HEDGE FUND START-UP RESOURCE CENTRE
Welcome to Hedgeweek’s microsite for hedge fund start-ups, created in collaboration with Bloomberg. This resource centre provides articles and videos from experts across the hedge fund start-up spectrum, from compliance and seeding to legal and prime brokerage, to support the most informed and sure-footed of launches.
Having the right insurance policies in place might not necessarily be top of the ‘to do’ list when setting up a hedge fund. But to overlook this key business requirement is ill advised. Today’s hedge fund manager is under a barrage of different pressures from day one.
For those ambitious hedge fund managers who are hungry enough to consider striking out alone and setting up their own hedge fund, today’s regulatory environment means that a much wider range of questions than before need to be thought through and addressed from an early stage.
Start-up hedge fund managers face conflicting issues today. On the one hand, managers are acutely mindful of the need to control capital expenditure. Rising costs of regulation and compliance challenge the ability to build traction in funds. On the other hand, funds realize the importance of having an institutional-quality infrastructure from day one, an expensive proposition, in order to appeal to increasingly demanding institutional investors.
To say that regulation is a challenge for hedge fund managers to get their heads around is an understatement. Law firms and regulatory consultancies have never been so busy as they meticulously guide their clients through the murky waters of Dodd-Frank and European Market Infrastructure Regulation (EMIR), the Alternative Investment Fund Managers Directive (AIFMD) in Europe, not to mention the Foreign Account Tax Compliance Act (FATCA).
Every November, Bloomberg runs the highly successful Hedge Fund Start-up Conference from its European Head Quarters in London. The objective was to provide new managers with a range of key insights from industry experts on what they need to think about during the start-up process.
One of the discussion panels at the Bloomberg Hedge Fund Start-up Conference in London explored some of the legal issues start-up managers need to think about when establishing both the fund, and the fund management structure.
One of the most important relationships for any new hedge fund manager is with their chosen prime broker. This is who the manager relies upon for financing positions through margining, providing leverage, lending securities for shorting selling activity, clearing and settling trades.
As a start-up, cost can be a key concern. By using a single vendor for your financial data, research, communications, asset management, execution and reporting, you can discover cost-efficiencies in the start-up process, without skimping on the best technology available.
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