Practical Operational Due Diligence on Hedge Funds Book

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Practical Operational Due Diligence on Hedge Funds

By Rajiv Jaitly
  • ISBN Code: : 1119018749
  • Publisher : John Wiley & Sons
  • Pages : 872
  • Category : Business & Economics
  • Reads : 762
  • Book Compatibility : Pdf, ePub, Mobi, Kindle
  • Pdf : practical-operational-due-diligence-on-hedge-funds.pdf

Book Excerpt :

Tighten due diligence procedures for more successful hedge fundinvestment Practical Operational Due Diligence on Hedge Funds is anencyclopaedic, comprehensive reference, written from theperspective of an experienced practitioner. Accompanied by a usefularchive of factual material on different hedge fund issues,including failures, fines, and closures, this book focuses on theareas due diligence professionals should address, and explains whythey're important. Extensive discussion of publicised casesidentifies the manager entities and actual fund vehicles involved,and provides commentary on what could have been done differently ineach case, backed by actual regulatory materials, such as SECcomplaints, that recreate the events that took place. Readers gaina deeper understanding of the many facets of due diligence and themany possible pitfalls, learning how standardise processes andavoid major errors and oversights. The amount of money managed by hedge funds has almost doubledfrom the $1 trillion under management at the time of the financialcrisis. Hedge funds can be extremely risky, but can be extremelyprofitable — as money increasingly flows back in, duediligence on these alternative investments becomes more and morecritical. This book provides complete guidance toward the duediligence process, with plentiful real-world examples. Identify the areas of due diligence and what can go wrong Create procedures and checklists to minimise errors Learn what publicised cases could have done differently Gain a deeper understanding of massive failures andsuccesses Proper due diligence can be a massive undertaking, butthoroughness is essential when the price of failure is so high.Practical Operational Due Diligence on Hedge Funds providesthe details professionals need to be on point every time.

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Book Short Summary:

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Book Short Summary:

Governance is a word that is increasingly heard and read in modern times, be it corporate governance, global governance, or investment governance. Investment governance, the central concern of this modest volume, refers to the effective employment of resources—people, policies, processes, and systems—by an individual or governing body (the fiduciary or agent) seeking to fulfil their fiduciary duty to a principal (or beneficiary) in addressing an underlying investment challenge. Effective investment governance is an enabler of good stewardship, and for this reason it should, in our view, be of interest to all fiduciaries, no matter the size of the pool of assets or the nature of the beneficiaries. To emphasize the importance of effective investment governance and to demonstrate its flexibility across organization type, we consider our investment governance process within three contexts: defined contribution (DC) plans, defined benefit (DB) plans, and endowments and foundations (E&Fs). Since the financial crisis of 2007–2008, the financial sector’s place in the economy and its methods and ethics have (rightly, in many cases) been under scrutiny. Coupled with this theme, the task of investment governance is of increasing importance due to the sheer weight of money, the retirement savings gap, demographic trends, regulation and activism, and rising standards of behavior based on higher expectations from those fiduciaries serve. These trends are at the same time related and self-reinforcing. Having explored the why of investment governance, we dedicate the remainder of the book to the question of how to bring it to bear as an essential component of good fiduciary practice. At this point, the reader might expect investment professionals to launch into a discussion about an investment process focused on the best way to capture returns. We resist this temptation. Instead, we contend that achieving outcomes on behalf of beneficiaries is as much about managing risks as it is about capturing returns—and we mean “risks” broadly construed, not just fluctuations in asset values.

