Institutional Investor's Alpha Magazine - June 2008 - (Page 21) H Technical Platforms for Multi-Prime Brokers edge fund managers are finding that they need to retain more than one prime broker. “Their accountants and other advisers are telling them if they don’t have a multi-prime broker setup, they should go out and get it,” says Peter Salvage, global head of hedge fund middle-office services at Citi. According to a Merrill Lynch report released earlier this year, nearly 35 percent of funds in excess of $1 billion in assets have four or more prime brokers. The largest funds might retain as many as a dozen. In the wake of the Bear Stearns collapse, even smaller funds, which previously preferred the simplicity of using a single prime broker, are under pressure to retain at least two prime brokers as a hedge against counterparty risk. The global credit crunch has overturned the traditional consensus that hedge funds are the riskier party in the relationship between a hedge fund and its prime broker. “A few years ago, the banks worried about hedge funds blowing up; now hedge fund managers worry about the banks blowing up,” says Dougal Brech, European head of client services at Credit Suisse. In addition, much of the demand for using numerous prime brokers comes from institutional clients seeking streamlined reporting systems and portfolio accounting, independent valuations and enhanced risk analysis, along with frequent reporting and • June 2008 • This Sponsored Report was prepared by the Special Projects Department of Alpha.
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - June 2008 Investor's Alpha Magazine - June 2008 Contents Letter From the Editor Longs & Shorts Cover Story: Alpha Hall of Fame Bruce Kovner Michael Steinhardt Kenneth Griffin Louis Bacon Steven Cohen George Soros James Simons Seth Klarman Julian Robertson Jr. Jack Nash Leon Levy Paul Tudor Jones II Alfred Winslow Jones David Swensen Looking Ahead: Back to the Future Research Center: Europe Hedge Fund 50 Unhedged: Let the Sunshine In Institutional Investor's Alpha Magazine - June 2008 Institutional Investor's Alpha Magazine - June 2008 - Investor's Alpha Magazine - June 2008 (Page Cover1) Institutional Investor's Alpha Magazine - June 2008 - Investor's Alpha Magazine - June 2008 (Page Cover2) Institutional Investor's Alpha Magazine - June 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - June 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - June 2008 - Contents (Page 3) Institutional Investor's Alpha Magazine - June 2008 - Contents (Page 4) Institutional Investor's Alpha Magazine - June 2008 - Letter From the Editor (Page 5) Institutional Investor's Alpha Magazine - June 2008 - Letter From the Editor (Page 6) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 18) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 19) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 20) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 21) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 22) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 23) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 24) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 25) Institutional Investor's Alpha Magazine - June 2008 - Longs & Shorts (Page 26) Institutional Investor's Alpha Magazine - June 2008 - Cover Story: Alpha Hall of Fame (Page 27) Institutional Investor's Alpha Magazine - June 2008 - Bruce Kovner (Page 28) Institutional Investor's Alpha Magazine - June 2008 - Bruce Kovner (Page 29) Institutional Investor's Alpha Magazine - June 2008 - Bruce Kovner (Page 30) Institutional Investor's Alpha Magazine - June 2008 - Bruce Kovner (Page 31) Institutional Investor's Alpha Magazine - June 2008 - Michael Steinhardt (Page 32) Institutional Investor's Alpha Magazine - June 2008 - Michael Steinhardt (Page 33) Institutional Investor's Alpha Magazine - June 2008 - Kenneth Griffin (Page 34) Institutional Investor's Alpha Magazine - June 2008 - Kenneth Griffin (Page 35) Institutional Investor's Alpha Magazine - June 2008 - Kenneth Griffin (Page 36) Institutional Investor's Alpha Magazine - June 2008 - Kenneth Griffin (Page 37) Institutional Investor's Alpha Magazine - June 2008 - Louis Bacon (Page 38) Institutional Investor's Alpha Magazine - June 2008 - Louis Bacon (Page 