Hedge fund governance evaluating oversight independence and conflicts 1st Edition by Jason Scharfman 0128014121 9780128014127

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ISBN 10: 0128014121

ISBN 13: 9780128014127

Author: Jason Scharfman

Hedge Fund Governance: Evaluating Oversight, Independence and Conflicts summarizes the fundamental elements of hedge fund governance and principal perspectives on governance arguments. An authoritative reference on governance, it describes the tools needed for developing a flexible, comprehensive hedge fund governance analysis framework. Case studies and interviews with professional fund directors shine a bright light of pragmatism on this framework. The author’s global analysis of more than 5,000 hedge fund governance structures enables him to draw realistic conclusions about best practices. He also explores the value consequences of good vs. bad governance, estimating the actual dollar losses that can result from bad governance, as well as the operational and investment performance benefits of certain governance practices.

• Presents methods for evaluating qualifications, conflicts of interests, fees, obligations and liabilities of hedge fund Boards of Directors.
• Explains techniques for developing a hedge fund governance assessment program, including analyzing legal documentation analysis and financial statements for governance related information.
• Uses case studies and example scenarios in hedge fund governance successes and failures to explore investor governance rights and fund manager responsibilities in onshore and offshore jurisdictions.

Hedge fund governance evaluating oversight independence and conflicts 1st Table of contents:

Chapter 1: Introduction to Hedge Fund Governance

Abstract

Introduction to the concept of governance

Why should investors care about hedge fund governance?

Governance: a vague concept?

How should investors think about hedge fund governance?

What hedge fund entities are investors looking at to promote good governance?

Distinguishing between governance and due diligence

Is governance controlled by the hedge fund board of directors?

Governance outside of hedge funds

The origins of hedge fund governance lie in corporate governance

Historical perspectives on corporate governance

Investor-driven governance

Defining hedge fund governance

A universal definition of governance?

Is governance defined by perspective?

Who is responsible for hedge fund governance?

Is governance primarily an investment-related concept?

Distinguishing between governance and hedge fund activists

Hedge fund governance: a working definition

Chapter 2: Hedge Fund Board of Directors: A Governance Proxy?

Abstract

Introduction to the hedge fund board of directors

Are vitriolic director criticisms merited? Clarifying a modest proposal

Understanding hedge fund board structures

Offshore versus onshore hedge funds

Different types of hedge fund boards

Clarifying director terminology

A brief history of hedge fund directors

The forgotten master fund board

Who are these board members?

The expanding director talent pool—a blessing and a curse?

Who decides who gets to be on the board?

You’re not who I hired!—the “associate director” bait and switch?

Director compensation—a double standard?

What do directors actually do?

Director liability—a few words about indemnification

Director delegation

Chapter 3: Regulatory Governance of Hedge Funds

Abstract

Introduction to regulatory governance

A few words on what this chapter doesn’t cover

Why so many jurisdictions?

Why the increased focus on the importance of offshore regulations?

Leading hedge fund regulators

Perspectives on global hedge fund regulatory development

How do regulations relate to governance?

Key fund regulations and their effects on governance

Hedge fund regulatory governance in other jurisdictions

Conclusion

Chapter 4: The Role of Fund Service Providers in Implementing Governance

Abstract

Introduction to hedge fund service provider governance

Are some service providers more important to governance?

Isn’t casting a broader net better?

Are “ancillary” service providers important in evaluating governance?

Common hedge fund service providers

Isn’t service provider governance simply fund operations?

The administrator’s governance role

Custodian and prime broker governance

Additional comments on fund directors and governance

Gauging individual service provider quality and weight in external governance

Conclusion

Chapter 5: Hedge Fund Internal Governance Mechanisms

Abstract

Introduction to hedge fund governance mechanisms

Why are hedge funds now talking about governance?

Is the JOBS Act good for hedge fund governance?

Does enhanced flexibility promote better governance?

Is technical compliance enough for good governance?

I said governance, didn’t I?

Governance mechanism classification challenges

Hedge fund internal governance by committee?

Hedge fund capacity as a governance indicator

Third-party operational control audits as governance proxies?

Conclusion

Chapter 6: Developing a Framework for Investor Analysis of Hedge Fund Governance

Abstract

Introduction to developing governance analysis frameworks

Do strong operations imply good governance?

Is governance a moving target?

Institutional investor governance: the CalPERS model

Classifying governance analysis into two camps: investment and operational

Developing a governance program

Understanding governance evaluation standards

Beginning governance assessments

Analyzing director governance

Governance analysis of service providers continued

Governance analysis continued—audited financial statements examples

Governance analysis continued—business continuity examples

Information technology governance reviews

Conclusion

Chapter 7: Investor Activist–Driven Governance and Ongoing Monitoring

Abstract

Introduction to ongoing monitoring and activist-driven governance

Do ongoing governance evaluations add value?

Ongoing governance monitoring information decay considerations

Developing an ongoing governance monitoring program—a meta-analysis program?

Beginning ongoing governance assessments

Ongoing governance monitoring—information technology examples

Bonus board governance oversight bonanza? Don’t worry, we’ve hired someone for that

Ongoing background investigation and news monitoring for funds, personnel, and directors?

The good guy problem: do “house views” result in weakened ongoing governance oversight?

Fast and furious—increasing governance monitoring frequency through shallow dives

Governance activism

Alternative activism in action ESG, SRI, and faith-based investing

Conclusion

Chapter 8: Case Studies and Example Scenarios in Hedge Fund Governance

Abstract

Introduction

Case studies

Example scenario: “the Sark Lark”—are certain jurisdictions’ regulatory governance regimes completely ineffective?

Chapter 9: Analyzing Governance in Fund Valuations

Abstract

Introduction to analyzing governance in fund valuations

What does valuation have to do with governance?

Hedge fund valuation governance considerations

Service provider valuation governance considerations

Historical perspectives on hedge fund valuation governance—the Lipper example

Chapter 10: Field Perspectives on Governance—Interviews With Those Involved in Various Aspects of Hedge Fund Governance

Abstract

Interview with Ms. Heather Smith, Cayman Islands Monetary Authority

Interview with Mark Cook and Geoff Ruddick (International management services ltd.)

Interview with George Bashforth of Appleby Trust (Cayman) Ltd

Interview with Ingrid Pierce of Walkers Global

Interview with Professor Joe Bannister and Dr. Chris Buttigieg of the Malta financial services authority

Interview with Adam Cohen of Perella Weinberg Partners

Interview with Louis Rodriguez (operational due diligence professional)

Perspectives on transparency: additional interview comments

Chapter 11: Good Governance in Bad Situations: Understanding Governance During Fund Turmoil and Liquidations

Abstract

Introduction

Background on fund liquidations

Is a closure and a liquidator the same thing?

Common reasons hedge funds close

Governance perspectives on liquidations

Conclusion

Chapter 12: Trends and Future Developments

Abstract

Introduction

The diligence governance correlation

Continued expansion of the definition of hedge fund governance

Increased implementation of boards where they are not mandated by law

Regulatory database management of board of directors

Increased regulatory scrutiny and prosecution of governance-related issues

Increased director reporting but not necessarily meaningful transparency

The future rise and fall of annual governance meetings (“AGMs”)

Increased focus on director disclosures to investors

Increased focus of director conflict management

Global governance codes—a self-regulatory pipe dream?

Further broadening of scope of director services

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