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Develop and manage a private equity compliance program Compliance has become one of the fastest-growing areas in the private equity (PE) space. Mirroring trends from the hedge fund industry, recent surveys indicate that PE managers rank compliance as the single most challenging aspect of their business. Reports also indicate that PE compliance spending has rapidly outpaced other PE operating costs with recent estimates indicating that individual PE funds on average spend at least 15 - 20% of their operating budgets on this area. General Partners (GPs) have also significantly ramped up the hiring of private equity compliance related roles. Private Equity Compliance provides current and practical guidance on key private equity (PE) compliance challenges and trends. Packed with detailed, practical guidance on developing and managing a private equity compliance program, it offers up-to-date case studies and an analysis of critical regulatory enforcement actions on private equity funds in areas including conflict of interest, fees, expenses, LP fun raising disclosures, and valuations. • Provides real-world compliance guidance • Offers information that is tailored to the current compliance practices employed by GPs in the private equity industry. • Provides guidance on managing the compliance risks associated with cybersecurity and information technology risk • Serves as a PE-focused complement to the author's previous book, Hedge Fund Compliance If you’re a private equity investor or compliance officer looking for trusted guidance on analyzing conflicts, fees, and risks, this is one reference you can’t be without.

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Learn how to evaluate any investment fund before deciding where to place your money so you can ensure you generate more wealth and protect your cash. This valuable guide will help you make the right investment decisions by: - Explaining the procedures that should be followed before investing money anywhere. - Helping you cut through marketing language to get a real sense of how risky a company’s strategy may be. - Showing you what questions to ask of investment fund managers so you’re more comfortable investing in a company. - Showing you how to recognise the warning signs of risky investments. This book will also help you identify companies who consistently deliver high returns, thereby allowing you to generate more wealth by investing in successful, and stable, funds.

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Hedge Funds: Structure, Strategies, and Performance provides a synthesis of the theoretical and empirical literature on this intriguing, complex, and frequently misunderstood topic. The book dispels some common misconceptions of hedge funds, showing that they are not a monolithic asset class but pursue highly diverse strategies. Furthermore, not all hedge funds are unusually risky, excessively leveraged, invest only in illiquid asses, attempt to profit from short-term market movements, or only benefit hedge fund managers due to their high fees. Among the core issues addressed are how hedge funds are structured and how they work, hedge fund strategies, leading issues in this investment, and the latest trends and developments. The authors examine hedge funds from a range of perspectives, and from the theoretical to the practical. The book explores the background, organization, and economics of hedge funds, as well as their structure. A key part is the diverse investment strategies hedge funds follow, for example some are activists, others focusing on relative value, and all have views on managing risk. The book examines various ways to evaluate hedge fund performance, and enhances understanding of their regulatory environment. The extensive and engaging examination of these issues help the reader understands the important issues and trends facing hedge funds, as well as their future prospects.

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Book Short Summary:

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Book Short Summary:

This book deals with risk capital provided for established firms outside the stock market, private equity, which has grown rapidly over the last three decades, yet is largely poorly understood. Although it has often been criticized in the public mind as being short termist and having adverse consequences for employment, in reality this is far from the case. Here, John Gilligan and Mike Wright dispel some of the biggest myths and misconceptions about private equity. The book provides a unique and authoritative source from a leading practitioner and academic for practitioners, policymakers, and researchers that explains in detail what private equity involves and reviews systematic evidence of what the impact of private equity has been. Written in a highly accessible style, the book takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The various themes from the systematic academic evidence are highlighted in numerous summary vignettes placed alongside the text that discuss the practical aspects. The main part of the work concludes with an up-to-date discussion by the authors, informed commentators on the key issues in the lively debate about private equity. The book further contains summary tables of the academic research carried out over the past three decades across the private equity landscape including: the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deals.

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Book Short Summary:

Get a practical and thoroughly updated look at investment and portfolio management from an accomplished veteran of the discipline In Modern Portfolio Management: Moving Beyond Modern Portfolio Theory, investment executive and advisor Dr. Todd E. Petzel delivers a grounded and insightful exploration of developments in finance since the advent of Modern Portfolio Theory. You’ll find the tools and concepts you need to evaluate new products and portfolios and identify practical issues in areas like operations, decision-making, and regulation. In this book, you’ll also: Discover why Modern Portfolio Theory is at odds with developments in the field of Behavioral Finance Examine the never-ending argument between passive and active management and learn to set long-term goals and objectives Find investor perspectives on perennial issues like corporate governance, manager turnover, fraud risks, and ESG investing Perfect for institutional and individual investors, investment committee members, and fiduciaries responsible for portfolio construction and oversight, Modern Portfolio Management is also a must-read for fund and portfolio managers who seek to better understand their investors.

