TAILIEUCHUNG - How to Set Up Your Own Hedge Fund

Still greater burdens imposed upon mutual funds are what are known as "market impact costs." These are concessions in price to which all institutional investors are subject when they buy or sell securities by virtue of the large sizes of the positions they must trade. In addition to being functions of the sizes of their positions, the magnitudes of such concessions also vary with the "liquidity" of the securities traded which, in turn, is related to the "market . | How to Set Up Your Own Hedge Fund By Hannah Terhune JD LLM Taxation New York University Traders and money managers often dream about one day running their own hedge fund managing large sums of money and competing head to head with the world s top traders. For many though this dream remains unfulfilled because they do not know where to begin and do not want to squander their resources reinventing the wheel. The first step toward setting up a hedge fund is getting a better grasp of what exactly a hedge fund is. Hedge funds often are compared to registered investment companies unregistered investment pools venture capital funds private equity funds and commodity pools. Although all of these investment vehicles are similar in that they accept investors money and generally invest it on a collective basis they also have characteristics that distinguish them from hedge funds and they generally are not categorized as hedge funds. Unlike a mutual fund a hedge fund is not registered as an investment company under the Investment Company Act and interest in the fund is not sold in a registered public offering. Hedge funds can trade in a wider range of assets than a mutual fund. Portfolios of hedge funds may include fixed income securities currencies exchange-traded futures over-the-counter derivatives futures contracts commodity options and other non-securities investments. As the name indicates hedge funds initially specialized in hedging and arbitrage strategies. When Alfred Winslow Jones established the first hedge fund as a private partnership in 1949 that fund invested in equities and used leverage and short selling to hedge the portfolio s exposure to movements of the corporate equity markets. Although hedge funds today often employ far more elaborate hedging strategies it is also true that some hedge funds simply use traditional long-only equity strategies. Hedge funds are also well known for their fee structure which compensates the adviser based upon a percentage of .

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