Emerging Markets Research

Interview – Emerging Markets Research

I sometimes get email from hedge fund managers and portfolio managers looking for certain types of equity or industry research for their fund. Most hedge funds currently use and are in constant need of high end unbiased qualitative and quantitative research to identify and evaluate opportunities in the global markets.

Many of these opportunities are now being found in both emerging markets of MENA, China and SE Asia as well as emerging alternative asset classes. There are few quality research options for hedge funds investing within these spaces. Last week I met a few members of the Hedge Fund Group (HFG) who are partners of a research firm which has experience in researching and analyzing opportunities in these markets. They specialize in providing investment research on areas where information is usually hard to find and validate and language barriers exist. Their firm is called SG Analytics (www.sganalytics.com) and they are based in Pune, India.

Structured to serve money managers with unbiased investment research on both strategic and quantitative fronts, SG Analytics (referred to also as SGA) has clients amongst the top money managers, hedge funds, investment banks and private equity funds. SGA already counts 3 of the top 10 investment banks as its client currently. Most of SGA’s hedge fund clients come from the Long/Short equity, global macro and distressed debt space and SGA supports them in making long term judgments based on fundamental research. Many money managers we have talked to, use SGA to cover small to mid caps or emerging market securities.

I would like to introduce this firm to the readers of my hedge fund blog because their team of 100 professionals offers a unique set of industry research services that many hedge funds could probably benefit from. SGA is not a plain vanilla outsourcing firm but a provider of end to end research and analysis that can stand on its own. Contrary to other conventional outsourcing service providers, the SGA team consists of experienced qualitative and quantitative research analysts from the local talent pool as well as from the developed financial markets of Europe and US. This blend of experience is unique and powerful as it leverages the well developed research practices of the developed western countries with talent which understands the emerging markets well. The management of the company also brings 50+ years of global work experience in the financial markets and is passionate in its commitment to deliver high quality relevant investment research to its clients. Here is my short interview with the CEO of SGA.

Richard: What are the top 2 challenges for hedge fund managers investing in China and India? There seems to be a slew of language, regulatory, culture, news, on the ground research challenges that I know many small and mid-sized hedge funds are struggling with right now.

Sushant (SGA CEO): One of the main issues which still remain for Hedge fund mangers investing in India and China is the evolving regulatory environment which limits their options both in terms of strategies (e.g. limited use of shorting) and liquidity (e.g. limited choice beyond the large caps). The other challenge of course, is to penetrate the perception and find reality which is often difficult given the fact that on-the ground and fundamental unbiased research is still an evolving culture and business here.

Richard: What trends are you seeing in hedge funds using research services such as yours to invest in emerging markets? Are more hedge fund managers using your services while looking for in-depth coverage of certain stocks and sectors to test the waters for future products or are most hedge funds looking to bulk up research for already existing products?

Sushant: We see a great response for services such as ours where we can provide Hedge funds with an extension to their research team rather than ‘outsourcing solutions’. Companies who have the capability to connect with the Hedge funds managers at their level of understanding are bound to do well, while the ones who are limited to being outsourced number crunchers will be of limited use for Hedge funds. One key requirement from Hedge funds is fast response which one can only do with deep domain understanding. With the days of heady returns behind us, we expect further emphasis on fundamental research to uncover investment opportunities in the years to come.

Richard: Thank you for your time today Sushant. Where can readers of my blog learn more about your firm or contact you directly?

Sushant Gupta, CEO
SG Analytics Pvt Ltd
sushant@sganalytics.com
www.sganalytics.com
Tele : +91 20 25665306/25661897

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Tags: Emerging Markets Research, Emerging Market Research, Emerging Market Research Services, Emerging Markets Research in India, Emerging Markets Research Services, Emerging Markets Equity Research

Investment Marketing

Investment Marketing Hurdles for Hedge Funds

I just read an interesting article on AllAboutAlpha discussing the challenges today in marketing hedge funds to new potential investors. Within the piece AAA discusses how the US has one of the most restrictive regulatory regimes in the world when it comes to the hedge fund industry. The countries of Australia, Canada, Japan and China are all less restrictive.

Here’s a short excerpt from the article:

An article in this month’s Journal of Financial Transformation illustrates why this is. The piece, titled “Hedge fund marketing in an era of regulatory uncertainty” covers many of the issues faced by those trying to raise money in the US. It’s a great update on the ebb and flow of SEC edicts over the past year and was co-authored by hedge fund personality James Hedges. Here’s some of what Hedges suggests:

• Avoid speaking to the media about your funds – even if you’re not actively selling, but just “conditioning the market”.
• Avoid “print, radio and television advertisements or solicitations regarding funding or investment matters”.
• When giving presentations, “address the risks associated with hedge funds in general as well as the specific risks associated with the hedge fund being offered.”
• When your fund has a great year, make sure you “disclose the reasons for extraordinary performance…”
• No “mass mailings” except to “individual investors, or a discrete group of accredited investors”.

Click here to read the full article.

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Investment Training

Investment Training Q & A

Quick Link: Certified Hedge Fund Professional (CHP)


Question: Where can I find information an investment training programs available for recent graduates? I have 3 years of experience working in the investment industry but I’m looking for designations or programs to help improve my career. Would you suggest earning the CPA designation?

Answer: While the CPA is a highly rated designation if you would like to be an accountant there are other designations and programs which may be more directly applicable base on what type of investment training, or what path of an investment career you are taking. Here are links to three of these programs:

• Chartered Financial Analyst (CFA)
• Certified Hedge Fund Professional (CHP)
  
• Chartered Alternative Investment Analyst (CAIA)

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Hedge Fund Conference

Networking Event & Conference Email Alerts

To keep updated via a monthly email on industry networking events held by leading conference organizers and the Hedge Fund Group (HFG) please complete the form below. After submitting the form we will send you a confirmation email which you must then open and click on a link to confirm your interest.

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Andor Capital Management

Andor Capital Management & Daniel Benton

The following piece on Andor Capital Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

___________________________________

Andor Capital Management, a US hedge fund managing about $2bn in assets, is to close down and return money to investors. Daniel Benton, co-founder of Andor, is retiring from managing outside capital after 24 years in the investment business, he told investors on Wednesday in a letter seen by the Financial Times. Andor was spun off from Art Samberg’s Pequot Capital Management in 2001. He built a reputation as a leading technology investor at Pequot, following years as a star technology analyst at Goldman Sachs.

