enduring Firm

David Aldrich, Marina Lewin, Rob Lockhart; Daniel Celeghin, Kevin P Quirk

Bank of New York Mellon; Casey Quirk

14 The Credit Crisis and the Regulation of Hedge Funds: Two Roads Diverged?

Mark Berman

CompliGlobe Ltd

Mark Berman

Mark Berman, the founder and CEO of CompliGlobe Ltd, advises and conducts training programmes for hedge funds, investment managers, issuers, regulators and multi-national banks and brokers in Europe and Asia on SEC practice outside the United States, UK and EU issues and cross-border regulatory, compliance and AML matters. Mark was a senior lawyer with the Division of Corporation Finance and the Division of Market Regulation of the US Securities and Exchange Commission where he worked on disclosure and trading practices issues, respectively. He was a senior lawyer with the London Stock Exchange where he advised on UK, EU and US supervision, surveillance and regulatory matters and listing rules issues, and drafted the 1994 re-write of the trading rules. Mark began his career in financial services with Merrill Lynch. In 15 years of industry experience and apart from his time as a regulator, he held senior positions as head of legal and compliance, compliance officer, MLRO and assistant company secretary. He chaired and served on new product committees.

Mark wrote An Introduction to Hedge Funds (2007 Risk Books) and edited and contributed to SEC Regulation Outside the United States (6th ed. 2007 Risk Books) and Hedge Funds & Prime Brokers (2nd ed. 2010 Risk Books). He founded, chairs and speaks at “SEC Regulation Outside the United States” and the workshops “SEC Basics”, “SEC Inspections and CCOs” and “How to Navigate a Prime Brokerage Agreement,” given in Hong Kong, London, Singapore and other European and Asian locations. Mark is a member of the Advisory Council of the SEC Historical Society (Trustee from 2006 to 2009) and served on the task force for the SEC’s 75th anniversary. He is a member of the BSF Hall of Fame.