Opis: Practical Operational Due Diligence on Hedge Funds - Rajiv Jaitly

Tighten due diligence procedures for more successful hedge fund investment Practical Operational Due Diligence on Hedge Funds is an encyclopaedic, comprehensive reference, written from the perspective of an experienced practitioner. Accompanied by a useful archive of factual material on different hedge fund issues, including failures, fines, and closures, this book focuses on the areas due diligence professionals should address, and explains why they're important. Extensive discussion of publicised cases identifies the manager entities and actual fund vehicles involved, and provides commentary on what could have been done differently in each case, backed by actual regulatory materials, such as SEC complaints, that recreate the events that took place. Readers gain a deeper understanding of the many facets of due diligence and the many possible pitfalls, learning how standardise processes and avoid major errors and oversights. The amount of money managed by hedge funds has almost doubled from the $1 trillion under management at the time of the financial crisis. Hedge funds can be extremely risky, but can be extremely profitable as money increasingly flows back in, due diligence on these alternative investments becomes more and more critical. This book provides complete guidance toward the due diligence process, with plentiful real-world examples. * Identify the areas of due diligence and what can go wrong * Create procedures and checklists to minimise errors * Learn what publicised cases could have done differently * Gain a deeper understanding of massive failures and successes Proper due diligence can be a massive undertaking, but thoroughness is essential when the price of failure is so high. Practical Operational Due Diligence on Hedge Funds provides the details professionals need to be on point every time.Preface xIiii Acknowledgments xIvii About the Author xIix Disclaimer Ii PART I Processes and Procedures CHAPTER 1 What is a Hedge Fund? 3 1.1 The Role of a Hedge Fund in an Investment Portfolio 5 CHAPTER 2 Defining Operational Issues 7 2.1 Classifying Problems and Failures 8 2.2 Fraud 8 2.3 Insolvency and Winding Up 10 2.4 Investment Losses Outside the Fund s Stated Volatility Range 10 2.5 Operational Problems, Fund Defaults and Material Breaches of Contract 11 2.6 Regulatory Intervention Resulting in a Settlement, Fine or Fund Closure 12 2.7 What Happens When It All Goes Wrong 12 CHAPTER 3 Structures for Investment in Alternatives 15 3.1 A Quick Primer on Fund Structures 15 3.1.1 Contracts under English Law 16 3.2 Limited Companies 17 3.2.1 Investor Rights in a Limited Company 18 3.2.2 Significance of Jurisdiction 18 3.3 Unit Trusts 19 3.4 Partnerships 19 3.5 Managed Accounts 20 3.6 Master Feeder and Mini Master Structures 21 3.7 Umbrella Structures 22 3.8 UCITS 23 3.9 The Changing Landscape and the Implications for Investors 23 3.10 Regulatory Arbitrage 23 CHAPTER 4 Is the Fund for Real? Establishing the Basics 25 4.1 Constitutional Documents 25 4.1.1 Constitutional Documents for a Limited Company 25 4.1.2 Constitutional Documents for a Trust Such as a Unit Trust 27 4.1.3 Constitutional Documents for a Partnership 28 4.2 Fund Contracts and the Basics of Contract Reviews 28 4.3 Service Providers to the Fund 32 4.3.1 Fund Directors and General Partners 32 4.3.2 The Prime Broker 35 4.3.3 The Fund Administrator 39 4.3.4 The Investment Manager 42 4.3.5 The Fund Lawyers 42 4.3.6 The Fund Auditors 43 4.4 Manager Visits 46 4.4.1 Business Structures 47 4.4.2 Investor Base 47 4.4.3 Trade Processes 47 4.4.4 Support Processes 47 4.4.5 Transfer Agency 48 4.4.6 Portfolio Management 48 4.4.7 Systems 48 4.4.8 Independent Reports on the Manager s Systems 49 4.5 Background Checks 49 4.6 Initial Questionnaires to Commence Due Diligence Work 50 4.6.1 Litigation and Regulatory History 51 4.6.2 Administration of the Target Fund 51 4.6.3 Segregation of Duties at the Investment Manager 52 4.6.4 Prime Brokerage and Custody 52 4.6.5 Treasury 52 4.6.6 Fund Documentation 52 4.6.7 Auditors and Financial Statements 53 4.6.8 General Matters 53 4.7 Generic Risks in Documents and Contracts 53 4.7.1 Liability and Indemnity Provisions 53 4.7.2 Joint and Several Liability and Cross-Class Liability 55 4.7.3 Borrowing and Leverage 56 4.7.4 Investment by Service Providers and Other Related Parties 57 4.7.5 Change of Service Providers 57 4.7.6 Material Adverse Change Clauses 57 4.7.7 Audit and Financial Statements 57 4.7.8 Fund Dealing (Subscriptions and Redemptions) and Fees 58 4.7.9 Rights on Shares Held by Investors 60 4.7.10 The Investment Manager 60 CHAPTER 5 Understanding Fund Operations and Controls 61 5.1 Investment Strategies and What They Involve 62 5.1.1 Long/Short Strategies 62 5.1.2 Event-Driven Strategies 62 5.1.3 Tactical Trading Strategies 63 5.1.4 Relative Value Strategies 63 5.2 Operational Structures Required to Support an Investment Strategy 63 5.3 Establishing the Existence of Controls 64 CHAPTER 6 Governance Managing Risk Through a Non-Executive Board 65 6.1 Investor-Nominated Directors 66 6.2 Managing Risk as a Non-Executive Board 67 6.2.1 Risks at the Fund Level 68 6.2.2 Risks at the Individual Investment Level 72 6.2.3 Risks that Impact the Market 73 CHAPTER 7 Reporting to Members and Statutory Reporting 75 7.1 Statutory Reporting 75 7.2 Financial Statements 76 7.3 Designing a Template for Reviewing Financial Statements 81 7.4 Shareholder Voting: the Automatic Proxy 83 7.5 Investor Reporting and Transparency 84 7.6 Conflicts of Interest and Transparency 85 CHAPTER 8 The Curse of Leverage (Fund Liabilities) 87 8.1 Who Provides Finance 88 8.2 How Financing is Secured 90 8.3 How Collateral Creates Fund Risk 92 8.4 Understanding Default Clauses and Covenants 93 8.5 Collateral Management and the Concept of Margining 95 8.6 Rehypothecation 97 8.6.1 Understanding Custody 98 8.7 Blow-Ups Due to Leverage 99 8.7.1 Segregating Assets to Protect Them From Leverage 99 CHAPTER 9 Fund Assets 103 9.1 Valuation Concepts 103 9.2 Designing Principles for Valuations 105 9.2.1 Documenting Policies 106 9.2.2 Valuation Methodologies 106 9.2.3 Financial Instruments 106 9.2.4 Regular Review of Policies 107 9.2.5 Independence Over Policy Formulation and Valuation 107 9.2.6 Override of Procedures 107 9.2.7 Third-Party Service Providers 108 