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"An essential guide to understanding why so many hedge funds failed during the 2008 crash and why so many will continue to fail in the future."
—François Lhabitant, PhD Chief Investment Officer, Kedge Capital Professor of Finance, EDHEC Business School
"A must-read for every hedge fund manager, investment banking executive, and prime brokerage professional. This is hands down the most educational resource on the challenges, trends, and risks within the prime brokerage space."
—Richard Wilson, founder of the Prime Brokerage Association and PrimeBrokerageGuide.com
"Aikman does a masterful job of examining and explaining the intricacies and interdependencies of prime brokerages and the role that these operations play in our increasingly complex financial system."
—Peter J. Shippen, CFA, CAIA President, Redwood Asset Management Inc.
The New Dangers of Prime Finance
In this revealing book, J. S. Aikman takes a detailed and thorough look at the complex relationship between hedge funds and their brokerages and the risks that multiply in extraordinary markets. Before the credit crash, the inextricable relationship between banks and brokers was a little-known risk for both parties. When troubles loom large, the unraveling of these tightly wound affiliations can seriously damage both organizations and induce systemic financial collapse. When Prime Brokers Fail takes a close look at the unheeded risks of prime finance and lays out the steps required for managers to protect their funds and bankers to protect their brokerages.
http://catalogimages.wiley.com/images/db/pdf/9781576603550.excerpt.pdf
PART I The Business.
Chapter 1 Extraordinary Markets.
Chapter 2 Fundamentals of Prime Finance.
Chapter 3 Strategy and Opportunity.
PART II The Players.
Chapter 4 Hedge Funds.
Chapter 5 Hedge Fund Managers and Investment Advisers.
Chapter 6 Prime Brokerages.
Chapter 7 Prime Brokerage Business Model.
Chapter 8 Securities Lending and Financing.
Chapter 9 Executing Brokers.
PART III The Risks and Rewards.
Chapter 10 Life Cycles.
Chapter 11 Risk Management.
Chapter 12 Legal and Compliance Issues.
Chapter 13 What the Future Holds.
Appendix A Prime Broker List.
Appendix B List of Securities Lenders.
Appendix C Prime Broker Due Diligence Questionnaire.
Appendix D Useful Links—Prime Finance.
Bibliography.
Glossary of Useful Terms.
About the Author.
Index.
Former investment banker J. S. Aikman has written an advanced textbook explaining the detailed, complex role prime brokers play in the global financial markets. Largely unknown to even sophisticated investors, prime brokers provide the services hedge funds need, including financing, trading, research, securities lending, trade execution and consulting. When Lehman Brothers collapsed in 2008, its prime brokerage business's legal and operational entanglements deepened the global financial crisis and shook hedge funds and other prime brokers worldwide. While esoteric, prime brokerage plays a huge role in global money management and certainly warrants more of this kind of professional scrutiny. getAbstract recommends this comprehensive insider's guide to finance executives and investors who want to know more about the wizard behind the hedge fund curtain.
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Posted August 3, 2010
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An excellent read. This book should be a primer for those looking to understand the nuances in prime brokerage and hedge funds. Aikman skillfully explores the dynamics within the industry against various industry shifts and touches on some creative, insightful observations in a complex international industry.
This book would be invaluable for everyone from seasoned fund managers to traders, analysts, students, MBAs looking for an excellent primer into the alternative investment industry.
Overview
"An essential guide to understanding why so many hedge funds failed during the 2008 crash and why so many will continue to fail in the future."
—François Lhabitant, PhD Chief Investment Officer, Kedge Capital Professor of Finance, EDHEC Business School
"A must-read for every hedge fund manager, investment banking executive, and prime brokerage professional. This is hands down the most educational resource on ...