39) Institutional Investor's Alpha Magazine - June 2008 - Louis Bacon (Page 40) Institutional Investor's Alpha Magazine - June 2008 - Louis Bacon (Page 41) Institutional Investor's Alpha Magazine - June 2008 - Steven Cohen (Page 42) Institutional Investor's Alpha Magazine - June 2008 - Steven Cohen (Page 43) Institutional Investor's Alpha Magazine - June 2008 - Steven Cohen (Page 44) Institutional Investor's Alpha Magazine - June 2008 - Steven Cohen (Page 45) Institutional Investor's Alpha Magazine - June 2008 - George Soros (Page 46) Institutional Investor's Alpha Magazine - June 2008 - George Soros (Page 47) Institutional Investor's Alpha Magazine - June 2008 - George Soros (Page 48) Institutional Investor's Alpha Magazine - June 2008 - George Soros (Page 49) Institutional Investor's Alpha Magazine - June 2008 - James Simons (Page 50) Institutional Investor's Alpha Magazine - June 2008 - James Simons (Page 51) Institutional Investor's Alpha Magazine - June 2008 - James Simons (Page 52) Institutional Investor's Alpha Magazine - June 2008 - James Simons (Page 53) Institutional Investor's Alpha Magazine - June 2008 - Seth Klarman (Page 54) Institutional Investor's Alpha Magazine - June 2008 - Seth Klarman (Page 55) Institutional Investor's Alpha Magazine - June 2008 - Seth Klarman (Page 56) Institutional Investor's Alpha Magazine - June 2008 - Seth Klarman (Page 57) Institutional Investor's Alpha Magazine - June 2008 - Julian Robertson Jr. (Page 58) Institutional Investor's Alpha Magazine - June 2008 - Julian Robertson Jr. (Page 59) Institutional Investor's Alpha Magazine - June 2008 - Jack Nash (Page 60) Institutional Investor's Alpha Magazine - June 2008 - Jack Nash (Page 61) Institutional Investor's Alpha Magazine - June 2008 - Leon Levy (Page 62) Institutional Investor's Alpha Magazine - June 2008 - Leon Levy (Page 63) Institutional Investor's Alpha Magazine - June 2008 - Paul Tudor Jones II (Page 64) Institutional Investor's Alpha Magazine - June 2008 - Paul Tudor Jones II (Page 65) Institutional Investor's Alpha Magazine - June 2008 - Paul Tudor Jones II (Page 66) Institutional Investor's Alpha Magazine - June 2008 - Paul Tudor Jones II (Page 67) Institutional Investor's Alpha Magazine - June 2008 - Alfred Winslow Jones (Page 68) Institutional Investor's Alpha Magazine - June 2008 - Alfred Winslow Jones (Page 69) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 70) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 71) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 72) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 73) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 74) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 75) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 76) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 77) Institutional Investor's Alpha Magazine - June 2008 - David Swensen (Page 78) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 79) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 82) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 83) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 84) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 85) Institutional Investor's Alpha Magazine - June 2008 - Looking Ahead: Back to the Future (Page 86) Institutional Investor's Alpha Magazine - June 2008 - Research Center: Europe Hedge Fund 50 (Page 87) Institutional Investor's Alpha Magazine - June 2008 - Research Center: Europe Hedge Fund 50 (Page 88) Institutional Investor's Alpha Magazine - June 2008 - Research Center: Europe Hedge Fund 50 (Page 89) Institutional Investor's Alpha Magazine - June 2008 - Research Center: Europe Hedge Fund 50 (Page 90) Institutional Investor's Alpha Magazine - June 2008 - Research Center: Europe Hedge Fund 50 (Page 91) Institutional Investor's Alpha Magazine - June 2008 - Unhedged: Let the Sunshine In (Page 92) Institutional Investor's Alpha Magazine - June 2008 - Unhedged: Let the Sunshine In (Page 93) Institutional Investor's Alpha Magazine - June 2008 - Unhedged: Let the Sunshine In (Page 94) Institutional Investor's Alpha Magazine - June 2008 - Unhedged: Let the Sunshine In (Page Cover3) Institutional Investor's Alpha Magazine - June 2008 - Unhedged: Let the Sunshine In (Page Cover4)
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