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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......................

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