“My desire to devote more time to my family and other interests runs counter to the obligations of a hedge fund manager who must be immersed in the markets in order to meet client expectations,” Mr Benton said. People with knowledge of Andor’s performance said its stock fund has lost some money this year amid the market turbulence that has caused troubles for many hedge funds, but was by no means among the worst performers.

Investors in Andor will receive money back starting in October, according to the letter. The fund will continue investing until the end of September after which final payments will be made following the completion of an outside audit for the period ending September 30 2008.
Mr Benton had a well-publicized split with his co-founder at Andor, Christopher James, in 2004.
A spokesman for Andor did not return calls seeking comment. Read the full story here.

- Richard

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Best Practices for Hedge Funds

Link – Best Practices for Hedge Funds

The Managed Funds Association has recently put out a new version of their Best Practices Guide. Here is an excerpt from their website on what these are and how to download them:
_______________________________________________________________

The objectives of Sound Practices are to:

* Strengthen business practices of the hedge fund industry through a strong framework of internal policies and practices
* Encourage individualized assessment and application of recommendations
* Enhance market discipline in the global financial marketplace

Sound Practices, which was originally published in 2000 and is now in its fourth edition, provides peer-to-peer recommendations for establishing standards of excellence in virtually every aspect of business. The recommendations included in Sound Practices are divided among the seven topics listed below:

* Management, Trading, and Information Technology Controls
* Responsibilities to Investors
* Determination of Net Asset Value
* Risk Management
* Regulatory Controls
* Trading Relationship Management, Monitoring, and Disclosure
* Business Continuity, Disaster Recovery, and Crisis Management

MFA has revised Sound Practices in cooperation with international organizations that share the PWG and MFA’s goal of providing market participants with a framework for establishing uniform principles and guidance for the global hedge fund industry.

Click here for a copy of Sound Practices (please note this is a large pdf file that requires Adobe Acrobat Reader and might take time to download).

- Richard

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Iveagh Family Office

Iveagh Fund Launched

The family office created over 120 years ago to protect and grow the wealth of the Guinness family has launched a new fund. While many funds started by traditional wealth management firms are somewhat frowned upon in the industry or more heavily scrutinized I would think that if done right a family office fun could do very well. Family offices have unique needs – in having the right mixture of volatility, performance and reporting…and who best to understand those needs than another family office? Here is excerpt from the article:

Iveagh, the family office created 122 years ago to manage money for the Guinness family, has broadened the service it offers specifically to wealthy clients with the launch of a multi-asset fund targeting an annualized return of 9.5%.

The Iveagh Wealth fund is managed by the former senior vice president of Alliance Capital, John Ricciardi and Cambiz Alikhani, who joined Iveagh in September 2002 from Morgan Stanley to develop its fixed income proposition.

Extra input is provided by the Iveagh Investment Committee (IIC).
The fund combines valuation and behavioral analysis in a bid to achieve absolute returns over a market cycle.

It is a mirror of the Iveagh wealth management portfolio, which employs the optimization and asset allocation strategies Iveagh uses for its high net worth clients.

The optimized portfolio universe is drawn from alternatives (private equity, venture capital, hedge funds and structured products), real assets (precious metals, natural resources, global real estate), major market equities, emerging market equities, bonds and cash. Investments are almost entirely daily dealing quoted securities.

Meanwhile, the tactical asset allocation (TAA) strategy aims to increase the portfolio return and reduce downside risk by making tactical adjustments to holdings on a quarterly basis….

Read the full story here.

- Richard

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A resource guide to finances in your 20s

What does it mean to be a young professional with money? What kind of strategies are available for young professionals to build wealth? How can I, as a young professional, take control of my income and expenses? What are some valuable tools I can use to track my finances?

The following articles look to answer these questions and provide tips for how young professionals might become wise stewards of their assets.

1. The first article we found is titled “Graduating to a happy, financially secure future.” It discusses some basic tips that may be useful to someone that is just entering the workplace out of college. We all know people that generate high incomes but are sucked into generating high liabilities to go with their high incomes. These people typically are good at looking and feeling and acting rich but hidden behind their financial glitz and glamour are poor financial foundations which can lead to mounds of debt that will take many years to repay. The goal of this article is to provide tips that should help you avoid these types of traps and build up financial disciplines that will benefit your long term financial goals.

2. The next article we found is titled “Planning for Retirement whether you are 20 or 59.” This article covers the whole spectrum from 20-59 and has some practical tips that can help young professionals make good choices as they enter into their careers.
3. The third article is called “How the Young Can Get Rich” and is a mock case study on two young professionals and their progression to retirement. The article compares “Early Shirley” to “Late Nate.” Early Shirley contributes less than Late Nate to her retirement plan over time but has the benefit of compounding interest and ends up with a much more healthy retirement fund than Late Nate who pours thousands of dollars a month into his retirement plan. The article focuses on how important it is to start contributing to your retirement plan as early as possible to reap the benefit of compounding.
4. This article talks about a broad plan for people who want to retire early. I think young professionals now; have a different perspective than their parents towards working and life balance. Young professionals don’t want to work until they are too old to enjoy their savings, so here is a quick guide on how to achieve that goal. Again I thought about timeless material. This article is titled “Retire Early“
5. This article relates to credit scores and the myths behind them. Surrounded by many college students (I live 4 miles from Michigan State), I constantly hear different theories about credit scores. Some theories are pretty far out there! Believe me, the craziest story that I heard was from a “finance major”; she said that the best way for you to have a high FICO score was to be late on a couple of payments to your credit card, so that the credit card companies make a little bit of money off of you and they like you more!This guide will help answer any questions you may have about how they are formulated. Many of the mistakes young professionals make come when they are just beginning to manage their own money and credit and don’t have a lot of experience yet. Read the article here to learn more about how a FICO score is formulated. What’s in your FICO score?
6. The final resource for Young Professionals we will cover in this entry deals with budgeting. Specifically, one personal finance tool that we have found to be particularly helpful in budgeting and money management is called mint.com. What is even better about this service is that it is free! Mint.com helps you understand how you spend your money, helps you track all of your accounts at once, including investments and liabilities and hosts very powerful and easy to use budgeting tools. When you add all of your accounts to Mint.com it automatically brings in approximately 3 months worth of transactions and also automatically categorizes them for you. The system for categorizing transactions is robust and easy to use as well, so if you do not like the category that the software selected for your transaction you can change it with a click of a button.

