Fri, Aug 22, 2014
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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  3. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  4. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde

  5. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added