Decomposing FoHF returns
Where and when funds of hedge funds add and lose value
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28/04/2010
AIFM progress still has a long way to go
I’ve followed the AIFM Directive’s journey first-hand – or as close to first-hand as a London base will allow – from its controversial birth through to the no-less controversial redrafting process still underway, and, though setbacks have littered the way, it does feel that we are now in a better place. Just.
Of course, those of us who remember the original draft’s many defects would argue that some progress was inevitable. And with third-country issues still ominously up in the air, it would be best to exercise a hefty degree of caution in any 12-month review.
Yes, upgrades on leverage and valuation appear secured, and provisions relating to depositories and short-selling have been, if not resolved, at least improved, but the politics inherent in the process means that everyone – both for and against – will have to come away with some kind of victory. A sizeable defeat over third-countries could still overshadow progress made elsewhere.
That said, the recent voting postponements have provided what the debate needed more than anything – time. Any opportunity to revisit the draft, and its third-country provisions in particular, should be seen as positive.
A year into the redrafting process, and the phrase 'two steps forward and one step back' has rarely been more apt. It’s difficult to predict what the next few weeks will hold, but with improvements in the bag and time still a factor, there are reasons to be hopeful.
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What's in a name? Petra Capital Management
Formed in 2005, New York-based Petra Capital Management soon forged itself a reputation as one of the hedge fund industry’s best-known investors in the commercial mortgage-backed securities (CMBS) market.
Founder Andy Stone, an expert in real-estate debt from his time at Solomon Brothers and Credit Suisse First Boston, would even go on to be described as a ‘rock star’ in the field. His choice of moniker for his hedge fund project certainly lends itself to Stone’s background – and more than just in name and reputation.
Petra is, of course, a historically and archaeologically significant city in Jordan, renowned for its architecture cut into the rock face of its central valley. The rock-carved collection of tombs, temples and waterways is one of Jordan’s most famous symbols and tourist attractions, not to mention a regular in popular culture – featuring in films such as Indiana Jones and the Last Crusade. Unesco, which made the city a World Heritage Site in 1985, described it as “one of the most precious cultural properties of man’s cultural heritage”. Most pertinently though, Petra actually means ‘stone’ in Arabic.
Not quite the force he once was, Stone suffered a…
Former Harvard Management Company duo set up maiden hedge fund manager
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Investor demand for CTAs is on the rise, says Agecroft Partners
Agecroft Partners is seeing widespread demand from institutional investors for Commodity Trading Advisors (CTAs), which is a dramatic change from the historical reluctance of many institutional investors and their consultants to allocate to this strategy.
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Join us and our panel of experts for HFMWeek's Subscribers' Club February's UK breakfast briefing…
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The next US HFMWeek Subscribers' Club breakfast, will take place on Wednesday February 29. Join…
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European Hedge Fund Services Awards 2012
HFMWeek's European Hedge Fund Services Awards are designed to recognise companies that have outperformed...
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