Index

A-REITs 407, 408, 428–432 delegation provisions 458–459 Absolute Capital Management (fund) depositaries provisions 459–461 83–84 fi nal text of 452–453 Abu Dhabi 93, 327 remuneration provisions 463 Investment Authority see ADIA scope 455–455 activist funds third-country regime 461–463 benefi ts and risks of 206–214 valuation provisions 457–458 characteristics of 199–204 Almunia, J. 272, 276 data on 198–199 Alternative Investment Funds see AIF returns of 214–216 Alternative Investment Fund targets of 204–206 Managers Directive see AIFMD ADIA 95, 100 Amaranth Advisors (fund) 224, 293, 301 administrators see service providers collapse of 3, 7, 83, 306 AFSL 411, 412 lessons from 303–304 AIF 443, 445 trading strategy 301–302 and FSA, 142, 145–158, 160–167 American Bankers Association 485 and future in the EU 467–471 Asian countries see China (Peoples and liquidity concerns, 163–164 Republic of); Japan; Korea and retail investors 141–142, 146, (South); Malaysia; Taiwan; 148–150, 154–163, 166–168, Thailand 222, 391–392, 400, 408, 413, Asian Crisis 294, 303, 314, 335, 336, 418, 439, 463, 470 407, 475 and self-regulation see self- and role of funds 315–317 regulation ASIC 410, 411, 412, 413, 414, 420, in Australia 414–439 425 in Germany 379–393 Association of German Banks 491, 492 in USA 15–26 ASX 433, 437, 438 regulatory principles 451–452 ATO 417, 425, 426, 428, 434, 440 selling 376, 395, 396, 397, 402 Australia 453, 490 agricultural managed investment ‘side letters’ 164–165 schemes 432–436 valuation 163–164, 166, 251, 252, and activity 414–420 419, 448, 453, 455, 457, 458, 464 and hedge fund regulation 412–413 AIFMD 144–145,148, 158, 167, infrastructure funds 436–439 251–252, 442 private equity and venture capital and comparison with new US industry 420–428 regulation 464 real estate investment trusts 428–432 and interplay with UCITS 467, see also AFSL; A-REITs; ASIC; 468–471 ASX; ATO and investor protection 450, 451, Australian Financial Services Licence 454, 469 see AFSL background to 444–447 Australian Real Estate Investment Commission proposal 444–451 Trusts see A-REITs

499

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 499499 330/01/20120/01/2012 15:3615:36 500 Hedge funds, private equity and alternative investments

Australian Securities and Investments Center for International Securities and Commission see ASIC Markets (database) 30 Australian Stock Exchange see ASX CEPRES 118, 119 Australian Taxation Offi ce see ATO CFTC 19, 58, 236, 237, 303, 304, 305, Austria 83, 278, 346 366, 367, 368, 371 Austrian Banks case 278, 281, 282 Chad 98 Azerbaijan 98 Children’s Investment Fund (The) 67, 398 BaFIN 86, 345, 346, 380, 381, 385, China (Peoples Republic of) 91, 97, 386, 387, 388, 395, 396 98, 101 Bahamas 26, 27 China Investment Corporation see Bank for International Settlements see CIC BIS CIC 101 Bank of England 282, 314, 474 Citi (Citigroup) 71, 72, 74, 95, 299 Barclays Capital 74, 86, 493 code of conduct 265 Basel, Accord 481, 482, 486, 487, 488, see also SWFs 491, 492 Commodity Futures Trading Basel II 237, 475, 477, 481, 482, 493 Commission see CFTC Basel III 475, 493 competition Basel Committee on Banking and exchange of information 280 Supervision 296, 297, 474, 475, and fi nancial bubbles 273, 276–277, 479, 480, 481, 482, 487, 489, 490, 288–289 492, 493, and herd eff ects 273, 278 Report 295–296 and market power 270, 272, 276 Bayou Hedge Fund Group 224 competition law 268, 270, 278, Beacon Hill Asset Management (fund) and fi nancial institutions 278 225 and hedge funds 282, 288 51, 58, 74, 225, 283, 306, Cooper Review 439 320, 330 Corporations Act (Australia) 410, 412, Belgium 270 413, 426 Bermuda 26, 27, 66, 73 Counterparty Risk Management Bernanke, B. 245 Policy Group see CRMPG BIS 285, 479, 482 credit default swaps see CDS ‘Black Wednesday’ 335 Credit Suisse 72, 73, 74 BNY Mellon 71, 72 CRMPG 300 Brady, T. 343 Report 298, 300 bonds 332, 341, 343 Curaçao 26 Plan 342 custodians see service providers Bretton Woods Agreement 475, 486 Brown, G. 474 de Larosière Report 288 Bundesanstalt für deregulation 1, 2, 3, 50, 166, 275, 306, Finanzdienstlesitungsaufsicht see 494 BaFin Deutsche Bank (Group) 73, 74, 94, 97, 100, 119 Cambridge Associates 118 Deutsche Börse 397, 398 Canada 27, 93, 106, 109, 148, 429 Dodd-Frank Act 2, 4, 8, 53, 55, 56, 59, Cayman Islands 26, 27, 66, 70, 73, 87 60, 220, 223, 251, 293, 304–306, CDS 337, 341, 342, 345, 346, 347 355–356, 464, 486, 490 Centaurus (Fund) 302 and other regulatory changes see also Amaranth 374–377

