Surprisingly enough, the financial crisis of 2008 has put a bright spotlight on hedge funds once again. In fact, Title IV of the Dodd-Frank act of 2010 places a host of additional regulations on hedge funds through modifications of the Investment Advisor Act of 1940. Yet, hedge funds had little...

Increasingly, consultants for fund management firms care about the riskiness of fund managers’ investment strategies. Fund managers themselves must care about the riskiness of their investment strategies vis-a-vis the client’s specified benchmark