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Introduction to Hedge Funds is a 1-day course where the key concepts of this fascinating asset class are broken down, simplified and explained in a clear way using everyday language.
This interactive course is designed to give attendees an introduction to hedge funds and to understand the various strategies that hedge funds implement to generate returns. Through the use of interactive exercises and case studies, at the end of the training day, attendees will have a much better understanding of the way hedge funds work as well as the roles of the different market participants.
Main group assignment: Run your own Hedge Fund – We believe that the best way for attendees to put their learnings into practice is by running their own hedge fund for the day, whilst competing against the other teams. This will be in a safe environment where participants will manage a virtual account of £10m. Participants will have access to a live market platform and will be able to put a number of hedge fund strategies into practice by trading various instruments (equities, commodities, bonds and foreign exchange) in a real time environment. There will be up to four trading sessions interspersed throughout the training day. Participants will have to present quarterly reporting results and explain the rationale for their trading strategies.
Note – This programme requires you to bring your own Wi-Fi enabled laptop loaded with an internet browser such as Google Chrome or Internet Explorer
Kapriel Kasbarian is responsible for all aspects of the day to day running of Ascentium Associates. His keen interest in hedge funds started during his career in financial markets, various research projects and trading activities, where he was able to put hedge fund strategies in to practice. He is a learning and development professional who was previously a strategy consultant at Armstrong Transaction Services where he undertook commercial due diligence and strategy consulting projects for private equity and corporate clients. To read Kapriel's full profile, please click here.
This introductory course is aimed at all business or finance professionals who work at a hedge fund, investor or service provider, and need an understanding and overview of what the industry is about.
Key Learning Outcomes:
Attendees of this 1-day course will gain an understanding of:
• Understand what hedge funds are
• Key players and their roles
• Understanding of different strategies
• Appreciation of hedge fund toolkit
• Lessons from hedge fund failures
• Why invest in hedge funds
• Hedge fund challenges
• An opportunity to execute hedge fund strategies and techniques on a live trading platform
Introduction and Welcome
Attendee icebreaker session
The big picture – What exactly is a hedge fund?
• What is hedging?
• Common characteristics of hedge funds
• Not all hedge funds hedge!
• Is it even an asset class?
Alternative asset Classes – What are they? Where do HF fit in?
• A brief look at Alternative Asset Classes (private equity, real estate, infrastructure and hedge funds) vs Traditional Asset Classes– why do investors like alternatives?
Hedge Fund Tools
• Leverage – financial vs synthetic
• Short Selling
Hedge Fund Strategies
• Equity strategies
• Managed futures/CTA
• Event driven strategies
• Relative value strategies
• Credit strategies
• Multi-strategy, niche strategies
Run your own Hedge Fund
• Team challenge - Hedge fund - trading session 1
Attendees will to put their learnings into practice is by running their own hedge fund for the day, whilst competing against the other teams. This will be in a safe environment where participants will manage a virtual account of £10m.
Participants will have access to a live market platform and will be able to put a number of hedge fund strategies into practice by trading various instruments (equities, commodities, bonds and foreign exchange) in a real time environment. There will be up to 4 trading sessions interspersed throughout the training day. Participants will have to present session results and explain their rationale for their decisions.
The learning from this team challenge include: applications of HF strategies, use of derivatives, long/short selling, margin, cash/asset management, risk management, arbitrage and aspects of behavioural finance
A look at some market data
Hedge fund market landscape
• The hedge fund eco system
• Key players and their roles
• Hedge fund managers
• Prime brokers
• Fund of funds
• Service providers
• Team challenge - Hedge fund - trading session 2
Hedge fund disasters
• Credit crisis – subprime
• Lessons and effects
Terms & conditions
• Management fees
• Performance fees
• Hurdle rates
• Lockup periods
• Team challenge - Hedge fund - trading session 3
Why invest in hedge funds?
Some HF challenges
• Team challenge - Hedge fund - Final trading session
• VaR, stress testing, scenario analysis
• Manager selection
• What would you ask?
Final Q&A Session
• Summary review
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