Hedge Fund Governance: Evaluating Oversight, Independence, and Conflicts

ISBN-13: 9780128014127 / Angielski / Miękka / 2014 / 384 str.

Jason Scharfman

Opis

Hedge Fund Governance: Evaluating Oversight, Independence and Conflicts summarizes the fundamental elements of hedge fund governance and principal perspectives on governance arguments. An authoritative reference on governance, it describes the tools needed for developing a flexible, comprehensive hedge fund governance analysis framework. Case studies and interviews with professional fund directors shine a bright light of pragmatism on this framework. The author's global analysis of more than 5,000 hedge fund governance structures enables him to draw realistic conclusions about best practices. He also explores the value consequences of good vs. bad governance, estimating the actual dollar losses that can result from bad governance, as well as the operational and investment performance benefits of certain governance practices.

• Presents methods for evaluating qualifications, conflicts of interests, fees, obligations and liabilities of hedge fund Boards of Directors.
• Explains techniques for developing a hedge fund governance assessment program, including analyzing legal documentation analysis and financial statements for governance related information.
• Uses case studies and example scenarios in hedge fund governance successes and failures to explore investor governance rights and fund manager responsibilities in onshore and offshore jurisdictions.

Recenzje

"What explains the wide dispersion of hedge fund returns, even within particular strategies? One factor that has attracted surprisingly little attention is the quality of hedge fund governance. Addressing this important gap, Scharfman's deep analysis should be of substantial interest for investors, regulators, service providers and academics alike." --Peter Cornelius, AlpInvest Partners"Finally! This book has been long anticipated because of its key focus on corporate governance in the hedge fund industry. Its new and creative approach will no doubt attract money managers, institutional investors, accountants, family offices, lawyers, pension funds and many others. Jason Scharfman has filled that gap in the hedge fund industry, and his book will be the leading study of hedge fund governance." --Greg N. Gregoriou, State University of New York "Jason Scharfman has written an authoritative guide to corporate governance in the hedge fund industry. Hedge Fund Governance is comprehensive and analytical, but is written in a conversational and accessible tone from an intensely practical perspective, complete with checklists and advice about risk management and compliance as well as excerpts from candid interviews with informed practitioners. It will be useful to just about any participant in the hedge fund industry, including investors, regulators, lawyers, risk managers, and hedge fund employees at all levels." --Frank Partnoy, University of San Diego

Spis treści

1. Introduction to Hedge Fund Governance 2. Hedge Fund Board of Directors: A Governance Proxy?3. Regulatory Governance of Hedge Funds4. The Role of Fund Service Providers in Implementing Governance 5. Hedge Fund Internal Governance Mechanisms6. Developing a Framework for Investor Analysis of Hedge Fund Governance7. Investor Activist Driven Governance and Ongoing Monitoring8. Case Studies and Example Scenarios in Hedge Fund Governance9. Analyzing Governance in Fund Valuations 10. Field Perspectives on Governance: Interviews with Those Involved in Various Aspects of Hedge Fund Governance11. Good Governance in Bad Situations: Understanding Governance During Fund Turmoil and Liquidations 12. Trends and Future Developments

O autorze

Jason Scharfman is the Managing Partner of Corgentum Consulting, LLC. He is recognized as one of the leading experts in the field of hedge fund operational due diligence. Before founding Corgentum, he oversaw the operational due diligence function for a $6 billion alternative investment allocation group called Graystone Research at Morgan Stanley. He earned an M.B.A. in finance from Baruch College's Zicklin School of Business and a J.D. from St. John's School of Law. He is admitted to the practice of law in New York and New Jersey. Additionally, he holds the Certified Fraud Examiner (CFE) and Certified in Risk and Information Systems Control (CRISC) credentials.