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22/10/2002

Introduction to Alternative Investment Strategies -- Risks Lurking Behind the Hedge Fund Boom

Fumio Nakakubo 

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1. Introduction

Recently， alternative investments have grown sharply among investors in Europe and the U.S. According to a survey by TASS Investment Research， a leading authority in the field， the alternative investment market reached $550-600 billion at the end of 2001. Amid ultra-low interest rates， a quiet boom is also occurring in Japan among some individual and institutional investors. In pension fund management， the Pension Fund Association revised investment guidelines in August 1999 to include investment in venture businesses and real estate derivatives. And as demand grows， major securities firms and investment companies are hastening to enhance their alternative investment divisions.

Japanese investors tend to equate alternative investment with hedge funds. However， hedge funds actually comprise only one category of alternative investment. Thus in this paper， we discuss hedge funds in the general context of alternative investments.

Fumio Nakakubo

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