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Book Short Summary:

One-stop-guide to the hedge fund industry, investment and trading strategies adopted by hedge funds and the industry's regulation. For anyone with an interest in investing or managing funds, it presents everything practitioners need to know to understand these investment vehicles from their theoretical underpinnings, to how they work in practice.

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Book Short Summary:

This is an updated edition which includes new supplements on Tin, Tantalum and Tungsten and on Gold.

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Book Short Summary:

Your money can change the world The Impact Investor: Lessons in Leadership and Strategy for Collaborative Capitalism offers precise details on what, exactly, impact investing entails, embodied in the experiences and best and proven practices of some of the world's most successful impact investors, across asset classes, geographies and areas of impact. The book discusses the parameters of impact investing in unprecedented detail and clarity, providing both context and tools to those eager to engage in the generational shift in the way finance and business is being approached in the new era of Collaborative Capitalism. The book presents a simple thesis with clarity and conviction: "Impact investing can be done successfully. This is what success looks like, and this is what it requires." With much-needed lessons for practitioners, the authors view impact investing as a harbinger of a new, more "multilingual" (cross-sector), transparent, and accountable form of economic leadership. The Impact Investor: Lessons in Leadership and Strategy for Collaborative Capitalism serves as a resource for a variety of players in finance and business, including: Investors: It demonstrates not only the types of investments which can be profitable and impactful, but also details best practices that, with roots in impact investing, will increasingly play a role in undergirding the success of all investment strategies. Wealth advisors/financial services professionals: With unprecedented detail on the innovative structures and strategies of impact investing funds, the book provides guidance to financial institutions on how to incorporate these investments in client portfolios. Foundations: The book explores the many catalytic and innovative ways for for-profit and non-profit investors to partner, amplifying the potential social and environmental impacts of philanthropic spending and market-rate endowment investment. Business students: By including strategies for making sound impact investments based on detailed case studies, it provides concrete lessons and explores the skills required to enhance prospects for success as a finance and business professional. Policy makers: Reinforcing the urgency of creating a supportive and enabling environment for impact investing, the book demonstrates ways policy has already shaped the sector, and suggests new ways for policymakers to support it. Corporate leaders: The book includes essential advice on the way business is and must be responding to a new generation of Millennial clients and customers, with unique insights into a form of value creation that is inherently more collaborative and outcomes-driven.

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A practical guide to strategies of hedge fund investing. Hedge fund expert Alexander Ineichen outlines strategies that hedge fund managers use to achieve superior investment performance, particularly in bear markets, when traditional investment strategies do not perform so well, and shows readers how hedge funds might be added to traditional investment portfolios to achieve superior returns. Nontechnical yet sophisticated, Absolute Returns shows investors how to make educated decisions about hedge fund investment--thoroughly explaining the risks as well as the rewards.

The Financial Crisis Inquiry Report

By Financial Crisis Inquiry Commission
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Cosimo, Inc.
  • Book Code : 1616405414
  • Total of Pages : 690
  • Category : Political Science
  • Members : 461
  • Pdf File: the-financial-crisis-inquiry-report.pdf

Book Short Summary:

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Private Equity Exits

By Stefan Povaly
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer Science & Business Media
  • Book Code : 3540709541
  • Total of Pages : 416
  • Category : Business & Economics
  • Members : 707
  • Pdf File: private-equity-exits.pdf

Book Short Summary:

This book offers a comprehensive analysis of private equity divestment processes--so-called exits--for European buyouts. Examining the efficiency of exits, it offers recommendations and guidelines for an integrated and exit-oriented private equity portfolio management. In addition, the book provides a detailed assessment of exit decision drivers. Its findings will contribute to a clearer understanding and better predictability of exit behavior.

