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
21/07/2010
Recovery jitters fuel investors' long/short equity pull-back
What started off as another round of positive earnings statements has ended up as more of the same consternation about the stability of any recovery, exacerbated by none-too-sanguine economic growth numbers and, more worryingly, a dampened growth forecast issued by the US Federal Reserve.
Uncertainty over the strength of the recovery has sent investors scrambling for the apparent haven of money market funds and a build up in cash positions. The move away from directional strategies is ongoing and long/short exposure is being pared down.
Fund of hedge funds (FoHF) offer insight into the mindset of the investor in these matters. Listed FoHF Altin Ag continues to ramp up its allocation to event-driven funds, which now account for 18.5% of the portfolio, from 12.1% in the first quarter. The fund has pulled back slightly from long/short equity, although the strategy still accounts for close to 30% of the FoHF’s total exposure.
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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"
Investor demand for CTAs is on the rise, says Agecroft Partners
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