9.2.8 Transparency 108 9.3 Valuations From an Accounting Perspective 108 9.4 AIMA Recommendations 110 9.5 Valuing Level 3 Investments and Illiquid Investments 112 9.6 Valuation Tricks and Discrepancies Including Accounting and Dealing NAVs 113 9.7 Liquidity 115 9.7.1 A Note on Funds of Funds 115 9.8 Style Drift 116 9.9 The Side Pocket 117 9.10 Reviewing Derivative Transactions 118 9.11 Betting the House and Its Contents 119 9.12 Naked Shorts and Options 120 9.12.1 Naked Shorts 120 9.12.2 Naked Options 122 9.13 Monthly Reporting and What It Means 122 9.14 Hedging Currency Risk and Implications for Liquidity 123 9.15 Realising Fees on a Fund and Deferrals 124 9.16 The Basics on Taxation of Hedge Funds 126 9.16.1 Transfer Pricing 126 9.16.2 Domicile 126 9.16.3 Fund Wrapper/Structure 126 9.16.4 Dividend Income 127 9.16.5 Leverage 127 CHAPTER 10 Fraud 129 10.1 Phantom Funds and Theft 129 10.2 Ponzi Schemes 130 10.3 Intentional Misvaluation 131 10.4 Preferential Treatment 131 10.5 Misrepresentation/Misreporting 132 10.5.1 Misreporting Returns 133 10.5.2 Misreporting Regulatory and Legal Problems 134 10.6 The Nick Leeson Syndrome: Rogue Traders 134 10.7 Covering up Mistakes 136 CHAPTER 11 Fees: the Essence of Hedge Funds 137 11.1 High Water Marks, Hurdles and Claw Back Provisions 138 11.1.1 High Water Marks 138 11.1.2 Hurdles 139 11.1.3 Performance Fee Calculation Methods 140 11.1.4 Clawbacks 142 11.2 What Does It Cost to Run a Fund? 142 11.3 Can Investors Pose a Risk to the Survival of a Fund? 144 11.4 The Gate 145 11.5 Redemption Terms and Lock-Ups 146 11.6 Fees on Side Pockets and Illiquids 146 11.7 The Capital Base of the Fund 147 11.8 Aligning Interests 147 11.9 Arrivals and Departures: Fund Dilution, Rebalancing and Box Management 147 CHAPTER 12 Regulatory Actions, Politics and Market Confidence 149 12.1 Characteristics of Successful Complaints and Defences 151 12.1.1 Parties to an Action 152 12.1.2 Duty of Care 153 12.1.3 Breach of Contract 153 12.1.4 Avenues of Recourse and Defences 153 12.2 The Basics of an SEC Complaint 154 12.2.1 Matter Under Enquiry or Informal Investigations 154 12.2.2 Investigation 155 12.2.3 Formal Order of Investigation 156 12.2.4 The Wells Notice 156 12.2.5 The Enforcement Process 157 12.2.6 The State Actor Doctrine 157 12.2.7 Use of Documents by the SEC 158 12.2.8 Overseas Witnesses 158 12.2.9 Rewarding Cooperation 158 12.2.10 Methods of Protection 159 12.2.11 Parallel Investigations 160 12.3 Investigations by the UK Financial Conduct Authority 160 12.3.1 Case Selection 161 12.3.2 Overseas Assistance 162 12.3.3 Sources of Cases 162 12.3.4 Enforcement Approach 162 12.3.5 Notices of Regulatory Action 163 12.3.6 Investigative Powers and Conduct of Investigations 163 12.3.7 Settlement of Cases 163 12.3.8 Remedies Available to the FCA 164 12.4 Large Financial Services Firms vs Small Financial Services Firms 165 12.4.1 The Problem with SEC and FSA Settlements Goldmans as a Case Study 165 12.5 Managing Electronic Discovery 169 12.6 AIFMD 170 12.7 Developments in the Asia Pacific Region 171 12.8 Investor Protection Through Regulation 171 12.9 Identifying Future Risks 173 CHAPTER 13 Key Man Risk, Disaster Recovery and Business Continuity 175 13.1 The House of Cards Disaster Recovery or Business Continuity 176 13.2 Whose Information Is It Anyway? 177 13.3 Insurance 178 CHAPTER 14 Negotiating Terms and Exercising Rights 181 14.1 The Subscription Document 181 14.2 The Necessity for Side Agreements 182 14.3 The Implications of Side Agreements 185 14.4 Things to Consider 187 14.5 Exercising Shareholder Rights 191 14.6 Taking Over the Management of the Fund 192 14.7 Exiting or Redeeming From a Fund 193 CHAPTER 15 Risk Ratings and Scoring 195 15.1 Scoring: Temptations and Dangers 196 15.2 Risk Mapping and SOX Controls 197 15.2.1 A Basic Template for Risk Mapping a Business or Department 198 15.3 A Template for Scoring a Hedge Fund 200 15.3.1 NAV Calculation Procedures 201 15.3.2 Prime Brokerage and Custodial Arrangements 202 15.3.3 Liquidity Profile of the Fund 202 15.3.4 Auditors and Audit History 204 15.3.5 Regulatory Issues and Litigation 205 15.3.6 Transparency and Investor Reporting 208 15.3.7 Fund and Management Company Structures (including Tax and Jurisdiction) 208 15.3.8 Contractual Arrangements 208 15.3.9 Operational Controls, Risk Escalation and Segregation 212 15.3.10 Cash and Trading Controls 212 15.3.11 Quality of Operational Staff and Manager Background 212 15.3.12 Quality of Service Providers (Lawyers, Administrators, Distribution Agents and Directors) 212 15.3.13 Insurance Arrangements 216 15.3.14 Business Continuity and Disaster Recovery Arrangements 216 15.3.15 Investor Profile and Concentration 217 15.3.16 Overall View 219 15.4 External Rating Agencies 221 15.5 Outsourcing Due Diligence by Funds of Funds and Institutions 222 CHAPTER 16 Marketing to Investors 229 16.1 What the Prospectus Does Not Say 229 16.2 Does Operational Risk Really Matter? 231 16.3 Marketing as a Differentiating Factor 232 16.4 Career Risk Management 233 16.5 Investment Selection Processes the Deceptiveness of the Power of Veto and Overriding Controls 235 PART II Case Studies CHAPTER 17 Case Studies Pre-2000 239 17.1 Fleschner Becker Associates 242 17.1.1 Reference Article 242 17.1.2 Background 242 17.1.3 Observations 244 17.2 D.E. Shaw & Co LP 244 17.2.1 Reference Article 244 17.2.2 Background 244 17.2.3 Observations 246 17.3 Askin Capital Management L.P. 247 17.3.1 Reference Article 247 17.3.2 Background 248 17.3.3 Observations 249 17.4 Guarente-Harrington Associates 250 17.4.1 Reference Article 250 17.4.2 Background 250 17.4.3 Observations 252 17.5 Hubshman Management Corp 253 17.5.1 Reference Article 253 17.5.2 Background 253 17.5.3 Observations 253 17.6 Investor Overseas Services Limited 253 17.6.1 Reference Article 253 17.6.2 Background 253 17.6.3 Observations 256 17.7 Long-Term Capital Management L.P. 256 17.7.1 Reference Article 256 17.7.2 Background 256 17.7.3 Observations 258 17.8 Niederhoffer Investments Inc/NCZ Commodities Inc 259 17.8.1 Reference Article 259 17.8.2 Background 259 17.8.3 Observations 260 17.9 Odey Asset Management Ltd 260 17.9.1 Reference Article 260 17.9.2 Background 260 17.9.3 Observations 261 17.10 Omega Advisors Inc 261 17.10.1 Reference Article 261 17.10.2 Background 261 17.10.3 Observations 263 17.11 Pharos Capital Management LP 265 