管理账户平台的结构尽职调查、操作风险和评估

IF 0.4 Q4 BUSINESS, FINANCE Journal of Alternative Investments Pub Date : 2021-10-30 DOI:10.3905/jai.2021.1.149
R. Bhaduri
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引用次数: 1

摘要

大金融危机对操作风险的影响包括结构性尽职调查的诞生。自危机以来,机构投资者一直要求对冲基金领域提高透明度和更好的治理。这种需求导致了几种不同类型结构的增长,包括通过40-ACT或UCITS基金的流动性替代品、一人基金、托管账户和托管账户平台。运营尽职调查已经超越了对非投资风险的审查,包括从结构上获得特定对冲基金投资的最佳方式。不同的结构有不同的优点和缺点,这就转化为不同类型的运营风险。本文介绍了结构形式的优点和缺点矩阵以及结构阿尔法的概念。作者研究了托管账户平台(MAP)以及如何对其进行评估。
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Structural Due Diligence, Operational Risks, and the Evaluation of Managed Account Platforms
The impact of the Great Financial Crisis on operational risk includes the birth of structural due diligence. Since the crisis, institutional investors have demanded more transparency and better governance in the hedge fund space. This demand has resulted in the growth of several different types of structures, including liquid alternatives via 40-ACT or UCITS funds, funds-of-one, managed accounts, and managed account platforms. Operational due diligence has extended beyond examining the noninvestment risks to include the best way structurally to access a specific hedge fund investment. The different structures have varying advantages and disadvantages, which translates to different types of operational risks. This article presents a matrix of the advantages and disadvantages of the structural forms and the concept of a structural alpha. The author examines managed account platforms (MAPs) and how to evaluate them.
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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