   Many times as young professionals, with increased purchasing power, we lean on debt instruments like credit cards to feed our desire for toys and luxuries. Often this use of credit can get out of hand because we don’t want to take the time to track our expenses. With Mint.com it becomes a much less painful task to stay on top of our accounts. It is an excellent service that anyone, young or old should check out! Here is the link: Mint.com

If you know of any other great resources on money management for Young Professionals please email us at christopher.hege@gmail.com so that we can share them with the Financial Planner Alliance community.

The articles in this post were found by our new contributor, Pedro Gallegos.

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Tags: Young Professional, Young Professionals,Money Management in your 20s,Managing your finances, Budgeting

Art Investment

Art Investment Funds

I have always been curious to see more closely how art hedge funds operate and make their money. I’ve recently completed some research on this topic and the results are below.

Interview with fine art hedge fund manager Justin Williams.
He is unconventional short-term art trader (maximum holding of three yrs, Avg. holding only three and a half months), and he believes art market has enough depth and liquidity to enable him to use that strategy. For quick sell back, he focuses on living young, upcoming artists’ works. He mentions art market withstood the global credit crisis, but major geo-political risk (which affecting global economy) is biggest threat to the art funds.

Great resource on the different motivations to invest in art. This article describes who individuals or hedge funds often invest art because of a wide range of reasons which can include diversification, capital appreciation, economic slowdown, speculation, taxation, philanthropy, and social status. View this resource by clicking here.

Article says speculating on art (indirectly betting on art price through art fund) is dangerous idea. Because “The problem with art is that it is essentially counter-culture and difficult to predict”

Hedge fund turmoil tars hot art market
Article explains about how some hedge fund managers are borrowing against their massive art collection as collateral to resolve cash problems.(also, selling their possession) “300 managers with a median net worth of more than $60 million, found the average respondent spent nearly $4 million on fine art in 2005.” So, article questions if art market price will hold up during this time of hedge fund turmoil.

Article -Hedge-Fund Experts Put Art in the Deal
Hedge fund managers are applying their trading instinct into buying and selling art items. Some managers intentionally buy and invest in certain artist to bring up their value of the work, thus creating bubble in art

Hedge fund managers turn their attention to new asset class- vintage guitars.
“a London investment firm, is expected to launch the Guitar Fund. Set up as a hedge fund, the Guitar Fund will seek investment returns by buying rare and vintage electric and acoustic guitars (steel-string and classical), plus mandolins, banjos and amps.” Strategy to increase value – lending it to famous artist in tours etc. “The basis for the fund’s idea is Vintage Guitar magazine’s 42 Guitar Index . . . an average annual return of over 31% without experiencing a single down year.”

Additional article: “We’ve applied a model that has worked in a lot of other asset classes and we’ve applied it to art.” “Over the past 10 years, returns in the art market have outpaced gains made by the S&P 500, according to the Mei Moses art index.” “Using this index, art returned 18.27% last year, while the S&P 500 gained 15.79%. Five-year returns also favour art investors, but go back 25 years and the S&P 500 comes out on top.”

Informational art fund related website.
Brief summary of what art hedge fund is, and how they operate.
Followings are covered subjects.
• introduction
• managers and investors
• an industry?
• strategies
• personnel
• costs
• primers

Paint by Numbers: Art as an Asset Class-July 2007
Art is an asset class with very few past price points
“Over a five-year period, an investor has about a one in six chance of seeing an art investment decline; for the S&P 500 Index, it’s one in 10.”
Also, buyer and seller pays premium around 20% to auction process.
Draw backs- low transparency, investing in individual art work reduces diversification; index does not reflect transaction cost or art work fail to auction off.

Andy Warhol-based fund says art boom to go on. “A hedge fund that invests in prints by Andy Warhol, the pop artist known for his brightly colored paintings of Campbell soup cans, is betting the boom in the art market will continue because of increasing global wealth” Interviewer here emphasizes the fact art market was unaffected by subprime crisis.

“Investing in Fine Art as an Alternative Asset Class” – Article
Well established artist’s works are more stable even during financial turmoil.
Since, are is not reproducible increasing income level will drive demand up and supply staying or declining, thus providing solid long-term performance.
Three risks:
1. Opaque, illiquid and unregulated market – research covers only deals done in auctions
2. Subjectivity of intrinsic value – difficulties in valuation
3. High transaction costs – storage, auctions and dealer fees

Guest post produced by Sean Kim.

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Tags: Art Investment, Art Investment Fund, Art Investing, Art Investment Funds, Art as Investment, Invest in Art, Art as an investment, Buying art as an investment, alternative investments art, aboriginal art investment, alternative investments art, art for investment, art investment company, art investment companies, art investment conference

Denmark Hedge Funds

Guide to Hedge Funds in Denmark

Here is a short collection of articles on the hedge fund industry in Denmark. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.

Resources on The Hedge Fund Industry in Denmark:

• Denmark and Norway hedge towards the future with announcement of new regulatory regime. Aiming at attracting more oversea investors, Denmark and Norway have both announced the introduction of a more lenient regulatory framework for the hedge funds, with includes a more transparent tax regimes and less regulation for managing the funds.
• This Article discusses the taxation issues regarding establishing a hedge fund in Denmark and to its potential investors.
• Warning lights in Denmark. Investment in private equity is becoming increasingly popular in Denmark, with some investors allocating as much as ten percent of total assets. In this article, I&PE’s analyst Paula Garrido examines how Denmark’s pension funds are structuring their portfolios to include these alternative investments.
• This news archive contains most recent regulatory updates and developments in Nordic hedge fund industry.
• Hedge Funds in Denmark and Internationally. This comprehensive article introduces the recent development and future prospect of hedge fund industry in Denmark. In addition, it also covers various hedge fund strategies and their risks in relation to prime brokerage and to investors.
• Review of Danish Capital Market. Composed by International Monetary Fund, this report gives a broad overview of Danish capital market, with detailed descriptions of the legal framework and regulation of both of its bond and equity market. The report also provides a future guidance on its rapid growing mutual fund sector and introduces the Danish Hedge Association.
• Scandinavians Arrange Emergency Funds to keep Hedge Fund Pirates from Destroying Iceland. Norway, Sweden and Denmark of 1.5 billion Euros to support the Icelandic Krona from an attack by hedge funds. These hedge funds are wielding what Warren Buffet calls ‘Weapons of Mass Financial Destruction’ (a.k.a. derivatives), who have targeted the country with short-selling ‘bear raids’ to try and drive the 300,000 people living in Iceland and their economy into bankruptcy for a quick buck.
• The Investment Fund Industry in Denmark. Taken from the Federation of Danish Association website, this article provides a overview of the Danish Investment Fund Industry, its organizational structure, pricing and cost structure and related legislations.
• One of Denmark’s largest banks, FIH is a corporate and investment bank specializing in financial services to Danish corporate, had selected SuperDerivatives (the benchmark for derivatives pricing and the leading provider of multi-asset front office systems, risk management, revaluation and online options trading solution) in order to strengthen and expand its capacity to trade interest rate derivatives.
• On the Hedge Fund Frontier. This year Scandium Fund Ltd. ranked among the xis best performing fund of hedge funds worldwide by MARHedge. In this article, the fund’s Co-founder and portfolio manager, Mr. Casper Hallas, shared with us the secret of Scandium’s success, his investing philosophy, and his opinion of the present state and future prospects of the Danish hedge fund industry.
• Danish Pension Provider Opts for Direct Hedge Fund Investment. PFA Pension, one of Denmark’s largest institutional pension providers with responsibility for $41.6 bn of pension assets, is set to distinguish itself from the majority of European pension scheme by investing directly in hedge fund. PFA plans to increases its allocation to equities and alternatives at the expense of bonds in the hope of higher returns.
• Denmark – Fund Market 2005 – 2006. This article introduces the economic and financial background of Denmark and its key trends in asset management service, and recent regulatory development (including tax) in fund governance.
• The regulation, taxation and distribution of hedge funds in Europe: Changes and Challenges. This report summarized the most recent legal development and regulatory changes occurred in the European region (up to 2006), and what are some effects that would have on the European hedge fund industry.
• Hedge Funds and the Financial System. The increasing prevalence of hedge funds has been a key trend in the international financial markets in recent years. This report created by the Denmark’s National Bank let us look inside the brief history of the Danish hedge fund industry, its present development and its future growth potential. The paper also examines the governance and regulatory structure for these hedge funds.
• Denmark‘s biggest pension funds will have to report on corporate social responsibility (CSR) as part of new legislation currently under development by the Ministry of Economic and Business Affairs.Under existing law, pension funds only need to state the kind of CSR guidelines they are following if they have an impact on their financial activities. Under the changes proposed, pension funds would no longer have a choice.
• Newly-formed Danish alternative investment firm Global Evolution is looking to make a name for itself in the emerging markets. The Kolding, Denmark-based manager is prepping its Emerging Markets Multi Strategy Fund for launch sometime in January with between US$50 million and US$100 million.
• Government-sponsored pensions savings scheme allowing foreign managers to gain visibility in the Nordic region. Fund manufacturers are exploiting new distribution models in Europe, where savings are migrating from banks and insurance companies to government-sanctioned fund selection platforms. The new Danish government-sponsored pensions savings scheme, the SP Valg-Folkebörsen, is allowing foreign fund managers to gain visibility in the region.
• Copenhagen, Denmark-based Danfonds is readying its first hedge fund, Frontier Market Fund, for launch later this year with more than €25 million (US$39 million). The firm will cap the fund at €200 million (US$315 million) and is in talks with potential seed investors. The Frontier fund, which will debut after September, will look for long positions in the frontier markets of sub-Saharan Africa, central Asia and the Caucasus, the Balkans, the Baltics and the Middle East.
• At the end of 2004, the Danish government presented a bill to create a legal and supervisory basis for establishing “hedge associations” in Denmark. According to the bill, hedge associations will be the Danish equivalent of hedge funds. Like hedge funds abroad, hedge associations will have full freedom to determine their risk profile and investment strategy.
• Denmark Country Report: In 2005, Denmark achieved the highest economic growth for a number of years and the GDP grew by 3.4 %. The growth is continuing in 2006 and especially domestic demand is making a substantial contribution. Private consumption is driven by higher disposable incomes, low interest rates, new loan products and accelerating house prices.
• Hedge Nordic reports that Danish fund of hedge funds Scandium Fund Ltd. was the sixth best performer in terms of sharpe ratio among all funds of hedge funds worldwide during the past year. This is according to figures published by hedge fund database MarHedge, which receives performance reports from 547 funds of hedge funds.
• The Danish venture capital industry is very much in its infancy but recent developments are ensuring that it becomes increasingly attractive to investors. Kim Forum Jacobsen of the Danish Growth Fund charts the country’s rise and discusses its potential for future growth. With a highly educated population, state-of-the-art research in areas such as biotech, wireless technologies and photonics, Denmark has all the hallmarks of an attractive market for investors.

- Richard

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Marketing in Switzerland

Hedge Fund Marketing in Switzerland

I recently came across a short whitepaper on hedge fund marketing in Switzerland. Here is a short excerpt from this article and a link to the full copy.

In the last few years, alternative investments and hedge funds in particular have become part of the standard asset allocation process in the Swiss private banking business as well as for many Swiss institutional investors. This is the case even though, given legal and regulatory constraints, hedge funds may only be distributed in Switzerland by way of private placement, without any public offering. In addition, Swiss law and the practice of the supervisory authority, the Federal Banking Commission, allow for the setting up and the public distribution of collective investment schemes which take different forms and which invest into hedge funds (e.g. investment companies, investment foundations, and funds of hedge funds). These structures have also contributed to the success of alternative investments in Switzerland. For the rest, the on-going revision of the Swiss mutual fund legislation is expected to create additional flexibility in regards to the offering of this type of investments to the Swiss market.

The Swiss market
Switzerland is an important player in the alternative investment arena, especially for hedge funds. Although reliable statistics on this topic are difficult to come by, it is generally considered that, after the U.S., Switzerland is the second-largest market for hedge funds in the world. A number of factors have contributed to this situation. Firstly, Swiss private banking and its sophisticated clientele have been among the first to invest in hedge funds, and to do so massively. With the years, a number of Swiss banks and financial advisors have thus developed an expertise in alternative investments. In parallel, Swiss institutional investors (e.g. pension funds) have been quick to include alternative investments in their asset allocation model. Recent changes in the applicable regulatory framework have further expanded the ability of these Swiss investors to invest in hedge funds, or funds of hedge funds.

Read the full whitepaper here.

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Switzerland Hedge Funds

Guide to Hedge Funds in Switzerland

Here is a short collection of articles on the hedge fund industry in Switzerland. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.