17.11.1 Reference Article 265 17.11.2 Background 265 17.11.3 Observations 266 17.12 Piper Capital Management Inc 266 17.12.1 Reference Article 266 17.12.2 Background 266 17.12.3 Observations 268 17.13 Steadman Security Corporation 268 17.13.1 Reference Article 268 17.13.2 Background 268 17.13.3 Observations 270 17.14 Steinhardt Management Company Inc 270 17.14.1 Reference Article 270 17.14.2 Background 270 17.14.3 Observations 272 17.15 Takara Asset Management Corporation 273 17.15.1 Reference Article 273 17.15.2 Background 273 17.15.3 Observations 274 CHAPTER 18 Case Studies 2000 275 18.1 Ashbury Capital Management LLC 275 18.1.1 Reference Article 275 18.1.2 Background 275 18.1.3 Observations 276 18.2 Laser Advisers Inc 276 18.2.1 Reference Article 276 18.2.2 Background 276 18.2.3 Observations 277 18.3 Manhattan Capital Management, Inc 277 18.3.1 Reference Article 277 18.3.2 Background 277 18.3.3 Observations 279 18.4 Maricopa International Investment Corporation 279 18.4.1 Reference Article 279 18.4.2 Background 279 18.4.3 Observations 280 18.5 Penta Investment Advisers Ltd 280 18.5.1 Reference Article 280 18.5.2 Background 280 18.5.3 Observations 281 18.6 Soros Fund Management LLC 282 18.6.1 Reference Article 282 18.6.2 Background 282 18.6.3 Observations 282 18.7 Tiger Management Corp 283 18.7.1 Reference Article 283 18.7.2 Background 283 18.7.3 Observations 284 CHAPTER 19 Case Studies 2001 285 19.1 E Thomas Jung and E Thomas Jung Partners Ltd 285 19.1.1 Reference Article 285 19.1.2 Background 285 19.1.3 Observations 286 19.2 Marque Millennium Group, Inc. 286 19.2.1 Reference Article 286 19.2.2 Background 286 19.2.3 Observations 287 19.3 Heartland Advisors Inc 287 19.3.1 Reference Article 287 19.3.2 Background 287 19.3.3 Observations 288 CHAPTER 20 Case Studies 2002 289 20.1 Beacon Hill Asset Management LLC 289 20.1.1 Reference Article 289 20.1.2 Background 289 20.1.3 Observations 290 20.2 Integral Investment Management LP 290 20.2.1 Reference Article 290 20.2.2 Background 290 20.2.3 Observations 291 20.3 Klesch & Co Limited 292 20.3.1 Reference Article 292 20.3.2 Background 292 20.3.3 Observations 292 20.4 Orca Funds Inc 293 20.4.1 Reference Article 293 20.4.2 Background 293 20.4.3 Observations 294 20.5 Trout Trading Management Company Ltd 294 20.5.1 Reference Article 294 20.5.2 Background 294 20.5.3 Observations 295 CHAPTER 21 Case Studies 2003 297 21.1 CPTR LLC 297 21.1.1 Reference Article 297 21.1.2 Background 297 21.1.3 Observations 299 21.2 Canary Investment Management LLC 299 21.2.1 Reference Article 299 21.2.2 Background 299 21.2.3 Observations 301 21.3 Eifuku Investment Management Limited 303 21.3.1 Reference Article 303 21.3.2 Background 303 21.3.3 Observations 304 21.4 J.T. Investment Group Inc and New Resource Investment Group INC 304 21.4.1 Reference Article 304 21.4.2 Background 304 21.4.3 Observations 305 21.5 Lancer Management Group LLC and Lancer Management Group II LLC 305 21.5.1 Reference Article 305 21.5.2 Background 305 21.5.3 Observations 307 21.6 Lipper Holdings, LLC 308 21.6.1 Reference Article 308 21.6.2 Background 308 21.6.3 Observations 309 21.7 Millennium Capital Group LLC 310 21.7.1 Reference Article 310 21.7.2 Background 310 21.7.3 Observations 311 CHAPTER 22 Case Studies 2004 313 22.1 Dobbins Offshore Capital LLC 313 22.1.1 Reference Article 313 22.1.2 Background 313 22.1.3 Observations 314 22.2 Fountainhead Asset Management LLC 314 22.2.1 Reference Article 314 22.2.2 Background 314 22.2.3 Observations 315 22.3 LF Global Investments LLC 316 22.3.1 Reference Article 316 22.3.2 Background 316 22.3.3 Observations 317 22.4 Nextra Investment Management SGR 317 22.4.1 Reference Article 317 22.4.2 Background 317 22.4.3 Observations 318 CHAPTER 23 Case Studies 2005 319 23.1 Creedon Keller & Partners 319 23.1.1 Reference Article 319 23.1.2 Background 319 23.1.3 Observations 320 23.2 Aman Capital Management Pte LTD 320 23.2.1 Reference Article 320 23.2.2 Background 320 23.2.3 Observations 321 23.3 Applegate Investments 322 23.3.1 Reference Article 322 23.3.2 Background 322 23.3.3 Observations 322 23.4 Amerindo Investment Advisors Inc 322 23.4.1 Reference Article 322 23.4.2 Background 322 23.4.3 Observations 323 23.5 Lake Dow Capital, LLC 324 23.5.1 Reference Article 324 23.5.2 Background 324 23.5.3 Observations 324 23.6 Bailey Coates Asset Management LLP 325 23.6.1 Reference Article 325 23.6.2 Background 325 23.6.3 Observations 325 23.7 Bayou Management LLC 325 23.7.1 Reference Article 325 23.7.2 Background 325 23.7.3 Observations 327 23.8 AJR Capital Inc and Century Maxim Fund Inc. 327 23.8.1 Reference Article 327 23.8.2 Background 327 23.8.3 Observations 328 23.9 Durus Capital Management LLC 328 23.9.1 Reference Article 328 23.9.2 Background 328 23.9.3 Observations 330 23.10 Entrust Capital Management Inc 331 23.10.1 Reference Article 331 23.10.2 Background 331 23.10.3 Observations 331 23.11 EPG Capital Management Inc 331 23.11.1 Reference Article 331 23.11.2 Background 331 23.11.3 Observations 333 23.12 HMC International, LLC 333 23.12.1 Reference Article 333 23.12.2 Background 333 23.12.3 Observations 334 23.13 K.L. Group LLC, KL Florida LLC & KL Triangulum Management LLC 334 23.13.1 Reference Article 334 23.13.2 Background 334 23.13.3 Observations 335 23.14 Hunter Capital Management LP 335 23.14.1 Reference Article 335 23.14.2 Background 335 23.14.3 Observations 336 23.15 Linuxor Asset Management LLC 336 23.15.1 Reference Article 336 23.15.2 Background 336 23.15.3 Observations 337 23.16 Lyceum Capital LP 338 23.16.1 Reference Article 338 23.16.2 Background 338 23.16.3 Observations 338 23.17 Marin Capital Partners LLC 339 23.17.1 Reference Article 339 23.17.2 Background 339 23.17.3 Observations 339 23.18 Millennium Management LLC 339 23.18.1 Reference Article 339 23.18.2 Background 339 23.18.3 Observations 341 23.19 Norshield Asset Management (Canada) Ltd 341 23.19.1 Reference Article 341 23.19.2 Background 341 23.19.3 Observations 343 23.20 Philadelphia Alternative Asset Management Company LLC 344 23.20.1 Reference Article 344 23.20.2 Background 344 23.20.3 Observations 345 23.21 Phoenix Kapitaldienst GMBH 345 23.21.1 Reference Article 345 23.21.2 Background 345 23.21.3 Observations 346 23.22 Pippin Investments 347 23.22.1 Reference Article 347 23.22.2 Background 347 23.22.3 Observations 347 23.23 Portus Alternative Asset Management Inc 348 23.23.1 