[资本市场和金融机构]powerpoint.pptVIP

2. Hedge Funds An unregistered investment company that pools resources from wealthy individuals and FIs which invest the funds on their behalf. Manager is paid 1 or 2% of fund assets, and 20% to 40% of profits realized by the fund’s investment strategy. Investors: Wealthy individuals, pension funds, insurance companies, university endowment fund Less regulated than MFs. Hedge Funds suffered heavy loses during 2008 According to Hedge Fund Research About 700 funds closed in the first three quarters of 2008 up over 70 percent from the same period last year The average hedge fund lost 18 percent of its value in 2008 HF along with investment banks, exchange traded funds, money-market funds and pension funds ‘shadow banking system’ invested heavily in securitized products e.g., mortgage backed securities . In the U.S. the ‘shadow banking system has provided about 80% of total lending since 1992. Strategies of HF Non-directional. Long and short position in assets Opportunistic: Possible assets’ mispricing LTCM. See next slide Event-driven: Potential mergers. Long Term Capital Management collapse 1998 LTCM wanted to take advantage of unusual spreads between bond prices Corporate bonds and T-bonds usually follow systematic pattern ? Then their prices start to diverge ? LTCM sees this as a mispricing: Sells short T-bonds and buys long Corp bonds ? However, the opposite occurred: the spread between the prices of T-bonds and Corp. bonds increased! 3. Pension Funds: Introduction Pension Fund. Fund set up by a corporation, labour union, government entity, or other organization to pay the pension benefits of retired workers. The pension fund is a legally separate entity a separate account within a firm or a corporation Pension Funds are run by Asset Managers firm managers or other FIs; with help of actuaries and other advisers Pension Funds are currently very active in monitoring firms’ performance due to their increasing controlling share ownership. T