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 Hedge Fund Phenomena
Hedge funds manage over two trillion dollars in assets worldwide and they are a  prominent feature on the investment landscape.The size of the hedge fund market has grown dramatically in recent years, and issues arising from hedge fund investments and management now have broad implications for the entire financial industry. Hedge funds may involve complex, illiquid or opaque investments and investment strategies and receive little regulatory oversight. Hedge funds are suitable only for sophisticated investors who are able to evaluate, select, monitor, and exit these investments. The hedge fund industry differs from the traditional asset management industry in several ways. The hedge fund industry itself is relatively young and has been an important source of new investment management ideas. Managers are often early adopters of investment strategies and new securities, and they frequently use investment vehicles and techniques that are unavailable to more constrained investors. It is important to note that hedge funds are lightly regulated vehicles that usually operate with a broad investment mandate and few limits on the investment authority of the funds.

Exactly what is a hedge fund?
Although there is no universally accepted definition of the term hedge fund,” the term generally is used to refer to an entity that holds a pool of securities and perhaps other assets, whose interests are not sold in a registered public offering and which are not registered as an investment company under the Investment Company Act. Alfred Winslow Jones is credited with establishing one of the first hedge funds as a private partnership in 1949. That hedge fund invested in equities and used leverage and short selling to “hedge” the portfolio’s exposure to movements of the corporate equity markets. Over time, hedge funds began to diversify their investment portfolios to include other financial instruments and engage in a wider variety of investment strategies. Today, in addition to trading equities, hedge funds may trade fixed income securities, convertible securities, currencies, exchange-traded futures, over-the-counter derivatives, futures contracts, commodity options and other non-securities investments. Furthermore, hedge funds today may or may not utilize the hedging and arbitrage strategies that hedge funds historically employed, and many engage in relatively traditional, long-only equity strategies.

The term “hedge fund” refers to an investment pool that provides exposure to a set of financial risk factors not typically associated with traditional (equity and fixed income) long-only investments. This may include investments in limited partnerships, limited liability corporations, or other vehicles. These vehicles carry out the investment program under the direction of an investment manager. The term "hedge fund" may also refer to the manager of the investments of a hedge fund.

Hedge funds invest in a wide variety of financial instruments using a variety of investment techniques. Hedge funds use a broad range of portfolio strategies and are exposed to a similarly broad range of risks. Hedge funds do not represent a single asset class, but are a type of investment vehicle that provides exposure to a range of investment strategies. Hedge funds come in different sizes and have different management strategies and styles. They follow different administrative, valuation, and disclosure practices. Management of a hedge fund portfolio must be appropriate for its particular investments. Historically, hedge funds have focused on publicly traded securities, commodities, currencies, and their derivatives in such a way as to be “hedged”, in large measure, from material changes in stock and bond markets. Increasingly, however, hedge funds have exposure to a broader investment spectrum, including not only traditional markets but also sectors typically associated with other investment vehicles, such as private equity and real estate.

In short, the term generally identifies an entity that holds a pool of securities and perhaps other assets that does not register its securities offerings under the Securities Act and which is not registered as an investment company under the Investment Company Act. Hedge funds are also characterized by their fee structure, which compensates the adviser based upon a percentage of the hedge fund’s capital gains and capital appreciation. Hedge fund advisory personnel often invest significant amounts of their own money into the hedge funds that they manage. As discussed in the Report, although similar to hedge funds, there are other unregistered pools of investments, including venture capital funds, private equity funds and commodity pools that generally are not categorized as hedge funds.

Hedge funds are often compared to registered investment companies. In addition, unregistered investment pools, such as venture capital funds, private equity funds and commodity pools, are sometimes referred to as hedge funds. Although all of these investment vehicles are similar in that they accept investors’ money and generally invest it on a collective basis, they also have characteristics that distinguish them from hedge funds.

When did this concept originate? Briefly, what’s the history?
Hedge funds, while representing a relatively small portion of the U.S. financial markets, have grown significantly in size and influence in recent years. The SEC recognized over 30 years ago that hedge fund trading raises special concerns with respect to their impact on the securities markets.

