Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
19/11/2009
London Geological Society scraps FoHFs
The Geological Society of London, of which Charles Darwin was once secretary, has decided to scrap all its investments in hedge funds due to poor performance.
The society, which was established in 1807, manages a registered charity with investment assets of $4m. According to a spokesperson at the Society’s finance department, the investment portfolio is managed by UBS Wealth Management. The charity had £750,000 ($1.25m) invested in two funds of hedge funds.
During the society’s June council meeting, UBS was asked to propose new asset allocations.
Hedge funds were “losing money” stated the spokesperson, and the society tends to steer towards investments that will generate returns for the charity. “We have to be careful how we use our beneficiaries’ resources,” added the spokesperson.
The society invested in FoHFs for diversification purposes. The redeemed assets will be reinvested into UK equities.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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