Handbook of Alternative Assets

By Mark J. P. Anson
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 9780470089224
  • Total of Pages : 720
  • Category : Business & Economics
  • Members : 681
  • Pdf File: handbook-of-alternative-assets.pdf

Book Short Summary:

Since the first edition of the Handbook of Alternative Assets was published, significant events-from the popping of the technology bubble and massive accounting scandals to recessions and bear markets-have shifted the financial landscape. These changes have provided author Mark J. P. Anson with an excellent opportunity to examine alternative assets during a different part of the economic cycle than previously observed in the first edition. Fully revised and updated to reflect today's financial realities, the Handbook of Alternative Assets, Second Edition covers the five major classes of alternative assets-hedge funds, commodity and managed futures, private equity, credit derivatives, and corporate governance-and outlines the strategies you can use to efficiently incorporate these assets into any portfolio. Throughout the book, new chapters have been added, different data sources accessed, and new conclusions reached. Designed as both an introduction to the world of alternative assets and as a reference for the active investor, the Handbook of Alternative Assets, Second Edition will help you match alternative assets with your various investment goals.

Investment Manager Analysis

By Frank J. Travers
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 1118160894
  • Total of Pages : 384
  • Category : Business & Economics
  • Members : 341
  • Pdf File: investment-manager-analysis.pdf

Book Short Summary:

Praise for Investment Manager Analysis "This is a book that should have been written years ago. It provides a practical, thorough, and completely objective method to analyze and select an investment manager. It takes the mystery (and the consultants) out of the equation. Without question, this book belongs on every Plan Sponsor's desk." —Dave Davenport, Assistant Treasurer, Lord Corporation, author of The Equity Manager Search "An insightful compendium of the issues that challenge those responsible for hiring and firing investment managers. Frank Travers does a good job of taking complicated analytical tools and methodologies and explaining them in a simple, yet practical manner. Anyone responsible for conducting investment manager due diligence should have a copy on their bookshelf." —Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc. "Investment Manager Analysis provides a good overview of the important areas that purchasers of institutional investment management services need to consider. It is a good instructional guide, from which search policies and procedures can be developed, as well as a handy reference guide." —David Spaulding, President, The Spaulding Group, Inc. "This book is the definitive work on the investment manager selection process. It is comprehensive in scope and well organized for both the layman and the professional. It should be required reading for any organization or individual seeking talent to manage their assets." —Scott Johnston, Chairman and Chief Investment Officer, Sterling Johnston Capital Management, LP "Investment Manager Analysis is a much-needed, comprehensive review of the manager selection process. While the industry is riddled with information about selecting individual stocks, comparatively little has been written on the important subject of manager selection for fund sponsors. This is a particularly useful guide for the less experienced practitioner and offers considerable value to the veteran decisionmaker as well." —Dennis J. Trittin, CFA, Portfolio Manager, Russell Investment Group

Funds

By Matthew Hudson
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 1118790383
  • Total of Pages : 360
  • Category : Business & Economics
  • Members : 902
  • Pdf File: funds.pdf

Book Short Summary:

Investment funds are the driving force behind much global private economic development, and yet the world of investment funds can be complex and confusing. Funds: Private Equity, Hedge and All Core Structures is a practical introductory guide to the legal and commercial context in which funds are raised and invest their money, with examinations of the tax and regulatory background, and an analysis of the key themes and trends that the funds industry face following the financial crisis. The book looks at asset classes, investor return models, the commercial and legal pressures driving different structures and key global jurisdictions for both fund establishment and making investments. It also contains a comprehensive analysis of fund managers, from remuneration, best practice through to regulation. The book is written for readers from all backgrounds, from students or newcomers to the industry to experienced investors looking to branch out into alternative asset classes, or existing asset managers and their advisers wanting to know more about the structures elsewhere within the industry.

