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The Fundamentals of Hedge Fund Management: How to Successfully Launch and Operate a Hedge Fund, 2nd Edition


The tools you need to launch and maintain a hedge fund in today's economy

"Launching a hedge fund can be a challenging and sometimes overwhelming experience. Dan provides insightful strategic advice and sage counsel in key areas that every hedge fund manager should consider."

Ron S. Geffner, Sadis & Goldberg LLP

The Fundamentals of Hedge Fund Management is a must-read for anyone considering starting a hedge fund. Dan provides the entrepreneur with a detailed road map for how to get started and what to anticipate in the journey to become a successful business. Dan draws on his years of experience to provide useful information as well as helpful solutions for the manager to consider in the start-up phase."

Jay D. Levy, CPA, Partner and Financial Services Industry Co-Practice Director, J.H. Cohn LLP

Once the forbidden fruit of Wall Street, today hedge funds are considered an essential part of any diversified investment portfolio. The industry is stronger than ever and poised for even greater growth, making now the perfect time to establish your own fund. Designed for professional money managers, traders, and anyone else looking to launch and grow a successful hedge fund business, The Fundamentals of Hedge Fund Management, Second Edition gives you all the tools you need to structure and support a fund that is sure to pay dividends.

Written by Daniel Strachman, an international hedge fund expert with over ten years of consulting experience, this revised and updated edition features all-new coverage of the role of the credit crisis and recent legislation on the industry, and much more. Packed with everything you need in order to understand where hedge funds stand today, and where they're headed next, this is the practical, accessible guide to building the hedge fund that you've been looking for.

DANIEL A. STRACHMAN is an expert in all aspects of investment management with more than sixteen years of Wall Street experience. He is nationally recognized as a strategist, futurist, and commentator on Wall Street, the economy, and investment strategy. Daniel specializes in providing strategic advice and counsel to companies that want to expand and prosper in both good and bad economic times. He has worked in product development, marketing, and sales focused in and around the money management industry. He is the author of several other books, including The Long and Short of Hedge Funds, Getting Started in Hedge Funds, Julian Robertson, and Essential Stock Picking Strategies, all published by Wiley.

Preface xi

Acknowledgments xiii

CHAPTER 1 The Hedge Fund Industry 1

CHAPTER 2 The Service Providers 23

CHAPTER 3 Hedge Fund Structures 41

CHAPTER 4 Hedge Fund Accounting 59

CHAPTER 5 ERISA, UBTI, and Offshore Funds 77

CHAPTER 6 Marketing and Capital Raising 91

CHAPTER 7 Why the Back Office Matters 113

CHAPTER 8 The Launch 127

CHAPTER 9 Perception versus Reality 141

APPENDIX A Hedge Fund Litigation 153

APPENDIX B Examples of Hedge Fund Structures 189

Resource Guide 199

Notes 205

Glossary 209

Bibliography 213

About the Author 217

Index 219