注册 登录
上一主题：Finance Leases & Accounting Equation
下一主题：question about example 11 in equity on page 146
返回列表 发帖
dreampak

Rank: 1

UID
223371 
帖子
191 
主题
41 
注册时间
2011-7-11 
最后登录
2014-8-6 
1# 跳转到 » 倒序看帖
打印
tT
发表于 2013-5-7 03:49 | 只看该作者

Due diligence questions to interview hedge funds

ask, allocation, management, interview
Could anyone who works in institutional management share some of the specific questions or checklists they like to ask potential third party fund managers when they are interviewing them?  The endowment I work for will be interviewing 4 hedge fund managers, to choose one among them for a small allocation, and I don’t want it to be too obvious that I haven’t interviewed a manager before.
Thanks!

 

相关主题：

. port management Qs

. Reading 26 Brinson Hood and Beebower

. Morning session questions

. Ethics fair dealing

. Calculating Private Equity Management Fees

收藏 分享

rohitdoshi

Rank: 2

UID
223380 
帖子
289 
主题
51 
注册时间
2011-7-11 
最后登录
2014-8-7 
2#
发表于 2013-5-7 03:52 | 只看该作者
there is a checklist in the book “handbook of alternative assets, mark anson”. if you read the chapter on DD and do this interview, you might just get promoted.
aside from the regulatory information, the point is to learn about the investment process, style/strategy, and what makes the manager so smart- having a CFA/ top 5 mba isn’t it. personally, analyzing the performance data/ historical returns is more important to me.
i want to know if the manager really has alpha or is just buying SPY and calling it global macro.

TOP

sabre

Rank: 3Rank: 3

UID
223198 
帖子
385 
主题
170 
注册时间
2011-7-11 
最后登录
2016-4-19 
3#
发表于 2013-5-7 03:56 | 只看该作者
Ask for the PPM..should have quite a bit of infomration on there…
You’re looking at operational risk, liquidity of fund (asset base), trading style/strat….mgt fees inc gates, NAV growth, sharpe ratio, quality of the investor pool.. are there lockins, redemption fees?  Although I come from a risk background so my questions are always risk focused.

TOP

scr879

Rank: 2

UID
223268 
帖子
214 
主题
87 
注册时间
2011-7-11 
最后登录
2013-8-19 
4#
发表于 2013-5-7 04:00 | 只看该作者
dvictr wrote:
i want to know if the manager really has alpha or is just buying SPY and calling it global macro.
Ouch!  That hurts!  ;-)

TOP

pimpineasy

Rank: 2

UID
222246 
帖子
238 
主题
53 
注册时间
2011-7-2 
最后登录
2016-4-19 
5#
发表于 2013-5-7 04:04 | 只看该作者
It depends on who are you seeing, what strategy are they pitching. There are specific questions you ask based on how much you know and what do you want to know.
If you’re keen to find out the “business side”, then standard questions such as client breakdown, cashflow, PM pedigree and reason for leaving the previous firm, skin in the game, org chart, risk management process, reporting line etc.
if you’re keen to find out the “investment side”. You ask a multi-strategy guy on how they rotate sectors. With global macro, what’s their bread and butter, how did they perform last year, what did they learn and how are they positioned for this year. WIth long/short, just ask how do they make money on their short. With relative value, ask how the arb trade work and whether it will still work.
As you can probably gauge, it all depends on how much you know and what do you want to know.

TOP

返回列表
上一主题：Finance Leases & Accounting Equation
下一主题：question about example 11 in equity on page 146