Reference Article 348 23.23.2 Background 348 23.23.3 Observations 349 23.24 Refco Inc. 350 23.24.1 Reference Article 350 23.24.2 Background 350 23.24.3 Observations 351 23.25 Springer Investment Management Inc 351 23.25.1 Reference Article 351 23.25.2 Background 351 23.25.3 Observations 352 23.26 Tenet Asset Management LLC 353 23.26.1 Reference Article 353 23.26.2 Background 353 23.26.3 Observations 353 23.27 Melhado, Flynn & Associates Inc 354 23.27.1 Reference Article 354 23.27.2 Background 354 23.27.3 Observations 355 23.28 Veras Investment Partners LLC 356 23.28.1 Reference Article 356 23.28.2 Background 356 23.28.3 Observations 357 23.29 Wood River Capital Management LLC 357 23.29.1 Reference Article 357 23.29.2 Background 357 23.29.3 Observations 358 CHAPTER 24 Case Studies 2006 359 24.1 Amaranth Advisors LLC 359 24.1.1 Reference Article 359 24.1.2 Background 359 24.1.3 Observations 368 24.2 Archeus Capital Management LLC 370 24.2.1 Reference Article 370 24.2.2 Background 370 24.2.3 Observations 372 24.3 Benchmark Asset Management UK 372 24.3.1 Reference Article 372 24.3.2 Background 372 24.3.3 Observations 373 24.4 Capitalworks Investment Partners, LLC 373 24.4.1 Reference Article 373 24.4.2 Background 373 24.4.3 Observations 374 24.5 CMG-Capital Management Group Holding Company, LLC 374 24.5.1 Reference Article 374 24.5.2 Background 374 24.5.3 Observations 375 24.6 Directors Financial Group Ltd 376 24.6.1 Reference Article 376 24.6.2 Background 376 24.6.3 Observations 378 24.7 Endeavour Funds Management Limited 378 24.7.1 Reference Article 378 24.7.2 Background 378 24.7.3 Observations 379 24.8 Global Crown Capital LLC and J&C Global Securities Investments LLC 379 24.8.1 Reference Article 379 24.8.2 Background 379 24.8.3 Observations 381 24.9 GLG Partners Inc 381 24.9.1 Reference Article 381 24.9.2 Background 381 24.9.3 Observations 385 24.10 International Management Associates LLC 385 24.10.1 Reference Article 385 24.10.2 Background 385 24.10.3 Observations 386 24.11 Brummer & Partners 386 24.11.1 Reference Article 386 24.11.2 Background 386 24.11.3 Observations 387 24.12 Manchester Trading LLC 387 24.12.1 Reference Article 387 24.12.2 Background 387 24.12.3 Observations 388 24.13 Motherrock LP 388 24.13.1 Reference Article 388 24.13.2 Background 388 24.13.3 Observations 388 24.14 Langley Capital LLC 389 24.14.1 Reference Article 389 24.14.2 Background 389 24.14.3 Observations 390 24.15 RCG Capital Advisors LLC 391 24.15.1 Reference Article 391 24.15.2 Background 391 24.15.3 Observations 391 24.16 Samaritan Asset Management Services Inc 392 24.16.1 Reference Article 392 24.16.2 Background 392 24.16.3 Observations 393 24.17 Seaforth Meridian Advisors LLC 394 24.17.1 Reference Article 394 24.17.2 Background 394 24.17.3 Observations 396 24.18 Plusfunds Group Inc 396 24.18.1 Reference Article 396 24.18.2 Background 396 24.18.3 Observations 397 24.19 Spinner Asset Management LLC 398 24.19.1 Reference Article 398 24.19.2 Background 398 24.19.3 Observations 399 24.20 Viper Capital Management LLC and Compass Fund Management LLC 399 24.20.1 Reference Article 399 24.20.2 Background 399 24.20.3 Observations 400 CHAPTER 25 Cases Studies 2007 401 25.1 Absolute Capital Group Ltd 401 25.1.1 Reference Article 401 25.1.2 Background 401 25.1.3 Observations 404 25.2 Absolute Capital Management Ltd 404 25.2.1 Reference Article 404 25.2.2 Background 404 25.2.3 Observations 408 25.3 Aragon Capital Management LLC 409 25.3.1 Reference Article 409 25.3.2 Background 409 25.3.3 Observations 410 25.4 AXA Investment Managers Inc 410 25.4.1 Reference Article 410 25.4.2 Background 410 25.4.3 Observations 411 25.5 Basis Capital Funds Management Ltd 412 25.5.1 Reference Article 412 25.5.2 Background 412 25.5.3 Observations 414 25.6 Beacon Rock Capital, LLC 415 25.6.1 Reference Article 415 25.6.2 Background 415 25.6.3 Observations 416 25.7 Bear Stearns Asset Management Inc 416 25.7.1 Reference Article 416 25.7.2 Background 416 25.7.3 Observations 418 25.8 Cambridge Place Investment Management LLP 419 25.8.1 Reference Article 419 25.8.2 Background 419 25.8.3 Observations 420 25.9 Cheyne Capital Management (UK) LLP 420 25.9.1 Reference Article 420 25.9.2 Background 420 25.9.3 Observations 422 25.10 Clarion Management LLC 422 25.10.1 Reference Article 422 25.10.2 Background 422 25.10.3 Observations 423 25.11 Cooper Hill Partners LLC 424 25.11.1 Reference Article 424 25.11.2 Background 424 25.11.3 Observations 424 25.12 DSJ International Resources Ltd (Chelsey Capital) 424 25.12.1 Reference Article 424 25.12.2 Background 424 25.12.3 Observations 425 25.13 Evercrest Capital (PTY) Ltd 425 25.13.1 Reference Article 425 25.13.2 Background 425 25.13.3 Observations 426 25.14 Forsyth Partners Ltd 426 25.14.1 Reference Article 426 25.14.2 Background 426 25.14.3 Observations 427 25.15 Braddock Financial Corporation 428 25.15.1 Reference Article 428 25.15.2 Background 478 25.15.3 Observations 428 25.16 Geronimo Financial Asset Management LLC 429 25.16.1 Reference Article 429 25.16.2 Background 429 25.16.3 Observations 429 25.17 Goldlink Capital Asset Management Limited 429 25.17.1 Reference Article 429 25.17.2 Background 429 25.17.3 Observations 431 25.18 Caribbean Commodities Ltd 431 25.18.1 Reference Article 431 25.18.2 Background 431 25.18.3 Observations 433 25.19 Haidar Capital Management LLC 433 25.19.1 Reference Article 433 25.19.2 Background 433 25.19.3 Observations 434 25.20 Lake Shore Asset Management Ltd 434 25.20.1 Reference Article 434 25.20.2 Background 434 25.20.3 Observations 436 25.21 Lydia Capital LLC 436 25.21.1 Reference Article 436 25.21.2 Background 436 25.21.3 Observations 438 25.22 Bear Stearns & Co Inc 438 25.22.1 Reference Article 438 25.22.2 Background 438 25.22.3 Observations 439 25.23 MDL Capital Management Inc 440 25.23.1 Reference Article 440 25.23.2 Background 440 25.23.3 Observations 441 25.24 Mercurius Capital Management Limited 442 25.24.1 Reference Article 442 25.24.2 Background 442 25.24.3 Observations 444 25.25 Goldman Sachs Group Inc 445 25.25.1 Reference Article 445 25.25.2 Background 445 25.25.3 Observations 445 25.26 ODDO and CIE/ODDO Asset Management 446 25.26.1 Reference Article 446 25.26.2 Background 446 25.26.3 Observations 447 25.27 Eiger Capital Limited 447 25.27.1 Reference Article 447 25.27.2 Background 447 25.27.3 Observations 448 25.28 Sachsen LB 449 25.28.1 