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by Ingrid Vancas (Author)
The aim of the book is to provide practical guidance for the investor when compiling due diligence and deciding on an investment or against it. The focus of the book lays on the risk assessment and due diligence. It captures fund's internal and external risks and the investment style specific risks. The aim is to provide sound guidance to the alternative investment fund selection. The UCITS 3 directive widens investment tools for the traditional asset managers by allowing short selling of securities and diminishing the gap between the traditional and the alternative asset management industry and attracting traditional managers to the alternative investment universe. The author concentrates on three categories: Relative Value and Market Neutral, Event Driven and Opportunistic alternative investment funds. Whilst the industry is generally categorized into certain fund types it has to be stated that every fund is different and will have different risk attributes. Within the specific categories major risks will be the same, as the exposure towards the specific underlying will be similar. Still every single fund has to be examined on its own in detail, as it will have the specific alpha generating competitive advantage. Thus the author suggests a pre-selection of the potential fund manager or the management team by analysing the team and the fund's performance first. The analysis goes through the quantitative figures and the qualities of the management team. Detailed knowledge about the strategies and its fit into the portfolio is worthless unless the investor is able to select the performing manager. Without that skill the probability of ending up with an underperforming alternative investment fund or a blow-up is huge. The analysis of the management team qualities shows behaviour patterns helping to detect management teams, which are tending towards moral hazard. Secondly, the alternative investment fund style specific risks are examined. The author gives an overview
Author Biography
Ingrid Vancas is a senior-level professional in the banking industry with 11 years of experience. She joined SEB Bank in July 2002. Since then she has worked in operations, risk management and currently in client relationship management. As account manager for financial institutions she is responsible for servicing and building client relationships as well as managing those while focusing on risk and reward. Her strong interest in the alternative investment funds and the credit analysis encouraged her to develop a framework for risk assessment of an alternative investment fund. The aim was to develop guidance for evaluation and pre-selection of the funds in the business unit. Ingrid holds a BA in Economics from Steinbeis University Berlin and a MBA in Financial Services Industry from Steinbeis University Berlin in cooperation with NYU Stern in New York and SDA Bocconi in Milano.
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Description
by Ingrid Vancas (Author)
The aim of the book is to provide practical guidance for the investor when compiling due diligence and deciding on an investment or against it. The focus of the book lays on the risk assessment and due diligence. It captures fund's internal and external risks and the investment style specific risks. The aim is to provide sound guidance to the alternative investment fund selection. The UCITS 3 directive widens investment tools for the traditional asset managers by allowing short selling of securities and diminishing the gap between the traditional and the alternative asset management industry and attracting traditional managers to the alternative investment universe. The author concentrates on three categories: Relative Value and Market Neutral, Event Driven and Opportunistic alternative investment funds. Whilst the industry is generally categorized into certain fund types it has to be stated that every fund is different and will have different risk attributes. Within the specific categories major risks will be the same, as the exposure towards the specific underlying will be similar. Still every single fund has to be examined on its own in detail, as it will have the specific alpha generating competitive advantage. Thus the author suggests a pre-selection of the potential fund manager or the management team by analysing the team and the fund's performance first. The analysis goes through the quantitative figures and the qualities of the management team. Detailed knowledge about the strategies and its fit into the portfolio is worthless unless the investor is able to select the performing manager. Without that skill the probability of ending up with an underperforming alternative investment fund or a blow-up is huge. The analysis of the management team qualities shows behaviour patterns helping to detect management teams, which are tending towards moral hazard. Secondly, the alternative investment fund style specific risks are examined. The author gives an overview
Author Biography
Ingrid Vancas is a senior-level professional in the banking industry with 11 years of experience. She joined SEB Bank in July 2002. Since then she has worked in operations, risk management and currently in client relationship management. As account manager for financial institutions she is responsible for servicing and building client relationships as well as managing those while focusing on risk and reward. Her strong interest in the alternative investment funds and the credit analysis encouraged her to develop a framework for risk assessment of an alternative investment fund. The aim was to develop guidance for evaluation and pre-selection of the funds in the business unit. Ingrid holds a BA in Economics from Steinbeis University Berlin and a MBA in Financial Services Industry from Steinbeis University Berlin in cooperation with NYU Stern in New York and SDA Bocconi in Milano.
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