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 500500 330/01/20120/01/2012 15:3615:36 Index 501

and repeal of ‘14-or fewer clients Luxembourg; Netherlands; exemption’ 359–361 Portugal; Spain; Sweden; expanded manager reporting rules Switzerland, UK 366–368 European Economic Area see EEA overview 361–366 European Parliament 81, 249, 345, 443, systemic risk regulation 368–371 486 swaps and derivatives regulation European Securities Markets Authority 371–372 see ESMA Dow Jones Credit Suisse (database) 30, European Systemic Risk Board see 319, 321, 322 ESRB Dubai 174, 332, 335, 336 European Union Dyestuff s case 279 regulatory approach to hedge funds 81–82, 248–250 E-Commerce Directive 149 regulatory approach to SWFs ECB 253, 263, 346, 348 109–110 Executive Board 274 policy of liberalization 142, 160, 167 economic and monetary union see see also fi nancial crisis, hedge funds EMU excessive defi cit procedure see EDP Ecuador 98, 341 Exchange Traded Funds see ETFs EDP 337, 338 exempt reporting advisers (US) EEA 142, 149, 158 363–365 Elliot Associates L.P. v the Republic external infl uences argument see FSA of Peru and the National Bank of Peru 341 FAIFs 157–158, 160, 163, 167 EME 92, 94, 96, 97, 98, 99, 101, 103, FDIC 370 105, 110 Federal Deposit emerging-market economy see EME Corporation see FDIC EMU 333, 336, 337, 338, 339, 340, 342, Federal Reserve Bank of New York 348, 349 294, 299 Enron 54, 488 fi nancial crisis ESMA 454, 462, 463, 466, 467, 468, and contagion 347, 351 471 and credit ratings 332, 334, 339, 352 ESRB 252, 471 and EMU sovereign default crisis ETFs 4, 15, 26, 28, 29 336–340 Eurekahedge (database) 75, 76, 78, 79, and role of vulture funds 332, 87 340–344 EuroHedge 84 and short-selling 340, 345–346, database 64, 75, 76, 77, 78, 87 349–350 European Commission 142, and sovereign debt default 333–346 and AIFMD 454, 466 and speculation 335, 339, 342, 350 and ‘golden shares’ 110 impact on EU regulatory approach and hedge fund risks 324 to hedge funds 174, 251–253, and short sales 396 323–324, 345–346, 442–465 competition policy 271, 272, 278, impact on US regulatory approach 280, 282 to hedge funds 251, 361–368 European Central Bank see ECB see also Greece; Iceland; Dubai; European Council 337 Portugal; hedge funds; European countries see Austria; European Union; USA Belgium; France; Germany; Financial Industry Regulatory Greece; Iceland; Ireland; Italy; Authority see FINRA

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 501501 330/01/20120/01/2012 15:3615:36 502 Hedge funds, private equity and alternative investments