The Industrial Organization of the Global Asset Management Business

By Ingo Walter
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : CFA Institute Research Foundation
  • Book Code : 1934667900
  • Total of Pages : 114
  • Category : Business & Economics
  • Members : 443
  • Pdf File: the-industrial-organization-of-the-global-asset-management-business.pdf

Book Short Summary:

The dynamics of the asset management business are complex and geographically diverse. Products and vendors compete within and across markets and often shade into each other. Regulation can differ dramatically according to financial systems and functions. Here are discussed the major asset management sectors—pension funds, mutual funds, alternative investment vehicles, and private wealth management. Despite the complexity of the industry, common threads run through the discussion—growth, risk, and cost—that cannot be ignored by asset managers hoping to be sustainably profitable. What is required to excel includes distribution in leading markets, product breadth and consistency, global money management expertise, and capital strength. Also needed are technological capability, marketing and customer service skills, defensible pricing, low-cost production, and a strong brand. All these characteristics must be rooted in an affirmative culture with cohesive senior management and a talented and motivated staff.

Marketing Due Diligence

By Malcolm McDonald,Keith Ward,Brian Smith
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Elsevier
  • Book Code : 0080459420
  • Total of Pages : 300
  • Category : Business & Economics
  • Members : 675
  • Pdf File: marketing-due-diligence.pdf

Book Short Summary:

At the top of a company, sales do not matter, profits do not matter, even return on investment is a secondary concern. What matters is share price and what drives share price is the creation of shareholder value. Many marketing directors, obsessed with branding and other promotional tactics, miss this fundamental truth of modern business and so destroy the wealth of their company's ultimate owners. By failing to consider and manage the business risk associated with their strategies, they deliver returns below the cost of capital and neglect the firm's raison d'etre. The board needs a way of holding these marketers to account. Marketing Due Diligence is a new process which has emerged from years of research at Cranfield, one of Europe's leading business schools. It blends proven ideas from strategic and financial management with new concepts about organisational effectiveness to create a process that directly connects marketing strategy to shareholder value. CEOs and CFOs cannot afford to operate without Marketing Due Diligence. Bad marketing directors cannot afford to work with it. * Top level Cranfield based author team utilising latest Cranfield in-company research * Connects marketing plans and investment to the valuation of the firm and how it can contribute to increasing stakeholder value * Systematic and practical approach so that it can be used by both practitioners and students

Intelligent Investing

By Guy Fraser-Sampson
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 1137264098
  • Total of Pages : 173
  • Category : Business & Economics
  • Members : 543
  • Pdf File: intelligent-investing.pdf

Book Short Summary:

Intelligent Investing is first ever practical guide for investors on how to initiate and conduct a strategic planning exercise. Guy Fraser-Sampson explains the concepts and behavioural factors likely to be encountered, and shows how a clear understanding of an investor's strategic positioning flows naturally into good asset allocation practice.

FinTech Mergers And Аcquisitions. Specifics And Issues

By Adriana Maslinkova
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : GRIN Verlag
  • Book Code : 3346224856
  • Total of Pages : 50
  • Category : Law
  • Members : 902
  • Pdf File: fintech-mergers-and-Аcquisitions-specifics-and-issues.pdf

Book Short Summary:

