THE HEDGE FUND JOURNAL

Download Issue	Liffe Seizes Opportunity for Eonia Contracts Issue 39, July/August 2008 Liffe’s launch of a one month futures contract based on Eonia (Euro Overnight Indexed Average) represents a resurrection of interest in the instrument at a time when funds and other market participants are becoming increasingly inclined towards exchange-based options.

Download Issue	Activist Investing Issue 39, July/August 2008 The ultimate threat available to an activist who seeks to cause a company to take actions it advocates for maximising shareholder value is obtaining representation on the board through which the activist can advocate, or effectuate, change from within.

Download Issue	LaCrosse Global Fund Services Issue 39, July/August 2008 LaCrosse Global Fund Services may seem like a newcomer on the hedge fund administration stage, but it has been working diligently behind the scenes for over 20 years now.

Download Issue	Regulation on the Hoof Issue 39, July/August 2008 On 12 June 2008 the FSA introduced, virtually overnight, a new rule requiring public disclosure of “significant” short positions in shares of an issuer pursuing a rights issue. Not only was this introduced without prior consultation, but also it came into force just one week later on 20 June 2008.

Download Issue	The Void in Operational Due Diligence Issue 39, July/August 2008 Whether you are investing your own or your client’s assets, you should have full transparency into those you are entrusting. While much has been written on due diligence, there is still a void in conventional approaches due to a reluctance to ask difficult, invasive or embarrassing questions.

Download Issue	Investors’ Rights Issue 38, June 2008 eremy Walton, Cayman based head of Funds Disputes Team at offshore law firm Appleby, who represented the investors, looks at the lessons to be learnt by the fund community of the Bear Stearns litigation in the Cayman Islands following the collapse of their two structured credit funds in November 2007.

Download Issue	Valuations Issue 37, May 2008 n today’s market, the importance of a strong valuation policy can never be underestimated. It is important to bear in mind the manner in which a fund is valued as it can greatly influence the final return on investment.

Download Issue	Securities Litigation Issue 37, May 2008 Institutional investors should consider securities litigation as an important risk management tool. Increasingly, British investors are joining American securities class-action litigation.

Download Issue	Credit Crunch Issue 37, May 2008 Whilst the credit crunch presents a bleak picture for many, there could be a silver lining for those who can harness long term funding and take advantage of the continuing decrease in the trading price of debt securities in the market.

Download Issue	US President’s Working Group Issue 37, May 2008 wo private sector committees established by the US President’s Working Group on Financial Markets, the Asset Managers’ Committee and the Investors’ Committee, released separate but complementary reports on 15 April 2008 setting out proposed sets of best practices for hedge fund managers and investors.

Download Issue	Sharpe Ratio Issue 37, May 2008 In this article, we look at the use of such well known relative and absolute performance measures as the information and Sharpe ratios in the context of the results of the EDHEC European Investment Practices Survey 20081. Absolute performance measures evaluate a portfolio’s risk-adjusted returns without any reference to a benchmark. In our survey, we mentioned a variety of the most common absolute risk measures and asked respondents to identify those they use.

Download Issue	Special Purpose Acquisition Companies Issue 37, May 2008 In 2003, just one special purpose acquisition company, or SPAC, completed its initial public offering (an IPO). In 2007, SPAC offerings represented nearly 25% of the total IPO volume in the United States.

Download Issue	Risk Management Issue 37, May 2008 The credit crunch continues to make headlines both in terms of its impact on financial markets and on wider economic activity. In these challenging market conditions, risk management is more crucial than ever for hedge funds, as some recent well-publicised blowups have graphically highlighted.

Download Issue	Gibraltar Issue 36, April 2008 The hedge fund industry in Gibraltar has grown in leaps and bounds over the last couple of years. Gibraltar, which is part of the EU, has staked its claim as an efficient hedge fund centre that is open for business. It operates within a regulated fund regime that is in tune with the requirements of the modern hedge fund industry and is not only attractive as a domicile and servicing centre for alternative funds but could also lead to hedge fund managers choosing Gibraltar as a base for their operations.

Download Issue	Credit Crunch Issue 36, April 2008 The fact that the ‘credit crunch’ has resulted in major financial woe for a significant number of financial institutions has been widely publicised, as has its dramatic impact on businesses reliant on the wholesale market for credit, such as Northern Rock, the UK bank.

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Liffe’s launch of a one month futures contract based on Eonia (Euro Overnight Indexed Average) represents a resurrection of interest in the instrument at a time when funds and other market participants are becoming increasingly inclined towards exchange-based options.

The ultimate threat available to an activist who seeks to cause a company to take actions it advocates for maximising shareholder value is obtaining representation on the board through which the activist can advocate, or effectuate, change from within.

LaCrosse Global Fund Services may seem like a newcomer on the hedge fund administration stage, but it has been working diligently behind the scenes for over 20 years now.

Whether you are investing your own or your client’s assets, you should have full transparency into those you are entrusting. While much has been written on due diligence, there is still a void in conventional approaches due to a reluctance to ask difficult, invasive or embarrassing questions.

n today’s market, the importance of a strong valuation policy can never be underestimated. It is important to bear in mind the manner in which a fund is valued as it can greatly influence the final return on investment.

Institutional investors should consider securities litigation as an important risk management tool. Increasingly, British investors are joining American securities class-action litigation.

Whilst the credit crunch presents a bleak picture for many, there could be a silver lining for those who can harness long term funding and take advantage of the continuing decrease in the trading price of debt securities in the market.

In 2003, just one special purpose acquisition company, or SPAC, completed its initial public offering (an IPO). In 2007, SPAC offerings represented nearly 25% of the total IPO volume in the United States.

The credit crunch continues to make headlines both in terms of its impact on financial markets and on wider economic activity. In these challenging market conditions, risk management is more crucial than ever for hedge funds, as some recent well-publicised blowups have graphically highlighted.

The fact that the ‘credit crunch’ has resulted in major financial woe for a significant number of financial institutions has been widely publicised, as has its dramatic impact on businesses reliant on the wholesale market for credit, such as Northern Rock, the UK bank.