Institutional Investor's Alpha Magazine - February 2008 - (Page 43) Regulation Hedge Fund Registration Way Out West As states weigh in on hedge fund registration, California has become the latest battleground. “If this passes, hedge funds in California are going to have to register either with the SEC or with the state.” John Broadhurst, partner, Shartsis Friese. San Francisco, January 3, 2008. alifornia Department of Corporations commissioner Preston DuFauchard is a talented negotiator. That is why last fall Governor Arnold Schwarzenegger tapped DuFauchard, the state’s top financial watchdog, to work with lenders to get them to provide relief for the hundreds of thousands of California residents in danger of losing their homes because of the subprime mortgage crisis. But as DuFauchard was scrambling to help homeowners avoid foreclosure, he and Schwarzenegger also faced a minicrisis of their own making — an inundation of phone calls and e-mails to their respective Sacramento offices from hedge fund managers incensed over a proposal to remove an exemption from the state’s securities laws that would force many of them to register. C “I was surprised by the decibel level,” says DuFauchard, who was appointed to his position by Schwarzenegger in May 2006. “By and large, these are entities that are not registered with us, so it was difficult to reach out to them beforehand.” In early October, DuFauchard proposed a rule that would amend the state’s laws and require hedge funds and other non-venture-capital investment advisers with offices in California to register with state regulators if they were not already registered with the U.S. Securities and Exchange Commission. As news of the potential change broke, hedge fund managers and their representatives immediately began voicing their opposition. John Broadhurst, a partner with San Francisco–based law firm Shartsis Friese, says the change, if adopted, would not sit By Imogen Rose-Smith Photo by Robyn Twomey for Alpha FEBRUARY 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 43
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - February 2008 Institutional Investor's Alpha Magazine - February 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Alternative Perspective The Good Guys: A Simple Plan Cover Story: Energy and Commodities: Fueling Opportunity Regulation: Energy Trading: The Brawl on the Hill Interview: Master of Values Regulation: Hedge Fund Registration: Way Out West Research Center: Top Hedge Fund Analysts Alpha Bytes: Rocket Man Unhedged: Commentary: Structured for Success Institutional Investor's Alpha Magazine - February 2008 Institutional Investor's Alpha Magazine - February 2008 - Institutional Investor's Alpha Magazine - February 2008 (Page Cover1) Institutional Investor's Alpha Magazine - February 2008 - Institutional Investor's Alpha Magazine - February 2008 (Page Cover2) Institutional Investor's Alpha Magazine - February 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - February 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - February 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - February 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - February 2008 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - February 2008 - Pension Corner: Alternative Perspective (Page 18) Institutional Investor's Alpha Magazine - February 2008 - Pension Corner: Alternative Perspective (Page 19) Institutional Investor's Alpha Magazine - February 2008 - Pension Corner: Alternative Perspective (Page 20) Institutional Investor's Alpha Magazine - February 2008 - Pension Corner: Alternative Perspective (Page 21) Institutional Investor's Alpha Magazine - February 2008 - The Good Guys: A Simple Plan (Page 22) Institutional Investor's Alpha Magazine - February 2008 - The Good Guys: A Simple Plan (Page 23) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 24) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 25) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 26) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 27) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 28) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 29) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 30) Institutional Investor's Alpha Magazine - February 2008 - Cover Story: Energy and Commodities: Fueling Opportunity (Page 31) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 32) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 33) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 34) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 35) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 36) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Energy Trading: The Brawl on the Hill (Page 37) Institutional Investor's Alpha Magazine - February 2008 - Interview: Master of Values (Page 38) Institutional Investor's Alpha Magazine - February 2008 - Interview: Master of Values (Page 39) Institutional Investor's Alpha Magazine - February 2008 - Interview: Master of Values (Page 40) Institutional Investor's Alpha Magazine - February 2008 - Interview: Master of Values (Page 41) Institutional Investor's Alpha Magazine - February 2008 - Interview: Master of Values (Page 42) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Hedge Fund Registration: Way Out West (Page 43) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Hedge Fund Registration: Way Out West (Page 44) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Hedge Fund Registration: Way Out West (Page 45) Institutional Investor's Alpha Magazine - February 2008 - Regulation: Hedge Fund Registration: Way Out West (Page 46) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 47) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 48) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 49) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 50) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 51) Institutional Investor's Alpha Magazine - February 2008 - Research Center: Top Hedge Fund Analysts (Page 52) Institutional Investor's Alpha Magazine - February 2008 - Alpha Bytes: Rocket Man (Page 53) Institutional Investor's Alpha Magazine - February 2008 - Alpha Bytes: Rocket Man (Page 54) Institutional Investor's Alpha Magazine - February 2008 - Alpha Bytes: Rocket Man (Page 55) Institutional Investor's Alpha Magazine - February 2008 - Unhedged: Commentary: Structured for Success (Page 56) Institutional Investor's Alpha Magazine - February 2008 - Unhedged: Commentary: Structured for Success (Page Cover3) Institutional Investor's Alpha Magazine - February 2008 - Unhedged: Commentary: Structured for Success (Page Cover4)
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