Reference Article 449 25.28.2 Background 449 25.28.3 Observations 449 25.29 BNP Paribas SA 450 25.29.1 Reference Article 450 25.29.2 Background 450 25.29.3 Observations 450 25.30 Pirate Capital LLC 451 25.30.1 Reference Article 451 25.30.2 Background 451 25.30.3 Observations 452 25.31 Quattro Global Capital LLC 452 25.31.1 Reference Article 452 25.31.2 Background 452 25.31.3 Observations 453 25.32 IKB Credit Asset Management GmbH 453 25.32.1 Reference Article 453 25.32.2 Background 453 25.32.3 Observations 454 25.33 Ritchie Capital Management LLC 455 25.33.1 Reference Article 455 25.33.2 Background 455 25.33.3 Observations 457 25.34 Rubicon Fund Management LLP 458 25.34.1 Reference Article 458 25.34.2 Background 458 25.34.3 Observations 459 25.35 Sentinel Management Group Inc 459 25.35.1 Reference Article 459 25.35.2 Background 459 25.35.3 Observations 461 25.36 Sowood Capital Management LP 462 25.36.1 Reference Article 462 25.36.2 Background 462 25.36.3 Observations 463 25.37 Stratix Asset Management LLC 464 25.37.1 Reference Article 464 25.37.2 Background 464 25.37.3 Observations 465 25.38 Synapse Investment Management LLP 465 25.38.1 Reference Article 465 25.38.2 Background 465 25.38.3 Observations 465 25.39 TPG-Axon Capital Management LP 466 25.39.1 Reference Article 466 25.39.2 Background 466 25.39.3 Observations 467 25.40 Tribeca Global Management LLC 467 25.40.1 Reference Article 467 25.40.2 Background 467 25.40.3 Observations 467 25.41 Dillon Read Capital Management LLC 468 25.41.1 Reference Article 468 25.41.2 Background 468 25.41.3 Observations 468 25.42 UBS Securities LLC 469 25.42.1 Reference Article 469 25.42.2 Background 469 25.42.3 Observations 470 25.43 Union Investment Asset Management Holding AG 471 25.43.1 Reference Article 471 25.43.2 Background 471 25.43.3 Observations 471 25.44 United Capital Markets Holdings Inc 472 25.44.1 Reference Article 472 25.44.2 Background 472 25.44.3 Observations 472 25.45 Wharton Asset Management GB Ltd 473 25.45.1 Reference Article 473 25.45.2 Background 473 25.45.3 Observations 474 CHAPTER 26 Case Studies 2008 475 26.1 Citigroup Global Markets Inc MAT/ASTA Funds 475 26.1.1 Reference Article 475 26.1.2 Background 475 26.1.3 Observations 476 26.2 Gabriel Capital Corporation 477 26.2.1 Reference Article 477 26.2.2 Background 477 26.2.3 Observations 480 26.3 Blue River Asset Management LLC 481 26.3.1 Reference Article 481 26.3.2 Background 481 26.3.3 Observations 483 26.4 Bluebay Asset Management PLC 484 26.4.1 Reference Article 484 26.4.2 Background 484 26.4.3 Observations 485 26.5 Carlyle Investment Management LLC 486 26.5.1 Reference Article 486 26.5.2 Background 486 26.5.3 Observations 488 26.6 Centaurus Capital Ltd 488 26.6.1 Reference Article 488 26.6.2 Background 488 26.6.3 Observations 489 26.7 1861 Capital Management LLC 489 26.7.1 Reference Article 489 26.7.2 Background 489 26.7.3 Observations 490 26.8 Andor Capital Management LLC 490 26.8.1 Reference Article 490 26.8.2 Background 490 26.8.3 Observations 491 26.9 Ceres Capital Partners LLC 491 26.9.1 Reference Article 491 26.9.2 Background 491 26.9.3 Observations 493 26.10 Citadel LLC 493 26.10.1 Reference Article 493 26.10.2 Background 493 26.10.3 Observations 494 26.11 Coadum Advisers Inc & Mansell Capital Partners III LLC 495 26.11.1 Reference Article 495 26.11.2 Background 495 26.11.3 Observations 496 26.12 Cornerstone Quantitative Investment Group Inc 496 26.12.1 Reference Article 496 26.12.2 Background 496 26.12.3 Observations 497 26.13 Citigroup Capital Markets Inc CSO Partners Fund 497 26.13.1 Reference Article 497 26.13.2 Background 497 26.13.3 Observations 497 26.14 Dalton Strategic Partnership LLP 498 26.14.1 Reference Article 498 26.14.2 Background 498 26.14.3 Observations 499 26.15 D.B. Zwirn & Co. L.P. 499 26.15.1 Reference Article 499 26.15.2 Background 499 26.15.3 Observations 501 26.16 Deephaven Capital Management LLC and Knight Capital Group 502 26.16.1 Reference Article 502 26.16.2 Background 502 26.16.3 Observations 503 26.17 Drake Capital Management LLC 503 26.17.1 Reference Article 503 26.17.2 Background 503 26.17.3 Observations 504 26.18 Dreier LLP 505 26.18.1 Reference Article 505 26.18.2 Background 505 26.18.3 Observations 505 26.19 Endeavour Capital LLP 506 26.19.1 Reference Article 506 26.19.2 Background 506 26.19.3 Observations 507 26.20 Epic Capital Management Inc 507 26.20.1 Reference Article 507 26.20.2 Background 507 26.20.3 Observations 508 26.21 Deltaone Capital Partners Corp 508 26.21.1 Reference Article 508 26.21.2 Background 508 26.21.3 Observations 509 26.22 Citigroup Alternative Investments LLC 510 26.22.1 Reference Article 510 26.22.2 Background 510 26.22.3 Observations 510 26.23 Fairfield Greenwich Advisors LLC 511 26.23.1 Reference Article 511 26.23.2 Background 511 26.23.3 Observations 512 26.24 Focus Capital Investors LLC 512 26.24.1 Reference Article 512 26.24.2 Background 512 26.24.3 Observations 513 26.25 Fortress Investment Group LLC 513 26.25.1 Reference Article 513 26.25.2 Background 513 26.25.3 Observations 514 26.26 Front Street Capital Corporation 515 26.26.1 Reference Article 515 26.26.2 Background 515 26.26.3 Observations 516 26.27 Global Opportunities (GO) Capital Asset Management B.V. 517 26.27.1 Reference Article 517 26.27.2 Background 517 26.27.3 Observations 518 26.28 Barclays Bank PLC 518 26.28.1 Reference Article 518 26.28.2 Background 518 26.28.3 Observations 519 26.29 Gordian Knot Ltd 520 26.29.1 Reference Article 520 26.29.2 Background 520 26.29.3 Observations 522 26.30 Gradient Capital Partners LLP 523 26.30.1 Reference Article 523 26.30.2 Background 523 26.30.3 Observations 524 26.31 Headstart Advisers Limited 525 26.31.1 Reference Article 525 26.31.2 Background 525 26.31.3 Observations 526 26.32 Heritage Wealth Management Inc 526 26.32.1 Reference Article 526 26.32.2 Background 526 26.32.3 Observations 528 26.33 Highland Capital Management LP 528 26.33.1 Reference Article 528 26.33.2 Background 528 26.33.3 Observations 529 26.34 ING (NZ) Limited 529 26.34.1 Reference Article 529 26.34.2 Background 529 26.34.3 Observations 530 26.35 Insana Capital Partners LP 531 26.35.1 Reference Article 531 26.35.2 Background 531 26.35.3 Observations 532 26.36 Lahde Capital Management LLC 532 26.36.1 Reference Article 532 26.36.2 Background 532 26.36.3 Observations 533 26.37 Lawrence Asset Management LP 533 26.37.1 Reference