Swiss Hedge Fund Resources:

• This KPMG Article discusses the process of how to set up a hedge fund in Switzerland. Some of the topics been touched on are: Authorization requirement and process, Regulatory capital requirement, Restrictions on marketing issues, and fund’s operational structures.
• Marketing of Hedge Funds in Switzerland. Given legal and regulatory constraints, hedge funds in Switzerland may only be distributed by way of private placement, without any public offering. Therefore, this article will provide readers a overview of Swiss collective investment structure, its legal and regulatory frameworks, and address the on-going revision of the Swiss mutual fund legislation that is expected to create additional flexibility in offering this type of investment opportunity to the Swiss market.
• Switzerland is slowly becoming a player in the hedge fund market, but it can do more to attract investors, says René Bösch. In comparison with other countries, until recently Switzerland did not play a significant role in the hedge fund industry, except that the Swiss banks manage a huge asset basis that also seeks investments in hedge funds.
• Hedge funds the Swiss way: The elusive Swiss private bank UBP is one of the few financial institutions to have emerged unscathed from the global credit crunch. “Globes” talked to the bank’s Israel representative Elchanan Harel.
• Asset managers are said to be attracted to the Alps by tax advantages, but the picture is obscured by fudge and indecision. The creation of a Geneva-based hedge fund business by private bank Lombard Oldier Darier Hentsch has rekindled the idea of hedge funds moving to Switzerland from London en masse
• Geneva’s cantonal finance minister, David Hiler, tells local business leaders for the first time that he wants to attract foreign-based hedge funds to the region. The move is part of wider thinking about ways of keeping multinational companies based in Switzerland following pressure from the European Union for changes to company taxation.
• Hedge funds are `crucial` in Switzerland’s financial market says Harcourt`s MP, country in 3rd European position but could move up to 2nd, Opalesque Exclusive: Less taxes for hedge fund managers would be beneficial for Switzerland, but it won`t happen just yet, Hedge funds add complexity to existing restructuring laws in Spain, SocGen A.M. posts 7.3 bln euros net outflows in Q1
• This article suggests that you could say that this summer’s credit crunch was a chance to see the hedge fund emperors without their clothes. As banks around the world tightened access to money, on concern that borrowers’ collateral was impaired by exposure to subprime loans, some of the highest-profile upsets were reported in the $1.7 trillion hedge fund industry.
• Switzerland is the world’s second largest market for funds of hedge funds, after the US, with most assets invested in offshore hedge funds.There are nearly 256 registered and supervised hedge funds in Switzerland approved for public distribution (up from 39 in 2001), with total assets of around US$9.4 billion in 2005 (compared with US$273.8 billion invested in all registered Swiss funds). Almost all these funds are structured as funds of hedge funds.
• Brevan Howard, one of London’s biggest and most successful hedge funds, is considering moving its headquarters abroad, handing fresh impetus to sceptics of Britain’s claim to be the world’s leading global financial centre. The Pall Mall-based investment house, which manages $22bn of hedge fund assets and employs 250 people in London, has told the Financial Services Authority that uncertainty over taxation as well as the Government’s attack on non-doms has caused enough concern among the partners to consider moving abroad.
• London’s Hedge Fund Managers Flee to Switzerland Over Tax Challenges. Dozens of London-based hedge fund managers are reportedly relocating to Switzerland to escape new tax rules affecting non-domiciled individuals residing in the UK. Many hedge fund managers have expressed alarm at the new tax rules and prepared to move their entire operation to Switzerland, with its favorable tax climate for wealthy investors, has emerged as the natural alternative for some managers.
• Switzerland hopes tax changes will win hedge funds from city. Private investors residing in Switzerland can earn tax-free gains from their hedge fund and private equity investments but the managers of those funds are stung if their own stakes, known as “carried interest”, are treated as income. Therefore, the way to attract more asset managers to Switzerland is to get the tax authorities to treat the carried interest as private capital.
• Zurich’s tax lure for hedge funds. Switzerland is mulling over plans for a special 10pc tax rate for hedge fund managers in a radical move to lure the booming industry away from London. The Swiss banking federation has proposed a 10pc tax on the elite managers, effectively cutting their marginal rate by 35 percentage point
• HSBC has enhanced its fund of hedge funds product range available in Switzerland, with the approval for distribution of the HSBC AdvantEdge range. The fund range, which provides investors with the option to build focused exposure to specific hedge fund strategies or geographic regions.
• Cayman Islands: Switzerland’s Cayman Connection. Switzerland is a particularly interesting jurisdiction when it comes to the alternative investments industry. Its legal and regulatory constraints largely prevent Swiss-based sponsors of FOHFs from setting up the fund within Switzerland. They therefore typically turn to the Cayman Islands as the jurisdiction to establish the fund vehicle, which will generally be a Cayman Islands company. Therefore, this article will explore the interaction between the two jurisdictions when it comes to funds of hedge funds.
• This article provides a brief overview of some regulations and constraints in conducting investment management services in Switzerland. It also give readers a overview of Switzerland’s banking and investment fund sectors.
• Swiss Banks call for relaxed immigration. Banker and fund managers in Switzerland are calling its government to relax its immigration laws enough to allow more skilled laborers from non-European Union countries to work in the banking industry. he banking industry today accounts for 6% of the country’s jobs, 12% of GDP , and 16% of Swiss tax revenue.
• Swiss Financiers seek to tempt hedge funds. The Swiss finance sector has decided to increase pressure on the authorities to enact reforms that would help attract more hedge fund managers to Switzerland. The main focus of reform would be its tax and regulatory systems.
• This is an excellent comprehensive resource for anyone who is interested in exploring the business environment in Switzerland and its various laws and regulation.
• This article provides quantitative investigations into the potential for tax evasion by individuals in Switzerland’s offshore financial sectors. This article divides the huge Swiss financial sector into five parts: (1) on-balance-sheet bank business; (2) bank fiduciary deposits; (3) securities held in bank custody accounts; (4) insurance; and (5) investment funds (including mutual and hedge funds). It attempts to identify which of these assets are likely to be linked to tax evasion.
• Switzerland: Financial Sector Assessment Program – Factual Update – IOSCO Objectives and Principles of Securities Regulation. It presents a factual update of regulatory developments in the area of securities regulation and supervision in Switzerland and introduces some of regulations of its hedge fund industry.
• Switzerland: Searching an Edge On Hedge Funds. This article gives a brief overview of Switzerland’s hedge fund industry and its relevant laws and regulations. It also analyzes the future direction of the industry and how it stands against other financial powerhouses around the world, such as Britain and U.S.

