Fri, Mar 27, 2015
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. M&A - Hedge funds no longer attractive targets for banks, reinsurers, Blackstone buys stake in Christopher Pucillo’s Solus event-driven hedge fund[more]

    Hedge funds no longer attractive targets for banks, reinsurers From Institutionalinvestor.com: Swiss RE, the world’s second-largest reinsurer, is looking to sell its 15 percent stake in Jersey, Channel Islands–based hedge fund firm Brevan Howard Asset Management. Morgan Stanley reported

  4. Opalesque Radio: Threadneedle expects continuing equity volatility this year[more]

    Benedicte Gravrand, Opalesque Geneva: Investors should expect more volatility, which is signaling a "slow moving" top to the market, KKM Financial’s founder and CEO Jeff Kilburg told CNBC on Monday. And this volatility is going

  5. Hedge funds show strong performance of 2.52% so far in 2015[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry got off to a strong start in 2015 "completely unmindful" of the poor performance last year, according to data provider Preqin. According to Preqin, following a year which saw the average he

 

banner