Article 533 26.37.2 Background 533 26.37.3 Observations 534 26.38 Libertyview Capital Management Inc 535 26.38.1 Reference Article 535 26.38.2 Background 535 26.38.3 Observations 535 26.39 London Diversified Fund Management LLP 539 26.39.1 Reference Article 539 26.39.2 Background 539 26.39.3 Observations 539 26.40 UBS Third Party Management Company S.A. and Access Partners S.A. 537 26.40.1 Reference Article 537 26.40.2 Background 537 26.40.3 Observations 538 26.41 Tremont Group Holdings Inc 539 26.41.1 Reference Article 539 26.41.2 Background 539 26.41.3 Observations 540 26.42 Bernard L. Madoff Investment Securities LLC 540 26.42.1 Reference Article 540 26.42.2 Background 540 26.42.3 Observations 542 26.43 Kingate Management Ltd 543 26.43.1 Reference Article 543 26.43.2 Background 543 26.43.3 Observations 543 26.44 Manhasset Capital Management LLC 544 26.44.1 Reference Article 544 26.44.2 Background 544 26.44.3 Observations 544 26.45 Maxam Capital Management LLC 545 26.45.1 Reference Article 545 26.45.2 Background 545 26.45.3 Observations 545 26.46 MKM Longboat Capital Advisors LLP 546 26.46.1 Reference Article 546 26.46.2 Background 546 26.46.3 Observations 546 26.47 Morgan Asset Management Inc 547 26.47.1 Reference Article 547 26.47.2 Background 547 26.47.3 Observations 548 26.48 Oak Group Inc 549 26.48.1 Reference Article 549 26.48.2 Background 549 26.48.3 Observations 549 26.49 Okumus Capital LLC 550 26.49.1 Reference Article 550 26.49.2 Background 550 26.49.3 Observations 550 26.50 Citigroup Inc Old Lane Partners LP 551 26.50.1 Reference Article 551 26.50.2 Background 551 26.50.3 Observations 551 26.51 Banco Santander SA 552 26.51.1 Reference Article 552 26.51.2 Background 552 26.51.3 Observations 553 26.52 Ore Hill Partners LLC 554 26.52.1 Reference Article 554 26.52.2 Background 554 26.52.3 Observations 554 26.53 Ospraie Management LLC 555 26.53.1 Reference Article 555 26.53.2 Background 555 26.53.3 Observations 555 26.54 Pardus Capital Management LP 556 26.54.1 Reference Article 556 26.54.2 Background 556 26.54.3 Observations 557 26.55 Parkcentral Capital Management LP 557 26.55.1 Reference Article 557 26.55.2 Background 557 26.55.3 Observations 558 26.56 Peloton Partners LLP 558 26.56.1 Reference Article 558 26.56.2 Background 558 26.56.3 Observations 559 26.57 Pentagon Capital Management PLC 560 26.57.1 Reference Article 560 26.57.2 Background 560 26.57.3 Observations 561 26.58 Platinum Grove Asset Management LP 562 26.58.1 Reference Article 562 26.58.2 Background 562 26.58.3 Observations 563 26.59 Polar Capital LLP 564 26.59.1 Reference Article 564 26.59.2 Background 564 26.59.3 Observations 565 26.60 Polygon Investment Partners LLP 565 26.60.1 Reference Article 565 26.60.2 Background 565 26.60.3 Observations 566 26.61 Powe Capital Management LLP 568 26.61.1 Reference Article 568 26.61.2 Background 568 26.61.3 Observations 568 26.62 Quantek Asset Management LLC 569 26.62.1 Reference Article 569 26.62.2 Background 569 26.62.3 Observations 571 26.63 Regan & Company 572 26.63.1 Reference Article 572 26.63.2 Background 572 26.63.3 Observations 573 26.64 Rockwater Municipal Advisors LLC 573 26.64.1 Reference Article 573 26.64.2 Background 573 26.64.3 Observations 574 26.65 Deutsche Bank AG 575 26.65.1 Reference Article 575 26.65.2 Background 575 26.65.3 Observations 576 26.66 Rumson Capital LLC 576 26.66.1 Reference Article 576 26.66.2 Background 576 26.66.3 Observations 577 26.67 Russell Capital Inc 577 26.67.1 Reference Article 577 26.67.2 Background 577 26.67.3 Observations 579 26.68 Windmill Management LLC 580 26.68.1 Reference Article 580 26.68.2 Background 580 26.68.3 Observations 581 26.69 Sailfish Capital Partners LLC 581 26.69.1 Reference Article 581 26.69.2 Background 581 26.69.3 Observations 582 26.70 Salida Capital LP 582 26.70.1 Reference Article 582 26.70.2 Background 583 26.70.3 Observations 583 26.71 Satellite Asset Management LP 584 26.71.1 Reference Article 584 26.71.2 Background 584 26.71.3 Observations 584 26.72 Sextant Capital Management Inc 585 26.72.1 Reference Article 585 26.72.2 Background 585 26.72.3 Observations 586 26.73 Standard Chartered Bank plc 586 26.73.1 Reference Article 586 26.73.2 Background 586 26.73.3 Observations 587 26.74 Stone & Youngberg LLC 588 26.74.1 Reference Article 588 26.74.2 Background 588 26.74.3 Observations 588 26.75 Galloway Capital Management LLC 589 26.75.1 Reference Article 589 26.75.2 Background 589 26.75.3 Observations 590 26.76 Tantallon Capital Advisors Pte Ltd 590 26.76.1 Reference Article 590 26.76.2 Background 590 26.76.3 Observations 591 26.77 Tequesta Capital Advisors LP 592 26.77.1 Reference Article 592 26.77.2 Background 592 26.77.3 Observations 592 26.78 Toscafund Asset Management LLP 593 26.78.1 Reference Article 593 26.78.2 Background 593 26.78.3 Observations 593 26.79 JO Hambro Capital Management Ltd 594 26.79.1 Reference Article 594 26.79.2 Background 594 26.79.3 Observations 594 26.80 Turnberry Capital Management LP 595 26.80.1 Reference Article 595 26.80.2 Background 595 26.80.3 Observations 596 26.81 First Republic Investment Management Inc 596 26.81.1 Reference Article 596 26.81.2 Background 596 26.81.3 Observations 597 26.82 Webb Asset Management Canada Inc 597 26.82.1 Reference Article 597 26.82.2 Background 597 26.82.3 Observations 599 CHAPTER 27 Case Studies 2009 601 27.1 Scoop Management Inc & Scoop Capital LLC 601 27.1.1 Reference Article 601 27.1.2 Background 601 27.1.3 Observations 602 27.2 Asenqua Inc 603 27.2.1 Reference Article 603 27.2.2 Background 603 27.2.3 Observations 604 27.3 Astarra Asset Management Pty Limited 604 27.3.1 Reference Article 604 27.3.2 Background 604 27.3.3 Observations 607 27.4 Atticus Capital 607 27.4.1 Reference Article 607 27.4.2 Background 607 27.4.3 Observations 609 27.5 Austin Capital Management, Ltd 609 27.5.1 Reference Article 609 27.5.2 Background 609 27.5.3 Observations 610 27.6 Acorn Capital Management LLC 611 27.6.1 Reference Article 611 27.6.2 Background 611 27.6.3 Observations 612 27.7 Boston Provident LP 613 27.7.1 Reference Article 613 27.7.2 Background 613 27.7.3 Observations 613 27.8 Chais 1991 Family Trust 614 27.8.1 Reference Article 614 27.8.2 Background 614 27.8.3 Observations 615 27.9 Cerebrus Capital Management LP 615 27.9.1 Reference Article 615 27.9.2 Background 615 27.9.3 Observations 616 27.10 Cohmad Securities Corporation 616 