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hedge fund managers </div> </a> <ul id="toc-Notable_hedge_fund_managers-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Strategies" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Strategies"> <div class="vector-toc-text"> 4 Strategies </div> </a> <button aria-controls="toc-Strategies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Strategies subsection </button> <ul id="toc-Strategies-sublist" class="vector-toc-list"> <li id="toc-Global_macro" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_macro"> <div class="vector-toc-text"> 4.1 Global macro </div> </a> <ul id="toc-Global_macro-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Directional" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Directional"> <div class="vector-toc-text"> 4.2 Directional </div> </a> <ul id="toc-Directional-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Event-driven" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Event-driven"> <div class="vector-toc-text"> 4.3 Event-driven </div> </a> <ul id="toc-Event-driven-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Relative_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Relative_value"> <div class="vector-toc-text"> 4.4 Relative value </div> </a> <ul id="toc-Relative_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Miscellaneous" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Miscellaneous"> <div class="vector-toc-text"> 4.5 Miscellaneous </div> </a> <ul id="toc-Miscellaneous-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Risk" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Risk"> <div class="vector-toc-text"> 5 Risk </div> </a> <button aria-controls="toc-Risk-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Risk subsection </button> <ul id="toc-Risk-sublist" class="vector-toc-list"> <li id="toc-Risk_management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risk_management"> <div class="vector-toc-text"> 5.1 Risk management </div> </a> <ul id="toc-Risk_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transparency,_and_regulatory_considerations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Transparency,_and_regulatory_considerations"> <div class="vector-toc-text"> 5.2 Transparency, and regulatory considerations </div> </a> <ul id="toc-Transparency,_and_regulatory_considerations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Risks_shared_with_other_investment_types" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Risks_shared_with_other_investment_types"> <div class="vector-toc-text"> 5.3 Risks shared with other investment types </div> </a> <ul id="toc-Risks_shared_with_other_investment_types-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Fees_and_remuneration" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Fees_and_remuneration"> <div class="vector-toc-text"> 6 Fees and remuneration </div> </a> <button aria-controls="toc-Fees_and_remuneration-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Fees and remuneration subsection </button> <ul id="toc-Fees_and_remuneration-sublist" class="vector-toc-list"> <li id="toc-Fees_paid_to_hedge_funds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fees_paid_to_hedge_funds"> <div class="vector-toc-text"> 6.1 Fees paid to hedge funds </div> </a> <ul id="toc-Fees_paid_to_hedge_funds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Remuneration_of_portfolio_managers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Remuneration_of_portfolio_managers"> <div class="vector-toc-text"> 6.2 Remuneration of portfolio managers </div> </a> <ul id="toc-Remuneration_of_portfolio_managers-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Structure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Structure"> <div class="vector-toc-text"> 7 Structure </div> </a> <button aria-controls="toc-Structure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Structure subsection </button> <ul id="toc-Structure-sublist" class="vector-toc-list"> <li id="toc-Prime_broker" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Prime_broker"> <div class="vector-toc-text"> 7.1 Prime broker </div> </a> <ul id="toc-Prime_broker-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Administrator" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Administrator"> <div class="vector-toc-text"> 7.2 Administrator </div> </a> <ul id="toc-Administrator-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Auditor" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Auditor"> <div class="vector-toc-text"> 7.3 Auditor </div> </a> <ul id="toc-Auditor-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Distributor" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Distributor"> <div class="vector-toc-text"> 7.4 Distributor </div> </a> <ul id="toc-Distributor-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Domicile_and_taxation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Domicile_and_taxation"> <div class="vector-toc-text"> 7.5 Domicile and taxation </div> </a> <ul id="toc-Domicile_and_taxation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Basket_options" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Basket_options"> <div class="vector-toc-text"> 7.6 Basket options </div> </a> <ul id="toc-Basket_options-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_manager_locations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_manager_locations"> <div class="vector-toc-text"> 7.7 Investment manager locations </div> </a> <ul id="toc-Investment_manager_locations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Legal_entity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Legal_entity"> <div class="vector-toc-text"> 7.8 Legal entity </div> </a> <ul id="toc-Legal_entity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Types_of_funds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Types_of_funds"> <div class="vector-toc-text"> 7.9 Types of funds </div> </a> <ul id="toc-Types_of_funds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Side_pockets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Side_pockets"> <div class="vector-toc-text"> 7.10 Side pockets </div> </a> <ul id="toc-Side_pockets-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Regulation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Regulation"> <div class="vector-toc-text"> 8 Regulation </div> </a> <button aria-controls="toc-Regulation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Regulation subsection </button> <ul id="toc-Regulation-sublist" class="vector-toc-list"> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> 8.1 United States </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Europe" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Europe"> <div class="vector-toc-text"> 8.2 Europe </div> </a> <ul id="toc-Europe-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Offshore" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Offshore"> <div class="vector-toc-text"> 8.3 Offshore </div> </a> <ul id="toc-Offshore-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> 8.4 South Africa </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Performance" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Performance"> <div class="vector-toc-text"> 9 Performance </div> </a> <button aria-controls="toc-Performance-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Performance subsection </button> <ul id="toc-Performance-sublist" class="vector-toc-list"> <li id="toc-Measurement" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Measurement"> <div class="vector-toc-text"> 9.1 Measurement </div> </a> <ul id="toc-Measurement-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sector-size_effect" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sector-size_effect"> <div class="vector-toc-text"> 9.2 Sector-size effect </div> </a> <ul id="toc-Sector-size_effect-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hedge_fund_indices" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hedge_fund_indices"> <div class="vector-toc-text"> 9.3 Hedge fund indices </div> </a> <ul id="toc-Hedge_fund_indices-sublist" class="vector-toc-list"> <li id="toc-Non-investable_indices" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Non-investable_indices"> <div class="vector-toc-text"> 9.3.1 Non-investable indices </div> </a> <ul id="toc-Non-investable_indices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investable_indices" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Investable_indices"> <div class="vector-toc-text"> 9.3.2 Investable indices </div> </a> <ul id="toc-Investable_indices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hedge_fund_replication" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Hedge_fund_replication"> <div class="vector-toc-text"> 9.3.3 Hedge fund replication </div> </a> <ul id="toc-Hedge_fund_replication-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Closures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Closures"> <div class="vector-toc-text"> 9.4 Closures </div> </a> <ul id="toc-Closures-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Debates_and_controversies" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Debates_and_controversies"> <div class="vector-toc-text"> 10 Debates and controversies </div> </a> <button aria-controls="toc-Debates_and_controversies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Debates and controversies subsection </button> <ul id="toc-Debates_and_controversies-sublist" class="vector-toc-list"> <li id="toc-Systemic_risk" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Systemic_risk"> <div class="vector-toc-text"> 10.1 Systemic risk </div> </a> <ul id="toc-Systemic_risk-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transparency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Transparency"> <div class="vector-toc-text"> 10.2 Transparency </div> </a> <ul id="toc-Transparency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Links_with_analysts" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Links_with_analysts"> <div class="vector-toc-text"> 10.3 Links with analysts </div> </a> <ul id="toc-Links_with_analysts-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Value_in_a_mean/variance_efficient_portfolio" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Value_in_a_mean/variance_efficient_portfolio"> <div class="vector-toc-text"> 10.4 Value in a mean/variance efficient portfolio </div> </a> <ul id="toc-Value_in_a_mean/variance_efficient_portfolio-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 11 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 12 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 13 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Hedge fund</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 48 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-48" aria-hidden="true" > 48 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%AD%D9%81%D8%B8%D8%A9_%D9%88%D9%82%D8%A7%D8%A6%D9%8A%D8%A9" title="محفظة وقائية – Arabic" lang="ar" hreflang="ar" data-title="محفظة وقائية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Hedc_fondu" title="Hedc fondu – Azerbaijani" lang="az" hreflang="az" data-title="Hedc fondu" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A5%D0%B5%D0%B4%D0%B6_%D1%84%D0%BE%D0%BD%D0%B4" title="Хедж фонд – Bulgarian" lang="bg" hreflang="bg" data-title="Хедж фонд" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Fons_d%27inversi%C3%B3_lliure" title="Fons d'inversió lliure – Catalan" lang="ca" hreflang="ca" data-title="Fons d'inversió lliure" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Hedge_fond" title="Hedge fond – Czech" lang="cs" hreflang="cs" data-title="Hedge fond" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Hedgefond" title="Hedgefond – Danish" lang="da" hreflang="da" data-title="Hedgefond" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – German" lang="de" hreflang="de" data-title="Hedgefonds" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Riskifond" title="Riskifond – Estonian" lang="et" hreflang="et" data-title="Riskifond" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%BD%CF%84%CE%B9%CF%83%CF%84%CE%B1%CE%B8%CE%BC%CE%B9%CF%83%CF%84%CE%B9%CE%BA%CF%8C_%CE%BA%CE%B5%CF%86%CE%AC%CE%BB%CE%B1%CE%B9%CE%BF" title="Αντισταθμιστικό κεφάλαιο – Greek" lang="el" hreflang="el" data-title="Αντισταθμιστικό κεφάλαιο" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Fondo_de_cobertura" title="Fondo de cobertura – Spanish" lang="es" hreflang="es" data-title="Fondo de cobertura" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/He%C4%9Dfonduso" title="Heĝfonduso – Esperanto" lang="eo" hreflang="eo" data-title="Heĝfonduso" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D9%BE%D9%88%D8%B4%D8%B4_%D8%B1%DB%8C%D8%B3%DA%A9" title="صندوق پوشش ریسک – Persian" lang="fa" hreflang="fa" data-title="صندوق پوشش ریسک" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Gestion_alternative" title="Gestion alternative – French" lang="fr" hreflang="fr" data-title="Gestion alternative" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Ciste_f%C3%A1laithe" title="Ciste fálaithe – Irish" lang="ga" hreflang="ga" data-title="Ciste fálaithe" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target">Gaeilge</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%97%A4%EC%A7%80%ED%8E%80%EB%93%9C" title="헤지펀드 – Korean" lang="ko" hreflang="ko" data-title="헤지펀드" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%A5%D5%BB_%D6%86%D5%B8%D5%B6%D5%A4%D5%A5%D6%80" title="Հեջ ֆոնդեր – Armenian" lang="hy" hreflang="hy" data-title="Հեջ ֆոնդեր" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B9%E0%A5%87%E0%A4%9C_%E0%A4%AB%E0%A4%82%E0%A4%A1" title="हेज फंड – Hindi" lang="hi" hreflang="hi" data-title="हेज फंड" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Hedge_fond" title="Hedge fond – Croatian" lang="hr" hreflang="hr" data-title="Hedge fond" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Dana_lindung_nilai" title="Dana lindung nilai – Indonesian" lang="id" hreflang="id" data-title="Dana lindung nilai" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Vogunarsj%C3%B3%C3%B0ur" title="Vogunarsjóður – Icelandic" lang="is" hreflang="is" data-title="Vogunarsjóður" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Fondo_speculativo" title="Fondo speculativo – Italian" lang="it" hreflang="it" data-title="Fondo speculativo" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A7%D7%A8%D7%9F_%D7%92%D7%99%D7%93%D7%95%D7%A8" title="קרן גידור – Hebrew" lang="he" hreflang="he" data-title="קרן גידור" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Pengelola_investasi_global" title="Pengelola investasi global – Javanese" lang="jv" hreflang="jv" data-title="Pengelola investasi global" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target">Jawa</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Apribotos_rizikos_fondas" title="Apribotos rizikos fondas – Lithuanian" lang="lt" hreflang="lt" data-title="Apribotos rizikos fondas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Hedge_fund" title="Hedge fund – Hungarian" lang="hu" hreflang="hu" data-title="Hedge fund" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A5%D0%B5%D1%9F-%D1%84%D0%BE%D0%BD%D0%B4" title="Хеџ-фонд – Macedonian" lang="mk" hreflang="mk" data-title="Хеџ-фонд" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target">Македонски</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Dana_lindung_nilai" title="Dana lindung nilai – Malay" lang="ms" hreflang="ms" data-title="Dana lindung nilai" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – Dutch" lang="nl" hreflang="nl" data-title="Hedgefonds" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%98%E3%83%83%E3%82%B8%E3%83%95%E3%82%A1%E3%83%B3%E3%83%89" title="ヘッジファンド – Japanese" lang="ja" hreflang="ja" data-title="ヘッジファンド" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Hedgefond" title="Hedgefond – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Hedgefond" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%A0%E1%9E%B7%E1%9E%85%E1%9E%A0%E1%9F%92%E1%9E%9C%E1%9E%B6%E1%9E%93%E1%9F%8B" title="ហិចហ្វាន់ – Khmer" lang="km" hreflang="km" data-title="ហិចហ្វាន់" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target">ភាសាខ្មែរ</a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Hedgefonds" title="Hedgefonds – Low German" lang="nds" hreflang="nds" data-title="Hedgefonds" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target">Plattdüütsch</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Fundusz_hedgingowy" title="Fundusz hedgingowy – Polish" lang="pl" hreflang="pl" data-title="Fundusz hedgingowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fundo_de_cobertura" title="Fundo de cobertura – Portuguese" lang="pt" hreflang="pt" data-title="Fundo de cobertura" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Fond_speculativ" title="Fond speculativ – Romanian" lang="ro" hreflang="ro" data-title="Fond speculativ" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A5%D0%B5%D0%B4%D0%B6-%D1%84%D0%BE%D0%BD%D0%B4" title="Хедж-фонд – Russian" lang="ru" hreflang="ru" data-title="Хедж-фонд" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Hedge_fund" title="Hedge fund – Simple English" lang="en-simple" hreflang="en-simple" data-title="Hedge fund" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A5%D0%B5%D1%9F-%D1%84%D0%BE%D0%BD%D0%B4" title="Хеџ-фонд – Serbian" lang="sr" hreflang="sr" data-title="Хеџ-фонд" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target">Српски / srpski</a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Hedgerahasto" title="Hedgerahasto – Finnish" lang="fi" hreflang="fi" data-title="Hedgerahasto" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Hedgefond" title="Hedgefond – Swedish" lang="sv" hreflang="sv" data-title="Hedgefond" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%B9%E0%AF%86%E0%AE%9F%E0%AF%8D%E0%AE%9C%E0%AF%8D_%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF" title="ஹெட்ஜ் நிதி – Tamil" lang="ta" hreflang="ta" data-title="ஹெட்ஜ் நிதி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%B9%E0%B1%86%E0%B0%A1%E0%B1%8D%E0%B0%9C%E0%B1%8D_%E0%B0%AB%E0%B0%82%E0%B0%A1%E0%B1%8D" title="హెడ్జ్ ఫండ్ – Telugu" lang="te" hreflang="te" data-title="హెడ్జ్ ఫండ్" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target">తెలుగు</a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%AD%E0%B8%87%E0%B8%97%E0%B8%B8%E0%B8%99%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%AB%E0%B8%B2%E0%B8%A3%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A1%E0%B9%80%E0%B8%AA%E0%B8%B5%E0%B9%88%E0%B8%A2%E0%B8%87" title="กองทุนบริหารความเสี่ยง – Thai" lang="th" hreflang="th" data-title="กองทุนบริหารความเสี่ยง" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target">ไทย</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Hedge_fon" title="Hedge fon – Turkish" lang="tr" hreflang="tr" data-title="Hedge fon" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%93%D0%B5%D0%B4%D0%B6-%D1%84%D0%BE%D0%BD%D0%B4" title="Гедж-фонд – Ukrainian" lang="uk" hreflang="uk" data-title="Гедж-фонд" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%DA%BE%D9%89%D9%85%D8%A7%D9%8A%DB%95_%D9%81%D9%88%D9%86%D8%AF%D9%89" title="ھىمايە فوندى – Uyghur" lang="ug" hreflang="ug" data-title="ھىمايە فوندى" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target">ئۇيغۇرچە / Uyghurche</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Qu%E1%BB%B9_ph%C3%B2ng_h%E1%BB%99" title="Quỹ phòng hộ – Vietnamese" lang="vi" hreflang="vi" data-title="Quỹ phòng hộ" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91" title="对冲基金 – Chinese" lang="zh" hreflang="zh" data-title="对冲基金" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> <div class="after-portlet after-portlet-lang"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q105611#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></div> </div> </div> </div> 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free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Type of investment fund</div> A hedge fund is a <a href="/wiki/Pooling_(resource_management)" title="Pooling (resource management)">pooled</a> <a href="/wiki/Investment_fund" title="Investment fund">investment fund</a> that holds <a href="/wiki/Market_liquidity" title="Market liquidity">liquid</a> assets and that makes use of complex <a href="/wiki/Trader_(finance)" title="Trader (finance)">trading</a> and <a href="/wiki/Risk_management" title="Risk management">risk management</a> techniques to aim to improve investment performance and insulate returns from <a href="/wiki/Beta_(finance)" title="Beta (finance)">market risk</a>. Among these <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolio techniques</a> are <a href="/wiki/Short_(finance)" title="Short (finance)">short selling</a> and the use of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> and <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivative instruments</a>.<a href="#cite_note-Lins-1">[1]</a> In the United States, <a href="/wiki/Financial_regulation" title="Financial regulation">financial regulations</a> require that hedge funds be marketed only to <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> and <a href="/wiki/High-net-worth_individual" title="High-net-worth individual">high-net-worth individuals</a>. Hedge funds are considered <a href="/wiki/Alternative_investment" title="Alternative investment">alternative investments</a>. Their ability to use leverage and more complex investment techniques distinguishes them from regulated investment funds available to the retail market, commonly known as <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> and <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETFs</a>. They are also considered distinct from <a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">private equity funds</a> and other similar <a href="/wiki/Closed-end_fund" title="Closed-end fund">closed-end funds</a> as hedge funds generally invest in relatively <a href="/wiki/Liquid_asset" class="mw-redirect" title="Liquid asset">liquid assets</a> and are usually <a href="/wiki/Open-end_fund" title="Open-end fund">open-ended</a>. This means they typically allow investors to invest and withdraw capital periodically based on the fund's <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a>, whereas private-equity funds generally invest in <a href="/wiki/Market_liquidity" title="Market liquidity">illiquid assets</a> and return capital only after a number of years.<a href="#cite_note-FINRA13-2">[2]</a><a href="#cite_note-Stowell12-3">[3]</a> Other than a fund's regulatory status, there are no formal or fixed definitions of fund types, and so there are different views of what can constitute a "hedge fund". Although hedge funds are not subject to the many restrictions applicable to regulated funds, regulations were passed in the United States and Europe following the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> with the intention of increasing government oversight of hedge funds and eliminating certain regulatory gaps.<a href="#cite_note-Ismail-4">[4]</a> While most modern hedge funds are able to employ a wide variety of <a href="/wiki/Financial_instrument" title="Financial instrument">financial instruments</a> and risk management techniques,<a href="#cite_note-PWGOFM-5">[5]</a> they can be very different from each other with respect to their strategies, risks, volatility and expected return profile. It is common for hedge fund investment strategies to aim to achieve a positive <a href="/wiki/Return_on_investment" title="Return on investment">return on investment</a> regardless of whether markets are rising or falling ("<a href="/wiki/Absolute_return" title="Absolute return">absolute return</a>"). Hedge funds can be considered risky investments; the expected returns of some hedge fund strategies are less volatile than those of retail funds with high exposure to stock markets because of the use of hedging techniques. Research in 2015 showed that hedge fund activism can have significant real effects on target firms, including improvements in productivity and efficient reallocation of corporate assets. Moreover, these interventions often lead to increased labor productivity, although the benefits may not fully accrue to workers in terms of increased wages or work hours.<a href="#cite_note-6">[6]</a> A hedge fund usually pays its investment manager a management fee (typically, 2% per annum of the net asset value of the fund) and a <a href="/wiki/Performance_fee" title="Performance fee">performance fee</a> (typically, 20% of the increase in the fund's net asset value during a year).<a href="#cite_note-Lins-1">[1]</a> Hedge funds have existed for many decades and have become increasingly popular. They have now grown to be a substantial portion of the <a href="/wiki/Asset_management" title="Asset management">asset management</a> industry,<a href="#cite_note-7">[7]</a> with assets totaling around $3.8 trillion as of 2021.<a href="#cite_note-8">[8]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Etymology">Etymology</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=1" title="Edit section: Etymology">edit</a>]</div> The word "hedge", meaning a line of bushes around the perimeter of a field, has long been used as a metaphor for placing limits on risk.<a href="#cite_note-9">[9]</a> Early hedge funds sought to hedge specific investments against general market fluctuations by <a href="/wiki/Shorting" class="mw-redirect" title="Shorting">shorting</a> other, similar assets.<a href="#cite_note-Coggan_2010-10">[10]</a>: 4  Nowadays, however, many different investment strategies are used, many of which do not "hedge" risk.<a href="#cite_note-Coggan_2010-10">[10]</a>: 16–34 <a href="#cite_note-11">[11]</a> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=2" title="Edit section: History">edit</a>]</div> During the US <a href="/wiki/Bull_market" class="mw-redirect" title="Bull market">bull market</a> of the 1920s, there were numerous private <a href="/wiki/Investment_vehicle" class="mw-redirect" title="Investment vehicle">investment vehicles</a> available to wealthy investors. Of that period, the best known today is the Graham-Newman Partnership, founded by <a href="/wiki/Benjamin_Graham" title="Benjamin Graham">Benjamin Graham</a> and his long-time business partner Jerry Newman.<a href="#cite_note-12">[12]</a> This was cited by <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> in a 2006 letter to the <a href="/wiki/Museum_of_American_Finance" title="Museum of American Finance">Museum of American Finance</a> as an early hedge fund,<a href="#cite_note-bloomberg.com-13">[13]</a> and based on other comments from Buffett, <a href="/wiki/Janet_Tavakoli" title="Janet Tavakoli">Janet Tavakoli</a> deems Graham's <a href="/wiki/Investment_firm" class="mw-redirect" title="Investment firm">investment firm</a> the first hedge fund.<a href="#cite_note-janet-14">[14]</a> The sociologist <a href="/wiki/Alfred_Winslow_Jones" title="Alfred Winslow Jones">Alfred W. Jones</a> is credited with coining the phrase "hedged fund"<a href="#cite_note-Ubide-15">[15]</a><a href="#cite_note-Ineichen-16">[16]</a> and is credited with creating the first hedge fund structure in 1949.<a href="#cite_note-Anson-17">[17]</a> Jones referred to his fund as being "hedged", a term then commonly used on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> to describe the management of <a href="/wiki/Investment_risk" class="mw-redirect" title="Investment risk">investment risk</a> due to changes in the <a href="/wiki/Financial_market" title="Financial market">financial markets</a>.<a href="#cite_note-Lhabitant-18">[18]</a> Jones also developed the popular 2-and-20 structure of hedge funds, in which hedge funds charged investors a management fee of 2% on total assets and a 20% fee on realized gains.<a href="#cite_note-19">[19]</a> In the 1970s, hedge funds specialized in a single strategy with most fund managers following the <a href="/wiki/Long/short_equity" title="Long/short equity">long/short equity</a> model. Many hedge funds closed during the <a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">recession of 1969–1970</a> and the <a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a> due to heavy losses. They received renewed attention in the late 1980s.<a href="#cite_note-Ineichen-16">[16]</a> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Cumulative_hedge_fund_and_other_risk_asset_returns,_1997-2012.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e4/Cumulative_hedge_fund_and_other_risk_asset_returns%2C_1997-2012.png/500px-Cumulative_hedge_fund_and_other_risk_asset_returns%2C_1997-2012.png" decoding="async" width="350" height="177" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e4/Cumulative_hedge_fund_and_other_risk_asset_returns%2C_1997-2012.png/960px-Cumulative_hedge_fund_and_other_risk_asset_returns%2C_1997-2012.png 1.5x" data-file-width="1126" data-file-height="571" /></a><figcaption>Cumulative hedge fund and other risk asset returns (1997–2012)</figcaption></figure> During the 1990s, the number of hedge funds increased significantly with the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">1990s stock market rise</a>,<a href="#cite_note-Ubide-15">[15]</a> the aligned-interest compensation structure (i.e., common financial interests), and the promise of above average returns<a href="#cite_note-20">[20]</a> as likely causes. Over the next decade, hedge fund strategies expanded to include credit arbitrage, <a href="/wiki/Distressed_debt" class="mw-redirect" title="Distressed debt">distressed debt</a>, <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a>, <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">quantitative</a>, and multi-strategy.