Master's Thesis from the year 2019 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: A5, University of Glasgow, language: English, abstract: Аlthough mаny studies focus on different аspects of mergers аnd аcquisitions, very few studies concentrаte on new technology industries. Such is аlso the cаse with FinTechs. This paper explores the FinTech mergers аnd аcquisitions, аs they do not possess the common feаtures of ordinаry corporаte trаnsаctions. This pаper will аddress the specifics of FinTech deаls аnd the pаrticulаr issues, which mаy аrise both for the buyers аnd sellers. The growth аgendа wаs of high importаnce for FinTechs globаlly during 2018, with developed аnd unicorn FinTechs rаising, building internаtionаl pаrtnerships аnd mаking their own аcquisitions to drive globаl expаnsion аctivities. Mergers аnd аcquisitions specifics аnd structures include questions of buying аnd selling these types of businesses, аs well аs the more prаcticаl questions of due diligence аnd compliаnce check-ups of this so highly regulаted аreа. Аcquiring аnd integrаting а FinTech business requires аn understаnding of the tаrget compаny's estimаte proposition аt the initiаl level аs well аs possibly securing regulаtory аpprovаl for the trаnsаction. One of the most puzzling issues explored is the vаluаtion of these businesses, in pаrticulаr cryptoаssets аnd FinTech-specific methods used. Аnаlysis of mаrket dynаmics is vitаl for this vаluаtion, which includes fаctors such аs mаrket size, potentiаl mаrket аvаilаble, growth prospects, existing competitors, аnd potentiаl income to be derived for their pаrticulаr technology. Finаlly, substаntive merger control аnаlysis in the FinTech sector should be done, but cаn be complex since а trаditionаlly used fаctors аs mаrket shаres аnd mаrket definition cаn fаil to include FinTech mаrket structures. The results indicаte thаt Fintech is plаying the key roles in the continuous economic development. The growth аgendа wаs of high importаnce for FinTechs globаlly during the pаst yeаrs, with developed compаnies аnd unicorn FinTechs rаising, building internаtionаl pаrtnerships through M&Аs аnd mаking their own аcquisitions to drive globаl expаnsion аctivities. In order for the conventionаl businesses to coexist with Fintech, they need to be flexible аnd rаpidly аdаpting with new technology. This hаs become the mаin goаl of the finаnciаl institutions in the digitаl аge. In fаct, it is compulsory for the businesses to innovаte themselves in order to boost their competitiveness. In thаt regаrd, FinTech M&Аs hаs become а sound bаse for а long-term development.

US Withholding Tax

By R. McGill
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 1137317302
  • Total of Pages : 334
  • Category : Business & Economics
  • Members : 453
  • Pdf File: us-withholding-tax.pdf

Book Short Summary:

The US is the world's largest capital market. Its withholding tax system is also the most complex. This book is essential reading for investors and intermediaries trying to comply with US QI and FATCA tax regulations. It guides the reader through these complex regulations with simple and practical insights into how to meet these compliance burdens.

Transforming Microfinance Institutions

By Joanna Ledgerwood,Victoria White
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : World Bank Publications
  • Book Code : 9780821366165
  • Total of Pages : 566
  • Category : Business & Economics
  • Members : 124
  • Pdf File: transforming-microfinance-institutions.pdf

Book Short Summary:

In response to a clear need by low-income people to gain access to the full range of financial services including savings, a growing number of microfinance NGOs are seeking guidelines to transform from credit-focused microfinance organizations to regulated deposit-taking financial intermediaries. In response to this trend, this book presents a practical 'how-to' manual for MFIs to develop the capacity to become licensed and regulated to mobilize deposits from the public. 'Transforming Microfinance Institutions' provides guidelines for regulators to license and regulate microfinance providers, and for transforming MFIs to meet the demands of two major new stakeholders regulators and shareholders. As such, it focuses on developing the capacity of NGO MFIs to mobilize and intermediate voluntary savings. Drawing from worldwide experience, it outlines how to manage the transformation process and address major strategic and operational issues inherent in transformation including competitive positioning, business planning, accessing capital and shareholders, and how to 'transform' the MFI's human resources, financial management, MIS, internal controls, and branch operations. Case studies then provide examples of developing a new regulatory tier for microfinance, and how a Ugandan NGO transformed to become a licensed financial intermediary. This book will be invaluable to regulators and microfinance NGOs contemplating institutional transformation and will be of tremendous use to donors and technical support agencies supporting MFIs in their transformation.