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Hedge Fund Operational Due Diligence: Understanding the Risks Hardcover – Illustrated, Dec 3 2008

5.0 out of 5 stars 1 rating

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Product description


"Informative book by Jason Scharfman, on, well, pretty much everything you need to run a hedge fund…Scharfman also explains the reliance on technology that is becoming ever more apparent in hedge funds, the dangers of phantomware, and questions that should be asked before committing to any new technology." (, January 26th, 2009)

"In his book, Jason Scharfman identifies these operational risks and recommends a strong and innovative "operational" due diligence review program as the best defense against them. His book outlines a step-by-step guide that shows investors how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds and other investments in order to provide hedge funds and their investors with the skills to understand and hopefully mitigate these risks." (The Hedge Fund Law Report, January 8, 2009)

From the Inside Flap

Hedge Fund Operational Due Diligence

Understanding the Risks

One need only glance at the cover of the Wall Street Journal or turn on CNBC to learn about the latest debacle befalling hedge funds, due to poor operational oversight and controls. Long viewed by many hedge fund investment professionals as one of life's necessary evils and a distraction from the "real" business of investing, the field of operational due diligence has finally caught on today as an essential area of hedge fund risk management.

Filled with real-world examples drawn from the author's experiences dealing with the operational risks of a global hedge fund platform, Hedge Fund Operational Due Diligence: Understanding the Risks clearly outlines a flexible framework to enable you to diagnose a hedge fund's operational risks. This user-friendly, step-by-step guide shows you how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multijurisdictional regulatory coordination, silo creation, operational drag, organizational nesting, and vaporware, to equip you with a complete understanding of the importance and benefits of a comprehensive operational due diligence program.

Designed to enable hedge fund personnel to perform self-diagnostic health checks and determine areas in which operational improvements are needed using the techniques described, this timely book:

  • Features an analysis of the failed Bayou Hedge Fund Group, highlighting how operational risks can bring down an organization

  • Explains how to diagnose and analyze the operational risks that may be present in a hedge fund

  • Covers the primary, secondary, and blended operational risk factors present in the vast majority of modern hedge fund organizations

  • Offers techniques for the modeling of operational risk

  • Explores how to factor the results of operational risk analysis into the overall hedge fund asset allocation process

A strong operational infrastructure serves as a crucial backbone to the modern hedge fund, without which even the smartest money managers in the world could not thrive. Hedge Fund Operational Due Diligence: Understanding the Risks provides you with the necessary tools to effectively consider operational reviews in conjunction with investment reviews.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (Dec 3 2008)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 320 pages
  • ISBN-10 ‏ : ‎ 0470372346
  • ISBN-13 ‏ : ‎ 978-0470372340
  • Item weight ‏ : ‎ 560 g
  • Dimensions ‏ : ‎ 16.25 x 2.99 x 23.8 cm
  • Customer Reviews:
    5.0 out of 5 stars 1 rating

About the author

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Jason Scharfman is the Managing Partner of Corgentum Consulting, LLC ( He is recognized as one of the leading experts in the field of due diligence and is the author of and is the author of several publications including Hedge Fund Compliance: Risks, Regulation and Management (Wiley Finance, 2016), Hedge Fund Governance: Evaluating Oversight, Independence, and Conflicts (Academic Press 2014), Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation and Documentation (John Wiley & Sons 2012) and Hedge Fund Operational Due Diligence: Understanding the Risks (John Wiley & Sons 2008).

Before founding Corgentum, he previously oversaw the operational due diligence function for a $6 billion alternative investment allocation group called Graystone Research at Morgan Stanley. While at Morgan Stanley, Mr. Scharfman was also a senior member of a team which oversaw all of Morgan Stanley’s hedge fund operational due diligence efforts allocating in excess of $13 billion to a firm-wide platform of over 300 hedge fund managers across multiple investment strategies. Prior to joining Morgan Stanley, he held positions which primarily focused on due diligence and risk management within the alternative investment sector at Lazard Asset Management, SPARX Investments and Research and Thomson Financial.

Mr. Scharfman received a B.S. in Finance with an additional major in Japanese from Carnegie Mellon University, an M.B.A. in finance from Baruch College’s Zicklin School of Business, and a J.D. from St. John’s University School of Law. He is admitted to the practice of law in New York and New Jersey. Additionally, he holds the Certified Fraud Examiner (CFE) and Certified in Risk and Information Systems Control (CRISC) credentials.

Mr. Scharfman's additional experience includes consulting with the U.S. House of Representatives Judiciary Committee on the subject of hedge fund regulation. and providing training to financial regulators on the subject of hedge fund due diligence. He has also served as a consultant and testifying expert on hedge funds and due diligence practices in litigation and arbitration proceedings. Additionally, he has lectured on the subject of hedge fund operations and operational risk as an adjunct professor at New York University. Mr. Scharfman is a member of several industry organizations including the the Information Systems Audit and Control Association (ISACA), the American Bar Association, the New York State Bar Association and the New Jersey State Bar Association. He has written extensively on the subject of due diligence and travels and speaks worldwide on due diligence and operational risks.

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