<a href="#cite_note-Ineichen-16">[16]</a> US <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a>, such as pension and <a href="/wiki/Financial_endowment" title="Financial endowment">endowment funds</a>, began allocating greater portions of their <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolios</a> to hedge funds.<a href="#cite_note-21">[21]</a><a href="#cite_note-22">[22]</a> During the first decade of the 21st century, hedge funds gained popularity worldwide, and, by 2008, the worldwide hedge fund industry held an estimated US$1.93 trillion in <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> (AUM).<a href="#cite_note-23">[23]</a><a href="#cite_note-24">[24]</a> However, the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> caused many hedge funds to restrict investor withdrawals and their popularity and AUM totals declined.<a href="#cite_note-WSJ-25">[25]</a> AUM totals rebounded and in April 2011 were estimated at almost $2 trillion.<a href="#cite_note-WSJ_2011-26">[26]</a><a href="#cite_note-27">[27]</a> As of February 2011<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Hedge_fund&action=edit">[update]</a>, 61% of worldwide investment in hedge funds came from institutional sources.<a href="#cite_note-Williamson-28">[28]</a> In June 2011, the hedge fund management firms with the greatest AUM were <a href="/wiki/Bridgewater_Associates" title="Bridgewater Associates">Bridgewater Associates</a> (US$58.9 billion), <a href="/wiki/Man_Group" title="Man Group">Man Group</a> (US$39.2 billion), <a href="/wiki/Paulson_%26_Co." title="Paulson & Co.">Paulson & Co.</a> (US$35.1 billion), <a href="/wiki/Brevan_Howard" title="Brevan Howard">Brevan Howard</a> (US$31 billion), and <a href="/wiki/Och-Ziff" class="mw-redirect" title="Och-Ziff">Och-Ziff</a> (US$29.4 billion).<a href="#cite_note-29">[29]</a> Bridgewater Associates had $70 billion in assets under management as of March 2012<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Hedge_fund&action=edit">[update]</a>.<a href="#cite_note-30">[30]</a><a href="#cite_note-31">[31]</a> At the end of that year, the 241 largest hedge fund firms in the United States collectively held $1.335 trillion.<a href="#cite_note-32">[32]</a> In April 2012, the hedge fund industry reached a record high of US$2.13 trillion total assets under management.<a href="#cite_note-Chung-33">[33]</a> In the middle of the 2010s, the hedge fund industry experienced a general decline in the "old guard" fund managers. Dan Loeb called it a "hedge fund killing field" due to the classic long/short falling out of favor because of unprecedented easing by <a href="/wiki/Central_bank" title="Central bank">central banks</a>. The US <a href="/wiki/Stock_market" title="Stock market">stock market</a> correlation became untenable to <a href="/wiki/Short_seller" class="mw-redirect" title="Short seller">short sellers</a>.<a href="#cite_note-34">[34]</a> The hedge fund industry today has reached a state of maturity that is consolidating around the larger, more established firms such as Citadel, Elliot, Millennium, Bridgewater, and others. The rate of new fund start ups is now outpaced by fund closings.<a href="#cite_note-35">[35]</a> In July 2017, hedge funds recorded their eighth consecutive monthly gain in returns with assets under management rising to a record $3.1 trillion.<a href="#cite_note-36">[36]</a> <div class="mw-heading mw-heading2"><h2 id="Notable_hedge_fund_managers">Notable hedge fund managers</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=3" title="Edit section: Notable hedge fund managers">edit</a>]</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Tom_Steyer_by_Gage_Skidmore.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Tom_Steyer_by_Gage_Skidmore.jpg/220px-Tom_Steyer_by_Gage_Skidmore.jpg" decoding="async" width="220" height="312" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Tom_Steyer_by_Gage_Skidmore.jpg/330px-Tom_Steyer_by_Gage_Skidmore.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/61/Tom_Steyer_by_Gage_Skidmore.jpg/440px-Tom_Steyer_by_Gage_Skidmore.jpg 2x" data-file-width="2001" data-file-height="2842" /></a><figcaption><a href="/wiki/Tom_Steyer" title="Tom Steyer">Tom Steyer</a>, hedge-fund manager of <a href="/wiki/NextGen_America" title="NextGen America">NextGen America</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:George_Soros_47th_Munich_Security_Conference_2011_crop.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/51/George_Soros_47th_Munich_Security_Conference_2011_crop.jpg/220px-George_Soros_47th_Munich_Security_Conference_2011_crop.jpg" decoding="async" width="220" height="276" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/51/George_Soros_47th_Munich_Security_Conference_2011_crop.jpg/330px-George_Soros_47th_Munich_Security_Conference_2011_crop.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/51/George_Soros_47th_Munich_Security_Conference_2011_crop.jpg/440px-George_Soros_47th_Munich_Security_Conference_2011_crop.jpg 2x" data-file-width="1495" data-file-height="1874" /></a><figcaption><a href="/wiki/George_Soros" title="George Soros">George Soros</a>, fund manager of <a href="/wiki/Quantum_Group_of_Funds" title="Quantum Group of Funds">Quantum Group of Funds</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Web_Summit_2018_-_Forum_-_Day_2,_November_7_HM1_7481_(44858045925).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg/220px-Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg" decoding="async" width="220" height="224" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg/330px-Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1f/Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg/440px-Web_Summit_2018_-_Forum_-_Day_2%2C_November_7_HM1_7481_%2844858045925%29.jpg 2x" data-file-width="2992" data-file-height="3040" /></a><figcaption><a href="/wiki/Ray_Dalio" title="Ray Dalio">Ray Dalio</a>, fund manager of <a href="/wiki/Bridgewater_Associates" title="Bridgewater Associates">Bridgewater Associates</a></figcaption></figure> <ul><li><a href="/wiki/John_Meriwether" title="John Meriwether">John Meriwether</a> of <a href="/wiki/Long-Term_Capital_Management" title="Long-Term Capital Management">Long-Term Capital Management</a>, most successful returns from 27% to 59% through 1993 to 1998 until its collapse and liquidation.</li> <li><a href="/wiki/George_Soros" title="George Soros">George Soros</a> of <a href="/wiki/Quantum_Group_of_Funds" title="Quantum Group of Funds">Quantum Group of Funds</a></li> <li><a href="/wiki/Ray_Dalio" title="Ray Dalio">Ray Dalio</a> of <a href="/wiki/Bridgewater_Associates" title="Bridgewater Associates">Bridgewater Associates</a>, the world's largest hedge fund firm with US$160 billion in <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> as of 2017<a href="#cite_note-37">[37]</a><a href="#cite_note-38">[38]</a></li> <li><a href="/wiki/Steve_Cohen_(businessman)" title="Steve Cohen (businessman)">Steve Cohen</a> of <a href="/wiki/Point72_Asset_Management" title="Point72 Asset Management">Point72 Asset Management</a>, formerly known as SAC Capital Advisors<a href="#cite_note-wsj20140311-39">[39]</a><a href="#cite_note-nytimes_sac_blinks-40">[40]</a></li> <li><a href="/wiki/John_Paulson" title="John Paulson">John Paulson</a> of <a href="/wiki/Paulson_%26_Co." title="Paulson & Co.">Paulson & Co.</a>, whose hedge funds as of December 2015 had $19 billion assets under management<a href="#cite_note-ForbesBillionaires-41">[41]</a></li> <li><a href="/wiki/David_Tepper" title="David Tepper">David Tepper</a> of <a href="/wiki/Appaloosa_Management" title="Appaloosa Management">Appaloosa Management</a></li> <li><a href="/wiki/Paul_Tudor_Jones" title="Paul Tudor Jones">Paul Tudor Jones</a> of <a href="/wiki/Tudor_Investment_Corporation" title="Tudor Investment Corporation">Tudor Investment Corporation</a></li> <li><a href="/wiki/Daniel_Och" title="Daniel Och">Daniel Och</a> of <a href="/wiki/Och-Ziff_Capital_Management_Group" class="mw-redirect" title="Och-Ziff Capital Management Group">Och-Ziff Capital Management Group</a><a href="#cite_note-42">[42]</a> with more than $40 billion in assets under management in 2013<a href="#cite_note-2011HedgeFund100-43">[43]</a></li> <li><a href="/wiki/Israel_Englander" title="Israel Englander">Israel Englander</a> of <a href="/wiki/Millennium_Management,_LLC" title="Millennium Management, LLC">Millennium Management, LLC</a></li> <li><a href="/wiki/Leon_Cooperman" title="Leon Cooperman">Leon Cooperman</a> of Omega Advisors<a href="#cite_note-Forbes_profile-44">[44]</a></li> <li><a href="/wiki/Michael_Platt_(financier)" title="Michael Platt (financier)">Michael Platt</a> of <a href="/wiki/BlueCrest_Capital_Management" title="BlueCrest Capital Management">BlueCrest Capital Management</a> (UK), Europe's third-largest hedge-fund firm<a href="#cite_note-Bloomberg-45">[45]</a></li> <li><a href="/wiki/James_Dinan" class="mw-redirect" title="James Dinan">James Dinan</a> of <a href="/wiki/York_Capital_Management" title="York Capital Management">York Capital Management</a><a href="#cite_note-BloombergFindsValue-46">[46]</a></li> <li><a href="/wiki/Stephen_Mandel_(hedge_fund_manager)" title="Stephen Mandel (hedge fund manager)">Stephen Mandel</a> of <a href="/wiki/Lone_Pine_Capital" title="Lone Pine Capital">Lone Pine Capital</a> with $26.7 billion under management as of June 2015<a href="#cite_note-insidermonkey-47">[47]</a></li> <li><a href="/wiki/Larry_Robbins" title="Larry Robbins">Larry Robbins</a> of Glenview Capital Management with $9.2 billion of assets under management as of July 2014<a href="#cite_note-48">[48]</a></li> <li><a href="/wiki/Glenn_Dubin" title="Glenn Dubin">Glenn Dubin</a> of <a href="/wiki/Highbridge_Capital_Management" title="Highbridge Capital Management">Highbridge Capital Management</a><a href="#cite_note-49">[49]</a><a href="#cite_note-50">[50]</a></li> <li><a href="/wiki/Paul_Singer_(businessman)" title="Paul Singer (businessman)">Paul Singer</a> of <a href="/wiki/Elliott_Management_Corporation" class="mw-redirect" title="Elliott Management Corporation">Elliott Management Corporation</a>, an activist hedge fund with more than US$23 billion in assets under management in 2013,<a href="#cite_note-51">[51]</a> and a portfolio worth $8.1 billion as of the first quarter of 2015<a href="#cite_note-4th_quarter_returns-52">[52]</a><a href="#cite_note-New_York_Times_activist-53">[53]</a></li> <li><a href="/wiki/David_E._Shaw" title="David E. Shaw">David E. Shaw</a> of <a href="/wiki/D._E._Shaw_%26_Co." title="D. E. Shaw & Co.">D. E. Shaw & Co.</a></li> <li><a href="/wiki/Michael_Hintze,_Baron_Hintze" title="Michael Hintze, Baron Hintze">Michael Hintze, Baron Hintze</a> of <a href="/wiki/CQS_(Hedge_Fund)" class="mw-redirect" title="CQS (Hedge Fund)">CQS</a> with $14.4 billion of assets under management as of June 2015<a href="#cite_note-54">[54]</a></li> <li><a href="/wiki/David_Einhorn_(hedge_fund_manager)" title="David Einhorn (hedge fund manager)">David Einhorn</a> of <a href="/wiki/Greenlight_Capital" title="Greenlight Capital">Greenlight Capital</a><a href="#cite_note-55">[55]</a><a href="#cite_note-nymag-56">[56]</a></li> <li><a href="/wiki/Bill_Ackman" title="Bill Ackman">Bill Ackman</a> of <a href="/wiki/Pershing_Square_Capital_Management" title="Pershing Square Capital Management">Pershing Square Capital Management</a> LP</li> <li><a href="/wiki/Kenneth_C._Griffin" title="Kenneth C. Griffin">Kenneth Griffin</a> of <a href="/wiki/Citadel_LLC" title="Citadel LLC">Citadel</a> with over $62 billion in assets under management as of December 2022.<a href="#cite_note-57">[57]</a><a href="#cite_note-58">[58]</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Strategies">Strategies</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=4" title="Edit section: Strategies">edit</a>]</div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:AmericanProspectusSample.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/AmericanProspectusSample.jpg/250px-AmericanProspectusSample.jpg" decoding="async" width="250" height="229" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/AmericanProspectusSample.jpg/375px-AmericanProspectusSample.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/AmericanProspectusSample.jpg/500px-AmericanProspectusSample.jpg 2x" data-file-width="536" data-file-height="492" /></a><figcaption>A prospectus from the US</figcaption></figure> Hedge fund strategies are generally classified among four major categories: <a href="/wiki/Global_macro" title="Global macro">global macro</a>, directional, <a href="/wiki/Event-driven_investing" title="Event-driven investing">event-driven</a>, and <a href="/wiki/Relative_value_(economics)" title="Relative value (economics)">relative value</a> (<a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a>).<a href="#cite_note-Hedge_Fund_Tools-59">[59]</a> Strategies within these categories each entail characteristic risk and return profiles. A fund may employ a single strategy or multiple strategies for flexibility, <a href="/wiki/Risk_management" title="Risk management">risk management</a>, or diversification.<a href="#cite_note-Connor-60">[60]</a> The hedge fund's <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">prospectus</a>, also known as an <a href="/wiki/Offering_memorandum" class="mw-redirect" title="Offering memorandum">offering memorandum</a>, offers potential investors information about key aspects of the fund, including the fund's investment strategy, investment type, and <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> limit.<a href="#cite_note-Sadek-61">[61]</a> The elements contributing to a hedge fund strategy include the hedge fund's approach to the market, the particular instrument use, the <a href="/wiki/Market_sector" title="Market sector">market sector</a> the fund specializes in (e.g., healthcare), the method used to select investments, and the amount of diversification within the fund. There are a variety of market approaches to different <a href="/wiki/Asset_class" class="mw-redirect" title="Asset class">asset classes</a>, including <a href="/wiki/Stock" title="Stock">equity</a>, <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a>, <a href="/wiki/Commodity" title="Commodity">commodity</a>, and <a href="/wiki/Currency" title="Currency">currency</a>. Instruments used include equities, fixed income, <a href="/wiki/Futures_contract" title="Futures contract">futures</a>, <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>, and <a href="/wiki/Swap_(finance)" title="Swap (finance)">swaps</a>. Strategies can be divided into those in which investments can be selected by managers, known as "discretionary/qualitative", or those in which investments are selected using a computerized system, known as "systematic/quantitative".<a href="#cite_note-Ineichen192-62">[62]</a> The amount of diversification within the fund can vary; funds may be multi-strategy, multi-fund, multi-market, multi-manager, or a combination. Sometimes hedge fund strategies are described as "<a href="/wiki/Absolute_return" title="Absolute return">absolute return</a>" and are classified as either "<a href="/wiki/Market_neutral" title="Market neutral">market neutral</a>" or "directional". Market neutral funds have less correlation to overall market performance by "neutralizing" the effect of market swings whereas directional funds utilize trends and inconsistencies in the market and have greater exposure to the market's fluctuations.<a href="#cite_note-Connor-60">[60]</a><a href="#cite_note-Coggan-63">[63]</a> <div class="mw-heading mw-heading3"><h3 id="Global_macro">Global macro</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=5" title="Edit section: Global macro">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Global_macro" title="Global macro">Global macro</a></div> Hedge funds using a global macro investing strategy take large <a href="/wiki/Position_(finance)" title="Position (finance)">positions</a> in share, bond, or currency markets in anticipation of global <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomic events</a> in order to generate a <a href="/wiki/Risk-adjusted_return" class="mw-redirect" title="Risk-adjusted return">risk-adjusted return</a>.<a href="#cite_note-Coggan-63">[63]</a> Global macro fund managers use macroeconomic ("big picture") analysis based on global market events and trends to identify opportunities for investment that would profit from anticipated price movements. While global macro strategies have a large amount of flexibility (due to their ability to use leverage to take large positions in diverse investments in multiple markets), the timing of the implementation of the strategies is important in order to generate attractive, risk-adjusted returns.<a href="#cite_note-Bartolo-64">[64]</a> Global macro is often categorized as a directional investment strategy.<a href="#cite_note-Coggan-63">[63]</a> Global macro strategies can be divided into discretionary and systematic approaches. Discretionary trading is carried out by investment managers who identify and select investments, whereas <a href="/wiki/Systematic_trading" title="Systematic trading">systematic trading</a> is based on <a href="/wiki/Mathematics" title="Mathematics">mathematical models</a> and executed by <a href="/wiki/Software" title="Software">software</a> with limited human involvement beyond the programming and updating of the software. These strategies can also be divided into <a href="/wiki/Trend_following" title="Trend following">trend</a> or counter-trend approaches depending on whether the fund attempts to profit from following <a href="/wiki/Market_trend" title="Market trend">market trend</a> (long or short-term) or attempts to anticipate and profit from reversals in trends.<a href="#cite_note-Ineichen192-62">[62]</a> Within global macro strategies, there are further sub-strategies including "systematic diversified", in which the fund trades in diversified markets, or sector specialists such as "systematic currency", in which the fund trades in <a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">foreign exchange markets</a> or any other sector specialisation.<a href="#cite_note-wavetheory_2010-65">[65]</a>: 348  Other sub-strategies include those employed by <a href="/wiki/Commodity_trading_advisor" title="Commodity trading advisor">commodity trading advisors</a> (CTAs), where the fund trades in <a href="/wiki/Futures_contract" title="Futures contract">futures</a> (or <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>) in <a href="/wiki/Commodity" title="Commodity">commodity</a> markets or in swaps.<a href="#cite_note-66">[66]</a> This is also known as a "managed future fund".<a href="#cite_note-Coggan-63">[63]</a> CTAs trade in commodities (such as gold) and financial instruments, including <a href="/wiki/Stock_indices" class="mw-redirect" title="Stock indices">stock indices</a>. They also take both long and short positions, allowing them to make profit in both market upswings and downswings.<a href="#cite_note-67">[67]</a> Most global macro managers tends to be a CTA from a regulatory perspective and the main divide is between systematic and discretionary strategies. A classification framework for CTA/Macro Strategies can be found in the reference.<a href="#cite_note-68">[68]</a> <div class="mw-heading mw-heading3"><h3 id="Directional">Directional</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=6" title="Edit section: Directional">edit</a>]</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Short_(finance).png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Short_%28finance%29.png/294px-Short_%28finance%29.png" decoding="async" width="294" height="204" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Short_%28finance%29.png/441px-Short_%28finance%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Short_%28finance%29.png/588px-Short_%28finance%29.png 2x" data-file-width="742" data-file-height="514" /></a><figcaption>Schematic representation of short selling in two steps. The short seller <a href="/wiki/Securities_lending" title="Securities lending">borrows shares</a> and immediately sells them. The short seller then expects the price to decrease, when the seller can profit by purchasing the shares to return to the lender.</figcaption></figure> Directional investment strategies use market movements, trends, or inconsistencies when picking stocks across a variety of markets. Computer models can be used, or fund managers will identify and select investments. These types of strategies have a greater exposure to the fluctuations of the overall market than do market neutral strategies.<a href="#cite_note-Connor-60">[60]</a><a href="#cite_note-Coggan-63">[63]</a> Directional hedge fund strategies include US and international <a href="/wiki/Long/short_equity" title="Long/short equity">long/short equity</a> hedge funds, where <a href="/wiki/Long_(finance)" title="Long (finance)">long equity</a> positions are hedged with <a href="/wiki/Short_(finance)" title="Short (finance)">short sales</a> of equities or equity <a href="/wiki/Index_(economics)" title="Index (economics)">index</a> <a href="/wiki/Option_(finance)" title="Option (finance)">options</a>. Within directional strategies, there are a number of sub-strategies. "<a href="/wiki/Emerging_markets" class="mw-redirect" title="Emerging markets">Emerging markets</a>" funds focus on emerging markets such as China and India,<a href="#cite_note-wavetheory_2010-65">[65]</a>: 351  whereas "sector funds" specialize in specific areas including technology, healthcare, biotechnology, pharmaceuticals, energy, and basic materials. Funds using a "fundamental growth" strategy invest in companies with more <a href="/wiki/Earnings" title="Earnings">earnings</a> growth than the overall <a href="/wiki/Stock_market" title="Stock market">stock market</a> or relevant sector, while funds using a "<a href="/wiki/Fundamental_value" class="mw-redirect" title="Fundamental value">fundamental value</a>" strategy invest in undervalued companies.<a href="#cite_note-wavetheory_2010-65">[65]</a>: 344  Funds that use <a href="/wiki/Statistics" title="Statistics">quantitative</a> and <a href="/wiki/Financial_signal_processing" title="Financial signal processing">financial signal processing</a> techniques for equity <a href="/wiki/Trader_(finance)" title="Trader (finance)">trading</a> are described as using a "quantitative directional" strategy.<a href="#cite_note-wavetheory_2010-65">[65]</a>: 345  Funds using a "<a href="/wiki/Short_selling" class="mw-redirect" title="Short selling">short bias</a>" strategy take advantage of declining equity prices using short positions.<a href="#cite_note-69">[69]</a> <div class="mw-heading mw-heading3"><h3 id="Event-driven">Event-driven</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=7" title="Edit section: Event-driven">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Event-driven_investing" title="Event-driven investing">Event-driven investing</a></div> Event-driven strategies concern situations in which the underlying investment opportunity and risk are associated with an event.<a href="#cite_note-70">[70]</a> An event-driven investment strategy finds investment opportunities in corporate transactional events such as consolidations, <a href="/wiki/Acquisitions" class="mw-redirect" title="Acquisitions">acquisitions</a>, <a href="/wiki/Recapitalization" title="Recapitalization">recapitalizations</a>, <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcies</a>, and <a href="/wiki/Liquidation" title="Liquidation">liquidations</a>. Managers employing such a strategy capitalize on <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valuation</a> inconsistencies in the market before or after such events, and take a position based on the predicted movement of the <a href="/wiki/Security_(finance)" title="Security (finance)">security</a> or securities in question. Large <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> such as hedge funds are more likely to pursue event-driven investing strategies than traditional equity investors because they have the expertise and resources to analyze corporate transactional events for investment opportunities.<a href="#cite_note-Bartolo-64">[64]</a><a href="#cite_note-71">[71]</a><a href="#cite_note-Event-Driven-72">[72]</a> Corporate transactional events generally fit into three categories: <a href="/wiki/Distressed_securities" title="Distressed securities">distressed securities</a>, <a href="/wiki/Risk_arbitrage" title="Risk arbitrage">risk arbitrage</a>, and <a href="/wiki/Special_situation" title="Special situation">special situations</a>.<a href="#cite_note-Bartolo-64">[64]</a> <a href="/wiki/Distressed_securities" title="Distressed securities">Distressed securities</a> include such events as restructurings, <a href="/wiki/Recapitalization" title="Recapitalization">recapitalizations</a>, and <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcies</a>.<a href="#cite_note-Bartolo-64">[64]</a> A distressed securities investment strategy involves investing in the bonds or loans of companies facing bankruptcy or severe financial distress, when these <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> or <a href="/wiki/Loan" title="Loan">loans</a> are being traded at a <a href="/wiki/Discounts_and_allowances" title="Discounts and allowances">discount</a> to their value. Hedge fund managers pursuing the distressed debt investment strategy aim to capitalize on depressed bond prices. Hedge funds purchasing distressed debt may prevent those companies from going bankrupt, as such an acquisition deters <a href="/wiki/Foreclosure" title="Foreclosure">foreclosure</a> by banks.<a href="#cite_note-Coggan-63">[63]</a> While event-driven investing, in general, tends to thrive during a <a href="/wiki/Bull_market" class="mw-redirect" title="Bull market">bull market</a>, distressed investing works best during a <a href="/wiki/Bear_market" class="mw-redirect" title="Bear market">bear market</a>.<a href="#cite_note-Event-Driven-72">[72]</a> <a href="/wiki/Risk_arbitrage" title="Risk arbitrage">Risk arbitrage</a> or <a href="/wiki/Merger_arbitrage" class="mw-redirect" title="Merger arbitrage">merger arbitrage</a> includes such events as <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers</a>, acquisitions, liquidations, and <a href="/wiki/Hostile_takeover" class="mw-redirect" title="Hostile takeover">hostile takeovers</a>.<a href="#cite_note-Bartolo-64">[64]</a> Risk arbitrage typically involves buying and selling the stocks of two or more merging companies to take advantage of market discrepancies between acquisition price and stock price. The risk element arises from the possibility that the merger or acquisition will not go ahead as planned; hedge fund managers will use research and analysis to determine if the event will take place.<a href="#cite_note-Event-Driven-72">[72]</a><a href="#cite_note-73">[73]</a> Special situations are events that impact the value of a company's stock, including the <a href="/wiki/Restructuring" title="Restructuring">restructuring</a> of a company or corporate transactions including <a href="/wiki/Corporate_spin-off" title="Corporate spin-off">spin-offs</a>, share <a href="/wiki/Share_repurchase" title="Share repurchase">buy backs</a>, security issuance/repurchase, asset sales, or other catalyst-oriented situations. To take advantage of special situations the hedge fund manager must identify an upcoming event that will increase or decrease the value of the company's equity and equity-related instruments.<a href="#cite_note-Strategy_Definitions-74">[74]</a> Other event-driven strategies include credit arbitrage strategies, which focus on corporate <a href="/wiki/Fixed_income" title="Fixed income">fixed income</a> securities; an activist strategy, where the fund takes large positions in companies and uses the ownership to participate in the management; a strategy based on predicting the final approval of new <a href="/wiki/Pharmaceutical_drug" class="mw-redirect" title="Pharmaceutical drug">pharmaceutical drugs</a>; and legal catalyst strategy, which specializes in companies involved in major lawsuits. <div class="mw-heading mw-heading3"><h3 id="Relative_value">Relative value</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=8" title="Edit section: Relative value">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Relative_value_(economics)" title="Relative value (economics)">Relative value (economics)</a></div> Relative value arbitrage strategies take advantage of relative discrepancies in price between securities. The price discrepancy can occur due to mispricing of securities compared to related securities, the <a href="/wiki/Underlying" class="mw-redirect" title="Underlying">underlying security</a> or the market overall. Hedge fund managers can use various types of analysis to identify price discrepancies in securities, including mathematical, <a href="/wiki/Technical_analysis" title="Technical analysis">technical</a>, or <a href="/wiki/Fundamental_analysis" title="Fundamental analysis">fundamental</a> techniques.<a href="#cite_note-75">[75]</a> Relative value is often used as a synonym for <a href="/wiki/Market_neutral" title="Market neutral">market neutral</a>, as strategies in this category typically have very little or no directional market exposure to the market as a whole.