The growth in hedge funds has been fueled primarily by the increased interest of institutional investors such as pension plans, endowments and foundations seeking to diversify their portfolios with investments in vehicles that feature absolute return strategies – flexible investment strategies which hedge fund advisers use to pursue positive returns in both declining and rising securities markets, while generally attempting to protect investment principal. In addition, funds of hedge funds (“FOHF”), which invest substantially all of their assets in other hedge funds, have also fueled this growth.

Consultation Fees
You get answers to your specific questions NOW by speaking directly to Hannah Terhune, an experienced hedge fund attorney. Her hard won wisdom can save you a lot of unnecessary steps and wasted effort. The consult is a valuable opportunity to speak to Hannah one on one to learn how to achieve more in less time. The return on your investment more than makes up for the cost by helping you to avoid costly mistakes. After you purchase your consultation, we will contact you within 24 hours by email to arrange a mutually convenient time for your consultation. Please be sure to white list our email (see the instructions below) so that you receive our email. Typically, we will be able to schedule your appointment Hannah Terhune within 3 business days depending on your schedule and Hannah's schedule. You may also call the office at (307) 213-4732. If you need a same day appointment or have an emergency, slightly higher consultation fees may apply. We thank you in advance for your business!

Fees are a necessary part of the consultation. Many years of study and training go in to be able to make a sound, informed and ethical opinion about plans. The expertise required to recommend solutions and provide advice should not be taken lightly. When you are finished with your consultation you will be more informed about your business plans than ever before. This is not to say that someone else will not give you additional information. A consultation with us will provide you with advice and solutions.


Our Customers
I would like to state unequivocally that I have had a completely positive experience in dealing with Capital Management Services Group. Truly, from the first phone call that I made to Capital Management, to the conference call that was arranged with Hannah Terhune, the time she took in answering all of my questions, and, finally, to the follow-up by Amy Hong.  My case involved the establishment of a Forex Incubator Fund, and was thoroughly handled. Hannah Terhune responded promptly to my subsequent phone calls and Amy Hong is absolutely 100% efficient. I, certainly, plan to enlist Capital Management's services for my legal needs in the future concerning fund management. I would rate my experience and results 5 out of 5 stars! Totally satisfied, Rxxxxxx Sxxxx, September 22, 2010

 Fund Sign-up and Procedures
You should know how the hedge fund development process works as to payment. We understand that you want to make certain that you get what you pay for. We work on a pay-as-you-go system and provide you with deliverables in stages. Starting your own hedge fund business can be your ticket to financial freedom. First, call (307) 213-4732 for a consultation to discuss your options. In this consultation, you will speak to Hannah Terhune, a veteran hedge fund and tax attorney on registration, development and entity structure issues, accounting, tax and audit issues, and price quotes. After this initial consultation, you can upgrade to our full execution services and we will start work on your hedge fund business.

Draft Stage
Sign up for the $1,000 Initial Retainer. We send you the terms sheet for hedge fund offering documents. You complete the terms sheet and return it to us. We will contact you with questions and then prepare the first draft of your offering documents and send it to you along with a request for an additional retainer payment of $5,000. This retainer will cover a portion (but not all) of our time to form your entities and prepare subsequent drafts of your offering documents (as needed). The filing fees payable to the states (or countries) to form your entities are not included in our fees.

Review Stage
We will bill you for the agreed remaining retainer. The completed offering documents will cost between $6,000 and $10,000, depending on the complexity of your fund. After your payment of any outstanding invoices, we send you an e-mail with the pdf files of your final offering documents. We suggest that have them professionally bound. We also include general instructions as to how to maintain control of your offering documents, what your investors should do, and what you should send to us (assuming you are having us do your fund administration. Our legal services fee includes filing Form D with the SEC through the EDGAR System. Note that the state blue sky filing fees vary by state (e.g., between $0 in Florida and $1,400 in New York). The filing fees payable to the states are not included in our fees. Additional state blue sky filings are billed separately at a flat fee of $450. Typically, each state filing requires one hour of our time to review that state's rules (each one is different), prepare, execute and process and the filing.


