Pengelola investasi global

Pengelola investasi global utawi kanthi umum langkung dipuntepang kaliyan istilah hedge fund inggih punika merupakan kontrak investasi kolektif privat ingkang dipunkenakakén biaya imbal jasa berbasis kinerja (performance fee) lan limrahipun dipuntawarakén kanthi winates dhateng investor kelas inggil. Istilah hedge fund asalipun saking cara pengelolaan dana ingkang dipunpanggihakén déning Alfred Winslow Jones ing taun 1949. Strategi A.W. Jones' inggih punika ngélampahi penjualan kaliyan cara "short" atas saham wekdal punika piyambakipun pembelian saham sanèsipun, dados manawi makaten dipunlampahi lindung aji atas risiko pasar. Kathah "pangkalan investasi", "sindikat investasi", "kemitraan investasi" utawi "dana oportunis" ingkang gadhah karakteristik bènten-bènten ing donya modern punika ingkang sampun beroperasi sampun ngantos lami punika. Nanging Jones inggih punika ingkang kawiwitan ngélampahi kombinasi short selling, penggunaan daya ungkit (leverage), struktur kemitraan terbatas guna menghindari aturan, lan ngenakaken 20% imbalan insentif kanggé kompensasi atas peranipun minangka "mitra pengelola", dan olèh karenanya Jones diakui sebagai "bapak" (penemu) dari indhustri hedge fund.^[1]

Struktur hukum[besut | besut sumber]

Struktur hukum dipun-ginakaken ing nemtokaken kewajiban perpajakan kanggé investor. Kathah hedge fund dipungadahi domisili hukum offshore ing nagara-nagara ingkang boten gegayutan saé kaliyan manajer, investor, utawi kagiyatan operasional saking investasi dana, kaliyan ancas supados pajeg namung dipunkenakaken ing investor lan boten dipunkenakaken pajeg tambahan ing dana ingkang dipunkelola.

Kangge para investor ingkang dados subjek pajeg ing Amérika, hedge fund asring dipundamel ing struktur "kemitraan terbatas" amargi jinis punika angsal perlakuan pajeg ingkang langkung nguntungaken ing Amérika. Manajer hedge fund (ingkang limrahipun ing wujud perusahaan) inggih punika "mitra umum" utawi manajer lan si investor inggih punika "mitra terbatas" utawi anggota. Dana mau dipunkempalaken ing suatu kemitraan utawi perusahaan dan "mitra umum" utawi manajer badhé nglampahi sedaya putusan investasi.^[2] Lokasi onshore punika ya iku tebih saking ingkang wigati ing salebeting artian lokasi manajer hedge fund. Kota New York lan wewengkon Gold Coast ing Connecticut (limrahipun Stamford, Connecticut and Greenwich, Connecticut) ing panggènan utama saking para manajer hedge fund kaliyan jumlah ingkang kaping kalih ing jumlah hedge fund ingkang wonten ing London.^[3]

Peraturan offshore[besut | besut sumber]

Kathah pusat keuangan offshore manawi njurung pendirian hedge fund kaliyan nawaraken pinten-pinten kombinasi layanan jasa, penerapan merdamel ingkang nguntungaken, peraturan ingkang bersahabat kaliyan donya bisnis kaliyan pusat keuangan ingkang utamanipun kalebet ing Cayman Islands, Dublin, Luxembourg, British Virgin Islands lan Bermuda. Dipunperkirakaken Cayman Islands inggih punika pusat saking sawatawis 75% saking hedge fund donya, ingkang nguwasani pangsa pasar punika setengah saking indhustri hedge fund kaliyan aji dipunperkirakaken ngantos 1,225 trilyun USD ^[4].

Perusahaan manajemen hedge fund terkemuka[besut | besut sumber]

Asring ugi dipuntepang dados perusahaan manajemen investasi alternatif.

Terminology[besut | besut sumber]

Uga delengen[besut | besut sumber]

Cathetan suku[besut | besut sumber]

↑ Steve Johnson, A short history of bankruptcy, death, suicides and fortunes, Financial Times, April 27 2007
↑ [1] A Practitioner's Guide to Alternative Investment Funds
↑ Hedge Funds, pg 2 International Financial Services London
↑ Institutional Investor, 15 May 2006, Article Link, although statistics in the Hedge Fund industry are notoriously speculative

Waosan lanjut[besut | besut sumber]

Artikel panalitèn[besut | besut sumber]

Agarwal, V., and N.Y. Naik, 2000, Multi-Period Performance Persistence Analysis of Hedge Funds, Journal of Financial and Quantitative Analysis, Vol. 35, No. 3.
Amenc, N., L. Martellini, and M. Vaissié, 2003, Benefits and Risks of Alternative Investment Strategies, Journal of Asset Management, Vol. 4, No. 2, pp. 96–118.
Asness, C., R. Krail, and J. Liew, 2000, Do Hedge Funds Hedge?, Journal of Portfolio Management, Vol. 28, No. 1, pp. 6–19.
Caslin, J. J., 2004, Hedge Funds, British Actuarial Journal, Vol. 10, No. 3, pp. 441–521.
De Souza, C., and S. Gokcan, 2004, Hedge Fund Investing: A Quantitative Approach to Hedge Fund Manager Selection and De-Selection, Journal of Wealth Management.
Fransolet, L. and J. Loeys, 2004, Have Hedge Funds Eroded Market Opportunities?, Journal of Alternative Investments, Vol. 7, No. 3, pp. 10–33.
Géhin, W., and M. Vaissié, 2005, Lighthouses Or Tricks Of Light? An In-Depth Look at Creating a Quality Hedge Fund Benchmark, The Journal of Indexes, May/June.
Géhin, W., and M. Vaissié, 2006, The Right Place for Alternative Betas in Hedge Fund Performance: an Answer to the Capacity Effect Fantasy, The Journal of Alternative Investments, Vol. 9, No. 1, pp. 9–18.

Makalah panalitèn[besut | besut sumber]

Amenc, N., L. Martellini, and M. Vaissié, 2003, Indexing Hedge Fund Indexes, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Amenc, N., and L. Martellini, 2003, Optimal Mixing of Hedge Funds with Traditional Investments, EDHEC Risk and Asset Management Research Center, Position Paper, February.
Amenc, N., and M. Vaissié, 2006, Determinants of Funds of Hedge Funds’ Performance, EDHEC Risk and Asset Management Research Center, Position Paper, February.
Géhin, W., 2006, The Challenge of Hedge Fund Performance Measurement: a Toolbox Rather Than a Pandora’s Box, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Géhin, W., and M. Vaissié, 2004, Hedge Fund Indices: Investable, Non-Investable and Strategy Benchmarks, EDHEC Risk and Asset Management Research Center, Position Paper.
Giraud, J.R., 2005, Mitigating Hedge Funds’ Operational Risks: Benefits and limitations of managed account platforms, EDHEC Risk and Asset Management Research Center, Position Paper, December.
Goltz, F., L. Martellini, and M. Vaissié, 2004, Hedge Fund Indices from an Academic Perspective: Reconciling Investability and Representativity, EDHEC Risk and Asset Management Research Center, Position Paper, November.
Martellini, L. and V. Ziemann, 2005, The Benefits of Hedge Funds in Asset Liability Management, EDHEC Risk and Asset Management Research Center, Position Paper, October.