Pengelola investasi global

Pengelola investasi global utawi kanthi umum langkung dipuntepang kaliyan istilah hedge fund inggih punika merupakan kontrak investasi kolektif privat ingkang dipunkenakakén biaya imbal jasa berbasis kinerja (performance fee) lan limrahipun dipuntawarakén kanthi winates dhateng investor kelas inggil. Istilah hedge fund asalipun saking cara pengelolaan dana ingkang dipunpanggihakén déning Alfred Winslow Jones ing taun 1949. Strategi A.W. Jones' inggih punika ngélampahi penjualan kaliyan cara "short" atas saham wekdal punika piyambakipun pembelian saham sanèsipun, dados manawi makaten dipunlampahi lindung aji atas risiko pasar. Kathah "pangkalan investasi", "sindikat investasi", "kemitraan investasi" utawi "dana oportunis" ingkang gadhah karakteristik bènten-bènten ing donya modern punika ingkang sampun beroperasi sampun ngantos lami punika. Nanging Jones inggih punika ingkang kawiwitan ngélampahi kombinasi short selling, penggunaan daya ungkit (leverage), struktur kemitraan terbatas guna menghindari aturan, lan ngenakaken 20% imbalan insentif kanggé kompensasi atas peranipun minangka "mitra pengelola", dan olèh karenanya Jones diakui sebagai "bapak" (penemu) dari indhustri hedge fund.^[1]

Struktur hukum

Struktur hukum dipun-ginakaken ing nemtokaken kewajiban perpajakan kanggé investor. Kathah hedge fund dipungadahi domisili hukum offshore ing nagara-nagara ingkang boten gegayutan saé kaliyan manajer, investor, utawi kagiyatan operasional saking investasi dana, kaliyan ancas supados pajeg namung dipunkenakaken ing investor lan boten dipunkenakaken pajeg tambahan ing dana ingkang dipunkelola.

Kangge para investor ingkang dados subjek pajeg ing Amérika, hedge fund asring dipundamel ing struktur "kemitraan terbatas" amargi jinis punika angsal perlakuan pajeg ingkang langkung nguntungaken ing Amérika. Manajer hedge fund (ingkang limrahipun ing wujud perusahaan) inggih punika "mitra umum" utawi manajer lan si investor inggih punika "mitra terbatas" utawi anggota. Dana mau dipunkempalaken ing suatu kemitraan utawi perusahaan dan "mitra umum" utawi manajer badhé nglampahi sedaya putusan investasi.^[2] Lokasi onshore punika ya iku tebih saking ingkang wigati ing salebeting artian lokasi manajer hedge fund. Kota New York lan wewengkon Gold Coast ing Connecticut (limrahipun Stamford, Connecticut and Greenwich, Connecticut) ing panggènan utama saking para manajer hedge fund kaliyan jumlah ingkang kaping kalih ing jumlah hedge fund ingkang wonten ing London.^[3]

Peraturan offshore

Kathah pusat keuangan offshore manawi njurung pendirian hedge fund kaliyan nawaraken pinten-pinten kombinasi layanan jasa, penerapan merdamel ingkang nguntungaken, peraturan ingkang bersahabat kaliyan donya bisnis kaliyan pusat keuangan ingkang utamanipun kalebet ing Cayman Islands, Dublin, Luxembourg, British Virgin Islands lan Bermuda. Dipunperkirakaken Cayman Islands inggih punika pusat saking sawatawis 75% saking hedge fund donya, ingkang nguwasani pangsa pasar punika setengah saking indhustri hedge fund kaliyan aji dipunperkirakaken ngantos 1,225 trilyun USD ^[4].

Perusahaan manajemen hedge fund terkemuka

Asring ugi dipuntepang dados perusahaan manajemen investasi alternatif.

Terminology

Uga delengen

Cathetan suku

↑ Steve Johnson, A short history of bankruptcy, death, suicides and fortunes, Financial Times, April 27 2007
↑ [1] A Practitioner's Guide to Alternative Investment Funds
↑ Hedge Funds, pg 2 International Financial Services London
↑ Institutional Investor, 15 May 2006, Article Link, although statistics in the Hedge Fund industry are notoriously speculative

Waosan lanjut

Artikel panalitèn

Agarwal, V., and N.Y. Naik, 2000, Multi-Period Performance Persistence Analysis of Hedge Funds, Journal of Financial and Quantitative Analysis, Vol. 35, No. 3.
Amenc, N., L. Martellini, and M. Vaissié, 2003, Benefits and Risks of Alternative Investment Strategies, Journal of Asset Management, Vol. 4, No. 2, pp. 96–118.
Asness, C., R. Krail, and J. Liew, 2000, Do Hedge Funds Hedge?, Journal of Portfolio Management, Vol. 28, No. 1, pp. 6–19.
Caslin, J. J., 2004, Hedge Funds, British Actuarial Journal, Vol. 10, No. 3, pp. 441–521.
De Souza, C., and S. Gokcan, 2004, Hedge Fund Investing: A Quantitative Approach to Hedge Fund Manager Selection and De-Selection, Journal of Wealth Management.
Fransolet, L. and J. Loeys, 2004, Have Hedge Funds Eroded Market Opportunities?, Journal of Alternative Investments, Vol. 7, No. 3, pp. 10–33.
Géhin, W., and M. Vaissié, 2005, Lighthouses Or Tricks Of Light? An In-Depth Look at Creating a Quality Hedge Fund Benchmark, The Journal of Indexes, May/June.
Géhin, W., and M. Vaissié, 2006, The Right Place for Alternative Betas in Hedge Fund Performance: an Answer to the Capacity Effect Fantasy, The Journal of Alternative Investments, Vol. 9, No. 1, pp. 9–18.