fi nancial innovation 1, 255, 274, 304, Funds of Alternative Investment 305, 478 Funds see FAIFs Financial Services and Markets Act funds of funds see FoFs (UK) 146, 151, 154, 260 Financial Services Authority see G-7 94 FSA G-10 475, 481, 484, 486, 487 Financial Stability Board see FSB G-20 324, 490, 492 Financial Stability Oversight Council GCC 91 see FSOC Geithner, T. 478, 491 FINRA 236, 378 Germany 8, 83, 86, 97, 110, 149, 157, FoFs 124 199, 207, 248, 270, 274, 338, 344, foreign private adviser exemption 345, 346, 379, 429, 453, 456, 466, 362–363 493 Form ADV 219, 220, 223, 237, 238, and certifi cates 387–389 239, 240, 356–357, 365, 366 and ‘locusts’ debate 397–398 fraud 2, 6, 20, 165, 189, 201, 218, 219, regulation of hedge funds 380–384 246, 375 regulation of private equity funds and operational fl ags 237–240 390–391 and performance fl ags 226–236 regulation of real estate funds and rationale for hedge fund 391–393 regulation 52, 54, 223–224 see also BaFIN; Investment Act; cases of 51–52, 83–86, 224–225 locusts debate; Sondervermögen detection of 219–221 mit zusätzlichen Risiken; see also Absolute Capital Spezialfonds Management; K1 Group; KL GIC 93 Group; Madoff , B.; Peloton Glass-Steagall Act 1, 474, 478, 485 Partners; Weavering Capital global fi nancial crisis see fi nancial crisis FSA 5, 142 44, 51, 58, 72, 73, 74, Code of Market Conduct 249 84, 283, 300 Conduct of Business Sourcebook Goldstein, P. 20 151, 249 see also Phillip Goldstein et al. vs supervisory approach to AIF the Securities and Exchange 145–150, 249–250 Commission FSB 479, 482, 490 Government Investment Company see FSOC 56, 251, 367, 368, 369, 370, GIC 373 Great Depression 16, 42, 474 fund performance Greece 321, 331 and hedge funds see hedge funds and sovereign debt crisis 336–339 and private equity funds see private Greenspan, A. 245, 260, 488 equity funds Gulf Cooperation Council see GCC and sovereign equity funds see SWFs backfi ll bias 43 Haldane, A. 282 double counting bias 43, 44 Hedge Fund Rule 246 extreme risk measures 179 see also Rule 203(b)(3)-2 risk-adjusted performance measures hedge funds 181 activism see activist funds selection bias 43, 44, 114, 124 and funds of hedge funds 152–154, self-selection bias 219, 227 381–382 survivorship bias 43 and impact on fi nancial stability see also returns reporting 325–330

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 502502 330/01/20120/01/2012 15:3615:36 Index 503

and investor protection 51, 160, 163, regulatory approach in the EU 165, 247, 299, 382, 384, 419 248–250 and managerial fraud see fraud regulatory approach in the US and self-regulation 253, 254, 255, 244–247 256, 259, 260, 263, 264, 265 regulatory history of 221–223 and short-selling 3, 27, 170, 219, 225, regulatory response to fi nancial crisis 329, 340, 346, 376, 380, 395, 250–253, 323–324, 344–347 453, 490 remuneration see fee structure and systemic risks 52, 247, 251, 260, reporting see fund performance; 286, 288, 294, 295, 298, 299, returns reporting 313, 320, 329, 419 risks of 51–53 benefi ts of 4, 48, 50 strategies of 30, 34, 35, 38, 41, 64, decline in asset values of 324–325 75–76, 221, 241, 309, 312, 322, decline in returns of 321–323 323, 328, 329, 388, 389, 390, databases see Center for 395, 402, 409, 418, 469 International Securities and see also AIF; AIFD; fi nancial crisis; Derivative Markets; Dow Jones service providers Credit Suisse; Eurekahedge; Hedge Fund Standards Board see EuroHedge; Lipper Trading HFSB Advisor Selection System; Hedge Fund Working Group see Preqin; Thomson HFWG direct regulation of 244, 245, 248 HFSB 159, 175 external regulation of 257, 258, 259, HFWG 175, 176, 260 260, 263, 264, 265 high-water mark 24, 25, 26, 173, 228, failures see Amaranth Advisors; 229, 233, 310 LTCM highly leveraged institutions see HLI fee structure of 173, 176, 228, 310, high net-worth individual see HNWI 384 HLI 295, 296, 297 fraud cases see fraud HNWI 51 growth of 14, 20, 25, 27, 64, 87, Hong Kong (SAR) 91, 101, 429 310–312, 325 hurdle rates 24 in Australia see Australia see also high-water mark in Germany see Germany in the UK see UK IAIS 479, 480 in the US see US Iceland 320, 335, 336 legal structure of 15, 23, 66, 82, 310 Icelandic crisis 332 leverage 16, 18, 20, 27, 31, 45, 53, IMA 142, 144 54, 176, 188, 189, 191, 196, 197, IMF 94, 97, 197, 108, 109, 316, 343, 205, 206, 209, 212, 222, 224, 479 238, 249, 251, 294, 295, 296, IMFC 107, 108 297, 298, 304, 309, 312, 313, infrastructure funds 407, 408, 436, 438, 319, 320, 325, 326, 328, 329, 439 367, 368, 369, 374, 380, 381, insider trading 219, 225, 395, 413 384 International Association of Insurance performance of see fund Supervisors see IAIS performance; returns reporting International Hedge Fund Associates portfolio valuation 173, 175, 176, (fund) 51 189, 190, 225, 228, 230, 232, International Monetary and Financial 240, 250 Committee see IMF regulation (and usefulness of) 50–55 International Monetary Fund see IMF

