Editor's view: 3 March 2011
After 2008, it’s difficult to hold a belief in strictly decoupled global economies. Some countries may have been better equipped than others, but no single economy, government or central bank escaped completely unscathed.
Against the backdrop of difficult market conditions and growing investor…
After 2008, it’s difficult to hold a belief in strictly decoupled global economies. Some countries may have been better equipped than others, but no single economy, government or central bank escaped completely unscathed.
"The lighter regulatory structure in Asia is a huge attraction for US and European managers more accustomed to dealing with stringent SEC and FSA measures"
"The introduction of the revised directive is intended to improve the efficiency of the European fund industry by making it easier to merge funds into bigger, more cost-effective vehicles, enabling management companies in one jurisdiction to run funds domiciled in another, and to operate master-feeder structures within the Ucits framework..."
Just a couple of months after the release of the 2010 Nacubo-Commonfund Study of Endowments revealed a general intention to increase hedge fund allocations, and details of endowments’ plans are beginning to materialise.
Evolution is a favourite concept of the financial services sector. Strategies evolve, new opportunities are frequently described as ‘transformative’ – while there are enough ‘agendas for change’ in existence to pave Wall Street.
"While some are playing a game of wait and see, bolder administrators are seizing opportunities by focusing on compliance and reporting capabilities to support their hedge fund client base"
"We believe that the introduction of the Directive will open up new opportunities for managers, particularly through the establishment of a Ucits-style passport that will enable them to target sophisticated investors throughout the 27-member EU"
Housing and mortgages continue to be scary words for many investors, but, despite headline risk still deterring some allocators, the M-word has proved rich territory for managers, who have benefited from a surge in the value of mortgage bonds.
Amid the headline-grabbing hoopla of last month’s HFR’s annual figures – particularly the record Q4 data – there were some crumbs of comfort for smaller managers. After enduring a year of drought, investors seemed to be poised to spread their largesse a little wider in 2011
What a difference a few years make. The days when, for hedge funds at least, many investors were interested in returns first, everything else second, seem like a distant memory. Today, though performance undoubtedly remains a key differentiating factor between funds, issues such as operational due diligence have leaped dramatically up the investor checklist.
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