.Praise for Hedge Fund of Funds Investing: An Investor’s Guide
by Joseph G. Nicholas
“Hedge funds of funds are at the leading edge of the broad move into hedge investing by the mainstream of private wealth management.
Progress Microfinance has been implemented through two actions, both of which are managed by
EIF. They are: 1) a guarantee instrument to providers of micro-credit (funded entirely by the
European Commission); and 2) a structured investment vehicle set up under Luxembourg law, the
European Progress Microfinance Fund, funded by the European Commission and the EIB.
Thus, the study of mutual funds in emerging markets is overdue for those who need a
fuller understanding of their investment conditions. In addition, this would allow an out-of-
sample test to challenge existing asset pricing models and lead to the development of new
This study seeks to shed light on mutual fund investment in emerging markets and
specifically focuses on three issues: performance, determinants of performance and the role
of liquidity on performance and performance measure.
Traditionally, large distribution networks
were developed by the Life Insurance
Corporation of India and the Unit Trust of
India for their own products. The LIC model
involved engaging deeply with distributors
and agents, by educating and equipping
them to sell. Agents were well-compensated
and penetration was deep. In return, the
agents worked exclusively with LIC and did
not sell other products.
Unlike this, the mutual fund distribution
network evolved in an open architecture
This book is designed for those with an inspired idea who wish to translate it into a
successful new business or incorporate it in an existing business. Usually, the first challenge
for those who want to get a business idea off the ground is securing funding. Any investor
or those in an existing business with responsibility for approving new initiatives will
invariably insist upon seeing a business plan before they approve any investment.
Drawings by Phil Hailstone “A uniquely accessible guide - if you only read one book on finance, read this!” Peter Colley, Director of Finance and Membership Services, RAC Motoring Services Ltd “The authors’ wealth of practical experience and understanding of the line manager’s perspective is fully reflected in this clear and readable book.” Ray Jennings, Human Resources Director, Dowty Aerospace
While important progress on the MDGs has been made, it has been uneven between and within countries. Gender
disparities remain manifested in many sectors with progress differing by region and country. The growing number and
diversity of actors, approaches and flows in development cooperation in recent years have also significantly impacted
progress on the MDGs and other IADGs.
Economic literature often discusses that in the area of access to finance for SMEs, a market
imperfection/failure is not only present during a deep recession but also on an ongoing basis as a
fundamental structural issue. The reasons for the market failure relate to insufficient supply of
capital (debt or equity) and inadequacies on the demand side.
Effective cost management can be accessed from administrative expense ratio. Negative
relationship between administrative expense ratio and mutual growth are confirmed as expected. This
implies AMCs with higher effective cost management have higher growth. Positive relationship
between funds growth and management fees is as expected but not statistically significant. Negative
relationship between size of the AMCs and mutual fund growth is found. Effect from size is different
from what the model expects.
The Mzansi Account is the result of a banking industry initiative to provide a standard bank account,
which is affordable, readily available and suits the specific needs of the previously unbanked com-
munities. This initiative is a requirement of the Financial Sector Charter, which requires banks to
make banking more accessible to the nation and, specifically, to increase banking reach to all com-
A fully integrated and interconnected European Single Market covering telecoms, energy and
transport is a prerequisite for competitiveness, jobs and growth. Achieving this requires
affordable, accessible, efficient and secure network infrastructure. Accelerating the roll out of
the digital economy will bring benefits across all sectors, through enhanced productivity,
efficiency and innovation.
This book is the principal output of a project to develop guidance on site
layout planning to improve solar access, passive cooling and microclimate.
The project is jointly funded by the European Commission JOULE
programme and national funding agencies including the UK Department of
the Environment, Transport and the Regions. The European project is
coordinated by BRE and includes the University of Athens, LEMA
(University of Liege) and AICIA (University of Seville).
Since many social businesses are also SMEs, measures that facilitate access to finance for
SMEs could also help social businesses. In this context, of notable importance are the support
and regulatory frameworks for venture capital, in particular the steps to be taken to develop a
EU passport for Venture Capital funds. The extent to which work on establishing such a
passport might aid social businesses is central in considering the effectiveness and efficiency
of the options identified in this impact assessment.
This paper brings these issues to a unique data set that contains the monthly returns of
European-domiciled equity mutual fund managers over a 20-year period. Specically, we ask
whether an investor can outperform when she has access to country-specic managers across several
developed European markets, and is allowed to rotate the portfolio allocation among the countries
(and managers) as macroeconomic conditions in Europe evolve.
There is also diversity with regard to final beneficiaries: many providers target people excluded
from mainstream financial services (47% of respondents of the latest EMN survey) and women
(44%); moreover, ethnic minorities and/or immigrants (41%), young (29%) and disabled people
(21%) are amongst the top ranks (see Jayo et al, 2010).
Priority outreach to these specific target groups show the high social focus of microfinance in
Information asymmetry can be reduced via three ways: a firm’s ability to signal its credit
worthiness (incl. an institutional assessment or rating by an independent agency and the provision
of collateral), a strong relationship between lender and borrower, and through due
diligence/lenders’ examination (screening). However, this means on the other hand that new or
young firms, with a lack of collateral and by definition without track record are the ones with the
greatest degree of difficulty accessing debt capital (Equinox, 2002).
Motivated by the adverse effects of the financial crisis, in 2010 the Commission Directorate
General for Employment, Social Affairs and Inclusion and the EIB made each available EUR
100m to the benefit of micro-enterprises and self-employment, with a particular emphasis on
social inclusion and groups with limited access to the traditional banking system.
In addition, Thai mutual funds play an important role in the capital market and
Thailand’s economy is among the three fastest growing in the Asia/Pacific region. The data
on mutual funds and the stock market, as well as other relevant information from Thailand,
are sufficiently accessible and more complete than from many other emerging countries and
thus allow us to make more comprehensive investigations of mutual funds in emerging
The small size of the private bond market also constrains its role. One of important benefits
of a developed private bond market is that it can act as an alternative funding source when
corporations’ access to overseas markets is limited or in the face of a domestic bank credit
crunch. The disruption in the global money and credit markets in 2008 led to a liquidity
squeeze for Brazilian corporations and financial firms.
Poverty reduction has two fundamental requirements: enabling the poor
and marginal groups to participate in decisionmaking about their own
development, and giving them access to capital, technology, credit, and
land, especially in the case of the rural poor. Programs to deliver these
basics must be designed with accuracy and sophistication within a frame-
work of macroeconomic social policies whose main objective is poverty