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 503503 330/01/20120/01/2012 15:3615:36 504 Hedge funds, private equity and alternative investments

International Organisation of Japan 91, 97, 109, 199, 206, 207, 209, Securities Commissions see 327, 429, 433, 487, 491, 492 IOSCO Japanese Bankers Association 492 international (fi nancial) regulation and impact of fi nancial crisis 489 K1 Group (fund) 83, 85–86 and interconnectedness of fi nancial KIA 93, 100 markets 494 Kiener, H. 86 future of 490–491 KL Group (fund) 225 overview 478–482 Korea (South) 91, 93, 95, 99, 101, 316, political economy of 483–489 429 Investment Act (Germany) 379, Kroes, N. 272 384–386 Kuwait 93, 95 investment advisers (US) Kuwait Investment Authority see KIA capital requirements 358 custody of client assets 358–359 Large Group 260 exemptions from registration see also HFWG requirement 362– 366 LBO see leveraged buyouts ongoing obligations 357–358 Lehman Brothers 46, 47, 56, 72, 73, registration requirement 356 283, 306, 325 repeal of 14-or-fewer clients’ leveraged buyouts 213, 424, 428 exemption 359–361 Lipper Trading Advisor Selection reporting obligations 366–368 System (database) 30, 226 Investment Advisers Act (US) 17, 20, London Stock Exchange see LSE 55, 221, 222, 306, 355 LSE 153, 163, 398 Investment Company Act (US) 16, 20, LTCM 44, 51, 294, 314 27, 221, 222, 223, 306, 362, 365, and President’s Working Group 366, 374, 375, 379 296–297 Investment Management Association collapse of 3, 245, 293, 306, 488 see IMA Federal Reserve Bank of New York investor choice argument see FSA reaction to collapse 52, 299 investor protection investment threshold 26 and FSA 165 investor information 54 and hedge fund certifi cates lessons from 301, 320 (Germany) 387–389 performance reporting 44 and PWG 247 trading strategy 294, 319 and SEC 299 Luxembourg (Grand Duchy of) 27, 66, in Germany 382–384, 399–401 71, 73, 144, 393, 453, 456, 470 regulatory rationale 51–53, 159–160 Macquarie Group Limited 436, 439 Investor Protection and Capital Madoff , B. 51–52, 54, 230, 237 Markets Function Improvement fraud 2, 83, 85, 165, 168, 224, 235 Act (US) 399, 400 returns 235 IOSCO 175, 250, 253, 261, 262, 263, Malaysia 107, 316, 429 299, 419, 420, 479, 480 Managed Investment Scheme see MIS Ireland (Republic of) 27, 66, 71, 73, market abuse 151, 250 110, 157, 274, 337, 453, 456, 459, Directive 395, 449 470 market failure 159, 160, 256, 306, Italy 66, 248, 337 483 IT bubble 273, 314, 317–318, 324, 329, Markets in Financial Instruments 407 Directive see MiFID

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 504504 330/01/20120/01/2012 15:3615:36 Index 505