<a href="#cite_note-76">[76]</a> Other relative value sub-strategies include: <ul><li><a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">Fixed income arbitrage</a>: exploit pricing inefficiencies between related fixed income securities.</li> <li><a href="/wiki/Equity_market_neutral" class="mw-redirect" title="Equity market neutral">Equity market neutral</a>: exploit differences in stock prices by being <a href="/wiki/Long_(finance)" title="Long (finance)">long</a> and <a href="/wiki/Short_(finance)" title="Short (finance)">short</a> in stocks within the same sector, industry, market capitalization, country, which also creates a hedge against broader market factors.</li> <li><a href="/wiki/Convertible_arbitrage" title="Convertible arbitrage">Convertible arbitrage</a>: exploit pricing inefficiencies between <a href="/wiki/Convertible_security" title="Convertible security">convertible securities</a> and the corresponding <a href="/wiki/Stock" title="Stock">stocks</a>.</li> <li>Asset-backed securities (fixed-income asset-backed): <a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">fixed income arbitrage</a> strategy using <a href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed securities</a>.</li> <li>Credit long/short: the same as long/short equity, but in <a href="/wiki/Credit_market" class="mw-redirect" title="Credit market">credit markets</a> instead of equity markets.</li> <li><a href="/wiki/Statistical_arbitrage" title="Statistical arbitrage">Statistical arbitrage</a>: identifying pricing inefficiencies between securities through mathematical modelling techniques</li> <li><a href="/wiki/Volatility_arbitrage" title="Volatility arbitrage">Volatility arbitrage</a>: exploit the change in <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>, instead of the change in price.</li> <li>Yield alternatives: non-<a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">fixed income arbitrage</a> strategies based on the yield, instead of the price.</li> <li>Regulatory arbitrage: exploit regulatory differences between two or more markets.</li> <li><a href="/wiki/Risk_arbitrage" title="Risk arbitrage">Risk arbitrage</a>: exploit market discrepancies between acquisition price and stock price.</li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a>: buying securities that appear underpriced by some form of fundamental analysis.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Miscellaneous">Miscellaneous</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=9" title="Edit section: Miscellaneous">edit</a>]</div> In addition to those strategies within the four main categories, there are several strategies that do not entirely fit into these categories. <ul><li><a href="/wiki/Fund_of_hedge_funds" class="mw-redirect" title="Fund of hedge funds">Fund of hedge funds</a> (multi-manager): a hedge fund with a diversified portfolio of numerous underlying single-manager hedge funds.</li> <li>Multi-manager: a hedge fund wherein the investment is spread along separate sub-managers investing in their own strategy.</li> <li>Multi-strategy: a hedge fund using a combination of different strategies.</li> <li><a href="/wiki/130-30_funds" class="mw-redirect" title="130-30 funds">130-30 funds</a>: equity funds with 130% long and 30% short positions, leaving a net long position of 100%.</li> <li><a href="/wiki/Risk_parity" title="Risk parity">Risk parity</a>: equalizing risk by allocating funds to a wide range of categories while maximizing gains through financial leveraging.</li> <li>AI-driven: using sophisticated <a href="/wiki/Machine_learning" title="Machine learning">machine learning</a> models and sometimes <a href="/wiki/Big_data" title="Big data">big data</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Risk">Risk</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=10" title="Edit section: Risk">edit</a>]</div> For an investor who already holds large quantities of equities and bonds, investment in hedge funds may provide diversification and reduce the overall portfolio risk.<a href="#cite_note-Davidoff-77">[77]</a> Managers of hedge funds often aim to produce returns that are relatively <a href="/wiki/Financial_correlation" title="Financial correlation">uncorrelated</a> with market indices and are consistent with investors' desired level of risk.<a href="#cite_note-Jones-78">[78]</a><a href="#cite_note-Lo-79">[79]</a> While <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedging</a> can reduce some risks of an investment it usually increases others, such as <a href="/wiki/Operational_risk" title="Operational risk">operational risk</a> and <a href="/wiki/Model_risk" title="Model risk">model risk</a>, so overall risk is reduced but cannot be eliminated. According to a report by the Hennessee Group, hedge funds were approximately one-third less volatile than the <a href="/wiki/S%26P_500" title="S&P 500">S&P 500</a> between 1993 and 2010.<a href="#cite_note-80">[80]</a> <div class="mw-heading mw-heading3"><h3 id="Risk_management">Risk management</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=11" title="Edit section: Risk management">edit</a>]</div> Investors in hedge funds are, in most countries, required to be qualified investors who are assumed to be aware of the <a href="/wiki/Investment_risk" class="mw-redirect" title="Investment risk">investment risks</a>, and accept these risks because of the potential <a href="/wiki/Rate_of_return" title="Rate of return">returns</a> relative to those risks. Fund managers may employ extensive <a href="/wiki/Financial_risk_management" title="Financial risk management">risk management</a> strategies in order to protect the fund and investors. According to the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, "big hedge funds have some of the most sophisticated and exacting risk management practices anywhere in asset management."<a href="#cite_note-Jones-78">[78]</a> Hedge fund managers that hold a large number of investment positions for short periods are likely to have a particularly comprehensive risk management system in place, and it has become usual for funds to have independent risk officers who assess and manage risks but are not otherwise involved in trading.<a href="#cite_note-Cassar-81">[81]</a> A variety of different measurement techniques and models are used to estimate risk according to the fund's leverage, liquidity, and investment strategy.<a href="#cite_note-Lo-79">[79]</a><a href="#cite_note-82">[82]</a> Non-normality of returns, volatility clustering and trends are not always accounted for by conventional risk measurement methodologies and so in addition to <a href="/wiki/Value_at_risk" title="Value at risk">value at risk</a> and similar measurements, funds may use integrated measures such as <a href="/wiki/Drawdown_(economics)" title="Drawdown (economics)">drawdowns</a>.<a href="#cite_note-risk-83">[83]</a> In addition to assessing the market-related risks that may arise from an investment, investors commonly employ <a href="/wiki/Operational_due_diligence" title="Operational due diligence">operational due diligence</a> to assess the risk that error or <a href="/wiki/Fraud" title="Fraud">fraud</a> at a hedge fund might result in a loss to the investor. Considerations will include the organization and management of operations at the hedge fund manager, whether the investment strategy is likely to be sustainable, and the fund's ability to develop as a company.<a href="#cite_note-84">[84]</a> <div class="mw-heading mw-heading3"><h3 id="Transparency,_and_regulatory_considerations">Transparency, and regulatory considerations</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=12" title="Edit section: Transparency, and regulatory considerations">edit</a>]</div> Since hedge funds are private entities and have few public <a href="/wiki/Prospectus_(finance)" title="Prospectus (finance)">disclosure</a> requirements, this is sometimes perceived as a <a href="/wiki/Transparency_(market)" title="Transparency (market)">lack of transparency</a>.<a href="#cite_note-IneichenRisk-85">[85]</a> Another common perception of hedge funds is that their managers are not subject to as much regulatory oversight and/or <a href="/wiki/Registration_statement" title="Registration statement">registration</a> requirements as other financial investment managers, and more prone to manager-specific idiosyncratic risks such as style drifts, faulty operations, or fraud.<a href="#cite_note-Jaeger-86">[86]</a> New regulations introduced in the US and the EU as of 2010 required hedge fund managers to report more information, leading to greater transparency.<a href="#cite_note-Chay-87">[87]</a> In addition, investors, particularly institutional investors, are encouraging further developments in hedge fund risk management, both through internal practices and external regulatory requirements.<a href="#cite_note-Jones-78">[78]</a> The increasing influence of institutional investors has led to greater transparency: hedge funds increasingly provide information to investors including valuation methodology, positions, and leverage exposure.<a href="#cite_note-88">[88]</a> <div class="mw-heading mw-heading3"><h3 id="Risks_shared_with_other_investment_types">Risks shared with other investment types</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=13" title="Edit section: Risks shared with other investment types">edit</a>]</div> Hedge funds share many of the same types of risk as other investment classes, including <a href="/wiki/Liquidity_risk" title="Liquidity risk">liquidity risk</a> and manager risk.<a href="#cite_note-Jaeger-86">[86]</a> <a href="/wiki/Market_liquidity" title="Market liquidity">Liquidity</a> refers to the degree to which an asset can be bought and sold or converted to cash; similar to private-equity funds, hedge funds employ a <a href="/wiki/Lock-up_period" title="Lock-up period">lock-up period</a> during which an investor cannot remove money.<a href="#cite_note-Coggan-63">[63]</a><a href="#cite_note-What_is_a_Hedge_Fund-89">[89]</a> Manager risk refers to those risks which arise from the management of funds. As well as specific risks such as <a href="/wiki/Style_drift" title="Style drift">style drift</a>, which refers to a fund manager "drifting" away from an area of specific expertise, manager risk factors include <a href="/wiki/Valuation_risk" title="Valuation risk">valuation risk</a>, capacity risk, <a href="/wiki/Concentration_risk" title="Concentration risk">concentration risk</a>, and <a href="/wiki/Leverage_(finance)#Leverage_and_risk" title="Leverage (finance)">leverage risk</a>.<a href="#cite_note-IneichenRisk-85">[85]</a> Valuation risk refers to the concern that the <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a> (NAV) of investments may be inaccurate;<a href="#cite_note-Strachman-90">[90]</a> capacity risk can arise from placing too much money into one particular strategy, which may lead to fund performance deterioration;<a href="#cite_note-Avellanda-91">[91]</a> and concentration risk may arise if a fund has too much exposure to a particular investment, sector, trading strategy, or group of <a href="/wiki/Financial_correlation" title="Financial correlation">correlated</a> funds.<a href="#cite_note-Concentration_Risk-92">[92]</a> These risks may be managed through defined controls over <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflict of interest</a>,<a href="#cite_note-Strachman-90">[90]</a> restrictions on allocation of funds,<a href="#cite_note-Avellanda-91">[91]</a> and set exposure limits for strategies.<a href="#cite_note-Concentration_Risk-92">[92]</a> Many investment funds use <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a>, the practice of <a href="/wiki/Debt" title="Debt">borrowing</a> money, trading on <a href="/wiki/Margin_(finance)" title="Margin (finance)">margin</a>, or using <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> to obtain market exposure in excess of that provided by investors' capital. Although leverage can increase potential returns, the opportunity for larger gains is weighed against the possibility of greater losses.<a href="#cite_note-What_is_a_Hedge_Fund-89">[89]</a> Hedge funds employing leverage are likely to engage in extensive risk management practices.<a href="#cite_note-Cassar-81">[81]</a><a href="#cite_note-IneichenRisk-85">[85]</a> In comparison with <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">investment banks</a>, hedge fund leverage is relatively low; according to a <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a> working paper, the average leverage for investment banks is 14.2, compared to between 1.5 and 2.5 for hedge funds.<a href="#cite_note-AngGorovyy-93">[93]</a> Some types of funds, including hedge funds, are perceived as having a greater <a href="/wiki/Risk" title="Risk">appetite for risk</a>, with the intention of maximizing returns,<a href="#cite_note-What_is_a_Hedge_Fund-89">[89]</a> subject to the <a href="/wiki/Risk_tolerance" class="mw-redirect" title="Risk tolerance">risk tolerance</a> of investors and the fund manager. Managers will have an additional incentive to increase risk oversight when their own capital is invested in the fund.<a href="#cite_note-Cassar-81">[81]</a> <div class="mw-heading mw-heading2"><h2 id="Fees_and_remuneration">Fees and remuneration</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=14" title="Edit section: Fees and remuneration">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Fees_paid_to_hedge_funds">Fees paid to hedge funds</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=15" title="Edit section: Fees paid to hedge funds">edit</a>]</div> Hedge fund management firms typically charge their funds both a <a href="/wiki/Management_fee" title="Management fee">management fee</a> and a <a href="/wiki/Performance_fee" title="Performance fee">performance fee</a>. Management fees are calculated as a percentage of the fund's <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a> and typically range from 1% to 4% per annum, with 2% being standard.<a href="#cite_note-94">[94]</a><a href="#cite_note-95">[95]</a><a href="#cite_note-96">[96]</a> They are usually expressed as an annual percentage, but calculated and paid monthly or quarterly. Management fees for hedge funds are designed to cover the operating costs of the manager, whereas the performance fee provides the manager's profits. However, due to <a href="/wiki/Economies_of_scale" title="Economies of scale">economies of scale</a> the management fee from larger funds can generate a significant part of a manager's profits, and as a result some fees have been criticized by some public pension funds, such as <a href="/wiki/CalPERS" title="CalPERS">CalPERS</a>, for being too high.<a href="#cite_note-97">[97]</a> The <a href="/wiki/Performance_fee" title="Performance fee">performance fee</a> is typically 20% of the fund's profits during any year, though performance fees range between 10% and 50%. Performance fees are intended to provide an incentive for a manager to generate profits.<a href="#cite_note-98">[98]</a><a href="#cite_note-99">[99]</a> Performance fees have been criticized by <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a>, who believes that because hedge funds share only the profits and not the losses, such fees create an incentive for high-risk investment management. Performance fee rates have fallen since the start of the <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>.<a href="#cite_note-100">[100]</a> Almost all hedge fund performance fees include a "<a href="/wiki/High_water_mark" title="High water mark">high water mark</a>" (or "loss carryforward provision"), which means that the performance fee only applies to net profits (i.e., profits after losses in previous years have been recovered). This prevents managers from receiving fees for volatile performance, though a manager will sometimes close a fund that has suffered serious losses and start a new fund, rather than attempt to recover the losses over a number of years without a performance fee.<a href="#cite_note-101">[101]</a> Some performance fees include a "<a href="/wiki/Hurdle" title="Hurdle">hurdle</a>", so that a fee is only paid on the fund's performance in excess of a <a href="/wiki/Benchmark_price" title="Benchmark price">benchmark</a> rate (e.g., <a href="/wiki/LIBOR" class="mw-redirect" title="LIBOR">LIBOR</a>) or a fixed percentage.<a href="#cite_note-Roadmap-102">[102]</a> The hurdle is usually tied to a benchmark rate such as Libor or the one-year Treasury bill rate plus a spread.<a href="#cite_note-HedgeFund_Database-103">[103]</a> A "soft" hurdle means the performance fee is calculated on all the fund's returns if the hurdle rate is cleared. A "hard" hurdle is calculated only on returns above the hurdle rate.<a href="#cite_note-104">[104]</a> By example the manager sets a hurdle rate equal to 5%, and the fund return 15%, incentive fees would only apply to the 10% above the hurdle rate.<a href="#cite_note-HedgeFund_Database-103">[103]</a> A hurdle is intended to ensure that a manager is only rewarded if the fund generates returns in excess of the returns that the investor would have received if they had invested their money elsewhere. Some hedge funds charge a redemption fee (or withdrawal fee) for early withdrawals during a specified period of time (typically a year), or when withdrawals exceed a predetermined percentage of the original investment.<a href="#cite_note-105">[105]</a> The purpose of the fee is to discourage short-term investing, reduce turnover, and deter withdrawals after periods of poor performance. Unlike management fees and performance fees, redemption fees are usually kept by the fund and redistributed to all investors. <div class="mw-heading mw-heading3"><h3 id="Remuneration_of_portfolio_managers">Remuneration of portfolio managers</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=16" title="Edit section: Remuneration of portfolio managers">edit</a>]</div> Hedge fund management firms are often owned by their <a href="/wiki/Portfolio_manager" title="Portfolio manager">portfolio managers</a>, who are therefore entitled to any profits that the business makes. As management fees are intended to cover the firm's operating costs, performance fees (and any excess management fees) are generally distributed to the firm's owners as profits. Funds do not tend to report compensation, and so published lists of the amounts earned by top managers tend to be estimates based on factors such as the fees charged by their funds and the capital they are thought to have invested in them.<a href="#cite_note-Goldstein-106">[106]</a> Many managers have accumulated large stakes in their own funds and so top hedge fund managers can earn extraordinary amounts of money, perhaps up to $4 billion in a good year.<a href="#cite_note-Schwartz-107">[107]</a><a href="#cite_note-108">[108]</a> Earnings at the very top are higher than in any other sector of the financial industry,<a href="#cite_note-bbchedge-109">[109]</a> and collectively the top 25 hedge fund managers regularly earn more than all 500 of the chief executives in the <a href="/wiki/S%26P_500" title="S&P 500">S&P 500</a>.<a href="#cite_note-110">[110]</a> Most hedge fund managers are remunerated much less, however, and if performance fees are not earned then small managers at least are unlikely to be paid significant amounts.<a href="#cite_note-bbchedge-109">[109]</a> In 2011, the top manager earned $3 billion, the tenth earned $210 million, and the 30th earned $80 million.<a href="#cite_note-111">[111]</a> In 2011, the average earnings for the 25 highest-compensated hedge fund managers in the United States was $576 million<a href="#cite_note-Westbrook-112">[112]</a> while the mean total compensation for all hedge fund investment professionals was $690,786 and the median was $312,329. The same figures for hedge fund CEOs were $1,037,151 and $600,000, and for chief investment officers were $1,039,974 and $300,000, respectively.<a href="#cite_note-Tunick-113">[113]</a> Of the 1,226 people on the Forbes World's Billionaires List for 2012,<a href="#cite_note-114">[114]</a> 36 of the financiers listed "derived significant chunks" of their wealth from hedge fund management.<a href="#cite_note-115">[115]</a> Among the richest 1,000 people in the United Kingdom, 54 were hedge fund managers, according to the Sunday Times Rich List for 2012.<a href="#cite_note-116">[116]</a> A portfolio manager risks losing his past compensation if he or she engages in <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a>. In <a href="/wiki/Chip_Skowron" title="Chip Skowron">Morgan Stanley v. Skowron</a>, 989 F. Supp. 2d 356 (S.D.N.Y. 2013), applying New York's <a href="/wiki/Faithless_servant" title="Faithless servant">faithless servant</a> doctrine, the court held that a hedge fund's portfolio manager engaging in insider trading in violation of his company's code of conduct, which also required him to report his misconduct, must repay his employer the full $31 million his employer paid him as compensation during his period of faithlessness.<a href="#cite_note-auto6-117">[117]</a><a href="#cite_note-auto4-118">[118]</a><a href="#cite_note-119">[119]</a><a href="#cite_note-120">[120]</a> The court called the insider trading the "ultimate abuse of a portfolio manager's position".<a href="#cite_note-auto4-118">[118]</a> The judge also wrote: "In addition to exposing Morgan Stanley to government investigations and direct financial losses, Skowron's behavior damaged the firm's reputation, a valuable corporate asset."<a href="#cite_note-auto4-118">[118]</a> <div class="mw-heading mw-heading2"><h2 id="Structure">Structure</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=17" title="Edit section: Structure">edit</a>]</div> A hedge fund is an <a href="/wiki/Investment_fund" title="Investment fund">investment vehicle</a> that is most often structured as an <a href="/wiki/Offshore_corporation" class="mw-redirect" title="Offshore corporation">offshore corporation</a>, <a href="/wiki/Limited_partnership" title="Limited partnership">limited partnership</a>, or <a href="/wiki/Limited_liability_company" title="Limited liability company">limited liability company</a>.<a href="#cite_note-121">[121]</a> The fund is managed by an <a href="/wiki/Investment_management" title="Investment management">investment manager</a> in the form of an organization or company that is legally and financially distinct from the hedge fund and its portfolio of <a href="/wiki/Asset" title="Asset">assets</a>.<a href="#cite_note-BusinessKnowledge-122">[122]</a><a href="#cite_note-StrachmanBook2-123">[123]</a> Many investment managers utilize service providers for operational support.<a href="#cite_note-StrachmanBook3-124">[124]</a> Service providers include prime brokers, banks, administrators, distributors, and accounting firms. <div class="mw-heading mw-heading3"><h3 id="Prime_broker">Prime broker</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=18" title="Edit section: Prime broker">edit</a>]</div> <a href="/wiki/Prime_broker" class="mw-redirect" title="Prime broker">Prime brokers</a> <a href="/wiki/Clearing_(finance)" title="Clearing (finance)">clear</a> <a href="/wiki/Trade" title="Trade">trades</a> and provide leverage and short-term <a href="/wiki/Financing" class="mw-redirect" title="Financing">financing</a>.<a href="#cite_note-Anson3-125">[125]</a><a href="#cite_note-Stowell-126">[126]</a> They are usually divisions of large investment banks.<a href="#cite_note-Stowell4-127">[127]</a> The prime broker acts as a <a href="/wiki/Counterparty" title="Counterparty">counterparty</a> to <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivative contracts</a>, and lends securities for particular investment strategies, such as <a href="/wiki/Long/short_equity" title="Long/short equity">long/short equities</a> and <a href="/wiki/Convertible_arbitrage" title="Convertible arbitrage">convertible bond arbitrage</a>.<a href="#cite_note-Athanassiou-128">[128]</a><a href="#cite_note-Fabozzi-129">[129]</a> It can provide <a href="/wiki/Custodian_bank" title="Custodian bank">custodial services</a> for the fund's assets, and trade execution and clearing services for the hedge fund manager.<a href="#cite_note-Lhabitant3-130">[130]</a> <div class="mw-heading mw-heading3"><h3 id="Administrator">Administrator</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=19" title="Edit section: Administrator">edit</a>]</div> <a href="/wiki/Fund_administration" title="Fund administration">Hedge fund administrators</a> are typically responsible for <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valuation</a> services, and often <a href="/wiki/Operations_management" title="Operations management">operations</a>, and <a href="/wiki/Accountancy" class="mw-redirect" title="Accountancy">accounting</a>. Calculation of the <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a> ("NAV") by the administrator, including the pricing of securities at current market value and calculation of the fund's income and expense accruals, is a core administrator task, because it is the price at which investors buy and sell shares in the fund.<a href="#cite_note-autogenerateda-131">[131]</a> The accurate and timely calculation of NAV by the administrator is vital.<a href="#cite_note-autogenerateda-131">[131]</a><a href="#cite_note-132">[132]</a> The case of Anwar v. Fairfield Greenwich (SDNY 2015) is the major case relating to fund administrator liability for failure to handle its NAV-related obligations properly.<a href="#cite_note-autogeneratedb-133">[133]</a><a href="#cite_note-autogeneratedc-134">[134]</a> There, the hedge fund administrator and other defendants settled in 2016 by paying the Anwar investor plaintiffs $235 million.<a href="#cite_note-autogeneratedb-133">[133]</a><a href="#cite_note-autogeneratedc-134">[134]</a> Administrator <a href="/wiki/Back_office" title="Back office">back office</a> support allows fund managers to concentrate on trades.<a href="#cite_note-Lhabitant2-135">[135]</a> Administrators also process <a href="/wiki/Subscription_(finance)" title="Subscription (finance)">subscriptions</a> and redemptions and perform various shareholder services.<a href="#cite_note-BusinessKnowledge2-136">[136]</a><a href="#cite_note-Vishwanath-137">[137]</a> Hedge funds in the United States are not required to appoint an administrator and all of these functions can be performed by an investment manager.<a href="#cite_note-Nelken-138">[138]</a> A number of <a href="/wiki/Conflict_of_interest" title="Conflict of interest">conflict of interest</a> situations may arise in this arrangement, particularly in the calculation of a fund's net asset value.<a href="#cite_note-Jorian-139">[139]</a> Most funds employ external <a href="/wiki/Auditor" title="Auditor">auditors</a>, thereby arguably offering a greater degree of transparency.<a href="#cite_note-Nelken-138">[138]</a> <div class="mw-heading mw-heading3"><h3 id="Auditor">Auditor</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=20" title="Edit section: Auditor">edit</a>]</div> An auditor is an independent <a href="/wiki/Accounting" title="Accounting">accounting</a> firm used to perform a complete <a href="/wiki/Audit" title="Audit">audit</a> the fund's <a href="/wiki/Financial_statement" title="Financial statement">financial statements</a>. The year-end audit is performed in accordance with the <a href="/wiki/Standard_accounting_practices" class="mw-redirect" title="Standard accounting practices">standard accounting practices</a> enforced within the country in which the fund it established, typically <a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">US GAAP</a> or the <a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a> (IFRS).<a href="#cite_note-StrachmanAudit-140">[140]</a> The auditor may verify the fund's NAV and <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> (AUM).<a href="#cite_note-Agarwal-141">[141]</a><a href="#cite_note-142">[142]</a> Some auditors only provide "NAV lite" services, meaning that the valuation is based on prices received from the manager rather than an independent assessment.<a href="#cite_note-StrachmanHedgeNAV-143">[143]</a> <div class="mw-heading mw-heading3"><h3 id="Distributor">Distributor</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=21" title="Edit section: Distributor">edit</a>]</div> A distributor is an <a href="/wiki/Underwriter" class="mw-redirect" title="Underwriter">underwriter</a>, <a href="/wiki/Broker" title="Broker">broker</a>, <a href="/wiki/Broker-dealer" title="Broker-dealer">dealer</a>, or other person who participates in the distribution of securities.<a href="#cite_note-FATCA-144">[144]</a> The distributor is also responsible for marketing the fund to potential investors. Many hedge funds do not have distributors, and in such cases, the investment manager will be responsible for the distribution of securities and marketing, though many funds also use <a href="/wiki/Placement_agent" class="mw-redirect" title="Placement agent">placement agents</a> and broker-dealers for distribution.