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Research and Markets - The Capital Guide to Funds of Funds
Publish Date : 11/25/2004 11:38:00 AM   Source : Science and Technology News Onlypunjab.com

It is estimated that there are approximately 675 hedge fund of funds operating today. The firms sponsoring these products range from large investment organisations, deploying billions, sometimes tens of billions, of dollars of capital to small organisations looking after a few million dollars of capital on behalf of a single wealthy family. Given the widening interest in hedge funds and the proliferation of hedge fund managers, it is likely that hedge funds of funds will continue to grow, as investors seek professional advice in the creation of hedge fund portfolios
Table of Contents:

Chapter One - Page 1
OVERVIEW OF THE HEDGE FUNDS OF FUNDS BUSINESS
Hugh Lawson, Goldman Sachs Asset Management International, London.

The Case for Hedge Funds - How Much Capital to Allocate to Hedge Funds - Role for Hedge Funds of Funds -
Evaluating a Hedge Fund of Funds Manager

Chapter Two – Page 7
OPTIMISING STRUCTURES FOR FUND MANAGERS AND INVESTORS
Neil Oliver, Ernst & Young, London.

Introduction - Structure and Operation of a Fund – Partnerships - Tax Allocations
Allocation of Fund Level Expenses - The Mark-to-market Election - Non-US Partners in a US Partnership - US Tax-exempt Partners - European Investors - United Kingdom -
Master-feeder Structures - Operational Considerations – Fees – Equalisation - Listing - Manager Considerations - Unexpected Taxation on the Fund - Investment Manager Exemption

Chapter Three – Page 15
REGULATION OF FUNDS OF HEDGE FUNDS IN KEY EUROPEAN JURISDICTIONS
Stuart Martin, Partner, Financial Services Group, Dechert, London.

Introduction
United Kingdom;
Onshore Funds - Offshore Funds - Taxation of UK Investors in Funds of Hedge Funds - Closed-ended Funds for the UK Market - Onshore Non-retail Funds

France;
French Funds of Hedge Funds - Investment restrictions - Oversight of Investment Managers - Retail Sale of OPCVM of Hedge Funds - Marketing and Sale of Foreign Funds of Hedge Funds

Ireland;
UCITS - Non-UCITS - Funds of Regulated Funds - Funds of Unregulated Funds - Promoter/Investment Manager Approval - Marketing Foreign Funds of Hedge Funds in Ireland

Italy;
Onshore Funds of Hedge Funds - Promotion of Offshore Funds of Hedge Funds within Italy

Luxembourg;
Structure - Supervision - CSSF Circular - Marketing - Listing - Taxation

Switzerland;
Domestic Rules for Establishing a Fund of Hedge Funds in Switzerland - Marketing of Foreign Funds of Hedge Funds in Switzerland

Future Developments
Conclusion

Chapter Four – Page 29
REGISTERED FUNDS OF HEDGE FUNDS
Robert W. Helm and Kimberly Dopkin Rasevic, Dechert LLP, Washington.

What is a Registered Fund of Hedge Funds?
Why Have Hedge Funds Been Unavailable to Most Investors?
Advantages of Registering a Fund of Hedge Funds with the SEC
What is the Form of Organisation of a Registered Fund of Hedge Funds?
How is a Fund of Hedge Funds Registered with the SEC?
Who May Buy Shares of a Registered Fund of Hedge Funds?
Are Investors Permitted to Redeem Their Shares in a Registered Fund of Hedge Funds?
Does a Fund of Hedge Funds Offer its Shares After the Initial Launch of the Fund?
How are Funds of Hedge Funds Structured for Tax Purposes?
Some Unique Regulatory Issues Relating to Registered Funds of Hedge Funds?

Chapter Five - Page 41
OVERVIEW OF THE PRIVATE FUNDS OF FUNDS INVESTMENT STRUCTURE
George J. Mazin and Lawrence Y. Vincent, Dechert LLP, New York.

Introduction
Marketing a Fund of Funds in the US through Private Placements
Investment Adviser Registration
Funds of Funds — Domestic vs. Offshore
Section 3(c)(1) vs. Section 3(c)(7) as a basis for a fund of fund’s exemption from
the definition of an ‘investment company’ under the Investment Company Act of 1940
Typical Fee Structures Employed by a Fund of Funds
Withdrawal Rights of Investors
Treatment of Hot Issues by the Private Fund of Funds
Commodities Regulation of a Fund of Funds
The Effect of ERISA on a Fund of Funds
Plan Assets Generally
Transparency
Side Letters

Chapter Six – Page 59
RETAIL HEDGE FUNDS IN ASIA
Rory Gallaher, Deacons, Hong Kong.

Authorisation of Hedge Funds
Japan
A Comparison Between the Hong Kong and Singapore Codes Regarding Retail Hedge Funds

Chapter Seven – Page 69
DUE DILIGENCE
Tej Gujadher, Ernst & Young, New York.

Introduction - Staff and Company Information - Asset Management Activities
Product Information – Performance - Asset Allocation - Manager Selection
Portfolio Construction – Liquidity - Risk Management - Administration/Operations
Client Reporting - Compliance/Legal

Chapter Eight – Page 73
SYSTEMS SELECTION
Barry Rome, Ernst & Young, London.

Introduction - Typical Shortcomings of Most Fund of Funds Systems
Main Vendors for Funds of Funds - ASPs and the Internet
Portfolio Analysis - Future for Systems Providers
Summary: Factors Managers Consider for System Selection

Chapter Nine – Page 77
FUND ADMINISTRATION AND OPERATIONAL ISSUES FACING FUNDS OF HEDGE FUNDS
Jennifer Stier, Managing Director, and Kenneth O’Hanrahan, Legal Counsel, BISYS Hedge Fund Services.

Introduction - Selecting an Administrator - Functions of the Administrator
Custody Matters - Registered Hedge Funds of Funds - Conclusion

Chapter Ten – Page 87
RISK MANAGEMENT OVERVIEW
Pascal Botteron, Head of Alternative Investment Group and Ralph Villiger, Ernst & Young Ltd, Switzerland.

Introduction - New Philosophy of Risk Management for Hedge Funds
The Risks of a Single Hedge Fund Investment - Industry Organisation
Due Diligence — Controlling the Exongenous Risks - Asset Allocation — Managing the Exongenous Risks - Ongoing Risk Management - Leading Edge
Conclusion

Chapter 11 Page 97
ACCOUNTANT'S PERSPECTIVE
Scott Duncan, Ernst & Young, London.

Introduction - United Kingdom GAAP - Revenue/Expenditure & Gains/Losses Recognition - United States GAAP - International Accounting Standards & International Financial Reporting Standards

For more information visit http://www.researchandmarkets.com/reports/c9787