Job Opportunities

• List a Switzerland based hedge fund job here by emailing Richard@HedgeFundGroup.org. Please see our current Job Listings for hedge funds looking to hire professionals right now.

Seminars & Conferences

• Please email Richard@HedgeFundGroup.org to promote a local conference within this region.

- Richard

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Here is a short excerpt from a Malaysian based-newspaper’s recent article on single and multi-family offices:

The multi-client family office in the United States is a multi-disciplinary wealth management firm that offers family office services for a number of clients. This is an option that offers the best of both worlds — services that are tailored to the needs of high net worth individuals while taking advantage of economies of scale and the opportunity to delegate to professionals.

A multi-client family office makes sense for many individuals and family groups who want a provider that is intimately familiar with the needs of the client and capable of delivering a comprehensive service menu for a competitive price.

Families and individuals sometimes decide not to set up their own family office because they do not want to be responsible for managing a financial services business. They prefer the continuity offered by an established institution which they can rely on to evaluate and manage the various financial service professionals.

There are many differences between the multi-client family office and the traditional single family office:

l The single family office normally services one family and the multi-client family office services multiple families. Families who use a multi-client family office find that they realize most of the advantages of a dedicated office without the overheads and responsibility of managing a newly-formed financial business.

Despite the fact that a multi-client family office services more than one family, each family client still enjoys the full benefits of a single family office. These include:

• Integrated wealth management services under a boutique structure;
• Access to a high level of client service from an experienced staff of professionals who serve a limited client base;
• More direct family control over financial matters;
• The satisfaction of affiliating with an organisation whose goals are aligned with those of their family;
• Comprehensive assessment of financial goals;
• Customised solutions / strategies for each household;
• Proactive management of client affairs;
• Ongoing education about the responsibilities of ownership;
• Focus on the continuity of the family across generations and branches; and
• The assurance of confidentiality in the management of financial and personal affairs.

Read the full article here

- Richard
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SageCrest

SageCrest LLC Hedge Fund

The following piece on SageCrest LLC Hedge Fund is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
___________________________________

Aug. 25 (Bloomberg) — Deutsche Bank AG, Germany’s biggest bank, has been trying to collect $107 million loaned to bankrupt units of the SageCrest LLC hedge fund, according to court documents.

SageCrest Holdings Ltd., a Bermuda-based unit that filed for bankruptcy protection Aug. 20, said it had about $100 million outstanding under a credit facility with Deutsche Bank. SageCrest II LLC, a Greenwich, Connecticut-based fund, sought bankruptcy protection Aug. 17 after the bank told it to sell assets at a discount to pay a $7 million loan, said the fund’s lawyer, Bill Brewer of Bickel & Brewer.

Deutsche Bank told SageCrest management that it “simply wanted the debtors to liquidate their assets as quickly as possible to pay all amounts outstanding on the credit facilities,” the hedge fund said in papers filed Aug. 22 in U.S. Bankruptcy Court in Bridgeport, Connecticut.
SageCrest specializes in making secured loans to smaller companies in financial, life-insurance and mortgage businesses that can’t get money from “traditional sources,” according to court documents. For the full story please see this link.

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Third Party Marketing Career

Hedge Fund Third Party Marketing Careers

If you are starting a third party marketing career you are in good company, dozens of highly experienced investment and hedge fund marketing/sales professionals are entering the industry each year. In terms of total firms offering services the industry is growing by over 15% each year. While some professionals may leave an investment manager or hedge fund to start their own third party marketing firm many more first work or partner with an existing third party marketing firm. The benefits of starting or working for a third party marketing firm are many and doing either is relatively easy to do.

If you can raise capital, and consistently bring in $100m-$200M/year you can typically eliminate most types of political/corporate risks while earning 2-10x more than you would while working for a large institution such as Lehman Brothers or Goldman Sachs. As the economy goes through this rough patch and bonuses are skimmed and 50 year old executives laid off I see this trend of third party marketing startups and career moves increasing.

- Richard

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Switzerland ETF

iShares MSCI Switzerland Index Fund (EWL)

While limited in options, there is one Switzerland ETF to date that is available. This ETF is the iShares MSCI Switzerland Index Fund (EWL).

EWL is one of the older ETF with an inception of 03/12/1996.

The iShares MSCI Switzerland Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Swiss market, as measured by the MSCI Switzerland Index.

Here are the top Holdings as of 07/31/2008

*Holdings are subject to change.

Here is a chart of the fund performance over the last 5 years.

You may also review the iShares fund fact page for more information. If you would like more fund details you may find a prospectus on the iShares website.

If you would like to learn more about ETF Funds please see the following ETF Funds Overview. Another great resource is our list of single-country and commodity ETF Funds.

As always, please consult a licensed financial professional before making any investment decisions. Information within this blog is factual information only and is not a solicitation, promotion of any investment strategy, or form of financial advice in any way. The Financial Planner Alliance does not recommend any investment specifically. It intends to provide education on many financial planning and investment trends and options available to investors today.

-Chris

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Tontine Associates

Tontine Partners & Jeffrey Gendell

Quick Link: Tontine Capital Partners – 13F Hedge Fund Holdings

The following piece on Tontine Associates is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
____________________________________________

Resource #1: (11.12.08) Tontine Associates, an $11 billion hedge fund firm run by billionaire manager Jeffrey Gendell, will close two funds, sources close to the situation told FOX Business on Tuesday.

The Greenwich, Conn.-based firm will close the Tontine Partners and Tontine Capital funds after both funds got clobbered by an ugly economy and turmoil in the financial markets.

Sources said Gendell is closing both funds because of their performance — each is down more than 50% year to date — rather than because of investor redemption.

Gendell, through a spokesman, declined to comment.

But sources said Tontine plans to wind down the two funds in an orderly manner in order to maximize shareholder return.

Gendell’s Tontine 25 and Tontine Financial funds will remain open.

Problems with Gendell’s funds became public in early October after a letter signed by Gendell was leaked to the public. In the letter, Gendell told investors that all of his funds have taken huge hits this year, citing the example of U.S. Steel (X: 28.87, -3.51, -10.84%).Tontine owns a 2.62% stake in the steel company, which has seen its shares fall from $200 in July to just over $30 a share.

Gendell wrote that because of the “rapid declines in our steel stocks and engineering and construction stocks, we were forced to scale down our positions.” Source

Resource #2: In a Reglatory filing with the SEC, multibillion-dollar hedge fund, Tontine Associates, has bought 5% of trucking giant YRC, equaling 2.97 million shares of YRC common stock, for more than $48 million.

Jeffrey Gendell, founder of Tontine Associates, has made big investments recently in other struggling companies in the region. Earlier this year, he spent more than $11 million to acquire an 8.6 percent stake in Thermadyne Holdings Corp., a struggling producer of metal-cutting and welding equipment based in Chesterfield, Mo.

Gendell also bought more than 400,000 shares of TierOne Corp., a Lincoln, Neb., bank that has lost nearly $100 million in the past four quarters. Stockpickr.com reports “Gendell’s specialty is picking a macro-styled theme, buying very large positions in companies that benefit from that theme, and then working with or pressuring management to improve shareholder returns”.
Gendell, among other things, is a donor to Duke University and a part-owner of the Cincinnati Reds baseball team. Read more here…

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Who can Invest in hedge funds?

“Sophisticated investors” invest in hedge funds. These investors do not need the protection that comes with the regulations on mutual funds. These wealthy individuals must pass either an accredited investor test or a qualified purchaser test.

An Accredited Investor is an individual who either:
a.) has a net worth greater than $1 million.
b.) has an income in the past two years that exceeds $200,000/year, and expects to continue this way.
or c.) holds assets greater than $5 million.

A Qualified Purchaser is either:
a.) an individual that owns at least $5 million in investments.
b.) a family-held business that owns at least $5 million in investments.
c.) a business that has discretion of at least $25 million in investments.
d.) a trust that is sponsored by qualified purchasers.

- Richard

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South Africa Hedge Fund

Guide to Hedge Funds in South Africa

Here is a short collection of articles on the hedge fund industry in South Africa. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.

• This latest edition of Doing Business with South Africa is a uniquely authoritative source of economic data and business information. The guide reviews business conditions in the new South Africa, the changing local and provincial governments, the restructuring of competition policy and the exchange control outlook. It also discusses the potential opened up by privatization and the practicalities of entering into joint ventures. Read More…
• “A hedge fund is a vehicle that houses traditional and alternative investments against equities, bonds and credits” Cannon Asset Managers’ chief investment officer Adrian Saville says during volatile times investors often rush into hedge funds seeking protection. “But these have proved to be almost as volatile as equity markets with much lower rates of return. The experience of January 2008 comes to mind, when stock markets around the globe traded lower and hedge funds saw losses in that month too,” he says. Read More…
• South Africa is a strong, rapidly growing commodity-based economy based upon mining, agriculture and manufacture – but with a strong tradition of financial services and trading sophistication. As a result, it has developed animpressive and fast-growing hedge fund industry. Read More…
• South African Hedge Funds – Article posted here on this blog earlier this year.
• Six of South Africa’s top performing hedge funds were recognized for their achievements at the second annual Old Mutual Symmetry Hedge Fund Awards in Cape Town last night. The winners were picked from 21 eligible hedge funds that participated in the qualifying SYmmETRY Multi-Manager Hedge Fund Performance Survey.
• During March the Financial Services Board, together with the South African Chapter of AIMA and the Association of Collective Investments, issued a joint discussion paper calling for comment on the regulation of hedge funds in South Africa.1 The publication of the joint discussion paper was the culmination of lengthy discussions, in which the executive of the South African Chapter of AIMA played an integral part.
• In August 2007 the FSB, in cognizance of the many inexperienced hedge fund managers operating in the South African market, introduced Regulations under the Financial Advisory and Intermediary Services Act, 2002 (FAIS) governing the managers of hedge funds and funds of hedge funds. Read More…
• African Hedge Funds – Short post on various African hedge fund resources
• The South African private equity industry recorded total funds under management of R41.5bn at the close of 2003, a ten per cent increase on the previous year, according to KPMG and the South Africa Private Equity and Venture Capital Association. A total of 50% of third party funds raised during 2003 have been sourced from South Africa and 48% from Europe
• South Africa’s hedge fund market has been hampered by strict limits on the amounts pension funds can invest, but Willem van der Merwe of African Harvest Alternative Investment believes anticipated changes in the rules later this year could give the local hedge fund industry a boost
• This latest Hedgeweek Special Report on South Africa’s Hedge Fund Service (2008) contained numerous articles on SA’s hedge fund industry for readers to download. The discussed topics varied from its growth potential to its regulatory environment to its fund servicing role globally. A must-read as an introduction of SA’s hedge fund industry. Read more…
• South Africa: A new hedge fund market emerges. An excellent overall guide that introduces South Africa’s hedge fund industry, its regulatory environment, institutional investors, and various other topics. Read more…
• South African Hedge Fund Industry Grows by Stealth. This brief article analyzed the growth potential of hedge fund industry in South Africa by looking at its potential market size, macro-economic environment and regulatory policies. Read more…
• Benchmarking South Africa’s Hedge Fund. This website features a latest Hedgeweek Special Report on South African Hedge fund Industry in 2008. Some of the questions would be answered by this report are: How attractive are South African hedge funds as an investment opportunity? And is your fund or fund of funds outperforming or underperforming? Read More…
• Fast-growing bustle in the hedgerow. The size of the hedge fund industry in South Africa has trippled over the past three years – in terms of both assets under management (around R18bn) and the number of funds (more than 100). This article will analyze how did all these growth take place and how would it continue in the near future with broader acceptance from local investors.
• South Africa’s Hedge Fund Industry Poised for Lift-off. This article analyzed the current growth trend of South Africa’s hedge fund industry, and how the change in region’s current restrictive rules and increase in local investors’ sophistication would stimulate the growth of hedge fund in SA. Read more…
• A Comparison of South African Hedge Fund Risk Measures. This academic paper discussed the development of a more effectively discriminatory hedge fund performance measures for accessing the risk and return performance of South African hedge funds. Read more…
• This article discussed how the recent subprime crisis and the global economic downturn would affect the South Africa’s economy and its hedge fund industry. Read more…
• This excellent article provides a brief but yet comprehensive overview of the regulatory landscape for hedge funds in South Africa. Read more…
• This article provides a brief outline of the hedge fund regulation in South Africa, with discussion on various provisions of its Financial Advisory and Intermediary Services Act passed on 2002 (“FAIS Act”), and on August 2007 (“the Hedge Fund Regulation”). Read more…
• This article discusses the issue of tax exposures for foreigners that are investing South Africa’s funds. Read more…

Hedge Fund Jobs in South Africa

• List your hedge fund jobs here by emailing Richard@HedgeFundGroup.org

Hedge Fund Conference in South Africa

• List your hedge fund conference here by emailing Richard@HedgeFundGroup.org

- Richard

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Weak Dollar

Weak US Dollar – Video Post

Here is a quick video on foreign currency exchange, and why a weak US Dollar can benefit some large multi-national corporations. This is a very simple easy to understand video on this issue.

