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Bank of NYMellon / Casey Quirk study sees great changes ahead in hedge funds` business models, Study expects industry AuM to reach $1tn this year and $2.6tn by 2013
Tuesday, April 21, 2009

By the Opalesque Team: Hedge fund assets will bottom out at roughly $1tln in 2009, after which capital appreciation and $800 billion in net inflows over the next four years will push global levels to $2.6tln by 2013, according to a new study of institutional investors, investment consultants and hedge funds released today by The Bank of New York Mellon and Casey, Quirk & Associates.

The study, entitled "The Hedge Fund of Tomorrow: Building an Enduring Firm," found that institutions remain firmly committed to hedge fund investing. Institutional investors comprised less than 20% of hedge fund redemptions in 2008-2009, and North American pension plans will represent the single largest source of new capital between 2010 and 2013, followed by British and Northern European institutions.

Global high net worth investors could account for as much as 60% of new net flows between 2010 and 2013, although their return to hedge fund strategies will rely on capital market conditions and hedge fund performance.

Funds of hedge funds will solidify their role as the primary hedge fund distribution channel, capturing almost 60% of net inflows between 2010 and 2013 by continuing to offer services most investors will find difficult to replicate on their own, such as manager-sourcing and ongoing due diligence.

According to the report, the hedge fund industry is facing a "transformational crisis" and must address key shortcomings in its business and operating models. As a......................

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