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Hedge Fund Operational Due Diligence: Understanding the Risks ■ Explains How to Diagnose and Analyze Hedge Fund Operational

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Hedge Fund Operational Due Diligence: Understanding the Risks ■ Explains How to Diagnose and Analyze Hedge Fund Operational (continued from front flap) SCHARFMAN $90.00 USA / $99.00 CAN Praise for Hedge Fund Operational Due Diligence: Understanding the Risks ■ Explains how to diagnose and analyze Hedge Fund Operational the operational risks that may be Hedge Fund present in a hedge fund “This book should be required reading for anyone who wants to successfully invest in hedge funds. As operational problems are reputed to cause over 50% of all hedge Due Diligence ■ Covers the primary, secondary, and fund failures, it is essential that hedge fund analysts understand how to conduct blended operational risk factors present proper operational due diligence—many firms are only now starting to understand Understanding the Risks in the vast majority of modern hedge the importance of this skill set. Mr. Scharfman’s book will go a long way towards fund organizations ne need only glance at the cover of the Wall educating analysts in this critical area.” ■ Street Journal or turn on CNBC to learn Offers techniques for the modeling of —Ed Rogers, CEO, Rogers Investment Advisors, LLC operational risk Oabout the latest debacle befalling hedge funds, due to poor operational oversight and ■ “Scharfman has written an excellent book! Highly accessible . covers crucial top- Explores how to factor the results of controls. Long viewed by many hedge fund ics! This book should be read by all analysts who cover the hedge funds space. It also the Risks Understanding operational risk analysis into the overall investment professionals as one of life’s necessary hedge fund asset allocation process furnishes a very valuable and necessary addition to the MBA finance curriculum. evils and a distraction from the “real” business of Solid operational infrastructure is exactly what the smart institutional investors are Operational Due Diligence investing, the field of operational due diligence A strong operational infrastructure serves as a demanding, and rightly so. Scharfman’s book is going to help make a lot of good has finally caught on today as an essential area of crucial backbone to the modern hedge fund, decisions—that is, for those who are prudent enough to read it.” Hedge Fund hedge fund risk management. without which even the smartest money managers —Dr. Ranjan Bhaduri, Managing Director in the world could not thrive. Hedge Fund AlphaMetrix, LLC Filled with real-world examples drawn from the Operational Due Diligence: Understanding the author’s experiences dealing with the operational Risks provides you with the necessary tools risks of a global hedge fund platform, Hedge to effectively consider operational reviews in A straightforward how-to guide for conducting Fund Operational Due Diligence: Understanding conjunction with investment reviews. Operational the Risks clearly outlines a flexible framework effective hedge fund operational due diligence to enable you to diagnose a hedge fund’s opera- tional risks. This user-friendly, step-by-step guide JASON A. SCHARFMAN is a Director with roviding a hands-on, step-by-step guide to the operational due diligence process shows you how to effectively detect and evalu- Graystone Research at Morgan Stanley. His Pinvolving hedge funds, Hedge Fund Operational Due Diligence: Understanding the ate often-overlooked operational risk factors in responsibilities include analyzing and reporting Risks addresses essential issues including: hedge funds, such as multijurisdictional regu- on the operational risks of alternative invest- Due Diligence latory coordination, silo creation, operational ments such as hedge funds, funds of hedge funds, • Why you should care about operational risk drag, organizational nesting, and vaporware, to and private equity considered for investment. • Who is qualified to perform an operational risk review equip you with a complete understanding of He also makes recommendations to the firm’s • How you can easily create an initial operational profile the importance and benefits of a comprehensive investment committee based on that analysis. • The gray areas of operational due diligence Understanding the Risks operational due diligence program. He has written on the subject of operational due • Ten tips when performing an operational due diligence review diligence and travels and speaks worldwide on • Techniques for modeling operational risk Designed to enable hedge fund personnel to hedge fund operational risks. Packed with insight and tips to help you diagnose and monitor key hedge fund perform self-diagnostic health checks and deter- operational risks, Hedge Fund Operational Due Diligence: Understanding the Risks is mine areas in which operational improvements required reading for every hedge fund analyst and investor. 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 wileyfi nance.com organization JASON A. SCHARFMAN (continued on back flap) P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come ii P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come Hedge Fund Operational Due Diligence i P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Aus- tralia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and fi- nancial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. ii P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come Hedge Fund Operational Due Diligence Understanding the Risks JASON A. SCHARFMAN John Wiley & Sons, Inc. iii P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come Copyright C 2009 by Jason A. Scharfman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our Web site at http://www.wiley.com. Library of Congress Cataloging-in-Publication Data: Scharfman, Jason A., 1978– Hedge fund operational due diligence : understanding the risks / Jason A. Scharfman. p. cm. – (Wiley finance series) Includes index. ISBN 978-0-470-37234-0 (cloth) 1. Hedge funds. 2. Risk management. I. Title. HG4530.S376 2009 332.64524–dc22 2008023249 Printed in the United States of America 10987654321 iv P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come I dedicate this book to my wife, Rachel, for her unwavering support, and to my entire family for their constant encouragement. v P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come vi P1: a/b P2: c/d QC: e/f T1: g fm JWBK279-Scharfman September 25, 2008 8:55 Printer: Yet to come Contents Preface xiii CHAPTER 1 What Is Operational Risk? 1 Brief History 2 Modern Definition of Operational Risk in a Hedge Fund Context 7 Operational Due Diligence versus Operational Risk 8 Key Areas 9 External Risks 12 Internal Risks 23 Blended Risks 36 The Five
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