对冲基金米anager

对冲基金（HF）经理是管理大量资金的人，使用广泛的投资策略并投资于多种类型securities为投资者产生回报。

Hedge fundsare large investment vehicles only available to very wealthy individuals and are considered a risky investment. They usually have large fees and promise large returns to their investors; however, they usually require that money be invested for at least one year. Nevertheless, hedge funds have become very popular over time due to the large earnings they can generate and the diversified strategies they use.

HF managers are in charge of managing these funds, which involves a range of responsibilities. This includes the management of a large number of talented employees and making investment decisions, and managing portfolios while setting the investment strategy for the firm. They are also expected to meet with investors, talk about their investment strategy, and address any concerns they may have about their money.

成为对冲基金的经理是一个非常重要的角色，需要大量的知识和专业能力。通常，扮演这个角色的人已经证明自己在金融中具有极大的能力，拥有许多学术成就和许多先前的专业经验。

这个职位也非常有竞争力，因为它们通常是薪水和奖金的大笔薪水。但是，它取决于任何给定年份的对冲基金的规模和绩效。从对冲基金为投资者的收入中产生多少利润，大部分利润是利用的，因此，最多的钱是通过非常成功的对冲基金赚取的，这极大地取决于其经理的能力。

请参考我们的免费Hedge Fund Pay Guide文章以了解更多有关对冲基金薪酬的信息。

什么是对冲基金？

对冲基金是一种投资工具，可从投资者那里汇集资金，并使用不同的复杂交易策略进行投资。他们最初被广告成为投资工具对冲“投资，这意味着他们做出了投资决策以最大程度地降低风险。但是，最近，它们已被视为风险的替代投资。

They use "alternative" strategies and杠杆作用to generate higher rates of return than traditional investment options, investing in many different kinds of securities. Hedge funds have very little external regulation; however, they may follow the rules created internally by themselves.

在许多情况下，他们投入了一定数量的资金债券或者other less risky securities to minimize their exposure to risky investments and fluctuations in the市场。Over time they have become increasingly popular due to their promises of high annualized returns. In 2021 hedge funds had a combined $3.8 trillion in资产在管理下，对冲基金的数量每年增长约2.5％。

对冲基金的投资者通常是高价值的个人或大学和养老基金等机构投资者。在大多数情况下，对冲基金要求投资者的净资产达到最低门槛。

1933年的证券法限制了对冲基金仅从认可的个人中筹集资金：净资产至少为100万美元或每年赚取200,000美元的人，并希望将来赚取类似的薪水。对冲基金最多可以包括35个未经认可的人，这通常是为经理的家人和朋友保留的。

他们通常投资许多液体资产; however, they are fairly illiquid for investors. In many cases, they require that investors keep their money locked in for at least one year. In addition, hedge funds typically follow a "two and twenty" model for fees, meaning that they charge 2% on all assets under management, as well as 20% on any profits.

一些对冲基金包括一个障碍，其中仅将绩效费用用于符合基金基准收益的投资组合。有关两个和二十个收费结构的示例，请查看以下我们的免费风险投资视频系列的视频。

对冲基金并非没有自己的批评。许多人对对冲基金收取的高昂费用感到不安，声称价格不能证明其绩效是合理的。

沃伦·巴菲特（Warren Buffet）是这群人之一，并把他的钱放在2007年的嘴里，下注100万美元，指数基金在未来十年内将优于一篮子对冲基金。

He understood that a hedge fund can make large gains in any one year but that the speculative assets they invest in are sure to create a high amount of挥发性在earnings, meaning that high earnings come with high losses as well, creating a not-so-spectacular average over time.

Unfortunately,Protégé Partners LLC accepted this challenge and ended up losing the bet随着创始人泰德·塞斯（Ted Seides）在赌注结束前两年从对冲基金会下辞职，承认“出于所有意图和目的，游戏已经结束。我输了。”

How to Become a Hedge Fund Manager?

The role of managing a hedge fund is a highly sought-after position and not easy land. A person looking to be such a manager has a lot of competition and usually has a lot of credentials and has proven themselves as a savvy investor.