<a href="#cite_note-145">[145]</a><a href="#cite_note-Nelken2-146">[146]</a> <div class="mw-heading mw-heading3"><h3 id="Domicile_and_taxation">Domicile and taxation</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=22" title="Edit section: Domicile and taxation">edit</a>]</div> The legal structure of a specific hedge fund, in particular its <a href="/wiki/Domicile_(law)" title="Domicile (law)">domicile</a> and the type of <a href="/wiki/Legal_person" title="Legal person">legal entity</a> in use, is usually determined by the tax expectations of the fund's investors. <a href="#Offshore">Regulatory considerations</a> will also play a role. Many hedge funds are established in <a href="/wiki/Offshore_Financial_Centre" class="mw-redirect" title="Offshore Financial Centre">offshore financial centers</a> to avoid adverse tax consequences for its foreign and tax-exempt investors.<a href="#cite_note-Fraser-Sampson-147">[147]</a><a href="#cite_note-Anson2-148">[148]</a> <a href="/wiki/Offshore_fund" title="Offshore fund">Offshore funds</a> that invest in the US typically pay <a href="/wiki/Withholding_tax" class="mw-redirect" title="Withholding tax">withholding taxes</a> on certain types of investment income, but not US <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</a>. However, the fund's investors are subject to tax in their own jurisdictions on any increase in the value of their investments.<a href="#cite_note-StrachmanHedge-149">[149]</a><a href="#cite_note-StrachmanHedge2-150">[150]</a> This tax treatment promotes cross-border investments by limiting the potential for multiple jurisdictions to layer taxes on investors.<a href="#cite_note-Muraleedharan-151">[151]</a> US tax-exempt investors (such as <a href="/wiki/Pension" title="Pension">pension plans</a> and <a href="/wiki/Financial_endowment" title="Financial endowment">endowments</a>) invest primarily in offshore hedge funds to preserve their <a href="/wiki/Tax_exemption" title="Tax exemption">tax exempt</a> status and avoid unrelated business <a href="/wiki/Taxable_income" title="Taxable income">taxable income</a>.<a href="#cite_note-StrachmanHedge2-150">[150]</a> The investment manager, usually based in a major financial center, pays tax on its management fees per the tax laws of the state and country where it is located.<a href="#cite_note-Stowell2-152">[152]</a> In 2011, half of the existing hedge funds were registered offshore and half onshore. The <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a> was the leading location for offshore funds, accounting for 34% of the total number of global hedge funds. The US had 24%, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> 10%, <a href="/wiki/Ireland" title="Ireland">Ireland</a> 7%, the <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">British Virgin Islands</a> 6%, and <a href="/wiki/Bermuda" title="Bermuda">Bermuda</a> had 3%.<a href="#cite_note-TheCityUk-153">[153]</a> Hedge funds take advantage of a tax loopole called carried interest to get around paying too much in taxes by fancy legalistic maneouvres on their part.<a href="#cite_note-154">[154]</a> <div class="mw-heading mw-heading3"><h3 id="Basket_options">Basket options</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=23" title="Edit section: Basket options">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">Deutsche Bank and Barclays created special options accounts for hedge fund clients in the banks' names and claimed to own the assets, when in fact the hedge fund clients had full control of the assets and reaped the profits. The hedge funds would then execute trades – many of them a few seconds in duration – but wait until just after a year had passed to exercise the options, allowing them to report the profits at a lower long-term capital gains tax rate.<div class="templatequotecite">— <cite>Alexandra Stevenson. July 8, 2015. <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></cite></div></blockquote> The US <a href="/wiki/Senate_Permanent_Subcommittee_on_Investigations" class="mw-redirect" title="Senate Permanent Subcommittee on Investigations">Senate Permanent Subcommittee on Investigations</a> chaired by <a href="/wiki/Carl_Levin" title="Carl Levin">Carl Levin</a> issued a 2014 report that found that from 1998 and 2013, hedge funds avoided billions of dollars in taxes by using basket options. The <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> began investigating <a href="/wiki/Renaissance_Technologies" title="Renaissance Technologies">Renaissance Technologies</a><a href="#cite_note-NYT_2015_dec_30-155">[155]</a> in 2009, and Levin criticized the IRS for taking six years to investigate the company. Using basket options Renaissance avoided "more than $6 billion in taxes over more than a decade".<a href="#cite_note-NYT_2015_07-156">[156]</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712" /><blockquote class="templatequote">These banks and hedge funds involved in this case used dubious structured financial products in a giant game of 'let's pretend,' costing the Treasury billions and bypassing safeguards that protect the economy from excessive bank lending for stock speculation.<div class="templatequotecite">— <cite><a href="/wiki/Carl_Levin" title="Carl Levin">Carl Levin</a>. 2015. Senate Permanent Subcommittee on Investigations</cite></div></blockquote> A dozen other hedge funds along with Renaissance Technologies used <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a>'s and <a href="/wiki/Barclays" title="Barclays">Barclays</a>' basket options.<a href="#cite_note-NYT_2015_07-156">[156]</a> Renaissance argued that basket options were "extremely important because they gave the hedge fund the ability to increase its returns by borrowing more and to protect against model and programming failures".<a href="#cite_note-NYT_2015_07-156">[156]</a> In July 2015, the United States Internal Revenue claimed hedge funds used basket options "to bypass taxes on short-term trades". These basket options will now be labeled as listed transactions that must be declared on tax returns, and a failure to do would result in a penalty.<a href="#cite_note-NYT_2015_07-156">[156]</a> <div class="mw-heading mw-heading3"><h3 id="Investment_manager_locations">Investment manager locations</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=24" title="Edit section: Investment manager locations">edit</a>]</div> In contrast to the funds themselves, investment managers are primarily located <a href="https://en.wiktionary.org/wiki/onshore" class="extiw" title="wikt:onshore">onshore</a>. The United States remains the largest center of investment with US-based funds managing around 70% of global assets at the end of 2011.<a href="#cite_note-TheCityUk-153">[153]</a> As of April 2012, there were approximately 3,990 investment advisers managing one or more private hedge funds registered with the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a>.<a href="#cite_note-SECDoddFrank-157">[157]</a> New York City and the <a href="/wiki/Gold_Coast_(Connecticut)" title="Gold Coast (Connecticut)">Gold Coast</a> area of <a href="/wiki/Connecticut" title="Connecticut">Connecticut</a> are the leading locations for US hedge fund managers.<a href="#cite_note-Satyajit-158">[158]</a> London was Europe's leading center for hedge fund managers, but since the <a href="/wiki/Brexit" title="Brexit">Brexit</a> referendum some formerly London-based hedge funds have relocated to other European financial centers such as <a href="/wiki/Frankfurt" title="Frankfurt">Frankfurt</a>, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a>, <a href="/wiki/La_D%C3%A9fense" title="La Défense">Paris</a>, and <a href="/wiki/Dublin" title="Dublin">Dublin</a>, while some other hedge funds have moved their European offices back to New York City.<a href="#cite_note-159">[159]</a><a href="#cite_note-160">[160]</a> Before Brexit, according to EuroHedge data, around 800 funds located in the UK had managed 85% of European-based hedge fund assets in 2011.<a href="#cite_note-TheCityUk-153">[153]</a> Interest in hedge funds in Asia has increased significantly since 2003, especially in Japan, Hong Kong, and Singapore.<a href="#cite_note-Lhabitant5-161">[161]</a> After Brexit, Europe and the US remain the leading locations for the management of Asian hedge fund assets.<a href="#cite_note-TheCityUk-153">[153]</a> <div class="mw-heading mw-heading3"><h3 id="Legal_entity">Legal entity</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=25" title="Edit section: Legal entity">edit</a>]</div> Hedge fund legal structures vary depending on location and the investor(s). US hedge funds aimed at US-based, taxable investors are generally structured as <a href="/wiki/Limited_partnership" title="Limited partnership">limited partnerships</a> or limited liability companies. Limited partnerships and other <a href="/wiki/Flow-through_entity" title="Flow-through entity">flow-through taxation</a> structures assure that investors in hedge funds are not subject to both entity-level and personal-level taxation.<a href="#cite_note-Lhabitant3-130">[130]</a> A hedge fund structured as a limited partnership must have a <a href="/wiki/General_partner" title="General partner">general partner</a>. The general partner may be an individual or a corporation. The general partner serves as the manager of the limited partnership, and has <a href="/wiki/Unlimited_liability" class="mw-redirect" title="Unlimited liability">unlimited liability</a>.<a href="#cite_note-Anson3-125">[125]</a><a href="#cite_note-Nichols-162">[162]</a> The limited partners serve as the fund's investors, and have no responsibility for management or investment decisions. Their liability is limited to the amount of money they invest for partnership interests.<a href="#cite_note-Nichols-162">[162]</a><a href="#cite_note-Lhabitant411-163">[163]</a> As an alternative to a limited partnership arrangement, U.S. domestic hedge funds may be structured as <a href="/wiki/Limited_liability_company" title="Limited liability company">limited liability companies</a>, with members acting as corporate shareholders and enjoying protection from individual liability.<a href="#cite_note-BusinessKnowledge124-164">[164]</a> By contrast, <a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">offshore</a> corporate funds are usually used for non-US investors, and when they are domiciled in an applicable offshore <a href="/wiki/Tax_haven" title="Tax haven">tax haven</a>, no entity-level tax is imposed.<a href="#cite_note-Fraser-Sampson-147">[147]</a> Many managers of offshore funds permit the participation of tax-exempt US investors, such as <a href="/wiki/Pension_fund" title="Pension fund">pensions funds</a>, <a href="/wiki/Endowment_fund" class="mw-redirect" title="Endowment fund">institutional endowments</a>, and <a href="/wiki/Charitable_trust" title="Charitable trust">charitable trusts</a>.<a href="#cite_note-Nichols-162">[162]</a> As an alternative legal structure, offshore funds may be formed as an <a href="/wiki/Open-end_fund" title="Open-end fund">open-ended</a> <a href="/wiki/Unit_trust" title="Unit trust">unit trust</a> using an unincorporated <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a> structure.<a href="#cite_note-FundAssociates-165">[165]</a> Japanese investors prefer to invest in <a href="/wiki/Unit_trust" title="Unit trust">unit trusts</a>, such as those available in the Cayman Islands.<a href="#cite_note-StrachmanHedgeJapan-166">[166]</a> The investment manager who organizes the hedge fund may retain an interest in the fund, either as the general partner of a limited partnership or as the holder of "founder shares" in a corporate fund.<a href="#cite_note-LhabitantInvestor-167">[167]</a> For offshore funds structured as corporate entities, the fund may appoint a <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a>. The board's primary role is to provide a layer of oversight while representing the interests of the shareholders.<a href="#cite_note-LhabitantBoard-168">[168]</a> However, in practice board members may lack sufficient expertise to be effective in performing those duties. The board may include both affiliated directors who are employees of the fund and independent directors whose relationship to the fund is limited.<a href="#cite_note-LhabitantBoard-168">[168]</a> <div class="mw-heading mw-heading3"><h3 id="Types_of_funds">Types of funds</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=26" title="Edit section: Types of funds">edit</a>]</div> <ul><li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-ended</a> hedge funds continue to issue shares to new investors and allow periodic withdrawals at the <a href="/wiki/Net_asset_value" title="Net asset value">net asset value</a> ("NAV") for each share.</li> <li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-ended</a> hedge funds issue a limited number of tradeable shares at inception.<a href="#cite_note-169">[169]</a><a href="#cite_note-170">[170]</a></li> <li>Shares of <a href="/wiki/Listing_(finance)" title="Listing (finance)">Listed</a> hedges funds are traded on <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a>, such as the <a href="/wiki/Irish_Stock_Exchange" class="mw-redirect" title="Irish Stock Exchange">Irish Stock Exchange</a>, and may be purchased by non-<a href="/wiki/Accredited_investor" title="Accredited investor">accredited investors</a>.<a href="#cite_note-171">[171]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Side_pockets">Side pockets</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=27" title="Edit section: Side pockets">edit</a>]</div> A side pocket is a mechanism whereby a fund compartmentalizes assets that are relatively <a href="/wiki/Illiquid" class="mw-redirect" title="Illiquid">illiquid</a> or difficult to value reliably.<a href="#cite_note-Travers-172">[172]</a> When an investment is side-pocketed, its value is calculated separately from the value of the fund's main portfolio.<a href="#cite_note-StrachmanBook-173">[173]</a> Because side pockets are used to hold illiquid investments, investors do not have the standard redemption rights with respect to the side pocket investment that they do with respect to the fund's main portfolio.<a href="#cite_note-StrachmanBook-173">[173]</a> Profits or losses from the investment are allocated on a <a href="/wiki/Pro_rata" title="Pro rata">pro rata</a> basis only to those who are investors at the time the investment is placed into the side pocket and are not shared with new investors.<a href="#cite_note-StrachmanBook-173">[173]</a><a href="#cite_note-Duc-174">[174]</a> Funds typically carry side pocket assets "at cost" for purposes of calculating management fees and reporting net asset values. This allows fund managers to avoid attempting a valuation of the underlying investments, which may not always have a readily available <a href="/wiki/Market_value" title="Market value">market value</a>.<a href="#cite_note-Duc-174">[174]</a> Side pockets were widely used by hedge funds during the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> amidst a flood of withdrawal requests. Side pockets allowed fund managers to lay away illiquid securities until market liquidity improved, a move that could reduce losses. However, as the practice restricts investors' ability to redeem their investments it is often unpopular and many have alleged that it has been abused or applied unfairly.<a href="#cite_note-SECprobes-175">[175]</a><a href="#cite_note-176">[176]</a> The SEC also has expressed concern about aggressive use of side pockets and has sanctioned certain fund managers for inappropriate use of them.<a href="#cite_note-Lins-1">[1]</a> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=28" title="Edit section: Regulation">edit</a>]</div> Hedge funds must abide by the national, federal, and state regulatory laws in their respective locations. The U.S. regulations and restrictions that apply to hedge funds differ from those that apply to its mutual funds.<a href="#cite_note-177">[177]</a> Mutual funds, unlike hedge funds and other private funds, are subject to the <a href="/wiki/Investment_Company_Act_of_1940" title="Investment Company Act of 1940">Investment Company Act of 1940</a>, which is a highly detailed and extensive regulatory regime.<a href="#cite_note-178">[178]</a> According to a report by the <a href="/wiki/International_Organization_of_Securities_Commissions" title="International Organization of Securities Commissions">International Organization of Securities Commissions</a>, the most common form of regulation pertains to restrictions on <a href="/wiki/Financial_adviser" title="Financial adviser">financial advisers</a> and hedge fund managers in an effort to minimize client fraud. On the other hand, U.S. hedge funds are exempt from many of the standard registration and reporting requirements because they only accept accredited investors.<a href="#cite_note-Coggan-63">[63]</a> In 2010, regulations were enacted in the US and European Union which introduced additional hedge fund reporting requirements. These included the U.S.'s <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd-Frank Wall Street Reform Act</a><a href="#cite_note-Ismail-4">[4]</a> and European <a href="/wiki/Alternative_Investment_Fund_Managers_Directive" class="mw-redirect" title="Alternative Investment Fund Managers Directive">Alternative Investment Fund Managers Directive</a>.<a href="#cite_note-Regulators-179">[179]</a> In 2007, in an effort to engage in <a href="/wiki/Industry_self-regulation" title="Industry self-regulation">self-regulation</a>, 14 leading hedge fund managers developed a voluntary set of <a href="/wiki/International_standards" class="mw-redirect" title="International standards">international standards</a> in <a href="/wiki/Best_practice" title="Best practice">best practice</a> and known as the Hedge Fund Standards they were designed to create a "framework of transparency, integrity and good governance" in the hedge fund industry.<a href="#cite_note-HFSB001-180">[180]</a> The <a href="/wiki/Hedge_Fund_Standards_Board" class="mw-redirect" title="Hedge Fund Standards Board">Hedge Fund Standards Board</a> was set up to prompt and maintain these standards going forward, and by 2016 it had approximately 200 hedge fund managers and institutional investors with a value of US$3tn investment endorsing the standards.<a href="#cite_note-HFSB002-181">[181]</a> The <a href="/wiki/Managed_Funds_Association" title="Managed Funds Association">Managed Funds Association</a> is a US-based <a href="/wiki/Trade_association" title="Trade association">trade association</a>, while the Alternative Investment Management Association is the primarily European counterpart.<a href="#cite_note-182">[182]</a> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=29" title="Edit section: United States">edit</a>]</div> Hedge funds within the US are subject to regulatory, reporting, and record-keeping requirements.<a href="#cite_note-Overview-183">[183]</a> Many hedge funds also fall under the jurisdiction of the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a>, and are subject to rules and provisions of the 1922 <a href="/wiki/Commodity_Exchange_Act" title="Commodity Exchange Act">Commodity Exchange Act</a>, which prohibits fraud and manipulation.<a href="#cite_note-Brown-Hruska-184">[184]</a> The <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a> required companies to file a registration statement with the SEC to comply with its <a href="/wiki/Private_placement" title="Private placement">private placement</a> rules before offering their securities to the public,<a href="#cite_note-185">[185]</a> and most traditional hedge funds in the United States are offered effectively as private placement offerings.<a href="#cite_note-186">[186]</a> The <a href="/wiki/Securities_Exchange_Act_of_1934" title="Securities Exchange Act of 1934">Securities Exchange Act of 1934</a> required a fund with more than 499 investors to register with the SEC.<a href="#cite_note-187">[187]</a><a href="#cite_note-SEA1934-188">[188]</a><a href="#cite_note-Skeel2005-189">[189]</a> The <a href="/wiki/Investment_Advisers_Act_of_1940" title="Investment Advisers Act of 1940">Investment Advisers Act of 1940</a> contained anti-fraud provisions that regulated hedge fund managers and advisers, created limits for the number and types of investors, and prohibited <a href="/wiki/Public_offering" title="Public offering">public offerings</a>. The Act also exempted hedge funds from mandatory registration with the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">SEC</a><a href="#cite_note-Coggan-63">[63]</a><a href="#cite_note-190">[190]</a><a href="#cite_note-191">[191]</a> when selling to accredited investors with a minimum of US$5 million in investment assets. Companies and institutional investors with at least US$25 million in investment assets also qualified.<a href="#cite_note-192">[192]</a> In December 2004, the SEC began requiring hedge fund advisers, managing more than US$25 million and with more than 14 investors, to register with the SEC under the Investment Advisers Act.<a href="#cite_note-193">[193]</a> The SEC stated that it was adopting a "risk-based approach" to monitoring hedge funds as part of its evolving regulatory regime for the burgeoning industry.<a href="#cite_note-194">[194]</a> The new rule was controversial, with two Commissioners dissenting,<a href="#cite_note-195">[195]</a> and was later challenged in court by a hedge fund manager. In June 2006, the <a href="/wiki/U.S._Court_of_Appeals_for_the_District_of_Columbia" class="mw-redirect" title="U.S. Court of Appeals for the District of Columbia">U.S. Court of Appeals for the District of Columbia</a> overturned the rule and sent it back to the agency to be reviewed.<a href="#cite_note-196">[196]</a> In response to the court decision, in 2007 the SEC adopted Rule 206(4)-8, which unlike the earlier-challenged rule, "does not impose additional filing, reporting or disclosure obligations" but does potentially increase "the risk of enforcement action" for negligent or fraudulent activity.<a href="#cite_note-197">[197]</a> Hedge fund managers with at least US$100 million in assets under management are required to file publicly quarterly reports disclosing ownership of registered equity securities and are subject to public disclosure if they own more than 5% of the class of any registered equity security.<a href="#cite_note-SEA1934-188">[188]</a> Registered advisers must report their business practices and disciplinary history to the SEC and to their investors. They are required to have written compliance policies, a <a href="/wiki/Chief_compliance_officer" title="Chief compliance officer">chief compliance officer</a>, and their records and practices may be examined by the SEC.<a href="#cite_note-Overview-183">[183]</a> The U.S.'s <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd-Frank Wall Street Reform Act</a> was passed in July 2010<a href="#cite_note-Ismail-4">[4]</a><a href="#cite_note-Chay-87">[87]</a> and requires SEC registration of advisers who manage private funds with more than US$150 million in assets.<a href="#cite_note-Chalmers-198">[198]</a><a href="#cite_note-199">[199]</a> Registered managers must file Form ADV with the SEC, as well as information regarding their assets under management and trading positions.<a href="#cite_note-200">[200]</a> Previously, advisers with fewer than 15 clients were exempt, although many hedge fund advisers voluntarily registered with the SEC to satisfy institutional investors.<a href="#cite_note-Orol-201">[201]</a> Under Dodd-Frank, investment advisers with less than US$100 million in assets under management became subject to state regulation.<a href="#cite_note-Chalmers-198">[198]</a> This increased the number of hedge funds under state supervision.<a href="#cite_note-Brief_Summary-202">[202]</a> Overseas advisers who managed more than US$25 million were also required to register with the SEC.<a href="#cite_note-203">[203]</a> The Act requires hedge funds to provide information about their trades and portfolios to regulators including the newly created <a href="/wiki/Financial_Stability_Oversight_Council" title="Financial Stability Oversight Council">Financial Stability Oversight Council</a>.<a href="#cite_note-Brief_Summary-202">[202]</a> In this regard, most hedge funds and other private funds, including private-equity funds, must file Form PF with the SEC, which is an extensive reporting form with substantial data on the funds' activities and positions.<a href="#cite_note-Lins-1">[1]</a> Under the "<a href="/wiki/Volcker_Rule" title="Volcker Rule">Volcker Rule</a>", regulators are also required to implement regulations for banks, their affiliates, and <a href="/wiki/Holding_company" title="Holding company">holding companies</a> to limit their relationships with hedge funds and to prohibit these organizations from <a href="/wiki/Proprietary_trading" title="Proprietary trading">proprietary trading</a>, and to limit their investment in, and sponsorship of, hedge funds.<a href="#cite_note-Brief_Summary-202">[202]</a><a href="#cite_note-204">[204]</a><a href="#cite_note-205">[205]</a> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=30" title="Edit section: Europe">edit</a>]</div> Within the European Union (EU), hedge funds are primarily regulated through their managers.<a href="#cite_note-Coggan-63">[63]</a> In the United Kingdom, where 80% of Europe's hedge funds are based,<a href="#cite_note-206">[206]</a> hedge fund managers are required to be authorised and regulated by the <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> (FCA).<a href="#cite_note-Regulators-179">[179]</a> Each country has its own specific restrictions on hedge fund activities, including controls on use of derivatives in Portugal, and limits on leverage in France.<a href="#cite_note-Coggan-63">[63]</a> In the EU, managers are subject to the <a href="/wiki/Alternative_Investment_Fund_Managers_Directive" class="mw-redirect" title="Alternative Investment Fund Managers Directive">EU's Directive on Alternative Investment Fund Managers</a> (AIFMD). According to the EU, the aim of the directive is to provide greater monitoring and control of alternative investment funds.<a href="#cite_note-207">[207]</a> AIFMD requires all EU hedge fund managers to register with national regulatory authorities<a href="#cite_note-208">[208]</a> and to disclose more information, on a more frequent basis. It also directs hedge fund managers to hold larger amounts of capital. AIFMD also introduced a "passport" for hedge funds authorised in one EU country to operate throughout the EU.<a href="#cite_note-Chay-87">[87]</a><a href="#cite_note-Regulators-179">[179]</a> The scope of AIFMD is broad and encompasses managers located within the EU as well as non-EU managers that market their funds to European investors.<a href="#cite_note-Chay-87">[87]</a> An aspect of AIFMD which challenges established practices in the hedge funds sector is the potential restriction of remuneration through bonus deferrals and <a href="/wiki/Clawback" title="Clawback">clawback</a> provisions.<a href="#cite_note-209">[209]</a> <div class="mw-heading mw-heading3"><h3 id="Offshore">Offshore</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=31" title="Edit section: Offshore">edit</a>]</div> Some hedge funds are established in <a href="/wiki/Offshore_Financial_Centre" class="mw-redirect" title="Offshore Financial Centre">offshore centres</a>, such as the <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a>, <a href="/wiki/Dublin" title="Dublin">Dublin</a>, <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a>, <a href="/wiki/Singapore" title="Singapore">Singapore</a><a href="#cite_note-210">[210]</a> the <a href="/wiki/British_Virgin_Islands" title="British Virgin Islands">British Virgin Islands</a>, and <a href="/wiki/Bermuda" title="Bermuda">Bermuda</a>, which have different regulations<a href="#cite_note-211">[211]</a> concerning non-accredited investors, client confidentiality, and fund manager independence.<a href="#cite_note-Ismail-4">[4]</a><a href="#cite_note-Regulators-179">[179]</a> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=32" title="Edit section: South Africa">edit</a>]</div> In South Africa, investment fund managers must be approved by, and register with, the Financial Services Board (FSB).<a href="#cite_note-212">[212]</a> <div class="mw-heading mw-heading2"><h2 id="Performance">Performance</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=33" title="Edit section: Performance">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Measurement">Measurement</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=34" title="Edit section: Measurement">edit</a>]</div> Performance statistics for individual hedge funds are difficult to obtain, as the funds have historically not been required to report their performance to a central repository, and restrictions against public offerings and advertisement have led many managers to refuse to provide performance information publicly. However, summaries of individual hedge fund performance are occasionally available in industry journals<a href="#cite_note-213">[213]</a><a href="#cite_note-214">[214]</a> and databases.<a href="#cite_note-Or-215">[215]</a> One estimate is that the average hedge fund returned 11.4% per year,<a href="#cite_note-mallaby-216">[216]</a> representing a 6.7% return above overall market performance before fees, based on performance data from 8,400 hedge funds.<a href="#cite_note-Coggan-63">[63]</a> Another estimate is that between January 2000 and December 2009 hedge funds outperformed other investments and were substantially less volatile, with stocks falling an average of 2.62% per year over the decade and hedge funds rising an average of 6.54% per year; this was an unusually volatile period with both the 2001-2002 <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> and a <a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">recession beginning mid 2007</a>.