Thoughts on the Future of the Hedge Fund Industry

Christopher Geczy ()

Working Papers from University of Pennsylvania, Wharton School, Weiss Center

Abstract: Treatments of the future of hedge funds represent daunting tasks, not in the least because understanding hedge fund's past is still a subject of intense academic, industry practitioner, regulatory and legislative examination. Even the very definition of a hedge fund defies easy characterization, an unusual irony given that, at least for the foreseeable future, they stand a substantial chance of remaining as fixtures on the global landscape of wealth management. We do not spend much time here on the very definition of a hedge fund, perhaps the clearest expression of which may simply reference a compensation contract and little else, systematically speaking. Other useful definitions may reference the fact that hedge funds in the U.S. and in many countries find certain safe harbors from the 1940 Investment Company Act, the Securities Act and other regulations which may facilitate certain investment strategies and trades including those that in some cases the use of substantial leverage, great degrees of illiquidity and the like. What is clear from both the academic and practitioner literatures alike is the fact that hedge funds do not necessarily hedge.

Date: 2010-04
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