Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages (2nd ed)

162 Pages·2011·0.9 MB·English

by  Philip Coggan

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GUIDE TO HEDGE FUNDS
Second Edition
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GUIDE TO HEDGE FUNDS
What they are, what they do, their risks,
their advantages
Second Edition
Philip Coggan
John Wiley & Sons, Inc.
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Copyright © 2011 by The Economist Newspaper Ltd. All rights reserved.
Text Copyright © 2011 by Philip Coggan. All rights reserved.
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To Robin Coggan (1918–88), who taught me that
there was always more to learn
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Contents
Acknowledgements viii
Introduction 1
1 Hedge fund taxonomy 16
2 The players 35
3 Funds-of-funds 55
4 Hedge fund regulation 64
5 Hedge funds: for and against 81
6 The future of hedge funds 94
References 114
Appendices
1 Glossary 121
2 Hedge fund facts and fi gures 134
Index 141
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Acknowledgements
Writing a book on this subject is rather like painting the Forth Road
Bridge. As soon as you have fi nished, you probably need to start
again. The industry is growing and changing so rapidly that it is possible
to give only a snapshot of its state at the time of writing.
I was greatly helped by many people within and without the industry,
most of whom are individually name checked in the book. All quotes are
taken from direct conversations with the author, except where identifi ed.
One or two sources have asked to be anonymous.
Special thanks are required for those who gave extra help, notably
Robb Corrigan, Peter Harrison, Dan Higgins, Narayan Naik and David
Smith. I would also like to thank my colleagues John Prideaux and Arun
Rao for their comments after reading parts of the manuscript. Thanks
also to Stephen Brough of Profi le Books for the original idea and to Penny
Williams for her assiduous editing.
Finally, the greatest credit must go to Sandie for her constant love and
support and her astute reading of the chapters. If there are too many
parentheses, it is no fault of hers.
Philip Coggan
May 2010
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