<a href="#cite_note-Lost_Decade-217">[217]</a> However, more recent data show that hedge fund performance declined and underperformed the market from about 2009 to 2016.<a href="#cite_note-218">[218]</a> Hedge funds performance is measured by comparing their returns to an estimate of their risk.<a href="#cite_note-Bollen-219">[219]</a> Common measures are the <a href="/wiki/Sharpe_ratio" title="Sharpe ratio">Sharpe ratio</a>,<a href="#cite_note-220">[220]</a> <a href="/wiki/Treynor_ratio" title="Treynor ratio">Treynor measure</a> and <a href="/wiki/Jensen%27s_alpha" title="Jensen's alpha">Jensen's alpha</a>.<a href="#cite_note-221">[221]</a> These measures work best when returns follow <a href="/wiki/Normal_distribution" title="Normal distribution">normal distributions</a> without <a href="/wiki/Autocorrelation" title="Autocorrelation">autocorrelation</a>, and these assumptions are often not met in practice.<a href="#cite_note-CTA22-222">[222]</a> New performance measures have been introduced that attempt to address some of theoretical concerns with traditional indicators, including: modified <a href="/wiki/Sharpe_ratio" title="Sharpe ratio">Sharpe ratios</a>;<a href="#cite_note-CTA22-222">[222]</a><a href="#cite_note-223">[223]</a> the <a href="/wiki/Omega_ratio" title="Omega ratio">Omega ratio</a> introduced by Keating and Shadwick in 2002;<a href="#cite_note-224">[224]</a> Alternative Investments Risk Adjusted Performance (AIRAP) published by Sharma in 2004;<a href="#cite_note-225">[225]</a> and Kappa developed by Kaplan and Knowles in 2004.<a href="#cite_note-226">[226]</a> <div class="mw-heading mw-heading3"><h3 id="Sector-size_effect">Sector-size effect</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=35" title="Edit section: Sector-size effect">edit</a>]</div> There is a debate over whether <a href="/wiki/Alpha_(finance)" title="Alpha (finance)">alpha</a> (the manager's skill element in performance) has been diluted by the expansion of the hedge fund industry. Two reasons are given. First, the increase in traded volume may have been reducing the <a href="/wiki/Market_anomaly" title="Market anomaly">market anomalies</a> that are a source of hedge fund performance. Second, the remuneration model is attracting more managers, which may dilute the talent available in the industry.<a href="#cite_note-227">[227]</a><a href="#cite_note-228">[228]</a> <div class="mw-heading mw-heading3"><h3 id="Hedge_fund_indices">Hedge fund indices</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=36" title="Edit section: Hedge fund indices">edit</a>]</div> <a href="/wiki/Stock_market_index" title="Stock market index">Indices</a> play a central and unambiguous role in traditional asset markets, where they are widely accepted as representative of their underlying portfolios. Equity and debt <a href="/wiki/Index_fund" title="Index fund">index fund</a> products provide investable access to most <a href="/wiki/Developed_market" title="Developed market">developed markets</a> in these asset classes. Hedge fund indices are more problematic. The typical hedge fund is not traded on exchange, will accept investments only at the discretion of the manager, and does not have an obligation to publish returns. Despite these challenges, Non-investable, Investable, and Clone indices have been developed. <div class="mw-heading mw-heading4"><h4 id="Non-investable_indices">Non-investable indices</h4>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=37" title="Edit section: Non-investable indices">edit</a>]</div> Non-investable indices are indicative in nature and aim to represent the performance of some database of hedge funds using some measure such as mean, median, or weighted mean from a hedge fund database. The databases have diverse selection criteria and methods of construction, and no single database captures all funds. This leads to significant differences in reported performance between different indices. Although they aim to be representative, non-investable indices suffer from a lengthy and largely unavoidable list of <a href="/wiki/Selection_bias" title="Selection bias">biases</a>. Funds' participation in a database is voluntary, leading to <a href="/wiki/Self-selection_bias" title="Self-selection bias">self-selection bias</a> because those funds that choose to report may not be typical of funds as a whole. For example, some do not report because of poor results or because they have already reached their target size and do not wish to raise further money. The short lifetimes of many hedge funds mean that there are many new entrants and many departures each year, which raises the problem of <a href="/wiki/Attrition_bias" class="mw-redirect" title="Attrition bias">survivorship bias</a>. If we examine only funds that have survived to the present, we will overestimate past returns because many of the worst-performing funds have not survived, and the observed association between fund youth and fund performance suggests that this bias may be substantial. When a fund is added to a database for the first time, all or part of its historical data is recorded ex-post in the database. It is likely that funds only publish their results when they are favorable, so that the average performances displayed by the funds during their incubation period are inflated. This is known as "instant history bias" or "backfill bias". <div class="mw-heading mw-heading4"><h4 id="Investable_indices">Investable indices</h4>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=38" title="Edit section: Investable indices">edit</a>]</div> Investable indices are an attempt to reduce these problems by ensuring that the return of the index is available to shareholders. To create an investable index, the index provider selects funds and develops structured products or derivative instruments that deliver the performance of the index. When investors buy these products the index provider makes the investments in the underlying funds, making an investable index similar in some ways to a fund of hedge funds portfolio. To make the index investable, hedge funds must agree to accept investments on the terms given by the constructor. To make the index liquid, these terms must include provisions for redemptions that some managers may consider too onerous to be acceptable. This means that investable indices do not represent the total universe of hedge funds. Most seriously, they under-represent more successful managers, who typically refuse to accept such investment protocols. <div class="mw-heading mw-heading4"><h4 id="Hedge_fund_replication">Hedge fund replication</h4>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=39" title="Edit section: Hedge fund replication">edit</a>]</div> The most recent addition to the field approaches the problem in a different manner. Instead of reflecting the performance of actual hedge funds, they take a statistical approach to the analysis of historic hedge fund returns and use this to construct a model of how hedge fund returns respond to the movements of various investable financial assets. This model is then used to construct an investable portfolio of those assets. This makes the index investable, and in principle, they can be as representative as the hedge fund database from which they were constructed. However, these clone indices rely on a statistical modelling process. Such indices have too short a history to state whether this approach will be considered successful. <div class="mw-heading mw-heading3"><h3 id="Closures">Closures</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=40" title="Edit section: Closures">edit</a>]</div> In March 2017, HFR – a hedge fund research data and service provider – reported that there were more hedge-fund closures in 2016 than during the 2009 recession. According to the report, several large public pension funds pulled their investments in hedge funds, because the funds' subpar performance as a group did not merit the high fees they charged. Despite the hedge fund industry topping $3 trillion for the first time ever in 2016, the number of new hedge funds launched fell short of levels before the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>. There were 729 hedge fund launches in 2016, fewer than the 784 opened in 2009, and dramatically fewer than the 968 launches in 2015.<a href="#cite_note-229">[229]</a> <div class="mw-heading mw-heading2"><h2 id="Debates_and_controversies">Debates and controversies</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=41" title="Edit section: Debates and controversies">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Systemic_risk">Systemic risk</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=42" title="Edit section: Systemic risk">edit</a>]</div> <a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a> refers to the risk of instability across the entire <a href="/wiki/Financial_system" title="Financial system">financial system</a>, as opposed to within a single company. Such risk may arise following a destabilizing event or events affecting a group of <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a> linked through investment activity.<a href="#cite_note-NBER-230">[230]</a> Organizations such as the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> have charged that hedge funds pose systemic risks to the financial sector,<a href="#cite_note-231">[231]</a><a href="#cite_note-232">[232]</a> and following the failure of hedge fund <a href="/wiki/Long-Term_Capital_Management" title="Long-Term Capital Management">Long-Term Capital Management</a> (LTCM) in 1998 there was widespread concern about the potential for systemic risk if a hedge fund failure led to the failure of its counterparties. (As it happens, no financial assistance was provided to LTCM by the <a href="/wiki/US_Federal_Reserve" class="mw-redirect" title="US Federal Reserve">US Federal Reserve</a>, so there was no direct cost to US taxpayers,<a href="#cite_note-233">[233]</a> but a large <a href="/wiki/Bailout" title="Bailout">bailout</a> had to be mounted by a number of financial institutions.) However, these claims are widely disputed by the financial industry,<a href="#cite_note-234">[234]</a> who typically regard hedge funds as "<a href="/wiki/Too_big_to_fail" title="Too big to fail">small enough to fail</a>", since most are relatively small in terms of the assets they manage and operate with low leverage, thereby limiting the potential harm to the economic system should one of them fail.<a href="#cite_note-mallaby-216">[216]</a><a href="#cite_note-235">[235]</a> Formal analysis of hedge fund leverage before and during the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> suggests that hedge fund leverage is both fairly modest and <a href="/wiki/Counter-cyclical" class="mw-redirect" title="Counter-cyclical">counter-cyclical</a> to the market leverage of investment banks and the larger financial sector.<a href="#cite_note-AngGorovyy-93">[93]</a> Hedge fund leverage decreased prior to the financial crisis, even while the leverage of other financial intermediaries continued to increase.<a href="#cite_note-AngGorovyy-93">[93]</a> Hedge funds fail regularly, and numerous hedge funds failed during the financial crisis.<a href="#cite_note-236">[236]</a> In testimony to the <a href="/wiki/United_States_House_Committee_on_Financial_Services" title="United States House Committee on Financial Services">US House Financial Services Committee</a> in 2009, <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>, the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a> Board Chairman said he "would not think that any hedge fund or private-equity fund would become a systemically critical firm individually".<a href="#cite_note-237">[237]</a> This does leave the possibility that hedge funds collectively might contribute to systemic risk if they exhibit <a href="/wiki/Herd_behavior" title="Herd behavior">herd or self-coordinating behavior</a>,<a href="#cite_note-self-coordinating_behaviour-238">[238]</a> perhaps because many hedge funds make losses in similar trades. This coupled with the extensive use of leverage could lead to forced liquidations in a crisis. Hedge funds are also closely connected to their prime brokers, typically investment banks, which could contribute to their instability in a crisis, though this works both ways and failing <a href="/wiki/Counterparty" title="Counterparty">counterparty</a> banks can freeze hedge funds assets, as <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> did in 2008.<a href="#cite_note-239">[239]</a> An August 2012 survey by the <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> concluded that risks were limited and had reduced as a result, inter alia, of larger <a href="/wiki/Margin_(finance)" title="Margin (finance)">margins</a> being required by counterparty banks, but might change rapidly according to market conditions. In stressed market conditions, investors might suddenly withdraw large sums, resulting in forced asset sales. This might cause liquidity and pricing problems if it occurred across a number of funds or in one large highly leveraged fund.<a href="#cite_note-240">[240]</a> <div class="mw-heading mw-heading3"><h3 id="Transparency">Transparency</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=43" title="Edit section: Transparency">edit</a>]</div> Hedge funds are structured to avoid most direct <a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a> (although their managers may be regulated), and are not required to publicly disclose their investment activities, except to the extent that investors generally are subject to disclosure requirements. This is in contrast to a regulated mutual fund or <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded fund</a>, which will typically have to meet regulatory requirements for disclosure. An investor in a hedge fund usually has direct access to the investment adviser of the fund, and may enjoy more personalized reporting than investors in retail investment funds. This may include detailed discussions of risks assumed and significant positions. However, this high level of disclosure is not available to non-investors, contributing to hedge funds' reputation for secrecy, while some hedge funds have very limited transparency even to investors.<a href="#cite_note-241">[241]</a> Funds may choose to report some information in the interest of recruiting additional investors. Much of the data available in consolidated databases is self-reported and unverified.<a href="#cite_note-242">[242]</a> A study was done on two major databases containing hedge fund data. The study noted that 465 common funds had significant differences in reported information (e.g., returns, inception date, net assets value, incentive fee, management fee, investment styles, etc.) and that 5% of return numbers and 5% of NAV numbers were dramatically different.<a href="#cite_note-243">[243]</a> With these limitations, investors have to do their own research, which may cost on the scale of US$50,000 for a fund that is not well-established.<a href="#cite_note-244">[244]</a> A lack of verification of financial documents by investors or by independent auditors has, in some cases, assisted in <a href="/wiki/Fraud" title="Fraud">fraud</a>.<a href="#cite_note-Kochan09-245">[245]</a> In the mid-2000s, Kirk Wright of International Management Associates was accused of <a href="/wiki/Mail_fraud" class="mw-redirect" title="Mail fraud">mail fraud</a> and other securities violations<a href="#cite_note-FieldsWhite06-246">[246]</a><a href="#cite_note-247">[247]</a> which allegedly defrauded clients of close to US$180 million.<a href="#cite_note-248">[248]</a> In December 2008, <a href="/wiki/Bernard_Madoff" class="mw-redirect" title="Bernard Madoff">Bernard Madoff</a> was arrested for running a US$50 billion <a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi scheme</a><a href="#cite_note-249">[249]</a> that closely resembled a hedge fund and was incorrectly<a href="#cite_note-250">[250]</a> described as one.<a href="#cite_note-251">[251]</a><a href="#cite_note-252">[252]</a><a href="#cite_note-253">[253]</a> Several feeder hedge funds, of which the largest was <a href="/wiki/Fairfield_Greenwich_Group#Fairfield_Sentry_Fund" title="Fairfield Greenwich Group">Fairfield Sentry</a>, channeled money to it. Following the Madoff case, the SEC adopted reforms in December 2009 that subjected hedge funds to an audit requirement.<a href="#cite_note-254">[254]</a> The process of matching hedge funds to investors has traditionally been fairly opaque, with investments often driven by personal connections or recommendations of portfolio managers.<a href="#cite_note-255">[255]</a> Many funds disclose their holdings, strategy, and historic performance relative to market indices, giving investors some idea of how their money is being allocated, although individual holdings are often not disclosed.<a href="#cite_note-256">[256]</a> Investors are often drawn to hedge funds by the possibility of realizing significant returns, or hedging against <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> in the market. The complexity and fees associated with hedge funds are causing some to exit the market – <a href="/wiki/CalPERS" title="CalPERS">CalPERS</a>, the largest pension fund in the US, announced plans to completely divest from hedge funds in 2014.<a href="#cite_note-257">[257]</a> Some services are attempting to improve matching between hedge funds and investors: HedgeZ is designed to allow investors to easily search and sort through funds;<a href="#cite_note-258">[258]</a> iMatchative aims to match investors to funds through algorithms that factor in an investor's goals and behavioral profile, in hopes of helping funds and investors understand the how their perceptions and motivations drive investment decisions.<a href="#cite_note-259">[259]</a> <div class="mw-heading mw-heading3"><h3 id="Links_with_analysts">Links with analysts</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=44" title="Edit section: Links with analysts">edit</a>]</div> In June 2006, prompted by a letter from <a href="/wiki/Gary_J._Aguirre" title="Gary J. Aguirre">Gary J. Aguirre</a>, the <a href="/wiki/U.S._Senate_Committee_on_the_Judiciary" class="mw-redirect" title="U.S. Senate Committee on the Judiciary">U.S. Senate Judiciary Committee</a> began an investigation into the links between hedge funds and independent analysts. Aguirre was fired from his job with the SEC when, as lead investigator of <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a> allegations against <a href="/wiki/Pequot_Capital_Management" title="Pequot Capital Management">Pequot Capital Management</a>, he tried to interview <a href="/wiki/John_J._Mack" title="John J. Mack">John Mack</a>, then being considered for <a href="/wiki/Chief_executive_officer" title="Chief executive officer">chief executive officer</a> at <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>.<a href="#cite_note-260">[260]</a> The Judiciary Committee and the <a href="/wiki/US_Senate_Finance_Committee" class="mw-redirect" title="US Senate Finance Committee">US Senate Finance Committee</a> issued a scathing report in 2007, which found that Aguirre had been illegally fired in reprisal<a href="#cite_note-261">[261]</a> for his pursuit of Mack, and in 2009 the SEC was forced to re-open its case against Pequot. Pequot settled with the SEC for US$28 million, and <a href="/wiki/Arthur_J._Samberg" class="mw-redirect" title="Arthur J. Samberg">Arthur J. Samberg</a>, <a href="/wiki/Chief_investment_officer" title="Chief investment officer">chief investment officer</a> of Pequot, was barred from working as an investment advisor.<a href="#cite_note-262">[262]</a> Pequot closed its doors under the pressure of investigations.<a href="#cite_note-263">[263]</a> The systemic practice of hedge funds submitting periodic electronic questionnaires to stock analysts as a part of market research was reported by <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a> in July 2012. According to the report, one motivation for the questionnaires was to obtain subjective information not available to the public and possible early notice of trading recommendations that could produce short-term market movements.<a href="#cite_note-NYT71512-264">[264]</a> <div class="mw-heading mw-heading3"><h3 id="Value_in_a_mean/variance_efficient_portfolio">Value in a mean/variance efficient portfolio</h3>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=45" title="Edit section: Value in a mean/variance efficient portfolio">edit</a>]</div> According to <a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">modern portfolio theory</a>, rational investors will seek to hold portfolios that are mean/variance efficient (that is, portfolios that offer the highest level of return per unit of risk). One of the attractive features of hedge funds (in particular <a href="/wiki/Market_neutral" title="Market neutral">market neutral</a> and similar funds) is that they sometimes have a modest correlation with traditional assets such as equities. This means that hedge funds have a potentially quite valuable role in investment portfolios as diversifiers, reducing overall portfolio risk.<a href="#cite_note-Roadmap-102">[102]</a> However, there are at least three reasons why one might not wish to allocate a high proportion of assets into hedge funds. These reasons are: <ul><li>Hedge funds are highly individual, making it hard to estimate the likely returns or risks.</li> <li>Hedge funds' correlation with other assets tends to rise during stressful market events, making them much less useful for diversification in bad times than they may appear in good times.</li> <li>Hedge fund returns are reduced considerably by the high fees that are typically charged.</li></ul> Several studies have suggested that hedge funds are sufficiently diversifying to merit inclusion in investor portfolios, but this is disputed for example by Mark Kritzman who performed a mean-variance optimization calculation on an opportunity set that consisted of a stock index fund, a bond index fund, and ten hypothetical hedge funds.<a href="#cite_note-265">[265]</a><a href="#cite_note-266">[266]</a> The optimizer found that a mean-variance efficient portfolio did not contain any allocation to hedge funds, largely because of the impact of performance fees. To demonstrate this, Kritzman repeated the optimization using an assumption that the hedge funds took no performance fees. The result from this second optimization was an allocation of 74% to hedge funds. Hedge funds tend to perform poorly during equity <a href="/wiki/Bear_market" class="mw-redirect" title="Bear market">bear markets</a>, just when an investor needs part of their portfolio to add value.<a href="#cite_note-Roadmap-102">[102]</a> For example, in January–September 2008, the Credit Suisse/Tremont Hedge Fund Index returned -9.87%.<a href="#cite_note-267">[267]</a> According to the same index series, even "dedicated short bias" funds returned −6.08% in September 2008, when <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a> collapsed. <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=46" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/Activist_shareholder" class="mw-redirect" title="Activist shareholder">Activist shareholder</a></li> <li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Naked_Capitalism" title="Naked Capitalism">Naked Capitalism</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li> <li><a href="/wiki/Vulture_fund" title="Vulture fund">Vulture fund</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=47" title="Edit section: Notes">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Lins-1">^ <a href="#cite_ref-Lins_1-0">a</a> <a href="#cite_ref-Lins_1-1">b</a> <a href="#cite_ref-Lins_1-2">c</a> <a href="#cite_ref-Lins_1-3">d</a> Gerald T. Lins, Thomas P. Lemke, Kathryn L. Hoenig & Patricia Schoor Rube, Hedge Funds and Other Private Funds: Regulation and Compliance § 5:23 (2013–2014 ed.). </li> <li id="cite_note-FINRA13-2"><a href="#cite_ref-FINRA13_2-0">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140514055052/http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/MutualFunds/P278033">"Alternative Funds Are Not Your Typical Mutual Funds"</a>. finra.org. <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a>. 11 June 2013. Archived from <a rel="nofollow" class="external text" href="http://www.finra.org/certainInvestors/ProtectYourself/InvestorAlerts/MutualFunds/P278033">the original</a> on 14 May 2014. Retrieved 16 April 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=finra.org&rft.atitle=Alternative+Funds+Are+Not+Your+Typical+Mutual+Funds&rft.date=2013-06-11&rft_id=http%3A%2F%2Fwww.finra.org%2FcertainInvestors%2FProtectYourself%2FInvestorAlerts%2FMutualFunds%2FP278033&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Stowell12-3"><a href="#cite_ref-Stowell12_3-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStowell2012" class="citation book cs1">Stowell, David (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=B5624MOzmHwC&pg=PA237">Investment Banks, Hedge Funds, and Private Equity</a>. Academic Press. p. 237. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-404632-0" title="Special:BookSources/978-0-12-404632-0"><bdi>978-0-12-404632-0</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160809195442/https://books.google.com/books?id=B5624MOzmHwC&pg=PA237">Archived</a> from the original on 9 August 2016. Retrieved 18 April 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity&rft.pages=237&rft.pub=Academic+Press&rft.date=2012&rft.isbn=978-0-12-404632-0&rft.aulast=Stowell&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DB5624MOzmHwC%26pg%3DPA237&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Ismail-4">^ <a href="#cite_ref-Ismail_4-0">a</a> <a href="#cite_ref-Ismail_4-1">b</a> <a href="#cite_ref-Ismail_4-2">c</a> <a href="#cite_ref-Ismail_4-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFIsmail2011" class="citation news cs1">Ismail, Netty (21 February 2011). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110225001817/http://www.businessweek.com/news/2011-02-21/institutions-damp-hedge-fund-startup-spirit-citi-s-roe-says.html">"Institutions Damp Hedge Fund 'Startup Spirit,' Citi's Roe Says"</a>. Bloomberg Businessweek. Archived from <a rel="nofollow" class="external text" href="http://www.businessweek.com/news/2011-02-21/institutions-damp-hedge-fund-startup-spirit-citi-s-roe-says.html">the original</a> on 25 February 2011. Retrieved 9 January 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg+Businessweek&rft.atitle=Institutions+Damp+Hedge+Fund+%27Startup+Spirit%2C%27+Citi%27s+Roe+Says&rft.date=2011-02-21&rft.aulast=Ismail&rft.aufirst=Netty&rft_id=http%3A%2F%2Fwww.businessweek.com%2Fnews%2F2011-02-21%2Finstitutions-damp-hedge-fund-startup-spirit-citi-s-roe-says.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-PWGOFM-5"><a href="#cite_ref-PWGOFM_5-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFThe_President's_Working_Group_on_Financial_Markets1999" class="citation web cs1">The President's Working Group on Financial Markets (April 1999). <a rel="nofollow" class="external text" href="http://www.treasury.gov/resource-center/fin-mkts/Documents/hedgfund.pdf">"Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management"</a> (PDF). U.S. Department of the Treasury. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131007175449/http://www.treasury.gov/resource-center/fin-mkts/Documents/hedgfund.pdf">Archived</a> (PDF) from the original on 7 October 2013. Retrieved 27 September 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hedge+Funds%2C+Leverage%2C+and+the+Lessons+of+Long-Term+Capital+Management&rft.pub=U.S.+Department+of+the+Treasury&rft.date=1999-04&rft.au=The+President%27s+Working+Group+on+Financial+Markets&rft_id=http%3A%2F%2Fwww.treasury.gov%2Fresource-center%2Ffin-mkts%2FDocuments%2Fhedgfund.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-6"><a href="#cite_ref-6">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAlonWeiHyunseob2015" class="citation journal cs1">Alon, Brav; Wei, Jiang; Hyunseob, Kim (2015). <a rel="nofollow" class="external text" href="https://doi.org/10.1093/rfs/hhv037">"The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes"</a>. The Review of Financial Studies. 28 (10): 2723–2769. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Frfs%2Fhhv037">10.1093/rfs/hhv037</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Review+of+Financial+Studies&rft.atitle=The+Real+Effects+of+Hedge+Fund+Activism%3A+Productivity%2C+Asset+Allocation%2C+and+Labor+Outcomes&rft.volume=28&rft.issue=10&rft.pages=%3Cspan+class%3D%22nowrap%22%3E2723-%3C%2Fspan%3E2769&rft.date=2015&rft_id=info%3Adoi%2F10.1093%2Frfs%2Fhhv037&rft.aulast=Alon&rft.aufirst=Brav&rft.au=Wei%2C+Jiang&rft.au=Hyunseob%2C+Kim&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%2Frfs%2Fhhv037&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-7"><a href="#cite_ref-7">^</a> Lemke, Lins, Hoenig & Rube, Hedge Funds and Other Private Funds: Regulation and Compliance (Thomson West, 2014 ed.) </li> <li id="cite_note-8"><a href="#cite_ref-8">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.reuters.com/business/hedge-fund-assets-hit-record-38-trillion-first-quarter-2021-04-21/">"Hedge fund assets hit record $3.8 trillion in first quarter"</a>. Reuters. 