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How to Create and Manage a Hedge Fund: A Professional's Guide Hardcover – August 15, 2002
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From the Inside Flap
In an accessible, straightforward style, How to Create and Manage a Hedge Fund presents all the practical information you'll need to set up and run a leveraged investment company. Lawyers, accountants, creditors, investors, and many others will find insights into the often opaque world of hedge funds. Cutting through the hype and hysteria that usually surround this dynamic field, Stuart McCrary provides a detailed introduction and solid framework that any financial professional can understand and apply.
Filled with practical information, this unique guide first examines the critical information you must be familiar with as a hedge fund manager . . .
* Building a valuable leveraged investment company
* Types of hedge funds and hedge fund investors
* Hedge fund investment techniques and business models
* Creating leverage for investors
* Disclosing information to investors and the topical issue of transparency
. . . and then advances to the more technical and specialized aspects of starting and operating a hedge fund, with discussions of legal, accounting, risk management, marketing, and tax issues.
How to Create and Manage a Hedge Fund is filled with expert guidance that will put you in the best possible position to launch and run a leveraged investment company. Touching on everything from commodity pools and performance mathematics to legislation affecting hedge funds and derivatives, this comprehensive guide will give you a firm grasp on how to create a valuable hedge fund business that will attract investors-while showing you how to avoid common mistakes that have plagued failed hedge funds.
You may still need professional advice to assist you in setting up a hedge fund, but How to Create and Manage a Hedge Fund allows you to save time and money by giving you the tools and techniques necessary to understand and operate within the hedge fund industry.
From the Back Cover
A Professional's Guide
"True to its title, McCrary provides a clearly written and complete overview of the issues associated with starting and running a hedge fund. And for those outside the hedge fund world, the book's successful marriage of finance theory and market practice with the author's own vast experience makes for an enjoyable and thoroughly informative read."
-Christopher L. Culp, Managing Director, CP Risk Management LLC, and Adjunct Associate Professor of Finance, Graduate School of Business, The University of Chicago
"McCrary has drawn from his experience on Wall Street, LaSalle Street, and at the academy in crafting this encyclopedia for hedge fund managers and advisors. Covering the field in plainspoken business prose, he demystifies the secretive world of collective private investment. Whether you earn your living in finance or law, in accounting or marketing, if the subject is hedge funds, you must read this book."
-Patrick Daugherty, Partner, Foley & Lardner
"Building on his broad experience in the securities and derivatives markets, McCrary offers a well-researched guide to starting and running a hedge fund business . . . he tackles everything from the mundane, like regulations and accounting, to the complex, like investment techniques and risk management, in an articulate and insightful manner . . . a necessary handbook for money managers and investors alike."
-Peter F. Karpen, Managing Member, Diversified Investment Management, LLC
Top Customer Reviews
Informative and easy to read for the lay person, private investor or student, but of no practical use to anyone who might actually be looking to set up their own fund. Certainly not a professional's guide.
Mr. McCrary's book discusses broad topics about the industry but also covers some things that can be learned better from a specialty book about marketing or business plan writing. It does not mention how hedge funds are getting into private equity, prime brokers, Sarbanes-Oxley, or the Anti-Money Laundering Act. It is also weak on specific details about how to run a fund day-to-day.
In general the book reminded me of a college textbook. It is most valuable to anyone who wants a good beginning knowledge of hedge funds.
As someone who has started a fund in the past and is looking to start another, this book was a disappointment. If you are learning the info in this book for the first time, you probably shouldn't be starting a fund in the first place.
Because of its generalist nature, therefore, it lacks specifics on how you should structure your firm. Cayman Islands versus Luxembourg? A lot of hand waving. Tax regimes and custodians? Keep in mind these are important. Caution on solicitation of funds? Laws vary, be careful. Etc.
So the text is not through, or a "how to" with tear-out forms that you mil off to authorities and "poof" you've got a hedge fund, but it does outline the chores from idea to launch and some flavor of day-to-day operations. With always the caution "your own experience may vary."
But frankly, this one is worth a read compared to a lot of the junk that is out there. But don't stop here.
For instance, the structure of a hedge fund was explained to me by one of the best lawyers who specializes in setting up hedge funds, here on the west coast. The charts that were used in the book mirrored the thoughts of the lawyer.
Within the last 2 years, the industry has changed drastically and quickly that some issues/rules/regulations are outdated. I would recommend this book for the reader who is looking at a hedge fund for the very first time.
Most Recent Customer Reviews
I needed this book to learn how to put a business team together and develop a business model for the fund I wanted to create. This book was one key piece to getting that done. Read morePublished on November 16, 2012 by B. W. Thomas
Tells you everything you need to know; however you will still need a good lawyer to set you up properly. Read morePublished on March 7, 2007 by Edward Mcgilly
I'm not sure what Stuart was attempting to do with this book, but certainly the title was misleading. Read morePublished on August 24, 2005 by W. Lyons
Dear, me. Imagine being able to coach a winning business plan in fewer than 20 pages. And marketing, my dears! Read morePublished on June 26, 2004
While admittedly there is a lot of fluff in this book - ie explaining strategy and instruments, there is a lot of valuable advise on creating the structure of the company and... Read morePublished on September 4, 2003