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Dr. Lars Jaeger on Hedge Fund Replication and Alternative Beta - Opalesque.TV Part 1

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Uploaded on May 30, 2010

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Once thought impossible, hedge fund replication has become one of the buzzwords in the finance community, driven by the growing realization that most hedge fund returns come from risk premiums rather than manager alpha.

"Not since the emergence of index funds have so many people been active about being 'passive', says Dr. Lars Jaeger, Head Alternative Beta Strategies at Partners Group. Lars is one of the pioneers of hedge fund replication strategies and prolific researcher on "alternative (exotic) Beta".

However, the term "hedge fund replication," while catching the imagination of investors and product providers, is also a source of confusion. What exactly is replicated? And how?

In this in-depth Opalesque BACKSTAGE interview, you will learn:

* Why Jaeger changed the model and went from a $4bn hedge fund of funds to alternative beta provider

* How did Jaeger's Alternative Beta approach work during the 2008 crisis?

* Fee advantage is key for alt beta providers: The 500 basis points difference

* How to model Alternative Beta: Top down linear factor replication versus bottom up non-linear rule-based approach?

* The Alpha and Beta of hedge fund returns: Overview on scientific research, papers, books

* What are the risks for Alternative Beta investors? Are there capacity restrictions for these strategies?

Dr. Lars Jaeger is Head Alternative Beta Strategies at Partners Group. Prior to joining Partners Group, he co-founded and was a partner of saisGroup, a hedge funds asset management firm established by the former alternative investment strategies team at Credit Suisse Asset Management (CSAM), where he was responsible for risk management. Previously, he worked in the real-time trading models group at Olsen & Associates AG in Zurich.

Lars holds a doctorate degree in theoretical physics from the Max-Planck Institute for Physics of Complex Systems, Dresden, and a master's degree in physics from the University of Bonn, the Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) designations.

See Part 2 here: http://www.youtube.com/watch?v=Ab096p...

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