Bloomberg's Hedge Fund Start-up - Legal issues
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.
Entitled Legal: Getting it Right from the Start, the panellists included Gus Black (pictured), Dechert LLP; Richard Perry, Simmons and Simmons LLP and Chris Hilditch, Schulte Roth & Zabel LLP.
Structuring the hedge fund
The first and obvious point is that no single fund structure is going to suit everybody. Ultimately, it depends on how the start-up manager envisages the fund-raising process and where his investors are likely to be based: will it be a global strategy that you aim to market to a range of global investors or a targeted European credit strategy with a focus on appealing to European institutions? If that’s where the manager’s network is more fully developed, and they want to appeal to Italian HNW investors through Swiss private banks and start off in Luxembourg with a SICAV structure......
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