Introduction: About the Sponsor
William Keunen, Citco Fund Services
Chapter One:
A year of Turmoil: Impact on Hedge Fund Operations
William Keunen, Citco Fund Services
- Hedge Funds Come in All Shapes and Sizes
- The Appetite for Hedge Funds Spreads
- Managing Hedge Fund Risk and the Administrators Role
- Increased Interest in Outsourcing
- The Fully-fledged 'Front-to-Back' Solution
- Specific Post 9/11 Concerns
- Conclusion
Chapter Two:
Current State of the Hedge Fund Market
Nathan Gantcher, Alpha Investment Management, New York
- Returns and Strategies
- Will the Bubble Burst
- Challenges and Opportunities
- Funds of Funds' Responsibilities
Chapter Three:
Jurisdiction Profiles
Profile One: Jurisdiction Profile: Bermuda
Deborah Poole, Appleby Spurling & Kempe, London
- Introduction
- Structures Available
- Costs
- What is Required to Establish a Fund in Bermuda?
- Bermuda Stock Exchange
- Legislation Pending Following FAFT/OECD/UK Overseas Territories Review
- Other Key Requirements or Idiosyncracies of Interest to Hedge Fund Managers
- Strenghts and Weaknesses
Profile Two: Jurisdiction Profile: Cayman Islands
Mark Lewis, Walkers, Cayman Islands
- Introduction
- Legal Entities and Structures Available in the Cayman Islands
- An Evaluation of Costs in the Cayman Islands
- Cayman Islands Stock Exchange
- Legislative Response to FATF/OECD/UK Overseas Territoires Review
- Anti-money Laundering Legislation
- Additional Cayman Islands Requirements or Idiosyncracies
- Summary of Strengths and Weaknesses
Profile Three: Jurisdiction Profile: Dublin
Hilary Griffey, Kilroys, Dublin
- Introduction
- Legal Entities and Structures Available
- Evaluation of Costs in Dublin
- The Irish Stock Exchange
- Anti-money Laundering Legislation
- Regulation
- Summary of Strengths and Weaknesses
Profile Four: Jurisdiction Profile: Luxembourg
Claude Niedner, Arendt & Medernach, Luxembourg
- Introduction
- Rules Governing Luxembourg Funds
- Investor Protection
- The Flexibility of the Hedge Fund Regime
- Listing
- Conclusion
Profile Five: Jurisdiction Profile: Hong Kong
Mark Shipman and James Walker, Clifford Chance, Hong Kong
- Introduction
- Legal Entities and Structures Available
- Costs in Hong Kong
- Taxation
- Legislative Developments
- Hedge Fund Guidelines
- Anti-money Laundering Legislation
- The Stock Exchange of Hong Kong
- Strengths and Weaknesses
Chapter Four
Getting the Structure Right for Managers and Investors
Christopher Hilditch and Richard Thompson, Schulte, Roth & Zabel International, London
- Fund Vehicles and Structures
- Stand-alone Funds
- Umbrella Funds
- Master-feeder
- Structured Products
- Registered Hedge Funds
- Management Issues
- Management and Control
- Liability to UK Tax of a Non-UK Resident Fund
- Offshore Management Company
- Investment Manager
- Conclusion
Chapter Five
Legal Segregation of Assets: Towards Global Recognition
Anthony D Whaley, Conyers Dill & Pearman, Bermuda
- Introduction: Growth of the Protected Cell Structure
- Segregated Accounts Companies in Bermuda
- Segregated Portfolio Companies in the Cayman Islands
- Protected Cell Companies in Guernsey
- Conclusion
Chapter Six:
Current Trends Affecting Flows to Hedge Funds
Victor L Zimmerman Jr Curtis, Mallet-Prevost, Colt & Mosley, Stanford
- Strategies and Funds Currently Favoured by Investors
- The New Seed Investors
- The Consultant's Role in Positioning the new fund for Capital
- Conclusion
Chapter Seven
Sources of Return for Hedge funds and Managed Futures
Dr Lars Jaeger, Partners Group, Baar-Zug
- Introduction
- The Sources of AIS Returns
- The Challenges for Funds of Funds
- Implications for Portfolio Management of AIS
- Conclusion
Chapter Eight
The Inefficiencies of Paper-based Processes
Dave Shastri, Fundnexus, London
- Relevance for the Hedge Fund Industry
- The Real Cost of Paper
- Where does all the Paper come from?
- The Front Office is Becoming Sublime
- Assessing the Risk Today
- Back to the Future
- Filling in the Cracks
- Independent Verification
- Fund Administrators' Response
- Prospectus Distribution
- Looking Ahead
Chapter Nine
Equalisation
Kieran Conroy, Citco Fund Services, Dublin
- The Free Ride
- Multi-series versus the Equalisation Factor
- The Beauty of Equalisation
- The Equalisation factor
- What's New and What is Coming?
- Conclusion
Chapter Ten
Anti-money Laundering Initiatives for Private Investment Funds
Betty Santangelo and Caroline Krass Levy, Schulte, Roth and Zabel New York
- Introduction
- Investment Companies, Private Investment Funds and the Anti-money Laundering rules generally
- The PATRIOT Act
- Other Potentially Relevant Provisions
- Conclusion
Chapter Eleven
UK Financial Services Authority Consults the Hedge Fund Industry
Peter Astleford and William Yong, Dechert London
- Introduction
- A Changing market
- Current UK Regulatory Regime
- The Regulation of Hedge Fund Managers in the UK
- Options for Change and Questions for Discussion
- Hedge Fund Managers and the FSA's Financial Crime Objective
- Conclusion
Chapter Twelve
US Regulatory and Tax Considerations for Offshore Funds
Mark Barth and Marco Blanco, Curtis, Mallet-Prevost, Colt & Mosle New York
- Limited Contact with the United States - Investment and Custody
- Sales outside of the United States, Including Sales Activities Conducted from Within the United States and Internet Sales
- US Investment Managers
- US Shareholders other than from Offerings in the United States
- Public Offerings of Offshore Funds in the United States