Markopolos, H. 235 Permanent Subcommittee on Marque Partners (fund) 225 Investigations see PSI Merrill Lynch 95 Phillip Goldstein et al. vs the Securities MiFID 149, 156, 395, 448, 457, 460, and Exchange Commission 223, 461 246, 374, 375 Minsky, H. 274, 281 PNC Global Investment Services 71, MIS 408, 409, 410, 411, 412, 413, 432, 72 433, 434, 435 Ponzi scheme 52, 219, 225, 227, moral hazard 168, 245, 348 235 73, 74, 94, 95 97, 101, Popper, K. 274 283 Portugal 337 mutual funds 15, 90, 133, 134, 177, positive feedback trading 313, 317 195, 232, 312, 409 Posner, R. 269, 276 diff erences to hedge funds 4, 13, preferential treatment see side letters 26–28, 187, 188, 196, 213, 222, Preqin (database) 121, 132, 133 309, 310, 323, 326 President’s Working Group see PWG prime brokers see service providers ‘naked CDS’ 346 Private Fund Investment Advisers ‘naked short selling’ 345, 390, 395, 396, Registration Act (US) 55, 223 490 private adviser exemption see Dodd- Netherlands 65, 66, 73, 429 Frank Act Newicts see also Rule 203(b)(3)-2 future prospects of 70–71 private equity funds 5, 113, 248, 344, growth of 68–69 449 in the UK 154–155 and AIFMD 452, 453, 454, 457 relationship to UCITS 82–83 and SWFs 90, 104 New York Fed 52, 245, 294 diff erences to hedge funds 29–30 see also Federal Reserve Bank of in Australia 425–428 New York in Germany 381, 390–91, 397, 401, Norway 97, 100, 106 402 non-UCITS retail schemes 150, in the US 355, 365, 372, 373, 374 156–157, 160 performance of 114–128 operating as Funds of Alternative performance predictors 133–135 Investment Funds 157–158, risks of 115, 119, 122, 123, 124, 125, 160, 167 126, 132 NURS see non-UCITS retail schemes selection of 128–133 private placement 189, 248 Offi ce for Fair Trading (UK) see OFT and AIFs in Germany 383–403 off shore jurisdictions 66 and AIFMD 446–470 see also Bahamas; Bermuda; prospectus Cayman Islands; Curaçao and public distribution of German OFT 271 FoHFs 383, 384 operational risk disclosure 189–190, and distribution of single-manager 237–240 hedge funds 386, 403 over-the-counter derivatives 35, 285, and private equity funds 119–120 293, 296, 303, 337, 355, 488 Directive 448 PSI ‘pass-through’ taxation 21, 436 Report 302, 303, 304 Peloton Partners (fund) 83, 84 PWG 175, 176, 247, 298, 299 performance see fund performance Report 296–297

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 505505 330/01/20120/01/2012 15:3615:36 506 Hedge funds, private equity and alternative investments

QIS 158–159 Schedule 13D fi lings 198, 199, 203, Qualifi ed Investor Schemes see QUIs 207, 211, 213, 215 Quantum (fund) 314–315 SEB 72, 74 see also Soros, G. SEC 3, 13, 14, 17, 20, 21, 22, 27, 51, 52, 53, 54, 55, 56, 212, 218, 219, 220, RBA 407, 408, 425, 426 222, 223, 224, 225, 236, 237, 239, real estate funds 240, 246, 247, 251, 298, 299, 305, in Australia see A-REITs 306, 356–367, 371, 374, 375, 376, in Germany 381, 391–393 377, 378 in USA 37, 38, 41, 42, 48, 50, 275, fi lings 198, 199, 201, 202, 207, 219 367 see also Form ADV; Goldstein Regulation D (exemption) 16, 33, 375 Hedge Fund Rule; Regulation regulatory fragmentation argument see D; Rule 203(b)(3)-2, Schedule FSA 13D regulatory harmonisation 464 Securities Acquisition and Takeover Reserve Bank of Australia see RBA Act (Germany) 399 returns reporting 6, 8, 66, 170, 222, Securities Act (US) 16, 17, 375 232, 378, 414 Securities and Exchange Commission and activist funds 213, 215 see SEC and AIFMD 82, 445, 451, 464, 466 Securities Exchange Act (US) 16, 17, and Dodd-Frank Act 361–371 198, 221 and hedge funds 171–174, 179, 181, Securities Prospectus Act (Germany) 189, 190, 224 388 and SWFs 109 securitisation 273, 343 challenges of 171 self-regulation guidelines 174–177 benefi ts of 254–255 holdings-based reporting 186–187 costs of 256–257 misreporting 185, 218, 225, 228, 229, future of 260–265 234, 235, 236, 241 link to external regulation 257–260 reporting bias 44 see also AIF; hedge funds role of auditors 172 service providers 65, 71, 86, 87, 419, selection bias 44 455, 467 self-reporting 215 administrators 71–72, 86 smoothed hedge fund returns 185 custodians 74, 86, 220, 237, 238, 239, voluntary reporting 227 359, 381, 385, 468 see also fund performance; hedge prime brokers 52, 65, 71, 72–74, 250, funds 253, 256, 283, 381, 385, 386 Revised Framework see Basel Accord Sharpe ratio 40, 45, 172, 181, 182, 183, Riksbank 314 185, 186 Risk Limitation Act (Germany) 398 short-termism 29 Robertson, J. 34, 310 Siegel, J. 269 Rogoff , K. 277 Singapore 91, 93, 100, 101, 106, 108, Rosengreen, K. 277, 278 429 ‘round data’ 122–124 ’soft law’ 109, 110, 247, 260, 262 Rule 203(b)(3)-2 20, 219, 222, 246 Sondervermögen mit zusätzlichen see also Phillip Goldstein et al. vs Risiken 380 the Securities and Exchange Sonstige Sondervermögen 390 Commission sophisticated retail investors 152, Russian crisis 294, 320, 407 153 Russian Federation 91, 97, 101 Soros, G., 23, 274–275, 277, 289, 314