27.10.1 Reference Article 616 27.10.2 Background 616 27.10.3 Observations 617 27.11 CRW Management LP 618 27.11.1 Reference Article 618 27.11.2 Background 618 27.11.3 Observations 618 27.12 Dynamic Decisions Capital Management Ltd 619 27.12.1 Reference Article 619 27.12.2 Background 619 27.12.3 Observations 621 27.13 Evergreen Investment Management Company LLC 622 27.13.1 Reference Article 622 27.13.2 Background 622 27.13.3 Observations 623 27.14 Finvest Asset Management LLC 624 27.14.1 Reference Article 624 27.14.2 Background 624 27.14.3 Observations 625 27.15 Galleon Management LP 625 27.15.1 Reference Article 625 27.15.2 Background 625 27.15.3 Observations 626 27.16 HFV Asset Management LP 627 27.16.1 Reference Article 627 27.16.2 Background 627 27.16.3 Observations 628 27.17 Jadis Investments LLC 628 27.17.1 Reference Article 628 27.17.2 Background 628 27.17.3 Observations 629 27.18 JWM Partners LLC 630 27.18.1 Reference Article 630 27.18.2 Background 630 27.18.3 Observations 630 27.19 K1 Fonds GBR 631 27.19.1 Reference Article 631 27.19.2 Background 631 27.19.3 Observations 632 27.20 Lancelot Investment Management LLC 633 27.20.1 Reference Article 633 27.20.2 Background 633 27.20.3 Observations 634 27.21 Locke Capital Management Inc 635 27.21.1 Reference Article 635 27.21.2 Background 635 27.21.3 Observations 636 27.22 Lodge Capital Group LLC 637 27.22.1 Reference Article 637 27.22.2 Background 637 27.22.3 Observations 638 27.23 M.A.G. Capital LLC 638 27.23.1 Reference Article 638 27.23.2 Background 638 27.23.3 Observations 639 27.24 New Castle Funds, LLC 640 27.24.1 Reference Article 640 27.24.2 Background 640 27.24.3 Observations 640 27.25 New Star Asset Management Group PLC 641 27.25.1 Reference Article 641 27.25.2 Background 641 27.25.3 Observations 642 27.26 Northern Rivers Capital Management Inc 643 27.26.1 Reference Article 643 27.26.2 Background 643 27.26.3 Observations 644 27.27 Nylon Capital LLP 644 27.27.1 Reference Article 644 27.27.2 Background 644 27.27.3 Observations 645 27.28 North Hills Management LLC 646 27.28.1 Reference Article 646 27.28.2 Background 646 27.28.3 Observations 647 27.29 Onyx Capital LLC 647 27.29.1 Reference Article 647 27.29.2 Background 647 27.29.3 Observations 648 27.30 Crossroad Capital Management LLC 648 27.30.1 Reference Article 648 27.30.2 Background 648 27.30.3 Observations 649 27.31 Pequot Capital Management Inc 649 27.31.1 Reference Article 649 27.31.2 Background 649 27.31.3 Observations 650 27.32 Ponta Negra Group LLC 651 27.32.1 Reference Article 651 27.32.2 Background 651 27.32.3 Observations 652 27.33 Raptor Capital Management LP 652 27.33.1 Reference Article 652 27.33.2 Background 652 27.33.3 Observations 653 27.34 RCS Hedge Fund 654 27.34.1 Reference Article 654 27.34.2 Background 654 27.34.3 Observations 654 27.35 Ruderman Capital Management LLC 655 27.35.1 Reference Article 655 27.35.2 Background 655 27.35.3 Observations 656 27.36 Sand Dollar Investing Partners LLC 656 27.36.1 Reference Article 656 27.36.2 Background 656 27.36.3 Observations 657 27.37 SNC Asset Management Inc 658 27.37.1 Reference Article 658 27.37.2 Background 658 27.37.3 Observations 659 27.38 Solaris Management LLC 660 27.38.1 Reference Article 660 27.38.2 Background 660 27.38.3 Observations 661 27.39 3V Capital Management LLC 662 27.39.1 Reference Article 662 27.39.2 Background 662 27.39.3 Observations 663 27.40 Weavering Capital (UK) Ltd 664 27.40.1 Reference Article 664 27.40.2 Background 664 27.40.3 Observations 667 27.41 West End Capital Management LLC & West End Financial Advisors LLC 669 27.41.1 Reference Article 669 27.41.2 Background 669 27.41.3 Observations 670 27.42 Westgate Capital Management LLC 671 27.42.1 Reference Article 671 27.42.2 Background 671 27.42.3 Observations 672 27.43 Westridge Capital Management Inc 672 27.43.1 Reference Article 672 27.43.2 Background 672 27.43.3 Observations 674 27.44 S2 Capital Management LLC 675 27.44.1 Reference Article 675 27.44.2 Background 675 27.44.3 Observations 675 CHAPTER 28 Case Studies 2010 677 28.1 Camulos Capital LP 677 28.1.1 Reference Article 677 28.1.2 Background 677 28.1.3 Observations 678 28.2 Diamondback Capital Management LLC 679 28.2.1 Reference Article 679 28.2.2 Background 679 28.2.3 Observations 680 28.3 Easy Equity Asset Management Inc 681 28.3.1 Reference Article 681 28.3.2 Background 681 28.3.3 Observations 682 28.4 Ebullio Capital Management LLP 682 28.4.1 Reference Article 682 28.4.2 Background 682 28.4.3 Observations 683 28.5 Frontpoint Partners LLC 684 28.5.1 Reference Article 684 28.5.2 Background 684 28.5.3 Observations 685 28.6 Gartmore Group PLC 686 28.6.1 Reference Article 686 28.6.2 Background 686 28.6.3 Observations 687 28.7 Gem Capital LLC 687 28.7.1 Reference Article 687 28.7.2 Background 687 28.7.3 Observations 688 28.8 Global Holdings LLC 688 28.8.1 Reference Article 688 28.8.2 Background 688 28.8.3 Observations 689 28.9 Grifphon Asset Management LLC and Sasquatch Capital LLC 689 28.9.1 Reference Article 689 28.9.2 Background 689 28.9.3 Observations 691 28.10 GSC Group Inc and J.P. Morgan Securities LLC 691 28.10.1 Reference Article 691 28.10.2 Background 691 28.10.3 Observations 693 28.11 Chimay Capital Management Inc 694 28.11.1 Reference Article 694 28.11.2 Background 694 28.11.3 Observations 695 28.12 Horseman Capital Management, L.P. 695 28.12.1 Reference Article 695 28.12.2 Background 695 28.12.3 Observations 696 28.13 Imperium Investment Advisors LLC 696 28.13.1 Reference Article 696 28.13.2 Background 696 28.13.3 Observations 697 28.14 Lanexa Management LLC 698 28.14.1 Reference Article 698 28.14.2 Background 698 28.14.3 Observations 699 28.15 LIFE S GOOD INC 699 28.15.1 Reference Article 699 28.15.2 Background 699 28.15.3 Observations 700 28.16 Onyx Capital Advisors LLC 700 28.16.1 Reference Article 700 28.16.2 Background 700 28.16.3 Observations 701 28.17 PEF Advisors LLC 702 28.17.1 Reference Article 702 28.17.2 Background 702 28.17.3 Observations 703 28.18 Garcia Capital Management LLC 704 28.18.1 Reference Article 704 28.18.2 Background 704 28.18.3 Observations 704 28.19 Goldman Sachs & Co 704 28.19.1 Reference Article 704 28.19.2 Background 704 28.19.3 Observations 706 28.20 Plainfield Asset Management LLC 707 28.20.1 Reference Article 707 28.20.2 Background 707 28.20.3 Observations 708 28.21 Southridge Capital Management LLC 709 28.21.1 Reference