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London School of Economics (LSE) Research

London School of EconomicsIAM Sponsored the 2002-2005 IAM Hedge Fund Research Programme of the Financial Markets Group (FMG) at the London School of Economics and Political Science (LSE). Within this programme the LSE Academics undertook independent research into aspects of the hedge fund industry.

The resulting papers, conferences and other publications give a range of educational documents on the world of hedge funds.


The Financial Markets Group (FMG) research centre was established in 1987 at the LSE. The FMG is now one of the leading centres in Europe for academic research into financial markets. The FMG has developed strong links with the financial community, in particular investment banks, commercial banks and regulatory bodies and attracts support from a large number of City institutions, both private and public.

For further information about the research activities of the Financial Markets Group visit

Selected Publications

An Introduction to Hedge Funds
This research paper gives a broad introduction to the hedge fund industry, the historical background to the evolution of hedge funds, the funds of hedge funds industry and provides an explanation of some of the terminology used within this area.

This is a non-technical paper and as such is intended for students or practicioners seeking a general introduction and reference tool.

An Introduction to Hedge Funds (1.88MB)

An Introduction to Hedge Fund Strategies
This booklet provides the ideal second stage of education about hedge funds, detailing strategy types, thier chracteristics and their risk profiles and touches briefly on the issues of index classification and the challenges of measuring performance returns within a specific universe.

An Introduction to Hedge Fund Strategies (4.48MB)

Allocating to Hedge Funds – Understanding the Issues
This research paper delves into the understanding of investing in hedge funds and funds of hedge funds. The paper covers the myths and facts of investing as well as simple tactical and strategic aset allocation issues.

Allocating to Hedge Funds – Understanding the Issues (2.13MB)

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