21 April 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210805145825/https://www.reuters.com/business/hedge-fund-assets-hit-record-38-trillion-first-quarter-2021-04-21/">Archived</a> from the original on 5 August 2021. Retrieved 5 August 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Reuters&rft.atitle=Hedge+fund+assets+hit+record+%243.8+trillion+in+first+quarter&rft.date=2021-04-21&rft_id=https%3A%2F%2Fwww.reuters.com%2Fbusiness%2Fhedge-fund-assets-hit-record-38-trillion-first-quarter-2021-04-21%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-9"><a href="#cite_ref-9">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140729140903/http://www.phrases.org.uk/meanings/hedge-your-bets.html">"Hedge your bets"</a>. The Phrase Finder. Archived from <a rel="nofollow" class="external text" href="http://www.phrases.org.uk/meanings/hedge-your-bets.html">the original</a> on 29 July 2014. Retrieved 25 July 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Phrase+Finder&rft.atitle=Hedge+your+bets&rft_id=http%3A%2F%2Fwww.phrases.org.uk%2Fmeanings%2Fhedge-your-bets.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Coggan_2010-10">^ <a href="#cite_ref-Coggan_2010_10-0">a</a> <a href="#cite_ref-Coggan_2010_10-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFCoggan2010" class="citation book cs1">Coggan, Philip (2010). Guide to Hedge Funds. London: Profile Books. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84668-382-4" title="Special:BookSources/978-1-84668-382-4"><bdi>978-1-84668-382-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Guide+to+Hedge+Funds&rft.place=London&rft.pub=Profile+Books&rft.date=2010&rft.isbn=978-1-84668-382-4&rft.aulast=Coggan&rft.aufirst=Philip&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-11"><a href="#cite_ref-11">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/h/hedgefund.asp">"Hedge Fund"</a>. Investopedia. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140728062639/http://www.investopedia.com/terms/h/hedgefund.asp">Archived</a> from the original on 28 July 2014. Retrieved 25 July 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Hedge+Fund&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fh%2Fhedgefund.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLaughner2014" class="citation web cs1">Laughner, B. (Spring 2014). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171117175314/https://www.questia.com/magazine/1P3-3351108591/the-graham-newman-collection">"The Graham-Newman Collection"</a>. Archived from <a rel="nofollow" class="external text" href="https://www.questia.com/magazine/1P3-3351108591/the-graham-newman-collection">the original</a> on 17 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Graham-Newman+Collection&rft.date=2014&rft.aulast=Laughner&rft.aufirst=B.&rft_id=https%3A%2F%2Fwww.questia.com%2Fmagazine%2F1P3-3351108591%2Fthe-graham-newman-collection&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-bloomberg.com-13"><a href="#cite_ref-bloomberg.com_13-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFCurrier2006" class="citation web cs1">Currier, Chet (29 September 2006). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131025132323/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1UhnH5DkE34">"Buffett Says Hedge Funds Are Older Than You Think"</a>. Bloomberg. Archived from <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1UhnH5DkE34">the original</a> on 25 October 2013. Retrieved 26 November 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Buffett+Says+Hedge+Funds+Are+Older+Than+You+Think&rft.pub=Bloomberg&rft.date=2006-09-29&rft.aulast=Currier&rft.aufirst=Chet&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3Dnewsarchive%26sid%3Da1UhnH5DkE34&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-janet-14"><a href="#cite_ref-janet_14-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFTavakoli2010" class="citation book cs1">Tavakoli, Janet (2010). Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street. Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-63242-0" title="Special:BookSources/978-0-470-63242-0"><bdi>978-0-470-63242-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Dear+Mr.+Buffett%3A+What+an+Investor+Learns+1%2C269+Miles+from+Wall+Street&rft.pub=Wiley&rft.date=2010&rft.isbn=978-0-470-63242-0&rft.aulast=Tavakoli&rft.aufirst=Janet&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Ubide-15">^ <a href="#cite_ref-Ubide_15-0">a</a> <a href="#cite_ref-Ubide_15-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFUbide2006" class="citation news cs1">Ubide, Angel (June 2006). <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/fandd/2006/06/basics.htm">"Demystifying Hedge Funds"</a>. Finance & Development. International Monetary Fund. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110628223927/http://www.imf.org/external/pubs/ft/fandd/2006/06/basics.htm">Archived</a> from the original on 28 June 2011. Retrieved 3 March 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Finance+%26+Development&rft.atitle=Demystifying+Hedge+Funds&rft.date=2006-06&rft.aulast=Ubide&rft.aufirst=Angel&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2006%2F06%2Fbasics.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Ineichen-16">^ <a href="#cite_ref-Ineichen_16-0">a</a> <a href="#cite_ref-Ineichen_16-1">b</a> <a href="#cite_ref-Ineichen_16-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFIneichen2002" class="citation book cs1">Ineichen, Alexander (2002). <a rel="nofollow" class="external text" href="https://archive.org/details/absolutereturnsr0000inei/page/8">Absolute Returns: the risks and opportunities of hedge fund investing</a>. John Wiley & Sons. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/absolutereturnsr0000inei/page/8">8–21</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-25120-0" title="Special:BookSources/978-0-471-25120-0"><bdi>978-0-471-25120-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Absolute+Returns%3A+the+risks+and+opportunities+of+hedge+fund+investing&rft.pages=8-21&rft.pub=John+Wiley+%26+Sons&rft.date=2002&rft.isbn=978-0-471-25120-0&rft.aulast=Ineichen&rft.aufirst=Alexander&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fabsolutereturnsr0000inei%2Fpage%2F8&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Anson-17"><a href="#cite_ref-Anson_17-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAnson2006" class="citation book cs1">Anson, Mark J.P. (2006). The Handbook of Alternative Assets. John Wiley & Sons. p. 36. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-98020-9" title="Special:BookSources/978-0-471-98020-9"><bdi>978-0-471-98020-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Handbook+of+Alternative+Assets&rft.pages=36&rft.pub=John+Wiley+%26+Sons&rft.date=2006&rft.isbn=978-0-471-98020-9&rft.aulast=Anson&rft.aufirst=Mark+J.P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Lhabitant-18"><a href="#cite_ref-Lhabitant_18-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). Handbook of Hedge Funds. John Wiley & Sons. p. 10. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=10&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-19"><a href="#cite_ref-19">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFPicker2021" class="citation news cs1">Picker, Leslie (28 June 2021). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2021/06/28/two-and-twenty-is-long-dead-hedge-fund-fees-fall-further-below-one-time-industry-standard.html">"Two and twenty is long dead. Hedge fund fees fall further below onetime industry standard"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. Retrieved 29 September 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNBC&rft.atitle=Two+and+twenty+is+long+dead.+Hedge+fund+fees+fall+further+below+onetime+industry+standard&rft.date=2021-06-28&rft.aulast=Picker&rft.aufirst=Leslie&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2021%2F06%2F28%2Ftwo-and-twenty-is-long-dead-hedge-fund-fees-fall-further-below-one-time-industry-standard.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-20"><a href="#cite_ref-20">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFNicholas2004" class="citation book cs1">Nicholas, Joseph G. (2004). Hedge funds of funds investing: an investor's guide. John Wiley & Sons. p. 11. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-57660-124-2" title="Special:BookSources/978-1-57660-124-2"><bdi>978-1-57660-124-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+funds+of+funds+investing%3A+an+investor%27s+guide&rft.pages=11&rft.pub=John+Wiley+%26+Sons&rft.date=2004&rft.isbn=978-1-57660-124-2&rft.aulast=Nicholas&rft.aufirst=Joseph+G.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/view/articles/2015-11-09/the-reason-pension-plans-stick-with-hedge-funds">"The Reason Pension Plans Stick With Hedge Funds"</a>. Bloomberg.com. 9 November 2015. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180410200241/https://www.bloomberg.com/view/articles/2015-11-09/the-reason-pension-plans-stick-with-hedge-funds">Archived</a> from the original on 10 April 2018. Retrieved 9 April 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=The+Reason+Pension+Plans+Stick+With+Hedge+Funds&rft.date=2015-11-09&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fview%2Farticles%2F2015-11-09%2Fthe-reason-pension-plans-stick-with-hedge-funds&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> For an example, see <a href="/wiki/Ontario_Teachers%27_Pension_Plan" title="Ontario Teachers' Pension Plan">Ontario Teachers' Pension Plan</a>, which has more than $150 million in <a href="/wiki/Pershing_Square_Capital_Management" title="Pershing Square Capital Management">Pershing Square</a> VI International, L.P., one of <a href="/wiki/Bill_Ackman" title="Bill Ackman">Bill Ackman's</a> funds. See full list of major investments here <a rel="nofollow" class="external autonumber" href="https://www.otpp.com/investments/performance/major-investments">[1]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180221235747/https://www.otpp.com/investments/performance/major-investments">Archived</a> 21 February 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHerbst-Bayliss2011" class="citation news cs1">Herbst-Bayliss, Svea (19 January 2011). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-hedgefunds-assets-idUSTRE70I6JY20110119">"Hedge fund industry assets swell to US$1.92 trillion"</a>. Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110603114957/http://www.reuters.com/article/2011/01/19/us-hedgefunds-assets-idUSTRE70I6JY20110119">Archived</a> from the original on 3 June 2011. Retrieved 22 April 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Hedge+fund+industry+assets+swell+to+US%241.92+trillion&rft.date=2011-01-19&rft.aulast=Herbst-Bayliss&rft.aufirst=Svea&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-hedgefunds-assets-idUSTRE70I6JY20110119&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-24"><a href="#cite_ref-24">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKishan2008" class="citation news cs1">Kishan, Saijel (27 November 2008). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601087&sid=atrq052in_gE&refer=home">"Satellite Halts Hedge Fund Withdrawals, Fires 30 After Losses"</a>. Bloomberg. 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Retrieved 12 August 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Bridgewater+Goes+Large&rft.date=2011-06-22&rft.aulast=Corkery&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052702304887904576399983107988642&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrasbergEder2011" class="citation news cs1">Strasberg, Jenny; Eder, Steve (18 April 2011). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052748704204604576269114056530484">"Hedge Funds Bounce Back"</a>. <a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a> Online. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150611092258/http://www.wsj.com/articles/SB10001424052748704204604576269114056530484">Archived</a> from the original on 11 June 2015. Retrieved 22 April 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal+Online&rft.atitle=Hedge+Funds+Bounce+Back&rft.date=2011-04-18&rft.aulast=Strasberg&rft.aufirst=Jenny&rft.au=Eder%2C+Steve&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052748704204604576269114056530484&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Williamson-28"><a href="#cite_ref-Williamson_28-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pionline.com/article/20110210/DAILYREG/110219980">"Institutional Share Growing For Hedge Funds"</a>. FINalternatives. 10 February 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120318085518/http://www.pionline.com/article/20110210/DAILYREG/110219980">Archived</a> from the original on 18 March 2012. Retrieved 10 March 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FINalternatives&rft.atitle=Institutional+Share+Growing+For+Hedge+Funds&rft.date=2011-02-10&rft_id=http%3A%2F%2Fwww.pionline.com%2Farticle%2F20110210%2FDAILYREG%2F110219980&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-29"><a href="#cite_ref-29">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pionline.com/article/20110919/PRINTSUB/110919925">"Updated The biggest hedge funds – Pensions & Investments"</a>. Pionline.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111019214820/http://www.pionline.com/article/20110919/PRINTSUB/110919925">Archived</a> from the original on 19 October 2011. Retrieved 14 August 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Updated+The+biggest+hedge+funds+%E2%80%93+Pensions+%26+Investments&rft.pub=Pionline.com&rft_id=http%3A%2F%2Fwww.pionline.com%2Farticle%2F20110919%2FPRINTSUB%2F110919925&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMcCrum2012" class="citation news cs1">McCrum, Dan (30 March 2012). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2012/03/30/dalio-earns-39bn-to-top-hedge-fund-pay-list.html">"Dalio Earns $3.9bn to Top Hedge Fund Pay List"</a>. The Financial Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130527033012/https://www.cnbc.com/id/46901989/Dalio_Earns_3_9bn_to_Top_Hedge_Fund_Pay_List">Archived</a> from the original on 27 May 2013. Retrieved 14 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Financial+Times&rft.atitle=Dalio+Earns+%243.9bn+to+Top+Hedge+Fund+Pay+List&rft.date=2012-03-30&rft.aulast=McCrum&rft.aufirst=Dan&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2012%2F03%2F30%2Fdalio-earns-39bn-to-top-hedge-fund-pay-list.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFVardi2012" class="citation news cs1">Vardi, Nathan (3 March 2012). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/nathanvardi/2012/03/01/the-40-highest-earning-hedge-fund-managers-3/2/">"The 40 Highest-Earning Hedge Fund Managers"</a>. Forbes. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120602191743/http://www.forbes.com/sites/nathanvardi/2012/03/01/the-40-highest-earning-hedge-fund-managers-3/2/">Archived</a> from the original on 2 June 2012. Retrieved 14 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=The+40+Highest-Earning+Hedge+Fund+Managers&rft.date=2012-03-03&rft.aulast=Vardi&rft.aufirst=Nathan&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fnathanvardi%2F2012%2F03%2F01%2Fthe-40-highest-earning-hedge-fund-managers-3%2F2%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRobleh2012" class="citation news cs1">Robleh, Amel (5 March 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120829095258/http://www.absolutereturn-alpha.com/Article/2988498/Research-and-Rankings-Billion-Dollar-Club/Billion-Dollar-Club.html">"Billion dollar club"</a>. Absolute Return. Archived from <a rel="nofollow" class="external text" href="http://www.absolutereturn-alpha.com/Article/2988498/Research-and-Rankings-Billion-Dollar-Club/Billion-Dollar-Club.html">the original</a> on 29 August 2012. Retrieved 14 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Absolute+Return&rft.atitle=Billion+dollar+club&rft.date=2012-03-05&rft.aulast=Robleh&rft.aufirst=Amel&rft_id=http%3A%2F%2Fwww.absolutereturn-alpha.com%2FArticle%2F2988498%2FResearch-and-Rankings-Billion-Dollar-Club%2FBillion-Dollar-Club.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Chung-33"><a href="#cite_ref-Chung_33-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFChung2012" class="citation news cs1">Chung, Juliet (19 April 2012). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052702304331204577354043852093400">"Hedge-Fund Assets Rise to Record Level"</a>. The Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150611043844/http://www.wsj.com/articles/SB10001424052702304331204577354043852093400">Archived</a> from the original on 11 June 2015. Retrieved 14 June 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Hedge-Fund+Assets+Rise+to+Record+Level&rft.date=2012-04-19&rft.aulast=Chung&rft.aufirst=Juliet&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052702304331204577354043852093400&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-34"><a href="#cite_ref-34">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/9e7ce258-0c8d-11e6-9456-444ab5211a2f">"Daniel Loeb warns of hedge fund 'killing field'"</a>. Financial Times. 27 April 2016. <a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/https://www.ft.com/content/9e7ce258-0c8d-11e6-9456-444ab5211a2f">Archived</a> from the original on 10 December 2022. Retrieved 26 April 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Daniel+Loeb+warns+of+hedge+fund+%27killing+field%27&rft.date=2016-04-27&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F9e7ce258-0c8d-11e6-9456-444ab5211a2f&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-35"><a href="#cite_ref-35">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2019-06-28/hedge-funds-ranks-shrink-again-as-closings-outnumber-launches">"Hedge Funds' Ranks Shrink Again as Closings Outnumber Launches – Bloomberg"</a>. <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>. 28 June 2019. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201116082727/https://www.bloomberg.com/news/articles/2019-06-28/hedge-funds-ranks-shrink-again-as-closings-outnumber-launches">Archived</a> from the original on 16 November 2020. 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(2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ic75IjNy4mQC&q=limited+partnership+general+partner+manages+assets">CAIA Level I: An Introduction to Core Topics in Alternative Investments</a>. Wiley. pp. 22–23. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-44702-4" title="Special:BookSources/978-0-470-44702-4"><bdi>978-0-470-44702-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=CAIA+Level+I%3A+An+Introduction+to+Core+Topics+in+Alternative+Investments&rft.pages=%3Cspan+class%3D%22nowrap%22%3E22-%3C%2Fspan%3E23&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-44702-4&rft.aulast=Anson&rft.aufirst=Mark+J.+P.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dic75IjNy4mQC%26q%3Dlimited%2Bpartnership%2Bgeneral%2Bpartner%2Bmanages%2Bassets&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Stowell-126"><a href="#cite_ref-Stowell_126-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStowell2012" class="citation book cs1">Stowell, David (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=B5624MOzmHwC&q=prime+broker+hedge+funds+investment+banks&pg=PT275">Investment Banks, Hedge Funds, and Private Equity</a>. Academic Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-415820-7" title="Special:BookSources/978-0-12-415820-7"><bdi>978-0-12-415820-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity&rft.pub=Academic+Press&rft.date=2012&rft.isbn=978-0-12-415820-7&rft.aulast=Stowell&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DB5624MOzmHwC%26q%3Dprime%2Bbroker%2Bhedge%2Bfunds%2Binvestment%2Bbanks%26pg%3DPT275&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Stowell4-127"><a href="#cite_ref-Stowell4_127-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStowell2010" class="citation book cs1">Stowell, David (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=5G5pj7SRIwMC&q=Prime+brokers+are+usually+divisions+of+large+investment+banks&pg=PA101">An Introduction to Investment Banks, Hedge Funds, and Private Equity</a>. Academic Press. p. 101. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-374503-3" title="Special:BookSources/978-0-12-374503-3"><bdi>978-0-12-374503-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity&rft.pages=101&rft.pub=Academic+Press&rft.date=2010&rft.isbn=978-0-12-374503-3&rft.aulast=Stowell&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D5G5pj7SRIwMC%26q%3DPrime%2Bbrokers%2Bare%2Busually%2Bdivisions%2Bof%2Blarge%2Binvestment%2Bbanks%26pg%3DPA101&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Athanassiou-128"><a href="#cite_ref-Athanassiou_128-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAthanassiou2012" class="citation book cs1">Athanassiou, Phoebus (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zcgH-EBCa48C&q=prime+broker+counterparty+derivative+contracts&pg=PA283">Research Handbook on Hedge Funds, Private Equity and Alternative Investments</a>. Edward Elgar Publishing. p. 283. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84980-278-9" title="Special:BookSources/978-1-84980-278-9"><bdi>978-1-84980-278-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Research+Handbook+on+Hedge+Funds%2C+Private+Equity+and+Alternative+Investments&rft.pages=283&rft.pub=Edward+Elgar+Publishing&rft.date=2012&rft.isbn=978-1-84980-278-9&rft.aulast=Athanassiou&rft.aufirst=Phoebus&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzcgH-EBCa48C%26q%3Dprime%2Bbroker%2Bcounterparty%2Bderivative%2Bcontracts%26pg%3DPA283&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Fabozzi-129"><a href="#cite_ref-Fabozzi_129-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFabozzi2008" class="citation book cs1">Fabozzi, Frank J. (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=7LOD1CmBD-cC&q=prime+broker+lending+securities&pg=PA749">Handbook of Finance, Financial Markets and Instruments</a>. Wiley. p. 749. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-07814-3" title="Special:BookSources/978-0-470-07814-3"><bdi>978-0-470-07814-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Finance%2C+Financial+Markets+and+Instruments&rft.pages=749&rft.pub=Wiley&rft.date=2008&rft.isbn=978-0-470-07814-3&rft.aulast=Fabozzi&rft.aufirst=Frank+J.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D7LOD1CmBD-cC%26q%3Dprime%2Bbroker%2Blending%2Bsecurities%26pg%3DPA749&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Lhabitant3-130">^ <a href="#cite_ref-Lhabitant3_130-0">a</a> <a href="#cite_ref-Lhabitant3_130-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=prime+broker+custodial&pg=SA4-PA2">Handbook of Hedge Funds</a>. John Wiley & Sons. pp. 1–4. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E4&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dprime%2Bbroker%2Bcustodial%26pg%3DSA4-PA2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-autogenerateda-131">^ <a href="#cite_ref-autogenerateda_131-0">a</a> <a href="#cite_ref-autogenerateda_131-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://files.irishfunds.ie/1433105561-2009-9-guide-to-sound-practices-for-hedge-fund-administrators.pdf">"Guide to Sound Practices for Hedge Fund Administrators"</a> (PDF). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171202125611/https://files.irishfunds.ie/1433105561-2009-9-guide-to-sound-practices-for-hedge-fund-administrators.pdf">Archived</a> (PDF) from the original on 2 December 2017. Retrieved 7 February 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Guide+to+Sound+Practices+for+Hedge+Fund+Administrators&rft_id=http%3A%2F%2Ffiles.irishfunds.ie%2F1433105561-2009-9-guide-to-sound-practices-for-hedge-fund-administrators.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-132"><a href="#cite_ref-132">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.iomfsa.im/media/2320/soundpracticeguidelines.pdf">"Sound Practice Guidelines for Administrators of Alternative Funds including Experienced Investor Funds in the Isle of Man"</a> (PDF). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190207015409/https://www.iomfsa.im/media/2320/soundpracticeguidelines.pdf">Archived</a> (PDF) from the original on 7 February 2019. Retrieved 7 February 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Sound+Practice+Guidelines+for+Administrators+of+Alternative+Funds+including+Experienced+Investor+Funds+in+the+Isle+of+Man&rft_id=https%3A%2F%2Fwww.iomfsa.im%2Fmedia%2F2320%2Fsoundpracticeguidelines.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-autogeneratedb-133">^ <a href="#cite_ref-autogeneratedb_133-0">a</a> <a href="#cite_ref-autogeneratedb_133-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nixonpeabody.com/en/ideas/articles/2016/05/10/madoff-anwar-case-with-235-million-in-settlement-monies-finally-comes-to-a-close">"Madoff Anwar case, with $235 million in settlement monies, finally comes to a close"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190207015945/https://www.nixonpeabody.com/en/ideas/articles/2016/05/10/madoff-anwar-case-with-235-million-in-settlement-monies-finally-comes-to-a-close">Archived</a> from the original on 7 February 2019. Retrieved 7 February 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Madoff+Anwar+case%2C+with+%24235+million+in+settlement+monies%2C+finally+comes+to+a+close&rft_id=https%3A%2F%2Fwww.nixonpeabody.com%2Fen%2Fideas%2Farticles%2F2016%2F05%2F10%2Fmadoff-anwar-case-with-235-million-in-settlement-monies-finally-comes-to-a-close&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-autogeneratedc-134">^ <a href="#cite_ref-autogeneratedc_134-0">a</a> <a href="#cite_ref-autogeneratedc_134-1">b</a> <a rel="nofollow" class="external text" href="https://www.law360.com/articles/691802/the-citco-settlement-and-what-lies-ahead-for-pwc">"The Citco Settlement And What Lies Ahead For PwC"</a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190207020039/https://www.law360.com/articles/691802/the-citco-settlement-and-what-lies-ahead-for-pwc">Archived</a> 7 February 2019 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Law360. </li> <li id="cite_note-Lhabitant2-135"><a href="#cite_ref-Lhabitant2_135-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=hedge+fund+administrator+back+office&pg=SA4-PA7">Handbook of Hedge Funds</a>. John Wiley & Sons. p. 4-2. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=4-2&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dhedge%2Bfund%2Badministrator%2Bback%2Boffice%26pg%3DSA4-PA7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-BusinessKnowledge2-136"><a href="#cite_ref-BusinessKnowledge2_136-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=uI-cJ0ZAf5sC&q=hedge+fund+administrator+subscription&pg=PA121">Business Knowledge for IT in Hedge Funds</a>. Essvale Corporation Limited. 2008. p. 121. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9554124-5-5" title="Special:BookSources/978-0-9554124-5-5"><bdi>978-0-9554124-5-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Business+Knowledge+for+IT+in+Hedge+Funds&rft.pages=121&rft.pub=Essvale+Corporation+Limited&rft.date=2008&rft.isbn=978-0-9554124-5-5&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DuI-cJ0ZAf5sC%26q%3Dhedge%2Bfund%2Badministrator%2Bsubscription%26pg%3DPA121&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Vishwanath-137"><a href="#cite_ref-Vishwanath_137-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFVishwanathKrishnamurti2009" class="citation book cs1">Vishwanath, Ramanna; Krishnamurti, Chandrasekhar (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=oowq_PkME3UC&q=hedge+fund+administrator+subscription&pg=PA596">Investment Management: A Modern Guide to Security Analysis and Stock Selection</a>. Springer. p. 596. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-540-88801-7" title="Special:BookSources/978-3-540-88801-7"><bdi>978-3-540-88801-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investment+Management%3A+A+Modern+Guide+to+Security+Analysis+and+Stock+Selection&rft.pages=596&rft.pub=Springer&rft.date=2009&rft.isbn=978-3-540-88801-7&rft.aulast=Vishwanath&rft.aufirst=Ramanna&rft.au=Krishnamurti%2C+Chandrasekhar&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Doowq_PkME3UC%26q%3Dhedge%2Bfund%2Badministrator%2Bsubscription%26pg%3DPA596&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Nelken-138">^ <a href="#cite_ref-Nelken_138-0">a</a> <a href="#cite_ref-Nelken_138-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFNelken2005" class="citation book cs1">Nelken, Izzy (2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Hn_Qg43bKX8C&q=hedge+fund+administrator+NAV+US+investment+manager&pg=PA51">Hedge Fund Investment Management</a>. Butterworth-Heinemann. p. 51. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7506-6007-5" title="Special:BookSources/978-0-7506-6007-5"><bdi>978-0-7506-6007-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Fund+Investment+Management&rft.pages=51&rft.pub=Butterworth-Heinemann&rft.date=2005&rft.isbn=978-0-7506-6007-5&rft.aulast=Nelken&rft.aufirst=Izzy&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHn_Qg43bKX8C%26q%3Dhedge%2Bfund%2Badministrator%2BNAV%2BUS%2Binvestment%2Bmanager%26pg%3DPA51&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Jorian-139"><a href="#cite_ref-Jorian_139-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFJorion2009" class="citation book cs1">Jorion, Philippe (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=bGQxlDjujmMC&q=Hedge+fund+NAV+outside+of+US+investment+manager&pg=PA421">Financial Risk Manager Handbook</a>. Wiley. p. 421. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-47961-2" title="Special:BookSources/978-0-470-47961-2"><bdi>978-0-470-47961-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+Risk+Manager+Handbook&rft.pages=421&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-47961-2&rft.aulast=Jorion&rft.aufirst=Philippe&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DbGQxlDjujmMC%26q%3DHedge%2Bfund%2BNAV%2Boutside%2Bof%2BUS%2Binvestment%2Bmanager%26pg%3DPA421&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-StrachmanAudit-140"><a href="#cite_ref-StrachmanAudit_140-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2012" class="citation book cs1">Strachman, Daniel A. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4YsogxfEsNQC&pg=PA187">The Fundamentals of Hedge Fund Management</a>. Wiley. p. 187. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-15139-6" title="Special:BookSources/978-1-118-15139-6"><bdi>978-1-118-15139-6</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160810014719/https://books.google.com/books?id=4YsogxfEsNQC&pg=PA187">Archived</a> from the original on 10 August 2016. Retrieved 11 March 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management&rft.pages=187&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-15139-6&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4YsogxfEsNQC%26pg%3DPA187&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Agarwal-141"><a href="#cite_ref-Agarwal_141-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAgarwal2009" class="citation book cs1">Agarwal, Monty (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=IvWcNW4r4PUC&pg=PA66">The Future of Hedge Fund Investing: A Regulatory and Structural Solution for a Fallen Industry</a>. Wiley. pp. 65–66. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-53744-2" title="Special:BookSources/978-0-470-53744-2"><bdi>978-0-470-53744-2</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160811060405/https://books.google.com/books?id=IvWcNW4r4PUC&pg=PA66">Archived</a> from the original on 11 August 2016. Retrieved 11 March 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Future+of+Hedge+Fund+Investing%3A+A+Regulatory+and+Structural+Solution+for+a+Fallen+Industry&rft.pages=%3Cspan+class%3D%22nowrap%22%3E65-%3C%2Fspan%3E66&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-53744-2&rft.aulast=Agarwal&rft.aufirst=Monty&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DIvWcNW4r4PUC%26pg%3DPA66&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-142"><a href="#cite_ref-142">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFScharfman2009" class="citation book cs1">Scharfman, Jason A. (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=32cGd1V4A5sC&pg=PT32">Hedge Fund Operational Due Diligence: Understanding the Risks</a>. Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-37234-0" title="Special:BookSources/978-0-470-37234-0"><bdi>978-0-470-37234-0</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160810032244/https://books.google.com/books?id=32cGd1V4A5sC&pg=PT32">Archived</a> from the original on 10 August 2016. Retrieved 11 March 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Fund+Operational+Due+Diligence%3A+Understanding+the+Risks&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-37234-0&rft.aulast=Scharfman&rft.aufirst=Jason+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D32cGd1V4A5sC%26pg%3DPT32&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-StrachmanHedgeNAV-143"><a href="#cite_ref-StrachmanHedgeNAV_143-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2012" class="citation book cs1">Strachman, Daniel A. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4YsogxfEsNQC&q=hedge+fund+auditor+all+NAVs&pg=PA187">The Fundamentals of Hedge Fund Management</a>. Wiley. p. 187. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-15139-6" title="Special:BookSources/978-1-118-15139-6"><bdi>978-1-118-15139-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management&rft.pages=187&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-15139-6&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4YsogxfEsNQC%26q%3Dhedge%2Bfund%2Bauditor%2Ball%2BNAVs%26pg%3DPA187&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-FATCA-144"><a href="#cite_ref-FATCA_144-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pwc.com/en_US/us/asset-management/investment-management/publications/assets/pwc-fatca-proposed-regulations.pdf">"Foreign Account Tax Compliance Act (FATCA) Proposed Treasury Regulations"</a> (PDF). PricewaterhouseCoopers LLP. p. 153. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130608070657/http://www.pwc.com/en_US/us/asset-management/investment-management/publications/assets/pwc-fatca-proposed-regulations.pdf">Archived</a> (PDF) from the original on 8 June 2013. Retrieved 31 October 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Foreign+Account+Tax+Compliance+Act+%28FATCA%29+Proposed+Treasury+Regulations&rft.pages=153&rft.pub=PricewaterhouseCoopers+LLP&rft_id=http%3A%2F%2Fwww.pwc.com%2Fen_US%2Fus%2Fasset-management%2Finvestment-management%2Fpublications%2Fassets%2Fpwc-fatca-proposed-regulations.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2011" class="citation book cs1">Strachman, Daniel A. (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mCRSNZ40v6MC&q=placement+agents+hedge+fund&pg=PT158">AARP Getting Started in Hedge Funds: From Launching a Hedge Fund to New Regulation, the Use of Leverage, and Top Manager Profiles</a>. Wiley. p. 93. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-24172-1" title="Special:BookSources/978-1-118-24172-1"><bdi>978-1-118-24172-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=AARP+Getting+Started+in+Hedge+Funds%3A+From+Launching+a+Hedge+Fund+to+New+Regulation%2C+the+Use+of+Leverage%2C+and+Top+Manager+Profiles&rft.pages=93&rft.pub=Wiley&rft.date=2011&rft.isbn=978-1-118-24172-1&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DmCRSNZ40v6MC%26q%3Dplacement%2Bagents%2Bhedge%2Bfund%26pg%3DPT158&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Nelken2-146"><a href="#cite_ref-Nelken2_146-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFNelken2005" class="citation book cs1">Nelken, Izzy (2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Hn_Qg43bKX8C&q=hedge+fund+marketing+investor+broker&pg=PA93">Hedge Fund Investment Management</a>. Butterworth-Heinemann. p. 51. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7506-6007-5" title="Special:BookSources/978-0-7506-6007-5"><bdi>978-0-7506-6007-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Fund+Investment+Management&rft.pages=51&rft.pub=Butterworth-Heinemann&rft.date=2005&rft.isbn=978-0-7506-6007-5&rft.aulast=Nelken&rft.aufirst=Izzy&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHn_Qg43bKX8C%26q%3Dhedge%2Bfund%2Bmarketing%2Binvestor%2Bbroker%26pg%3DPA93&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Fraser-Sampson-147">^ <a href="#cite_ref-Fraser-Sampson_147-0">a</a> <a href="#cite_ref-Fraser-Sampson_147-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFFraser-Sampson2010" class="citation book cs1">Fraser-Sampson, Guy (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=AA017P5CIssC&q=hedge+fund+legal+structure+offshore&pg=PA112">Alternative Assets: Investments for a Post-Crisis World</a>. Wiley. p. 112. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-66137-6" title="Special:BookSources/978-0-470-66137-6"><bdi>978-0-470-66137-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Alternative+Assets%3A+Investments+for+a+Post-Crisis+World&rft.pages=112&rft.pub=Wiley&rft.date=2010&rft.isbn=978-0-470-66137-6&rft.aulast=Fraser-Sampson&rft.aufirst=Guy&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DAA017P5CIssC%26q%3Dhedge%2Bfund%2Blegal%2Bstructure%2Boffshore%26pg%3DPA112&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Anson2-148"><a href="#cite_ref-Anson2_148-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAnson2009" class="citation book cs1">Anson, Mark J. P. (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Hqgyll9MgkcC&q=hedge+fund+domicile+legal+structure&pg=PA174">CAIA Level I: An Introduction to Core Topics in Alternative Investments</a>. Wiley. pp. 174–175. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-44702-4" title="Special:BookSources/978-0-470-44702-4"><bdi>978-0-470-44702-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=CAIA+Level+I%3A+An+Introduction+to+Core+Topics+in+Alternative+Investments&rft.pages=%3Cspan+class%3D%22nowrap%22%3E174-%3C%2Fspan%3E175&rft.pub=Wiley&rft.date=2009&rft.isbn=978-0-470-44702-4&rft.aulast=Anson&rft.aufirst=Mark+J.+P.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHqgyll9MgkcC%26q%3Dhedge%2Bfund%2Bdomicile%2Blegal%2Bstructure%26pg%3DPA174&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-StrachmanHedge-149"><a href="#cite_ref-StrachmanHedge_149-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2012" class="citation book cs1">Strachman, Daniel A. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4YsogxfEsNQC&q=Offshore+funds+withholding+taxes+capital+gains&pg=PA88">The Fundamentals of Hedge Fund Management</a>. Wiley. pp. 88–89. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-15139-6" title="Special:BookSources/978-1-118-15139-6"><bdi>978-1-118-15139-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management&rft.pages=%3Cspan+class%3D%22nowrap%22%3E88-%3C%2Fspan%3E89&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-15139-6&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4YsogxfEsNQC%26q%3DOffshore%2Bfunds%2Bwithholding%2Btaxes%2Bcapital%2Bgains%26pg%3DPA88&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-StrachmanHedge2-150">^ <a href="#cite_ref-StrachmanHedge2_150-0">a</a> <a href="#cite_ref-StrachmanHedge2_150-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2012" class="citation book cs1">Strachman, Daniel A. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4YsogxfEsNQC&q=offshore+funds+pension+plan+endowment&pg=PA54">The Fundamentals of Hedge Fund Management</a>. Wiley. pp. 52–54. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-15139-6" title="Special:BookSources/978-1-118-15139-6"><bdi>978-1-118-15139-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management&rft.pages=%3Cspan+class%3D%22nowrap%22%3E52-%3C%2Fspan%3E54&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-15139-6&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4YsogxfEsNQC%26q%3Doffshore%2Bfunds%2Bpension%2Bplan%2Bendowment%26pg%3DPA54&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Muraleedharan-151"><a href="#cite_ref-Muraleedharan_151-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMuraleedharan2009" class="citation book cs1">Muraleedharan, D. (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=RX_dLGtIE3AC&q=Muraleedharan+offshore+funds+cross-border&pg=PA162">Modern Banking: Theory and Practice</a>. Wiley. p. 162. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-81-203-3655-1" title="Special:BookSources/978-81-203-3655-1"><bdi>978-81-203-3655-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Modern+Banking%3A+Theory+and+Practice&rft.pages=162&rft.pub=Wiley&rft.date=2009&rft.isbn=978-81-203-3655-1&rft.aulast=Muraleedharan&rft.aufirst=D.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DRX_dLGtIE3AC%26q%3DMuraleedharan%2Boffshore%2Bfunds%2Bcross-border%26pg%3DPA162&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Stowell2-152"><a href="#cite_ref-Stowell2_152-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStowell2010" class="citation book cs1">Stowell, David (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=5G5pj7SRIwMC&q=offshore+funds+tax+fee+investment+manager&pg=PA267">An Introduction to Investment Banks, Hedge Funds, and Private Equity</a>. Academic Press. p. 267. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-374503-3" title="Special:BookSources/978-0-12-374503-3"><bdi>978-0-12-374503-3</bdi></a>. <q>For offshore funds, the fund pays management and incentive feeds to the management company (which is taxed as ordinary income.)</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity&rft.pages=267&rft.pub=Academic+Press&rft.date=2010&rft.isbn=978-0-12-374503-3&rft.aulast=Stowell&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D5G5pj7SRIwMC%26q%3Doffshore%2Bfunds%2Btax%2Bfee%2Binvestment%2Bmanager%26pg%3DPA267&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-TheCityUk-153">^ <a href="#cite_ref-TheCityUk_153-0">a</a> <a href="#cite_ref-TheCityUk_153-1">b</a> <a href="#cite_ref-TheCityUk_153-2">c</a> <a href="#cite_ref-TheCityUk_153-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFTheCityUK2012" class="citation web cs1">TheCityUK (2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120615164309/http://www.thecityuk.com/assets/Uploads/Hedge-Funds-2012-F.pdf">"Hedge Funds: March 2012"</a> (PDF). Jersey Finance. p. 4. Archived from <a rel="nofollow" class="external text" href="http://www.thecityuk.com/assets/Uploads/Hedge-Funds-2012-F.pdf">the original</a> (PDF) on 15 June 2012. Retrieved 12 October 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Hedge+Funds%3A+March+2012&rft.pages=4&rft.pub=Jersey+Finance&rft.date=2012&rft.au=TheCityUK&rft_id=http%3A%2F%2Fwww.thecityuk.com%2Fassets%2FUploads%2FHedge-Funds-2012-F.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-154"><a href="#cite_ref-154">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFO'Brien" class="citation web cs1">O'Brien, Matt. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220705114203/http://www1.realclearmarkets.com/2012/02/01/carried_interest_the_scam_of_all_scams_123053.html">"Carried Interest: The Scam of All Scams"</a>. Archived from <a rel="nofollow" class="external text" href="http://www1.realclearmarkets.com/2012/02/01/carried_interest_the_scam_of_all_scams_123053.html">the original</a> on 5 July 2022. Retrieved 1 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Carried+Interest%3A+The+Scam+of+All+Scams&rft.aulast=O%27Brien&rft.aufirst=Matt&rft_id=http%3A%2F%2Fwww1.realclearmarkets.com%2F2012%2F02%2F01%2Fcarried_interest_the_scam_of_all_scams_123053.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-NYT_2015_dec_30-155"><a href="#cite_ref-NYT_2015_dec_30_155-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFScheiber,_NoamCohendec,_Patricia2015" class="citation news cs1">Scheiber, Noam; Cohendec, Patricia (29 December 2015). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html?emc=edit_na_20151229&nlid=50121183&ref=headline&_r=0">"For the Wealthiest, a Private Tax System That Saves Them Billions: The very richest are able to quietly shape tax policy that will allow them to shield billions in income"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170709065645/https://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html?emc=edit_na_20151229&nlid=50121183&ref=headline&_r=0">Archived</a> from the original on 9 July 2017. Retrieved 31 December 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=For+the+Wealthiest%2C+a+Private+Tax+System+That+Saves+Them+Billions%3A+The+very+richest+are+able+to+quietly+shape+tax+policy+that+will+allow+them+to+shield+billions+in+income&rft.date=2015-12-29&rft.au=Scheiber%2C+Noam&rft.au=Cohendec%2C+Patricia&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2015%2F12%2F30%2Fbusiness%2Feconomy%2Ffor-the-wealthiest-private-tax-system-saves-them-billions.html%3Femc%3Dedit_na_20151229%26nlid%3D50121183%26ref%3Dheadline%26_r%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-NYT_2015_07-156">^ <a href="#cite_ref-NYT_2015_07_156-0">a</a> <a href="#cite_ref-NYT_2015_07_156-1">b</a> <a href="#cite_ref-NYT_2015_07_156-2">c</a> <a href="#cite_ref-NYT_2015_07_156-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStevenson,_Alexandra2015" class="citation news cs1">Stevenson, Alexandra (8 July 2015). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2015/07/09/business/dealbook/irs-cracks-down-on-hedge-fund-tax-strategy.html?action=click&contentCollection=Economy&module=RelatedCoverage&region=Marginalia&pgtype=article">"I.R.S. Cracks Down on Hedge Fund Tax Strategy"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160103012026/http://www.nytimes.com/2015/07/09/business/dealbook/irs-cracks-down-on-hedge-fund-tax-strategy.html?action=click&contentCollection=Economy&module=RelatedCoverage&region=Marginalia&pgtype=article">Archived</a> from the original on 3 January 2016. Retrieved 31 December 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=I.R.S.+Cracks+Down+on+Hedge+Fund+Tax+Strategy&rft.date=2015-07-08&rft.au=Stevenson%2C+Alexandra&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2015%2F07%2F09%2Fbusiness%2Fdealbook%2Firs-cracks-down-on-hedge-fund-tax-strategy.html%3Faction%3Dclick%26contentCollection%3DEconomy%26module%3DRelatedCoverage%26region%3DMarginalia%26pgtype%3Darticle&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-SECDoddFrank-157"><a href="#cite_ref-SECDoddFrank_157-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/divisions/investment/imissues/df-iaregistration.pdf">"Dodd-Frank Act Changes to Investment Adviser Registration Requirements – Preliminary Results"</a> (PDF). Securities and Exchange Commission. 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121114122257/http://www.sec.gov/divisions/investment/imissues/df-iaregistration.pdf">Archived</a> (PDF) from the original on 14 November 2012. Retrieved 18 October 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Dodd-Frank+Act+Changes+to+Investment+Adviser+Registration+Requirements+%E2%80%93+Preliminary+Results&rft.pub=Securities+and+Exchange+Commission&rft.date=2012&rft_id=https%3A%2F%2Fwww.sec.gov%2Fdivisions%2Finvestment%2Fimissues%2Fdf-iaregistration.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Satyajit-158"><a href="#cite_ref-Satyajit_158-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFDas2011" class="citation book cs1"><a href="/wiki/Satyajit_Das" title="Satyajit Das">Das, Satyajit</a> (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=P1_mrWcDdxgC&q=hedge+fund+new+york+connecticut&pg=PA80">Extreme Money: Masters of the Universe and the Cult of Risk</a>. FT Press. pp. 79–80. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-279007-9" title="Special:BookSources/978-0-13-279007-9"><bdi>978-0-13-279007-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Extreme+Money%3A+Masters+of+the+Universe+and+the+Cult+of+Risk&rft.pages=%3Cspan+class%3D%22nowrap%22%3E79-%3C%2Fspan%3E80&rft.pub=FT+Press&rft.date=2011&rft.isbn=978-0-13-279007-9&rft.aulast=Das&rft.aufirst=Satyajit&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DP1_mrWcDdxgC%26q%3Dhedge%2Bfund%2Bnew%2Byork%2Bconnecticut%26pg%3DPA80&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-159"><a href="#cite_ref-159">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/6ca79298-8892-357c-ae24-d5e600195457">"Esma tells EU to stay vigilant of hedge fund relocation after Brexit"</a>. FT (Financial Times). 13 July 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171107011913/https://www.ft.com/content/6ca79298-8892-357c-ae24-d5e600195457">Archived</a> from the original on 7 November 2017. Retrieved 30 October 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FT+%28Financial+Times%29&rft.atitle=Esma+tells+EU+to+stay+vigilant+of+hedge+fund+relocation+after+Brexit&rft.date=2017-07-13&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F6ca79298-8892-357c-ae24-d5e600195457&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-160"><a href="#cite_ref-160">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/5d03a36a-436b-11e6-9b66-0712b3873ae1">"Hedge funds and buyout groups look at leaving London"</a>. FT (Financial Times). 6 July 2016. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171010212020/https://www.ft.com/content/5d03a36a-436b-11e6-9b66-0712b3873ae1">Archived</a> from the original on 10 October 2017. Retrieved 30 October 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FT+%28Financial+Times%29&rft.atitle=Hedge+funds+and+buyout+groups+look+at+leaving+London&rft.date=2016-07-06&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F5d03a36a-436b-11e6-9b66-0712b3873ae1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Lhabitant5-161"><a href="#cite_ref-Lhabitant5_161-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=asia+hedge+funds&pg=SA2-PA59">Handbook of Hedge Funds</a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dasia%2Bhedge%2Bfunds%26pg%3DSA2-PA59&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Nichols-162">^ <a href="#cite_ref-Nichols_162-0">a</a> <a href="#cite_ref-Nichols_162-1">b</a> <a href="#cite_ref-Nichols_162-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFNicholas2005" class="citation book cs1">Nicholas, Joseph G. (2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=t7RFuEqfipwC&q=entity+level+tax&pg=PA40">Investing in Hedge Funds, Revised and Updated Edition</a>. Bloomberg Press. pp. 40–41. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-57660-184-6" title="Special:BookSources/978-1-57660-184-6"><bdi>978-1-57660-184-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Investing+in+Hedge+Funds%2C+Revised+and+Updated+Edition&rft.pages=%3Cspan+class%3D%22nowrap%22%3E40-%3C%2Fspan%3E41&rft.pub=Bloomberg+Press&rft.date=2005&rft.isbn=978-1-57660-184-6&rft.aulast=Nicholas&rft.aufirst=Joseph+G.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dt7RFuEqfipwC%26q%3Dentity%2Blevel%2Btax%26pg%3DPA40&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-Lhabitant411-163"><a href="#cite_ref-Lhabitant411_163-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=limited+liability+entity+hedge+fund+partner&pg=SA2-PA64">Handbook of Hedge Funds</a>. John Wiley & Sons. p. 4.1.1. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=4.1.1&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dlimited%2Bliability%2Bentity%2Bhedge%2Bfund%2Bpartner%26pg%3DSA2-PA64&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-BusinessKnowledge124-164"><a href="#cite_ref-BusinessKnowledge124_164-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation book cs1"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=uI-cJ0ZAf5sC&q=limited+liability+entity+hedge+fund+partner&pg=PA124">Business Knowledge for IT in Hedge Funds</a>. Essvale Corporation Limited. 2008. p. 124. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9554124-5-5" title="Special:BookSources/978-0-9554124-5-5"><bdi>978-0-9554124-5-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Business+Knowledge+for+IT+in+Hedge+Funds&rft.pages=124&rft.pub=Essvale+Corporation+Limited&rft.date=2008&rft.isbn=978-0-9554124-5-5&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DuI-cJ0ZAf5sC%26q%3Dlimited%2Bliability%2Bentity%2Bhedge%2Bfund%2Bpartner%26pg%3DPA124&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-FundAssociates-165"><a href="#cite_ref-FundAssociates_165-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://fundassociates.com/pdfs/Offshore_vs_Onshore_Funds_Whitepaper.pdf">"Offshore Hedge Funds vs. Onshore Hedge Funds"</a> (PDF). Fund Associates. 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130424181824/http://fundassociates.com/pdfs/Offshore_vs_Onshore_Funds_Whitepaper.pdf">Archived</a> (PDF) from the original on 24 April 2013. Retrieved 13 February 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Offshore+Hedge+Funds+vs.+Onshore+Hedge+Funds&rft.pub=Fund+Associates&rft.date=2008&rft_id=http%3A%2F%2Ffundassociates.com%2Fpdfs%2FOffshore_vs_Onshore_Funds_Whitepaper.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-StrachmanHedgeJapan-166"><a href="#cite_ref-StrachmanHedgeJapan_166-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2012" class="citation book cs1">Strachman, Daniel A. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=4YsogxfEsNQC&q=hedge+fund+unit+trusts+japanese&pg=PA43">The Fundamentals of Hedge Fund Management</a>. Wiley. p. 3. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-15139-6" title="Special:BookSources/978-1-118-15139-6"><bdi>978-1-118-15139-6</bdi></a>. <q>If you are marketing to Japanese investors; you must have a Cayman-based unit trust. This group of investors rarely, if ever, invests in a hedge fund that is not set up as a unit trust.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management&rft.pages=3&rft.pub=Wiley&rft.date=2012&rft.isbn=978-1-118-15139-6&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D4YsogxfEsNQC%26q%3Dhedge%2Bfund%2Bunit%2Btrusts%2Bjapanese%26pg%3DPA43&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-LhabitantInvestor-167"><a href="#cite_ref-LhabitantInvestor_167-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=investment+manager+hedge+fund+founder+shares&pg=SA2-PA68">Handbook of Hedge Funds</a>. John Wiley & Sons. p. 4.2.1. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=4.2.1&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dinvestment%2Bmanager%2Bhedge%2Bfund%2Bfounder%2Bshares%26pg%3DSA2-PA68&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-LhabitantBoard-168">^ <a href="#cite_ref-LhabitantBoard_168-0">a</a> <a href="#cite_ref-LhabitantBoard_168-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLhabitant2007" class="citation book cs1">Lhabitant, François-Serge (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zVubHUSOxpoC&q=investment+manager+hedge+fund+founder+shares&pg=SA2-PA68">Handbook of Hedge Funds</a>. John Wiley & Sons. p. 4.2.2. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-02663-2" title="Special:BookSources/978-0-470-02663-2"><bdi>978-0-470-02663-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+Hedge+Funds&rft.pages=4.2.2&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft.isbn=978-0-470-02663-2&rft.aulast=Lhabitant&rft.aufirst=Fran%C3%A7ois-Serge&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzVubHUSOxpoC%26q%3Dinvestment%2Bmanager%2Bhedge%2Bfund%2Bfounder%2Bshares%26pg%3DSA2-PA68&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-169"><a href="#cite_ref-169">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.sec.gov/rules/proposed/ia-2266.htm#P300_115564">"Registration Under the Advisers Act of Certain Hedge Fund Advisers: footnote 141"</a>. Securities and exchange Commission. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110309094344/http://www.sec.gov/rules/proposed/ia-2266.htm#P300_115564">Archived</a> from the original on 9 March 2011. Retrieved 22 April 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Securities+and+exchange+Commission&rft.atitle=Registration+Under+the+Advisers+Act+of+Certain+Hedge+Fund+Advisers%3A+footnote+141&rft_id=https%3A%2F%2Fwww.sec.gov%2Frules%2Fproposed%2Fia-2266.htm%23P300_115564&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-170"><a href="#cite_ref-170">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFIneichen2002" class="citation journal cs1">Ineichen, Alexander M. (2002). 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World Scientific Publishing. p. 205. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-981-283-465-2" title="Special:BookSources/978-981-283-465-2"><bdi>978-981-283-465-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+fund+alpha&rft.pages=205&rft.pub=World+Scientific+Publishing&rft.date=2009&rft.isbn=978-981-283-465-2&rft.aulast=Longo&rft.aufirst=John+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-225"><a href="#cite_ref-225">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSharma2005" class="citation book cs1">Sharma, Milind (2005). Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation. Wiley, John & Sons Incorporated. pp. 403–434. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-73743-8" title="Special:BookSources/978-0-471-73743-8"><bdi>978-0-471-73743-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hedge+Funds%3A+Insights+in+Performance+Measurement%2C+Risk+Analysis%2C+and+Portfolio+Allocation&rft.pages=%3Cspan+class%3D%22nowrap%22%3E403-%3C%2Fspan%3E434&rft.pub=Wiley%2C+John+%26+Sons+Incorporated&rft.date=2005&rft.isbn=978-0-471-73743-8&rft.aulast=Sharma&rft.aufirst=Milind&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-226"><a href="#cite_ref-226">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFAldridge2009" class="citation book cs1">Aldridge, Irene (2009). High-Frequency Trading. Wiley, John & Sons Incorporated. p. 56. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-56376-2" title="Special:BookSources/978-0-470-56376-2"><bdi>978-0-470-56376-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=High-Frequency+Trading&rft.pages=56&rft.pub=Wiley%2C+John+%26+Sons+Incorporated&rft.date=2009&rft.isbn=978-0-470-56376-2&rft.aulast=Aldridge&rft.aufirst=Irene&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-227"><a href="#cite_ref-227">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLack2012" class="citation book cs1">Lack, Simon (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=VLNomI8ahVQC&q=%22a+small+hedge+fund+industry+has+done+better+than+a+large+one%22&pg=PT18">The Hedge Fund Mirage: The Illusion of Big Money and why it's Too Good to be True</a>. New Jersey: John Wiley & Sons. p. 7. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-16431-0" title="Special:BookSources/978-1-118-16431-0"><bdi>978-1-118-16431-0</bdi></a>. Retrieved 6 March 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Hedge+Fund+Mirage%3A+The+Illusion+of+Big+Money+and+why+it%27s+Too+Good+to+be+True&rft.place=New+Jersey&rft.pages=7&rft.pub=John+Wiley+%26+Sons&rft.date=2012&rft.isbn=978-1-118-16431-0&rft.aulast=Lack&rft.aufirst=Simon&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DVLNomI8ahVQC%26q%3D%2522a%2Bsmall%2Bhedge%2Bfund%2Bindustry%2Bhas%2Bdone%2Bbetter%2Bthan%2Ba%2Blarge%2Bone%2522%26pg%3DPT18&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-228"><a href="#cite_ref-228">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFGéhinVaissié2005" class="citation journal cs1">Géhin, Walter; Vaissié, Mathieu (June 2005). <a rel="nofollow" class="external text" href="http://faculty-research.edhec.com/servlet/com.univ.collaboratif.utils.LectureFichiergw?ID_FICHIER=1328885973094">"The Right Place for Alternative Betas in Hedge Fund Performance: an Answer to the Capacity Effect Fantasy"</a>. 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Archived from <a rel="nofollow" class="external text" href="http://business.timesonline.co.uk/tol/business/economics/article670960.ece">the original</a> on 11 June 2011. 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Retrieved 7 March 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Businessweek&rft.atitle=A+Dating+Service+for+Those+Who+Love+Hedge+Funds&rft.date=2013-10-30&rft.aulast=Salyer&rft.aufirst=Kirsten&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fbw%2Farticles%2F2013-10-30%2Fa-dating-service-for-those-who-love-hedge-funds&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-259"><a href="#cite_ref-259">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bizjournals.com/sanjose/news/2014/10/28/imatchative-raises-20m-to-help-match-investors.html">"IMatchative raises $20M to help match investors, hedge funds"</a>. Silicon Valley Business Journal. 28 October 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150211222330/http://www.bizjournals.com/sanjose/news/2014/10/28/imatchative-raises-20m-to-help-match-investors.html">Archived</a> from the original on 11 February 2015. Retrieved 1 May 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Silicon+Valley+Business+Journal&rft.atitle=IMatchative+raises+%2420M+to+help+match+investors%2C+hedge+funds&rft.date=2014-10-28&rft_id=http%3A%2F%2Fwww.bizjournals.com%2Fsanjose%2Fnews%2F2014%2F10%2F28%2Fimatchative-raises-20m-to-help-match-investors.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-260"><a href="#cite_ref-260">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062801909.html">"Scrutiny Urged for Hedge Funds"</a>. Washingtonpost.com. 29 June 2006. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121111114108/http://www.washingtonpost.com/wp-dyn/content/article/2006/06/28/AR2006062801909.html">Archived</a> from the original on 11 November 2012. Retrieved 14 August 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Washingtonpost.com&rft.atitle=Scrutiny+Urged+for+Hedge+Funds&rft.date=2006-06-29&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fwp-dyn%2Fcontent%2Farticle%2F2006%2F06%2F28%2FAR2006062801909.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-261"><a href="#cite_ref-261">^</a> Liz Noyer, <a rel="nofollow" class="external text" href="https://blogs.forbes.com/streettalk/2010/05/27/scales-of-justice-look-skewed-for-rajaratnam-samberg/">"Scales Of Justice Look Skewed For Rajaratnam, Samberg"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110711015900/http://blogs.forbes.com/streettalk/2010/05/27/scales-of-justice-look-skewed-for-rajaratnam-samberg/">Archived</a> 11 July 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Forbes magazine (27 May 2010). Retrieved 21 February 2011 </li> <li id="cite_note-262"><a href="#cite_ref-262">^</a> <a rel="nofollow" class="external text" href="http://www.whistleblower.org/press/press-release-archive/633-sec-settles-with-aguirre">"SEC Settles with Aguirre"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110417223718/http://www.whistleblower.org/press/press-release-archive/633-sec-settles-with-aguirre">Archived</a> 17 April 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> <a href="/wiki/Government_Accountability_Project" title="Government Accountability Project">Government Accountability Project</a> (29 June 2010) Retrieved 21 February 2011 </li> <li id="cite_note-263"><a href="#cite_ref-263">^</a> Larry Edelman and Saijel Kishan, <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?sid=adzQGDVos7OQ&pid=20601087">"Pequot Capital to Shut Amid SEC Insider-Trading Probe"</a> Bloomberg News. (28 May 2009). Retrieved 19 February 2011 </li> <li id="cite_note-NYT71512-264"><a href="#cite_ref-NYT71512_264-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFMorgenson2012" class="citation news cs1">Morgenson, Gretchen (15 July 2012). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2012/07/16/business/in-surveys-hedge-funds-see-early-views-of-stock-analysts.html">"Surveys Give Big Investors an Early View From Analysts"</a>. The New York Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120716114550/http://www.nytimes.com/2012/07/16/business/in-surveys-hedge-funds-see-early-views-of-stock-analysts.html">Archived</a> from the original on 16 July 2012. Retrieved 16 July 2012. <q>The questions are vague but collectively give us a good sense of the analyst's overall sentiment towards the company," the report concluded. "We find that this sentiment manifests itself in future analyst upgrades</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Surveys+Give+Big+Investors+an+Early+View+From+Analysts&rft.date=2012-07-15&rft.aulast=Morgenson&rft.aufirst=Gretchen&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2012%2F07%2F16%2Fbusiness%2Fin-surveys-hedge-funds-see-early-views-of-stock-analysts.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-265"><a href="#cite_ref-265">^</a> Portfolio Efficiency with Performance Fees, Economics and Political Strategy (newsletter), February 2007, Peter L. Bernstein Inc. </li> <li id="cite_note-266"><a href="#cite_ref-266">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFHulbert2007" class="citation news cs1">Hulbert, Mark (4 March 2007). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2007/03/04/business/yourmoney/04stra.html">"Hulbert, Mark 2 + 20, and Other Hedge Fund Math, New York Times, 4 March 2007"</a>. <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111209204544/http://www.nytimes.com/2007/03/04/business/yourmoney/04stra.html">Archived</a> from the original on 9 December 2011. Retrieved 26 November 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Hulbert%2C+Mark+2+%2B+20%2C+and+Other+Hedge+Fund+Math%2C+New+York+Times%2C+4+March+2007&rft.date=2007-03-04&rft.aulast=Hulbert&rft.aufirst=Mark&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2007%2F03%2F04%2Fbusiness%2Fyourmoney%2F04stra.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> <li id="cite_note-267"><a href="#cite_ref-267">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hedgeindex.com/hedgeindex/en/default.aspx?cy=USD">"Credit Suisse/Tremont Hedge Index web page"</a>. HedgeIndex.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100819170411/http://www.hedgeindex.com/hedgeindex/en/default.aspx?cy=USD">Archived</a> from the original on 19 August 2010. Retrieved 14 August 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=HedgeIndex.com&rft.atitle=Credit+Suisse%2FTremont+Hedge+Index+web+page&rft_id=http%3A%2F%2Fwww.hedgeindex.com%2Fhedgeindex%2Fen%2Fdefault.aspx%3Fcy%3DUSD&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2>[<a href="/w/index.php?title=Hedge_fund&action=edit&section=48" title="Edit section: Further reading">edit</a>]</div> <ul><li>Thomas P. Lemke, Gerald T. Lins, Kathryn L. Hoenig & Patricia S. Rube, Hedge Funds and Other Private Funds: Regulation and Compliance (Thomson West 2014 ed.).</li> <li>Thomas P. Lemke & Gerald T. Lins, Regulation of Investment Advisers (Thomson West 2014 ed.).</li> <li>Thomas P. Lemke, Gerald T. Lins & A. Thomas Smith III, Regulation of Investment Companies (Matthew Bender 2014 ed.).</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFPartnoyThomas2006" class="citation journal cs1"><a href="/wiki/Frank_Partnoy" title="Frank Partnoy">Partnoy, Frank</a>; Thomas, Randall S. (20 September 2006). "Gap Filling, Hedge Funds, and Financial Innovation". Brookings-Nomura Papers on Financial Services. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=931254">931254</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Brookings-Nomura+Papers+on+Financial+Services&rft.atitle=Gap+Filling%2C+Hedge+Funds%2C+and+Financial+Innovation&rft.date=2006-09-20&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D931254%23id-name%3DSSRN&rft.aulast=Partnoy&rft.aufirst=Frank&rft.au=Thomas%2C+Randall+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"></li> <li>Marcel Kahan & Edward B. Rock, 'Hedge Funds in Corporate Governance and Corporate Control' (2007) 155 University of Pennsylvania Law Review 1021</li> <li>Makrem Boumlouka, 'Regulation and Transparency in US OTC Derivative Markets', Original Thoughts Series #1, August 2010, Hedge Fund Society <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100705112958/http://hedgefundsregulation.com/">Hedge Fund Society</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFBoysonStahelStulz2010" class="citation journal cs1">Boyson, Nicole M.; Stahel, Christof W.; Stulz, Rene M. (2010). "Hedge Fund Contagion and Liquidity Shocks". The Journal of Finance. 65 (5): 1789–1816. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1540-6261.2010.01594.x">10.1111/j.1540-6261.2010.01594.x</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:17421154">17421154</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Finance&rft.atitle=Hedge+Fund+Contagion+and+Liquidity+Shocks&rft.volume=65&rft.issue=5&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1789-%3C%2Fspan%3E1816&rft.date=2010&rft_id=info%3Adoi%2F10.1111%2Fj.1540-6261.2010.01594.x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A17421154%23id-name%3DS2CID&rft.aulast=Boyson&rft.aufirst=Nicole+M.&rft.au=Stahel%2C+Christof+W.&rft.au=Stulz%2C+Rene+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStowell2010" class="citation book cs1">Stowell, David (2010). An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm. Academic Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Introduction+to+Investment+Banks%2C+Hedge+Funds%2C+and+Private+Equity%3A+The+New+Paradigm&rft.pub=Academic+Press&rft.date=2010&rft.aulast=Stowell&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFStrachman2014" class="citation book cs1">Strachman, Daniel A. (2014). The Fundamentals of Hedge Fund Management: How to Successfully Launch and Operate a Hedge Fund, Second Edition. Wiley.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Fundamentals+of+Hedge+Fund+Management%3A+How+to+Successfully+Launch+and+Operate+a+Hedge+Fund%2C+Second+Edition&rft.pub=Wiley&rft.date=2014&rft.aulast=Strachman&rft.aufirst=Daniel+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHedge+fund" class="Z3988"></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol 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a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Investment_funds" title="Template:Investment funds"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Investment_funds" title="Template talk:Investment funds"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Investment_funds" title="Special:EditPage/Template:Investment funds"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Investment_funds116" style="font-size:114%;margin:0 4em"><a href="/wiki/Investment_fund" title="Investment fund">Investment funds</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By asset class</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Traditional</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Stock_fund" title="Stock fund">Stock fund</a></li> <li><a href="/wiki/Bond_fund" title="Bond fund">Bond fund</a></li> <li><a href="/wiki/Money_market_fund" title="Money market fund">Money market fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Alternative</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a></li> <li><a href="/wiki/Private_equity_fund" title="Private equity fund">Private equity fund</a> (<a href="/wiki/Venture_capital" title="Venture capital">Venture capital fund</a>, <a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine investment funds</a>, <a href="/wiki/Vulture_fund" title="Vulture fund">Vulture fund</a>)</li> <li><a class="mw-selflink selflink">Hedge fund</a></li></ul> </div></td></tr></tbody></table><div></div></td><td class="noviewer navbox-image" rowspan="6" style="width:1px;padding:0 0 0 2px"><div><a href="/wiki/File:Chicklet-currency.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/60px-Chicklet-currency.jpg" decoding="async" width="60" height="54" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/90px-Chicklet-currency.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/120px-Chicklet-currency.jpg 2x" data-file-width="279" data-file-height="250" /></a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By style</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Target_date_fund" title="Target date fund">Target date fund</a></li> <li><a href="/w/index.php?title=Growth_fund&action=edit&redlink=1" class="new" title="Growth fund (page does not exist)">Growth fund</a></li> <li><a href="/w/index.php?title=Value_fund&action=edit&redlink=1" class="new" title="Value fund (page does not exist)">Value fund</a></li> <li><a href="/wiki/Income_fund" title="Income fund">Income fund</a></li> <li><a href="/w/index.php?title=Sector_fund&action=edit&redlink=1" class="new" title="Sector fund (page does not exist)">Sector fund</a></li> <li><a href="/w/index.php?title=Balanced_fund&action=edit&redlink=1" class="new" title="Balanced fund (page does not exist)">Balanced fund</a></li> <li><a href="/wiki/Asset_allocation_fund" class="mw-redirect" title="Asset allocation fund">Asset allocation fund</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By <a href="/wiki/Investment_strategy" title="Investment strategy">investment strategy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Traditional</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_(finance)" title="Long (finance)">Long-only fund</a></li> <li><a href="/wiki/Stable_value_fund" title="Stable value fund">Stable value fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Alternative</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long/short_equity" title="Long/short equity">Long/short equity fund</a></li> <li><a href="/wiki/Market_neutral" title="Market neutral">Market neutral fund</a></li> <li><a href="/wiki/130%E2%80%9330_fund" title="130–30 fund">130–30 fund</a></li> <li><a href="/wiki/Event-driven_investing" title="Event-driven investing">Event-driven fund</a></li> <li><a href="/wiki/Global_macro" title="Global macro">Global macro fund</a></li> <li><a href="/wiki/Managed_futures_account" title="Managed futures account">Managed futures fund</a></li> <li><a href="/w/index.php?title=Multi-strategy_fund&action=edit&redlink=1" class="new" title="Multi-strategy fund (page does not exist)">Multi-strategy fund</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By structures</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Public</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a> (<a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a>)</li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a></li> <li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutional</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Hedge fund</a></li> <li><a href="/wiki/Private_equity_fund" title="Private equity fund">Private equity fund</a></li> <li><a href="/wiki/Pooled_income_fund" title="Pooled income fund">Pooled income fund</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowment fund</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li> <li><a href="/wiki/Sovereign_investment_fund" class="mw-redirect" title="Sovereign investment fund">Sovereign investment fund</a></li> <li><a href="/wiki/Urban_wealth_fund" title="Urban wealth fund">Urban wealth fund</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By measure of returns</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_return" title="Absolute return">Absolute return</a></li> <li><a href="/wiki/Total_return" title="Total return">Total return</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investments</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Assets_under_management" title="Assets under management">Assets under management</a></li> <li><a href="/wiki/Rate_of_return" title="Rate of return">Rate of return</a></li> <li><a href="/wiki/Time-weighted_return" title="Time-weighted return">Time-weighted return</a></li> <li><a href="/wiki/Rate_of_return#Money-weighted_rate_of_return" title="Rate of return">Money-weighted rate of return</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Hedge_funds642" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Hedge_funds" title="Template:Hedge funds"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Hedge_funds" title="Template talk:Hedge funds"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Hedge_funds" title="Special:EditPage/Template:Hedge funds"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Hedge_funds642" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Hedge funds</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment strategy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrage</a> / <a href="/wiki/Relative_value_(economics)" title="Relative value (economics)">relative value</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_structure#Arbitrage" title="Capital structure">Capital structure arbitrage</a></li> <li><a href="/wiki/Convertible_arbitrage" title="Convertible arbitrage">Convertible arbitrage</a></li> <li><a href="/wiki/Market_neutral#Equity-market-neutral" title="Market neutral">Equity market neutral</a></li> <li><a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">Fixed income arbitrage</a> / <a href="/wiki/Fixed-income_relative-value_investing" title="Fixed-income relative-value investing">fixed-income relative-value investing</a></li> <li><a href="/wiki/Statistical_arbitrage" title="Statistical arbitrage">Statistical arbitrage</a></li> <li><a href="/wiki/Volatility_arbitrage" title="Volatility arbitrage">Volatility arbitrage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Event-driven_investing" title="Event-driven investing">Event-driven</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Shareholder_activism" title="Shareholder activism">Shareholder activism</a></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed securities</a></li> <li><a href="/wiki/Risk_arbitrage" title="Risk arbitrage">Risk arbitrage</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Directional</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convergence_trade" title="Convergence trade">Convergence trade</a></li> <li><a href="/wiki/Commodity_trading_advisor" title="Commodity trading advisor">Commodity trading advisors</a> / <a href="/wiki/Managed_futures_account" title="Managed futures account">managed futures account</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Dedicated short</a></li> <li><a href="/wiki/Global_macro" title="Global macro">Global macro</a></li> <li><a href="/wiki/Long/short_equity" title="Long/short equity">Long/short equity</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a> / <a href="/wiki/Multi-manager_investment" title="Multi-manager investment">Multi-manager</a></li></ul> </div></td></tr></tbody></table><div></div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><a href="/wiki/File:Chicklet-currency.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/60px-Chicklet-currency.jpg" decoding="async" width="60" height="54" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/90px-Chicklet-currency.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/120px-Chicklet-currency.jpg 2x" data-file-width="279" data-file-height="250" /></a></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Day_trading" title="Day trading">Day trading</a></li> <li><a href="/wiki/High-frequency_trading" title="High-frequency trading">High-frequency trading</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokerage</a></li> <li><a href="/wiki/Program_trading" title="Program trading">Program trading</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trading</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em">Markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodities</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Equity</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Fixed income</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money markets</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Misc</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_return" title="Absolute return">Absolute return</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Assets_under_management" title="Assets under management">Assets under management</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a> (<a href="/wiki/Greeks_(finance)" title="Greeks (finance)">Greeks</a>: <a href="/wiki/Delta_neutral" title="Delta neutral">delta neutral</a>)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (<a href="/wiki/Alpha_(finance)" title="Alpha (finance)">alpha</a> / <a href="/wiki/Beta_(finance)" title="Beta (finance)">beta</a> / <a href="/wiki/Security_characteristic_line" title="Security characteristic line">security characteristic line</a>)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Vulture_fund" title="Vulture fund">Vulture funds</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Financial endowments</a></li> <li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Standards_Board_for_Alternative_Investments" title="Standards Board for Alternative Investments">Standards Board for Alternative Investments</a></li> <li><a href="/wiki/Managed_Funds_Association" title="Managed Funds Association">Managed Funds Association</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /><a href="/wiki/Category:Alternative_investment_management_companies" title="Category:Alternative investment management companies">Alternative investment management companies</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Hedge_funds" title="Category:Hedge funds">Hedge funds</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /><a href="/wiki/Category:Hedge_fund_managers" title="Category:Hedge fund managers">Hedge fund managers</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="Investment_management384" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Investment_management" title="Template:Investment management"><abbr 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href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a> (ETF)</li> <li><a href="/wiki/Fonds_commun_de_placement" title="Fonds commun de placement">Fonds commun de placement</a> (FCP)</li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Index_fund" title="Index fund">Index fund</a></li> <li><a href="/wiki/Investment_trust" title="Investment trust">Investment trust</a></li> <li><a class="mw-selflink selflink">Hedge fund</a></li> <li><a href="/wiki/Labour-sponsored_venture_capital_corporation" title="Labour-sponsored venture capital corporation">Labour-sponsored venture capital corporation</a></li> <li><a href="/wiki/Listed_investment_company" title="Listed investment company">Listed investment company</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Offshore_fund" title="Offshore fund">Offshore fund</a></li> <li><a href="/wiki/Open-ended_fund_company" title="Open-ended fund company">Open-ended fund company</a></li> <li><a href="/wiki/Open-ended_investment_company" title="Open-ended investment company">Open-ended investment company</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private-equity_fund" class="mw-redirect" title="Private-equity fund">Private-equity fund</a></li> <li><a href="/wiki/Qualifying_investor_alternative_investment_fund" title="Qualifying investor alternative investment fund">Qualifying investor alternative investment fund</a> (QIAIF)</li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a> (REIT)</li> <li><a href="/wiki/Royalty_trust" title="Royalty trust">Royalty trust</a></li> <li><a href="/wiki/Short-term_investment_fund" title="Short-term investment fund">Short-term investment fund</a></li> <li><a href="/wiki/SICAV" title="SICAV">SICAV</a></li> <li><a href="/wiki/Split_capital_investment_trust" title="Split capital investment trust">Split capital investment trust</a></li> <li><a href="/wiki/Tax_transparent_fund" title="Tax transparent fund">Tax transparent fund</a></li> <li><a href="/wiki/Umbrella_fund" title="Umbrella fund">Umbrella fund</a></li> <li><a href="/wiki/Unit_investment_trust" title="Unit investment trust">Unit investment trust</a></li> <li><a href="/wiki/Unit_trust" title="Unit trust">Unit trust</a></li> <li><a href="/wiki/Unitised_insurance_fund" title="Unitised insurance fund">Unitised insurance fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment styles</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Active_management" title="Active management">Active</a> / <a href="/wiki/Passive_management" title="Passive management">passive management</a></li> <li><a class="mw-selflink selflink">Hedge Funds</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Manager_of_managers_fund" class="mw-redirect" title="Manager of managers fund">Manager of managers</a></li> <li><a href="/wiki/Social_finance" title="Social finance">Social finance</a></li> <li><a href="/wiki/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a></li> <li><a href="/wiki/Social_trading" title="Social trading">Social trading</a></li> <li><a href="/wiki/Thematic_investing" title="Thematic investing">Thematic investing</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value</a> / <a href="/wiki/Growth_investing" title="Growth investing">growth investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terminology</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Closed-end_fund" title="Closed-end fund">Closed-end fund</a></li> <li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investor</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a></li> <li><a href="/wiki/Open-end_fund" title="Open-end fund">Open-end fund</a></li> <li><a href="/wiki/Performance_fee" title="Performance fee">Performance fee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a> (<a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a>, <a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a>)</li> <li><a href="/wiki/Martingale_pricing" title="Martingale pricing">Martingale pricing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a></li> <li><a href="/wiki/Noisy_market_hypothesis" title="Noisy market hypothesis">Noisy market hypothesis</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Commodity_pool_operator" title="Commodity pool operator">Commodity pool operator</a></li> <li><a href="/wiki/Robo-advisor" title="Robo-advisor">Robo-advisor</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Traditional_investments" title="Traditional investments">Traditional investments</a></li> <li><a href="/wiki/Undertakings_for_Collective_Investment_in_Transferable_Securities_Directives" class="mw-redirect" title="Undertakings for Collective Investment in Transferable Securities Directives">UCITS</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Investment_management_companies" title="Category:Investment management companies">Category</a> <img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/List_of_asset_management_firms" title="List of asset management firms">List</a></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235" /></div><div role="navigation" class="navbox" aria-labelledby="General_areas_of_finance28" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231" /><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Finance" title="Template:Finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Finance" title="Template talk:Finance"><abbr title="Discuss this template">t</abbr></a></li><li 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(finance)">Bond (finance)</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Computational_finance" title="Computational finance">Computational finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Experimental_finance" title="Experimental finance">Experimental finance</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">deepening</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">inclusion</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">institutions</a></li> <li><a href="/wiki/Financial_management" title="Financial management">management</a></li> <li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li> <li><a href="/wiki/Financial_social_work" title="Financial social work">social work</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">Financial technology</a> (Fintech)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greater_fool_theory" title="Greater fool theory">Greater fool theory</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/International_finance" title="International finance">International finance</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banking</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Position_of_trust" title="Position of trust">Position of trust</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Quantitative_behavioral_finance" title="Quantitative behavioral finance">Quantitative behavioral finance</a></li> <li><a href="/wiki/Quantum_finance" title="Quantum finance">Quantum finance</a></li> <li><a href="/wiki/Risk-return_spectrum" 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