Makalah panalitèn

Amenc, N., L. Martellini, and M. Vaissié, 2003, Indexing Hedge Fund Indexes, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Amenc, N., and L. Martellini, 2003, Optimal Mixing of Hedge Funds with Traditional Investments, EDHEC Risk and Asset Management Research Center, Position Paper, February.
Amenc, N., and M. Vaissié, 2006, Determinants of Funds of Hedge Funds’ Performance, EDHEC Risk and Asset Management Research Center, Position Paper, February.
Géhin, W., 2006, The Challenge of Hedge Fund Performance Measurement: a Toolbox Rather Than a Pandora’s Box, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Géhin, W., and M. Vaissié, 2004, Hedge Fund Indices: Investable, Non-Investable and Strategy Benchmarks, EDHEC Risk and Asset Management Research Center, Position Paper.
Giraud, J.R., 2005, Mitigating Hedge Funds’ Operational Risks: Benefits and limitations of managed account platforms, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Goltz, F., L. Martellini, and M. Vaissié, 2004, Hedge Fund Indices from an Academic Perspective: Reconciling Investability and Representativity, EDHEC Risk and Asset Management Research Center, Position Paper, November.
Martellini, L. and V. Ziemann, 2005, The Benefits of Hedge Funds in Asset Liability Management, EDHEC Risk and Asset Management Research Center, Position Paper, October.

Buku

Anson, Mark (2005). Handbook of Alternative Assets. John Wiley and Sons. ISBN 0-471-21826-X.

Black, Keith (2004). Managing a Hedge Fund: A Complete Guide to Trading, Business Strategies, Risk Management and Regulations. McGraw-Hill. ISBN 0-07-143481-X.
Drobny, Steven (2006). Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets. Wiley. ISBN 0-471-79447-3.
Gregoriou, Greg (2006). Funds of Hedge Funds. Butterworth-Heineman, an imprint of Elsevier. ISBN 0-7506-7984-0.
Ineichen, Alexander M., Asymmetric Returns-The Future of Active Asset Management, New York: John Wiley & Sons, 2006, forthcoming. ISBN 0-470-04266-4
Kessler, Andy (2004). Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score. Collins. ISBN 0-06-074064-7.
Lhabitant, François-Serge (2004). Handbook of hedge Funds. John Wiley & Sons. ISBN 0-470-02663-4.
Nelken, Izzy (2005). Hedge Fund Investment Management. Butterworth-Heineman, an imprint of Elsevier. ISBN 0-7506-6007-4.
Spangler, Timothy (2005). A Practitioner's Guide to Alternative Investment Funds. ISBN 1-898830-98-3.
Weiss, Gary, Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments, New York: Portfolio, 2006. Argues that hedge funds tend to underperform market indexes and are excessively hyped by the médhia. ISBN 1-59184-094-5

Penelitian akademik

Regional Percentile Return Rankings: Full Year 2006
HedgeFund.net
EDHEC Risk and Asset Management Research Centre of the EDHEC Business School
Hedge Fund Research Initiative of the International Center for Finance at the Yale School of Management

Berita

Indices

Asosiasi

Pranala njaba

Harvard Business School's Baker Library Guide to Hedge Funds
SECLaw.com's Hedge Fund Information Center
Report of President's Working Group on Financial Markets
Collection of Articles and PowerPoint Presentations on Hedge Fund Regulation
Hedge Funds vs. Mutual Funds
Hedge Funds 101: A Primer For Regulators; Commodity Futures Trading Commission, Nov. 30, 2004
The long and short-The Guardian, September 24 2005-This article explains hedge funds in layman's terms, why they are of interest to the general reader and contains interviews with fund managers.
What is a Hedge Fund? University of Iowa Center for International Finance and Development
Institutional Investors 2004 Ranking
Hedge Funds: Risk and Return, study by Prof. Burton G. Malkiel critical of published hedge fund performance numbers
http://www.hdmgmt.co.uk/gam.html Case Study of ISO 9001 investment process project at a significant hedge fund
http://www.cisdm.org Center for International Securities and Derivatives Markets at the University of Massachusetts is a research center specializing in hedge fund research
How to Set Up Your Own Hedge Fund and Due Diligence, Disclosure and Fund Managers-by Hannah Terhune, JD LLM (Taxation, New York University)
Economic powers to study growing influence of hedge funds-The International Herald Tribune, February 10 2007-This article explains how Hedge Funds are being scrutinized by National Governments for lack of regulation and have slowly become an international policy issue
http://www.fondosdeinversionlibre.com Web specialized in Spanish Hedge Funds
Glossary by Hedge Fund Alert

Cithakan:Manajemen investasi

[1] Steve Johnson, A short history of bankruptcy, death, suicides and fortunes, Financial Times, April 27 2007

[2] [1] A Practitioner's Guide to Alternative Investment Funds

[3] Hedge Funds, pg 2 International Financial Services London

[4] Institutional Investor, 15 May 2006, Article Link, although statistics in the Hedge Fund industry are notoriously speculative

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