Regulatory load mounts for European managers
Late last week in London, the current state of hedge fund industry regulation was ably summarised by panellists at The IMS Group Regulatory Forum
03/02/2010
Vicis Capital suffers in 2009 despite con arb recovery
The announcement that redemption-hit Vicis Capital is to put its second fund launch on
hold is a case of ‘too much too soon’ for the hedge fund. Vicis built up from a standing start to manage of more than $5bn in AuM in just three years, before watching it all fall
apart in 2009.
To see hedge funds falling off the cliff in 2008 wasn’t surprising, but to survive and then unravel at the end of 2009 certainly is. Surprisingly for a convertibles-heavy fund, Vicis struggled on performance in 2009; Of all the strategies you wanted to be in, and there were many, convertibles was a great bet, if not the best.
The strategy came back strong in 2009 after a couple of years in the wilderness and Barclayhedge’s data reveals the average convertible arbitrage fund was up more than 50%.
Vicis Capital International, however, was down more than 10% through November last year. The poor performance could be down to offloading the convertibles to meet redemption requests throughout last year.
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Editor's view: 1 February 2012
It’s well known that our industry likes to be viewed as on-trend, an early adopter, and generally ahead of the curve
Comment: William Keunen
"The administration function will continue to expand its horizons to meet the demands of the increasingly complex environment"
The institutional outlook
A recent survey of institutional hedge fund allocators gives insight into current and future allocations
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