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Hedge Funds: Definitive Strategies and Techniques


Praise for Hedge Funds

"This book couldn't be more timely! With continued turmoil in the world economy and a prolonged equity bear market, investors want to understand the role hedge funds should play in their investment strategy. Hedge Funds helps demystify many of the ‘secrets' of hedge funds and gives investment consultants and investors alike valuable perspective on how hedge funds work, how they are regulated, their risk/return profiles, and the role they should play in an investment portfolio."
–J. Richard Joyner
Partner, Ernst & Young LLP

"An excellent resource for the advisor who is interested in hedge funds for his/her clients."
–Phillip N. Maisano
Chairman and CEO, Evaluation Associates

The nonprofit INVESTMENT MANAGEMENT CONSULTANTS ASSOCIATION (IMCA) is the global professional association for investment consultants. Founded in 1985, IMCA is an organization whose mission is to promote education, ethics, and standards for the growing investment consulting profession, which provides consulting and advisory services to retirement funds, foundations, endowments, family offices, and wealthy individuals. IMCA bestows the Certified Investment Management Analyst (CIMA) certification on qualified investment consultants who complete a rigorous education program and agree to abide by IMCA standards. With over 5,000 members worldwide, IMCA hosts two national investment consultant conferences each year, along with seven regional conferences, and publishes the IMCA Journal of Investment Consulting and the IMCA Monitor.
KENNETH S. PHILLIPS is the Managing Principal of New York—based RCG Capital Partners, LLC. Mr. Phillips has more than twenty years' experience as an institutional investment consultant and now serves as the senior portfolio manager to several funds of hedge funds. He has been involved in the evaluation, development, and implementation of complex investment strategies for institutional and high-net-worth investors since 1984. Mr. Phillips is an active member of IMCA and has been a member of IMCA's Advisory Council, Chairman of its Communication Committee, and a member of its Editorial Board.
RONALD J. SURZ is owner and President of PPCA Inc., a firm specializing in innovative performance evaluation technologies for financial consultants. Prior to forming PPCA, he was managing director of institutional business development at Roxbury Capital Management, a principal at the institutional investment consulting firm Becker, Burke, and an executive Vice President at AG Becker where he was responsible for investment policy and asset allocation. He is a member of a number of investment committees and boards including IMCA's Standards of Practice Board Chairman and their Editorial Board. He received his MBA in finance at the University of Chicago and his MS in applied mathematics at the University of Illinois.


CHAPTER 1: Hedge Funds: Overview and Regulatory Landscape (The Managed Fund Association).

CHAPTER 2: Alpha-Generating Strategies (Thomas Schneeweis and Richard Spurgin).

CHAPTER 3: Funds of Hedge Funds: Definitive Overview of Strategies and Techniques (Thomas Zucosky).

CHAPTER 4: Investing in Hedged Equity Funds (Brian A. Wolf, CFA).

CHAPTER 5: Arbitrage (Alfredo M. Viegas).

CHAPTER 6: Global Macro Funds (Gary Hirst).

CHAPTER 7: Managed Futures (Frank Pusateri).

CHAPTER 8: Manager Searches and Performance Measurement (Meredith A. Jones and Milton Baehr).

CHAPTER 9: Risk Management for Hedge Funds and Funds of Funds (Leslie Rahl).

CHAPTER 10: Structured Products—Then and Now (John Kelly and Kirt Strawn, CFA, CIMA).

APPENDIX A: The Hedge Fund Difference (Todd Goldman).

APPENDIX B: Some Helpful Links.

APPENDIX C: Value at Risk and Probability of Loss.