Instructor: Jeremiah Associates LLC
Hours: 9:00 am - 4:30 pm; Registration/Breakfast begins at 8:30 am

Since the birth of hedge funds in 1949, the concept of the hedge fund has not only grown geometrically, it has changed its very purpose. Along with it has come an ever increasing interest from entrepreneurs, trading professionals, investors and regulators. This one-day program covers the frame in which these funds operate. The discussion includes their structure, revenue sources, different strategies employed, regulatory oversight, client/investor requirements and concludes with funds of hedge funds.          

What is a Hedge Fund

        ·         Brief  history

        ·         Private offering

        ·         vs. Mutual fund

Structure of a Hedge Fund

        ·         Limited Partnerships

        ·         Managers

        ·         No employees

        ·         Use of Investment Advisors

        ·         Use of Clearing Firm and/or Prime Broker

        ·         Registered off shore for tax efficiency

Forms of fund’s revenues

        ·         Hedge fund revenue sources

        ·         Performance markers

        ·         Different service fees

Hedge fund investment strategies

        ·         Domestic and or global

        ·         Sector

        ·         Specific market areas

        ·         Product driven (Including. non-SEC regulated

        ·         Trend

        ·         Arbitrage

        ·         Duration plays

Hedge Fund trading Tools

        ·         Aggressive trading strategies

        ·         Wider selection of products

        ·         Synthetic and structured vehicles

Who are the regulators

        ·         Securities and Exchange Commission

        ·         Commodities Future Trading Commission

        ·         U S Treasury (Fincen)

        ·         State Securities Regulators  

Regulations covering Hedge Funds

        ·         SEC registration

        ·         Form Adv

        ·         Bound by Fraud rules

        ·         Managers bound  Fiduciary duties

        ·         Which are excluded from sections of the rules

Due Diligence

        ·         Hedge Fund Documentation

        ·         ADV forms

        ·         Regulatory discipline reports

        ·         Industry periodicals

Investors

        ·         Customers are investors

        ·         Open to Qualified Institutional Investors and High Net
               Worth Individuals

        ·         QIB Qualification

        ·         High Net Worth Individual Qualification

        ·         Restrictions on investors

Fund of Funds

        ·         A variation of a theme

        ·         Who are the investors

        ·        Issuer's Structure

        ·         Difference between Fund of Funds and Hedge Funds

        ·         Regulation