When Prime Brokers Fail The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry

by Aikman, J. S.

• ISBN13: 9781576603550
• ISBN10: 1576603555
• Edition: 1st
• Format: Hardcover
• Copyright: 2010-07-13
• Publisher: Bloomberg Press

Summary

When Prime Brokers Fail is a detailed look at the relationship between hedge funds and their brokerages and the risks multiplied in extraordinary markets. This relationship has been the source of unexpected risk for banks lending to highly leveraged funds, as well as funds with assets atstruggling banks.

Author Biography

J. S. Aikman is a management consultant and lawyer advising managers and financial institutions. He also lectures on hedge funds and investment banking at the University of Toronto. Previously VP and counsel for a bulge-bracket investment bank in London, Aikman has broad international experience in alternative investments and has served as adviser to many successful entrepreneurial ventures. Aikman completed his MBA at Oxford University. He may be reached at [e-mail].

Table of Contents

Acknowledgments	p. ix
The Business
Extraordinary Markets	p. 3
Fundamentals of Prime Finance	p. 27
Strategy and Opportunity	p. 41
The Players
Hedge Funds	p. 55
Hedge Fund Managers and Investment Advisers	p. 99
Prime Brokerages	p. 117
Prime Brokerage Business Model	p. 135
Securities Lending and Financing	p. 165
Executing Brokers	p. 185
The Risks and Rewards
Life Cycles	p. 199
Risk Management	p. 205
Legal and Compliance Issues	p. 213
What the Future Holds	p. 235
Prime Broker List	p. 255
List of Securities Lenders	p. 257
Prime Broker Due Diligence Questionnaire	p. 259
Useful Links-Prime Finance	p. 265
Bibliography	p. 267
Glossary of Useful Terms	p. 277
About the Author	p. 281
Index	p. 283
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