大多数经理在金融，经济学或其他相关领域获得学士学位。在许多情况下，他们从顶级大学毕业，继续追求Masters of Business Administration (MBA)from top business schools such asWharton或者哈佛商学院。不乏资历，强调了候选人可以追求的高等教育。尽管不是必需的，但这些认证可以增加候选人担任该职位的机会。其中包括：

• 特许财务分析师（CFA）
• 特许替代投资分析师（CAIA）
• 对冲基金法规（CHFR）证书
• Registered Investment Advisor (RIA)
• 经过认证的财政专业人员（CTP）

Beyond credentials, a manager is required to be well experienced. In most cases, they work in other roles within finance before leaping to hedge funds. For example, they may work as ananalyst在万博app网页版首先，在移动之前，他们可以在非常密集的工作环境中证明自己。

其他入门级职位包括风险经理，traders, or research analysts in other areas of finance. It is helpful to seek prior management experience to demonstrate leadership qualities in many cases. In many cases, after completing some of the jobs above, a candidate will join a hedge fund and work up the ladder until they can apply for a manager role at another hedge fund or are offered the opportunity to manage that hedge fund.

To be eligible for this coveted position, a candidate should be prepared to put in a lot of hard work and time to possess the right education, professional experience, certifications, and a successful track record.

请看看我们的免费40对冲资金采访带有样本答案指南的问题for more insights on cracking hedge fund interviews.

What Do Hedge Fund Managers Do?

Hedge fund managers have a lot of responsibilities, as they hold a powerful position that strongly affects the performance of a hedge fund. In many cases, they are the fund's owner and therefore have a great deal of responsibility and autonomy in making decisions.

The manager is the individual responsible for running the funds, which means they need to decide where to invest. They are also responsible for managing risk and setting risk limits; this means they keep an eye on the fund's exposure to different securities, currencies, and利率。他们还负责几项涉及决定分配资金和安排投资组合的任务。

他们可能会使用软件创建复杂财务模型，经常雇用许多投资组合经理来创建financial modelsthat they can then analyze and make decisions based on. In many cases, they will manage a large number of employees, including portfolio managers that report back to them. They should make sure to keep up with current events that could impact the economy and news and financial reports about various companies that the fund is concerned with.

他们还负责与各种投资者会面，讨论他们的在vestment strategies, addressing any concerns that investors have, and pitching to raise funds from them.

最后，对冲基金经理将不得不遵守有关其证券贸易的法规。

It can be extremely lucrative to be a hedge fund manager, as most in this role generally own the hedge fund. This means taking a large share of the profits after paying salaries and other expenses, although the pay can vary significantly.

The highest-paid hedge fund manager of 2020 was able to rake in $3.8 billion, with a fund that created returns of 26%; however, the median salary was about $124,000. One can usually expect to make between $300,000 to $3 million as a junior manager at a reputable hedge fund, with that number growing to $10 million as a senior manager.

对冲基金经理的示例

有些人认为Graham-Newman合作伙伴关系是第一个对冲基金，使本杰明·格雷厄姆（Benjamin Graham）和杰里（Jerry）Newman the two first hedge fund managers. Benjamin Graham is the author of智能投资者，一本关于投资的著名书籍，被认为是“价值投资之父”。

The term "hedge fund" was originally coined by Alfred W. Jones when he managed an investment firm that he advertised as a hedged fund, meaning that it was careful to avoid risks in the market by investing in hedges, or less risky investments, in combination with riskier investments. Jones's strategy was to use杠杆作用to buyshares and sellshortother shares in a combination that would eliminate the effects of market-wide movements, a strategy known as long/short equity.

吉姆·西蒙斯（Jim Simons）是最富有的对冲基金经理，净资产为244亿美元，在第28位的净资产Forbes 400list. Jim Simons earned a bachelor's degree in mathematics fromMITbefore pursuing a Ph.D. in mathematics from加州大学伯克利分校。For more than two decades, he was the hedge fund manager for文艺复兴技术, managing multiple hedge funds that make trades mostly based on computer算法和数学模型。

Renaissance is known for hiring many people with backgrounds outside of finance, such as mathematicians, physicists, and statisticians. It has three hedge funds; however, its highest-performing one is closed to outside investors and is only available to some employees, boasting an average net return of 39.1% annually from 1988 - 2018.

雷·达利奥（Ray Dalio）是第二富裕的对冲基金经理，净资产为200亿美元，在《福布斯400》列表中排名第36位。此外，他因普及许多人而被认为是金融上最大的创新者之一在vesting strategies。He attendedC.W. Post College几乎没有学术成就，但很快就发现了对股票的热情，尤其是商品futures。

获得学士学位后，他追求MBA两年后，在哈佛商学院开始Bridgewater Associates。他一直管理它，直到2017年卸任为止。目前拥有1540亿美元的管理资产，是全球最大的对冲基金之一，有时是世界上最大的。在1991年至2005年间，布里奇沃特同事仅损失了三倍，而不超过4％。同时，标准普尔500lost money three times as well, losing 22.1% in 2002.

Additional Resources

WSO是领先的提供商财务建模课程for finance professionals. To help you advance your career, check out the additional resources below:

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