THE HEDGE FUND JOURNAL

Download Issue	Hedge Fund Evolution in a Demanding Environment Issue 36, April 2008 A year ago, few would have predicted that the investment landscape would change quite so dramatically for hedge funds as it has over the past twelve months.

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.

Download Issue	Reputation Management Issue 35, March 2008 It is therefore essential that all corporate entities are able to respond swiftly and effectively to any threats to their reputation or to the reputation of the individuals within their management.

Download Issue	Fund Marketing Issue 35, March 2008 There are few areas of financial services regulation more complex than the area of fund marketing. The key reasons for this are the various parallel regulatory regimes which need to be considered, combined with the complexity of the product type and lack of global or European harmonisation.

Download Issue	Voluntary Code for Hedge Funds Issue 35, March 2008 Hedge funds have been widely embraced by investors, from high-net worth individuals to the institutions, looking to create greater returns than those offered by more traditional investments.

Download Issue	Regulation Issue 34, February 2008 2007 saw pressure build in Europe for greater regulation of hedge funds, including calls from Germany for a global code of conduct for hedge funds.

Download Issue	Asia Pacific Issue 34, February 2008 The hedge fund industry in the Asia Pacific region has experienced considerable growth in recent years. Research indicates that the Asia Pacific hedge fund industry’s assets reached $167.7 billion at June 2007, having risen from only $12 billion in 2000 (AsiaHedge).

Download Issue	European Class Action Trends Issue 34, February 2008 It is difficult to judge whether European class actions developments will lead to increased class action litigation and if so, whether this is positive or negative for the hedge fund sector. Given the disparate European landscape it is worth considering the availability or lack of effective collective dispute resolution mechanisms in the company’s base when making an investment decision.

Download Issue	IOSCO Issue 34, February 2008 Last November, IOSCO published its “Principles for the Valuation of Hedge Fund Portfolios” which brought its work, begun in this field in February 2006, to a successful conclusion.

Download Issue	ASIA25 Issue 33, December 2007 / January 2008 Asia’s hedge fund industry is much younger than its European or American counterparts, but no less dynamic. Managers in this part of the world are being pursued by investors from outside the region seeking investment talent capable of generating alpha in what is already a high-octane market. It is a good time to be running a hedge fund in Asia. The growth figures speak for themselves. The numbers vary slightly depending on the database being referenced, but in 2001 there were approximately 100 Asia-based hedge funds, whereas now there are over 700.

Download Issue	Hedge Fund Marketing Issue 33, December 2007 / January 2008 Marketing a hedge fund involves a myriad of considerations, including compliance not only with the regulatory requirements and restrictions of the jurisdiction in which the hedge fund is domiciled but also the requirements and restrictions of each jurisdiction in which the fund’s target investors live.

Download Issue	Code of Conduct Issue 33, December 2007 / January 2008 Arising from many discussions and the obscurity that surrounds hedge funds, the industry is contemplating an institution of a Code of Conduct. Hedge funds have fallen under watchful eyes recently in response to concerns that risky strategies could cause insolvency or illiquidity of institutions that would worldwide render financial markets unstable. The up to €1.5 to €2 trillion hedge fund industry is hoping that a Code of Conduct might help alleviate some of the stress that investors and market participants experience in the last couple of month.

Download Issue	UCITS Issue 33, December 2007 / January 2008 The Irish Financial Regulator has recently announced details of a policy change that will permit collective investment schemes authorised as Undertakings for Collective Investment in Transferable Securities (UCITS) in Ireland to carry out short sales, subject to certain conditions.

Download Issue	The War Against Market Abuse Issue 33, December 2007 / January 2008 Richard Burger is a senior solicitor in the Regulatory Team at Mills & Reeve LLP. A former FSA Enforcement Lawyer he was the case lawyer in the FSA’s first published case of market abuse.

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A year ago, few would have predicted that the investment landscape would change quite so dramatically for hedge funds as it has over the past twelve months.

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.

It is therefore essential that all corporate entities are able to respond swiftly and effectively to any threats to their reputation or to the reputation of the individuals within their management.

There are few areas of financial services regulation more complex than the area of fund marketing. The key reasons for this are the various parallel regulatory regimes which need to be considered, combined with the complexity of the product type and lack of global or European harmonisation.

Hedge funds have been widely embraced by investors, from high-net worth individuals to the institutions, looking to create greater returns than those offered by more traditional investments.

2007 saw pressure build in Europe for greater regulation of hedge funds, including calls from Germany for a global code of conduct for hedge funds.

The hedge fund industry in the Asia Pacific region has experienced considerable growth in recent years. Research indicates that the Asia Pacific hedge fund industry’s assets reached $167.7 billion at June 2007, having risen from only $12 billion in 2000 (AsiaHedge).

Last November, IOSCO published its “Principles for the Valuation of Hedge Fund Portfolios” which brought its work, begun in this field in February 2006, to a successful conclusion.

The Irish Financial Regulator has recently announced details of a policy change that will permit collective investment schemes authorised as Undertakings for Collective Investment in Transferable Securities (UCITS) in Ireland to carry out short sales, subject to certain conditions.

Richard Burger is a senior solicitor in the Regulatory Team at Mills & Reeve LLP. A former FSA Enforcement Lawyer he was the case lawyer in the FSA’s first published case of market abuse.