Sun, Feb 19, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Geneva banks who run hedge funds suffered heavy redemptions, AUM down 8 to 20%

Thursday, October 09, 2008

From the Opalesque team: Just when Geneva thought it was sheltered from the financial crisis, it is getting a beating, reports Swiss paper Le Temps.

The bank Union Bancaire Privée (UBP), the world’s number one in the funds of hedge funds sector, saw redemption requests last month amounting to CHF6bln (US$5.3bln). The redemption period being 3-month long, the bank will have to issue them at the end of the year. This corresponds to approximately 10% of AUM in UBP’s alternatives section, which amounts to CHF58bln ($51.3bln). UBP told Le Temps that funds should go down between 8 and 10% in January 2009, but this was just a sign of the industry contracting.

Between July and September, Syz & Co indicated that the AUM for funds and mandates at hedge fund management arm 3A decreased by about CHF400m ($354.5m), or 8%. For the month of September, Syz admitted that clients had asked to redeem CHF80m ($71m) from 3A.

LODH saw is alternative investments assets drop by 26% (CHF4.8bln). Redemptions started earlier at LODH because two of the banks’ funds, Focus and Peloton, had to be liquidated earlier in the year and that had worried investors (first indication in March).

Banque Privée Edmond de Rothschild, which manages CHF7 to 8bln in FoHFs, also saw some redemptions but not as......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. With $54bn in assets, Philippines is ready for hedge funds, alternative investment products[more]

    Komfie Manalo, Opalesque Asia: With the country's outstanding fund management industry at $54bn and growing, the Philippine market and its investors are ready to invest in "more sophisticated" asset management products, like hedge funds and alternative investments, said Deanno J. Basas, presi

  2. SoftBank to buy Fortress Investment for $3.3bn[more]

    From Reuters.com: Japan's SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world's largest private equity fund. The all-cash deal is SoftBank's first major investmen

  3. ...And Finally - Truth in advertising[more]

    From Newsoftheweird.com: Girl Scout Charlotte McCourt, 11, of South Orange, New Jersey, saw her sales zoom recently when she posted "brutally honest" reviews of the Scouts' cookies she was selling -- giving none of them a "10" and labeling some with dour descriptions. She was hoping to sell

  4. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  5. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed