- Hardcover: 320 pages
- Publisher: Wiley; 1 edition (December 3, 2008)
- Language: English
- ISBN-10: 0470372346
- ISBN-13: 978-0470372340
- Product Dimensions: 6.4 x 1.2 x 9.4 inches
- Shipping Weight: 1.2 pounds (View shipping rates and policies)
- Average Customer Review: 7 customer reviews
- Amazon Best Sellers Rank: #1,150,931 in Books (See Top 100 in Books)
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Hedge Fund Operational Due Diligence: Understanding the Risks 1st Edition
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"Informative book by Jason Scharfman, on, well, pretty much everything you need to run a hedge fund…Scharfman also explains the reliance on technology that is becoming ever more apparent in hedge funds, the dangers of phantomware, and questions that should be asked before committing to any new technology." (hedgeco.net, January 26th, 2009)
"In his book, Jason Scharfman identifies these operational risks and recommends a strong and innovative "operational" due diligence review program as the best defense against them. His book outlines a step-by-step guide that shows investors how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds and other investments in order to provide hedge funds and their investors with the skills to understand and hopefully mitigate these risks." (The Hedge Fund Law Report, January 8, 2009)
From the Inside Flap
Hedge Fund Operational Due Diligence
Understanding the Risks
One need only glance at the cover of the Wall Street Journal or turn on CNBC to learn about the latest debacle befalling hedge funds, due to poor operational oversight and controls. Long viewed by many hedge fund investment professionals as one of life's necessary evils and a distraction from the "real" business of investing, the field of operational due diligence has finally caught on today as an essential area of hedge fund risk management.
Filled with real-world examples drawn from the author's experiences dealing with the operational risks of a global hedge fund platform, Hedge Fund Operational Due Diligence: Understanding the Risks clearly outlines a flexible framework to enable you to diagnose a hedge fund's operational risks. This user-friendly, step-by-step guide shows you how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multijurisdictional regulatory coordination, silo creation, operational drag, organizational nesting, and vaporware, to equip you with a complete understanding of the importance and benefits of a comprehensive operational due diligence program.
Designed to enable hedge fund personnel to perform self-diagnostic health checks and determine areas in which operational improvements are needed using the techniques described, this timely book:
Features an analysis of the failed Bayou Hedge Fund Group, highlighting how operational risks can bring down an organization
Explains how to diagnose and analyze the operational risks that may be present in a hedge fund
Covers the primary, secondary, and blended operational risk factors present in the vast majority of modern hedge fund organizations
Offers techniques for the modeling of operational risk
Explores how to factor the results of operational risk analysis into the overall hedge fund asset allocation process
A strong operational infrastructure serves as a crucial backbone to the modern hedge fund, without which even the smartest money managers in the world could not thrive. Hedge Fund Operational Due Diligence: Understanding the Risks provides you with the necessary tools to effectively consider operational reviews in conjunction with investment reviews.
Top customer reviews
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This book provided a very good overview of the subject of hedge fund operational due diligence. Unlike most of the other hedge fund books I have read which drone on for hundreds of pages about nothing, this book was very clear and easy to follow. The author spells out in detail how to perform an operational due diligence review and points out some of the pitfalls to watch out for along the way.
I thought the chapter on combining the results of an operational review into the asset allocation process was quite interesting. I also like the last chapter on trends in the industry which I thought hit the nail on the head. This is a very interesting and layered topic and this book made me rethink about my approach to investing and due diligence in a good way. Wish I read something like this years ago.
Operational risk is certainly topical and I would recommend this easy to read guide for both beginners and experts. I also think that hedge fund service providers could learn a thing or two about working better with hedge funds if they had a good understanding of the risks outlined in this book.
Overall great book - definitely should be required reading for hedge fund professional, service providers and investors.
In addition to recommending this to anyone who even thinks about investing in hedge funds I would also highly recommend this to anyone who works at a fund of hedge funds, a hedge fund or who works in firm's supporting hedge funds (lawyer, administrators, IT providers etc.).
Really this is a must read for anyone involved in the finance industry... not just hedge funds. In a day and age where safety in money and security in investments is fading, the author outlines the steps that are necessary to securely investigate potential investments and protect your funds. I praise him for creating a textbook for the future money managers of the world. I encourage every teacher, manager or other professional in the money markets to read this, read it again and put his advice to work. I agree with the other reviewers, this book came years too late but better late than never!