Article 709 28.21.2 Background 709 28.21.3 Observations 711 28.22 Thinkstrategy Capital Management LLC/Lilaboc LLC 712 28.22.1 Reference Article 712 28.22.2 Background 712 28.22.3 Observations 713 28.23 Cowen Group Inc 714 28.23.1 Reference Article 714 28.23.2 Background 714 28.23.3 Observations 715 CHAPTER 29 Case Studies 2011 717 29.1 AXA Rosenberg Investment Management LLC 717 29.1.1 Reference Article 717 29.1.2 Background 717 29.1.3 Observations 718 29.2 Barai Capital Management LP 719 29.2.1 Reference Article 719 29.2.2 Background 719 29.2.3 Observations 720 29.3 Baystar Capital Management LLC 720 29.3.1 Reference Article 720 29.3.2 Background 720 29.3.3 Observations 722 29.4 Benchmark Asset Managers LLC, and Harvest Managers LLC 722 29.4.1 Reference Article 722 29.4.2 Background 722 29.4.3 Observations 724 29.5 360 Global Capital LLC 724 29.5.1 Reference Article 724 29.5.2 Background 724 29.5.3 Observations 724 29.6 Aethra Asset Management B.V. 724 29.6.1 Reference Article 724 29.6.2 Background 724 29.6.3 Observations 725 29.7 3 Degrees Asset Management Pte Ltd 725 29.7.1 Reference Article 725 29.7.2 Background 725 29.7.3 Observations 726 29.8 Fletcher Asset Management Inc 727 29.8.1 Reference Article 727 29.8.2 Background 727 29.8.3 Observations 729 29.9 Duma Capital Management LLC and Duma Capital Partners LLC 731 29.9.1 Reference Article 731 29.9.2 Background 731 29.9.3 Observations 731 29.10 Harbinger Capital Partners LLC 731 29.10.1 Reference Article 731 29.10.2 Background 731 29.10.3 Observations 733 29.11 Alnbri Management, LLC & Managed Accounts Asset Management LLC 734 29.11.1 Reference Article 734 29.11.2 Background 734 29.11.3 Observations 736 29.12 IU Group Inc 736 29.12.1 Reference Article 736 29.12.2 Background 736 29.12.3 Observations 737 29.13 James Caird Asset Management LLP 737 29.13.1 Reference Article 737 29.13.2 Background 737 29.13.3 Observations 738 29.14 Juno Mother Earth Asset Management LLC 739 29.14.1 Reference Article 739 29.14.2 Background 739 29.14.3 Observations 740 29.15 Komodo Capital Management Pte Ltd 741 29.15.1 Reference Article 741 29.15.2 Background 741 29.15.3 Observations 742 29.16 Leaddog Capital Markets LLC 742 29.16.1 Reference Article 742 29.16.2 Background 742 29.16.3 Observations 743 29.17 Liquid Capital Management, LLC 744 29.17.1 Reference Article 744 29.17.2 Background 744 29.17.3 Observations 745 29.18 Locust Offshore Management, LLC 745 29.18.1 Reference Article 745 29.18.2 Background 745 29.18.3 Observations 746 29.19 Longacre Fund Management LLC 747 29.19.1 Reference Article 747 29.19.2 Background 747 29.19.3 Observations 747 29.20 Michael Kenwood Asset Management LLC 747 29.20.1 Reference Article 747 29.20.2 Background 747 29.20.3 Observations 749 29.21 Millennium Global Investments Ltd 749 29.21.1 Reference Article 749 29.21.2 Background 749 29.21.3 Observations 751 29.22 Neural Markets LLC 751 29.22.1 Reference Article 751 29.22.2 Background 751 29.22.3 Observations 752 29.23 New Century Investment Management LLC 753 29.23.1 Reference Article 753 29.23.2 Background 753 29.23.3 Observations 753 29.24 O.S.S. Capital Management LP 754 29.24.1 Reference Article 754 29.24.2 Background 754 29.24.3 Observations 755 29.25 Paulson & Co Inc 755 29.25.1 Reference Article 755 29.25.2 Background 755 29.25.3 Observations 756 29.26 Pegasus Investment Management LLC 757 29.26.1 Reference Article 757 29.26.2 Background 757 29.26.3 Observations 758 29.27 RAB Capital Ltd 758 29.27.1 Reference Article 758 29.27.2 Background 758 29.27.3 Observations 759 29.28 Seatown Holdings Pte 760 29.28.1 Reference Article 760 29.28.2 Background 760 29.28.3 Observations 760 29.29 SHK Asset Management LLC 761 29.29.1 Reference Article 761 29.29.2 Background 761 29.29.3 Observations 762 29.30 SJK Investment Management LLC 762 29.30.1 Reference Article 762 29.30.2 Background 762 29.30.3 Observations 763 29.31 Spencer House Capital Management LLP 764 29.31.1 Reference Article 764 29.31.2 Background 764 29.31.3 Observations 764 29.32 Task Capital Management LLC, ARM Capital Management LLC & Vigilant Capital Management LLC 765 29.32.1 Reference Article 765 29.32.2 Background 765 29.32.3 Observations 766 29.33 Tontine Capital Management LLC 766 29.33.1 Reference Article 766 29.33.2 Background 766 29.33.3 Observations 768 29.34 Trafalgar Asset Managers Limited 767 29.34.1 Reference Article 767 29.34.2 Background 767 29.34.3 Observations 768 29.35 Vanquish Capital Group LLC 769 29.35.1 Reference Article 769 29.35.2 Background 769 29.35.3 Observations 770 29.36 WCM Capital Inc 770 29.36.1 Reference Article 770 29.36.2 Background 770 29.36.3 Observations 771 29.37 Wessex Asset Management Limited 771 29.37.1 Reference Article 771 29.37.2 Background 771 29.37.3 Observations 772 CHAPTER 30 Case Studies 2012 773 30.1 Abante Capital (Proprietary) Limited and Basileus Capital (Pty) Ltd 773 30.1.1 Reference Article 773 30.1.2 Background 773 30.1.3 Observations 774 30.2 Tell Investments LLP 775 30.2.1 Reference Article 775 30.2.2 Background 775 30.2.3 Observations 775 30.3 TIG Advisors LLC 776 30.3.1 Reference Article 776 30.3.2 Background 776 30.3.3 Observations 777 30.4 Tradewinds Global Investors LLC 777 30.4.1 Reference Article 777 30.4.2 Background 777 30.4.3 Observations 778 30.5 Voras Capital Management LLC 778 30.5.1 Reference Article 778 30.5.2 Background 778 30.5.3 Observations 779 30.6 Bluegold Capital Management LLP 779 30.6.1 Reference Article 779 30.6.2 Background 779 30.6.3 Observations 779 30.7 Thaddeus Capital Management (HK) Limited 780 30.7.1 Reference Article 780 30.7.2 Background 780 30.7.3 Observations 780 30.8 Brickell Fund LLC 781 30.8.1 Reference Article 781 30.8.2 Background 781 30.8.3 Observations 782 30.9 Aletheia Research and Management Inc 782 30.9.1 Reference Article 782 30.9.2 Background 782 30.9.3 Observations 784 APPENDIX A Index of Case Studies by Investment Manager 785 APPENDIX B UK Serious Fraud Office Hedge Fund Investor Questionnaire 793 INDEX 795 LIST OF FUNDS 800 LIST OF FUND MANAGERS 805

Szczegóły: Practical Operational Due Diligence on Hedge Funds - Rajiv Jaitly

Tytuł: Practical Operational Due Diligence on Hedge Funds
Autor: Rajiv Jaitly
Producent: John Wiley
ISBN: 9781119018759
Rok produkcji: 2016
Ilość stron: 896
Oprawa: Twarda
Waga: 1.27 kg

Recenzje: Practical Operational Due Diligence on Hedge Funds - Rajiv Jaitly