http://www.iff-training.com/school-of-hedge-funds-training-course/80/ A 5-day residential programme designed to optimise your skills and increase your effectiveness within all aspects of hedge funds. Course Highlights Hedge fund Overview - Rationale for Hedge Funds Uses - The Tools used by Hedge Funds Risk and Money Management - Marketing and sales - Performance indexing and Benchmarking - Trading and Financial Risks Various Hedge Fund Strategies in the US and Europe - Directional, Relative Value and Event-Driven Asset Allocation Strategies The Truth behind the numbers - Quantitative Analysis Accessing Hedge Funds - Understanding guaranteed products - Single Managers - Fund of hedge funds - Investible indices Hedge Fund Investing - Regulatory requirements - I and II For details of the course trainer, please download the course brochure Booking Information Dates Prices Book This Course Discount 24 - 28 Sep 2007 £ 4599 - 12 - 16 Feb 2007 £ 4599 - Course Programme HEDGE FUND OVERVIEW Rationale for Hedge Fund Uses Review of traditional investing and risk categories: cash, bonds, stocks Alternative investing and comparison with hedge funds History of hedge funds and evolution of asset flow Hedge fund characteristics Hedge funds versus mutual funds Position of hedge funds in the risk and reward matrix What drives demand for hedge funds? The investor's perspective Transparency and fraud cases Key players Future of hedge funds: outlook Myth and reality Tools Used by Hedge Funds Asset classes and influencing factors: equity, fixed income, currencies and commodities Financial and derivative products: forward, futures, options and swaps Cash account and margin account/ short selling process Leverage Case study: Long Term Capital Management Hedge Fund Strategies Definition, influencing factors and market environment, example of trades pertinent to each strategy, historical performance and risk charts Review of past performance and outlook for 2005 for each strategy Directional Strategies Long/ short equity: pair and sector trading and equity hedge Managed futures, CTA (Commodity Trading Advisors) and Global Macro Emerging markets Relative Value Strategies Equity market neutral Fixed income arbitrage: yield curve, mortgage-backed, credit spreads and statistical arbitrage Convertible bond arbitrage Event-Driven Strategies Risk arbitrage Event-driven strategies and Regulation D Analysis of the recent crisis in hedge funds in March and April 2005 RISK AND MONEY MANAGEMENT Financial and Trading Risks Market risk Leverage risk Model risk Liquidity risk Diversification risk Human risk and style drift Credit risk Operational risk Fraud risk Money Management Trade and position risk management Value-at-Risk and risk budgeting across trades Correlation and risk duplication Overall portfolio risk and money management Performance Indexing and Benchmarking Calculating hedge fund indices Investable and non investable indices Overview of major index providers Statistical biases in databases and indices Marketing and Sales History of institutional demand by type of investor Evolution of demand Benefits and perceived hurdles Institutional investment: criteria for choosing a hedge fund HEDGE FUND INVESTING Regulatory Requirements - Part I Structure and regulation of hedge funds On-shore and offshore funds Taxation considerations Legal issues and documentation Understanding the due diligence process Accounting and reporting requirements Regulatory Requirements - Part II Role of the administrator Role of the custodian Role of the prime broker Legal aspect of domiciliation Legal aspect of investing in hedge funds Attitude of regulatory bodies across the world Taxation: a fragmented market Friendly and unfriendly jurisdictions ACCESSING HEDGE FUNDS Single Managers Funds Managed accounts Fund of Hedge Funds Benefits and characteristics Charts of performance and risk comparison Guaranteed Products Structured Demand for guaranteed products Advantages and disadvantages Hedge Fund trackers or Investible indices Benefits and characteristics Asset Allocation Hedge fund selection and due diligence: qualitative and quantitative analysis Portfolio construction: top/down approach Mean variance analysis; academic evidence Reality behind the numbers Absolute and relative statistical measures Comparison to peers Stress test Limitations of statistical measures Review of the different risk ratios used for analysing hedge funds Case Studies: 4 case studies of hedge funds and fund of funds performances
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