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 506506 330/01/20120/01/2012 15:3615:36 Index 507

Sortino ratio 36, 37, 39, 40, 182, 185 Trichet, J.-C. 343 sovereign default Tumpel-Gugerell, G. 274 and Greece 336–340 Turner, A. 272, 273, 278, 285 indicators of 334–336 Turner Review 286 risk-evaluation of 333–334 see also fi nancial crisis UBS 72, 73, 74, 95 sovereign-wealth funds see SWFs UCITS 138, 145, 149, 154–155, 382, Spaak Committee Report 270 383, 384, 403, 444, 449, 451 Spain 157, 337 and UCITS III 143, 148, 150, Spezialfonds 382 154–155, 160, 167, 379 Spitzer, E. 245 and UCITS IV 143, 148, 150, Strauss-Kahn, D. 108 155–156, 390 subprime mortgage crisis 84, 481, 488, in Germany 389–390 489 market importance of 70, 143–144 superannuation 406, 407, 420, 426 see also AIFMD; mutual funds; funds 408, 416, 417, 418, 439 NURS Sweden 65, 66, 73 UCITS hedge funds see Newcits SWFs UK 95, 97, as hedge fund domicile 144–145 101 assessment of regulatory regime balance of payments 91 159–167 budget surplus 90 regulatory landscape for AIFs categorization 98–100 150–159 code of conduct 107–108 see also Bank of England; FAIFs; conceptual strands 90 FSA; NURS; QIS defi nition 90–91 USA emerging-market economies 91, 95, Congress 1, 57, 245–246, 251, 293, 97–98 295–296, 304–306, 359, 375 genesis 92 housing bubble 48, 50, 276 growth 89 regulatory approach to hedge funds, market size 100–102 post-crisis 251, 361–371 maturing 94–95 regulatory approach to hedge funds, public wealth 92 pre-crisis 221–223, 244–247 regulations against foreign stakes Senate Banking Committee 94, 108–109 299 self-correcting policy 106–107 Treasury 94, 97, 99, 369 transparency 105–106 Treasury bills 24, 35, 38, 39, 41, 48, Switzerland 65, 8 3, 86, 148 50, 92, 96, 294, 335

Taiwan 91, 99, 101 Van den Burg Report 249 take-away profi ts 96 venture capital funds 28, 250, 360, taxation 8, 387, 407, 426, 428, 432, 373 434 and Dodd-Frank Act 364–365 Thailand 315, 316 fee structure of 29, 115, 126 Thomson (database) 114, 115, 116, 117, in Australia 420, 421, 422, 423, 424, 118, 121, 215 425, 427 Thyssen Stahl AG v Commission 279 performance of 113, 114, 115, 121, Tiger (fund) 34 122, 127, 131, 132, 133, 134, transparency 135 Directive, 395, 398, 399, 448, 449 see also private equity funds

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 507507 330/01/20120/01/2012 15:3615:36 508 Hedge funds, private equity and alternative investments

Volcker, P. 485 Wall Street Crash 2 Rule 8, 58, 355, 372–374, 485 Weavering Capital (fund) 83, 85 Von der Groeben, H. 270 Winslow Jones, A. 13, 244 vulture funds see fi nancial crisis Wright, K. 51, 52

Phoebus Athanassiou - 9781849806084 Downloaded from Elgar Online at 09/29/2021 07:05:40PM via free access

MM28492849 - ATHANASSIOUATHANASSIOU 97818498027899781849802789 PRINT.inddPRINT.indd 508508 330/01/20120/01/2012 15:3615:36