- Richard

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Hedge Fund Investment Mistakes

Top 4 Hedge Fund Investment Mistakes

There are many good and bad reasons to invest in hedge funds. Below are 4 of the most common hedge fund investment mistakes that I see or hear talked about by hedge fund managers, family offices and financial advisors. Each of these points are cautions on not any form of financial advice or recommendation recommendations on investing with any particular hedge fund strategy.

1. Investing based on emotions, market heights and excitement. Investing based on a hunch or short term trend can help find new ideas or hedge fund managers with unique perspectives but without thorough due diligence can lead to working with sub-par managers.
2. Chasing high returns. Many un-experienced Investors don’t ask themselves often enough – at what risk were those returns gained? What risks am I comfortable in taking on? Etc. This is why a wealth management firm or family office or consultant can be critical to making sure you are making wise investment choices for your unique situation, goals and needs.
3. Investing with friends – Many times you may not see the forest while being asked for money from a friend. The truth is that many hedge funds do not survive in the long-term. They are not asking to borrow a book, this is your hard earned money. If you can’t afford to lose the money you might not want to invest it in a hedge fund or at least a friend’s hedge fund at all.
4. “Hedge Fund Rich” – Thinking that a single – all eggs in one basket bet is going to make you rich. This rarely happens, the average hedge fund does beat the S&P but is far from returning the types of returns you sometimes read about in the papers. The most popular mainstream media outlets like to focus on the extreme because it sells newspapers, it draws eye balls. Most hedge fund managers are not frauds and most do not return 56% returns for their investors. Make sure and conduct industry-wide research from Databases and not just WSJ articles and coffee table talk with friends. Thorough due diligence and hard numbers trump all opinions.

- Richard

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Quick Link: List of Hedge Fund Prime Brokers

FinAlternatives recently completed a great prime brokerage survey/report where they discussed how the highly-publicized hedge fund blowups, the Bear Stearnes collapse and the mortgage crisis have forced the prime brokerage industry to adapt more diligence in hedge funds’ risk exposure and leverage. Institutional investors are increasingly demanding hedge funds to have greater transparency, and hedge funds have passed much of this responsibility to prime brokers. Hedge funds are now employing multiple prime brokers and are more demanding of the services the brokers offer.

Many of the larger hedge funds hoping to minimize exposure are moving fully-paid assets from prime brokers to banks. The larger hedge funds cut third-party risk by financing long positions exclusively through a bank. On the other hand, smaller and mid-size hedge funds are struggling to secure lending and prime brokers. It is especially difficult for small single-strategy hedge funds to find a prime broker, as prime brokers favor the diversified multi-strategy funds.

Recent turbulence in the hedge fund industry has led investors to demand greater transparency of managers. Managers have relayed this responsibility to prime brokers, who have evolved to provide improved risk analytics and add more services to their clients.

- Richard

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Hedge Fund Marketing Tools

Tools for Hedge Fund Marketers & 3PMs

I have created this page to list a collection of online hedge fund marketing tools available to professionals within the hedge fund marketing space.

• Family Office Directory | Directory of Family Offices | A directory of over 500 family offices, these include both single and multi-family offices within the US and abroad.

• Master Contact Database: The industry’s leading master contact database containing details on over 20,700 alternative investment funds, CTAs fund of funds, etc.

• Fund of Hedge Fund Database Fund of Hedge Funds Database which profiles 2,585 funds and is the most comprehensive database of its kind
• Fund of Hedge Fund Directory: Directory of Funds of Hedge Funds
  profiles 1,032 carefully selected funds of hedge funds and funds of CTAs

• Capital Hedge Investor Databases: A complete investor database solution for hedge funds looking to raise capital across several distribution channels.

• Email Newsletter Creation Tool: Aweber is the #1 provider of email newsletter creation and management services. Creating an email newsletter keeps you in front of your prospects and loyal customers. Aweber offers a suite of low cost professional email newsletter templates and their how-to guides, quick online support and email tips make them a favorite of thousands of firms. Click here now to see what Aweber offers.

• Hedge Fund Database: Thorough database which contains comprehensive information on 3,169 single manager hedge funds.
• Hedge Fund Directory: A less expensive and lighter collection of single hedge fund manager contact details.
  

• CTA Database A source for managed futures data for the past 20 years and contains comprehensive data on 864 CTA programs.
  
• CTA Directory A less expensive lighter version of the database above
  

• Hedge Fund Asset Flow Reports Order reports to dig into where asset flows are coming and going within the hedge fund industry. Monthly reports available.

• List of Hedge Funds in Massachusetts
• List of Hedge Funds In Connecticut
  
• List of Hedge Funds in New York
• List of Hedge Funds in California
• List of Hedge Funds in Chicago and State of Illinois
• List of Hedge Funds in Dallas, Houston & State of Texas

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Economic Crises

Economic Crises – Video Post

Below is a short video on the economic crises, trends affecting the economy and how the US government recently bailed out Bear Stearns. Much of this talk refers to the need for the economy to pull back in order to grow in a healthy way in the future.

- Richard

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Permanent Link: Economic Crisis

Tags: Economic Crises, Economic Trends, Economic Status, Economic Crises, Economics Crisis, Economics Crises, Economy Crisis, Macroeconomic Crisis, International Economic Crisis Video

Economic Crises

Economic Crises – Video Post

Below is a short video on the economic crises, trends affecting the economy and how the US government recently bailed out Bear Stearns. Much of this talk refers to the need for the economy to pull back in order to grow in a healthy way in the future.

If you are viewing this post via my daily hedge fund newsletter please click here to view the video now.

Tired of reading articles? Watch more videos like this one above within the Hedge Fund Videos Directory.

- Richard

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Permanent Link: Economic Crises

Tags: Economic Crises, Economic Trends, Economic Status, Economic Crises, Economics Crisis, Economics Crises, Economy Crisis, Macroeconomic Crisis, International Economic Crisis Video