Hedge funds are one of the most dynamic, and important, players in the financial services industry and command worldwide attention. This primer, authored by a leading financial services industry participant, sets out the context of hedge funds and provides you with practical advice on how they operate. It begins by defining the characteristics and functions of a hedge fund, illustrating who is involved both internally and externally. It goes on to provide a step-by-step guide to setting up a hedge fund and discusses how unregulated hedge funds are regulated. It looks at hedge fund litigation and directs you to recommended resources. All of this is combined in a format that will enable you to grasp this important, complex subject relatively quickly.Aimed at newcomers to the hedge fund industry, this introductory text is particularly useful for: new hedge fund directors who have not previously served on a hedge fund board; investors seeking to learn about hedge funds; investment bankers that are transferring into a prime brokerage team; accountants responsible for hedge fund advisors; long-only fund managers that have been asked to co-manage a new long-short global equity hedge fund; and, anyone interested in understanding how a hedge fund works.