Why Hire Us?
When you engage us for hedge fund you get a unique combination of securities, tax, and international experience, focused on the trader niche. We have established a leadership position with traders. We are one destination for all your very special hedge fund and trader tax needs. We think we have the best set of offering documents based on the current and ever changing federal, state and offshore securities, commodities, and tax laws. We aim and deliver quick turnaround times, because we understand that our customers want to begin their money management business as soon as possible. We conceive, structure, and deploy the best tax saving strategies into your hedge fund vehicle (for the benefit of the manager and their investors) and your management company. Investors value tax-savings strategies and we utilize all our special knowledge and ideas in this area. Our customers value our one-stop relationship. We will help you start your business and continue to assist you. Our tax services division handles accounting, software, and tax compliance, including all tax matters (tax planning and tax returns). Only one thing counts with us and that's our customer relationships!

CapitalManagementServicesGroup.com is recognized by discriminating fund managers and businessmen as being the foremost tax and legal authority in the business.  Attorney Hannah Terhune's education and experience are unsurpassed in the area of hedge funds creation and management platforms, and the complex body of related tax laws.  Ms. Terhune's extensive knowledge and experience have made her an indispensable resource for serious hedge fund and business professionals.  Ms. Terhune's articles on the subjects have appeared in over 100 publications worldwide.  Chances are, if you have read about the above matters, Ms. Terhune has written about them.

Give us the opportunity to use that knowledge and experience for you.  We have both regulatory experience and the understanding of the foreign exchange and securities markets.  We know how to navigate the compliance with rules and regulations in the United States as well as in regulated jurisdictions such as United Kingdom, Singapore, Hong Kong, Canada and the British Virgin Islands.  Each client receives personalized attention from our attorneys and staff.   No client is too large or small though because of our boutique size.  We pride ourselves in providing personal attention to each client.
 
CMSG provides the best services and support needed for hedge funds and business projects.  No need to coordinate work between different firms--we handle the entire business process from start to finish.  We offer accounting, tax planning services, tax return preparation, business consulting, and U.S. and international company formation services.  Our professionals provide the highest quality services at  competitive rates.  But don't take our word for it, give us a call and let us prove what we can do for you. Read our Leading Media Articles, Customer Testimonials and learn more About Us.

Personal Consultations  You get answers to your specific questions by speaking directly to Hannah Terhune, an experienced hedge fund and international tax attorney.  Ms. Terhune's hard-earned knowledge and experience can be put to work to save you unnecessary steps and costly wasted effort.  The consult is an invaluable opportunity to speak to Hannah one-on-one, and learn how to achieve more in less time.  As a result, you can anticipate that the return on your investment will far outweigh the costs associated with our unsurpassed services.   Ms. Terhune's credentials reflect an invaluable resource that combines a well-informed professional practitioner with sound ethical judgment that cannot be over-estimated.  The expertise required to recommend best solutions and provide sound advice should never be taken lightly.  We are confident that when you are finished with your consultation, you will be impressed and more informed about your business plans than ever before. Call (307) 213-4732 or Click Here to Request Services.

Our Commitment  Henry David Thoreau wrote:  "Do not hire a man who works for money, but him who does it for love of it."  We are committed to your business plans and bringing you the best possible options.  We are an established and internationally recognized business that serves and educates our clients throughout the industry.  We do this by striving for the best results.  Above all, we are a law firm.  A lawyer is a philosopher and role model.  The ability to improve our clients' lives is a privilege that we do not take lightly.  There is tremendous power in being able to effect a positive change in our clients' lives.  Our aim is to welcome our clients and to provide a comfortable, warm environment for all.  Thanks for visiting our website.  We hope to have the opportunity to serve you.

Why Hire Us?  When you engage us for hedge fund you get a unique combination of securities, tax, and international experience, focused on the trader niche.  We have established a leadership position with traders.   We are one destination for all your very special hedge fund and trader tax needs.  We think we have the best set of offering documents based on the current and ever changing federal, state and offshore securities, commodities, and tax laws.   We aim and deliver quick turnaround times, because we understand that our customers want to begin their money management business as soon as possible.  We conceive, structure, and deploy the best tax saving strategies into your hedge fund vehicle (for the benefit of the manager and their investors) and your management company. Investors value tax-savings strategies and we utilize all our special knowledge and ideas in this area.   Our customers value our one-stop relationship.   We will help you start your business and continue to assist you.  Our tax services division handles accounting, software, and tax compliance, including all tax matters (tax planning and tax returns).  Only one thing counts with us and that's our customer relationships!

Website content and design are copyrighted 2001-2012 © by Hannah M. Terhune and all rights are reserved.  This web site is designed for general information only.  The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship.