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Beverly Chandler, Opalesque London: Morten Spenner, CEO at International Asset Management Limited (IAM), one of the oldest specialist independent fund of hedge funds managers, believes that while the evolving European developments have the potential to meaningfully impact the direction of markets, his central expectation is for continued uncertainty and associated high volatility in underlying markets. Spenner writes: "In this environment diversification, sought across strategies as differentiated performance, is more likely to be driven by manager selection".

The firm also believes that there will be a greater focus placed on strategic themes that are less dependent on macroeconomic developments. "This both includes managers with defensive characteristics producing more predictable returns and managers that are capable of providing higher potential upside captures from more opportunistic areas".

IAM's favoured strategic themes include:

• Fixed Income Relative Value and Macro: Significant market activity, high volatility and fixed income market movements are providing opportunities for managers focused on curve trading, auctions and future levels of interest rates in government bond markets.
• Credit: Managers with fundamental credit and balance sheet analysis skills and technical trading experience are favoured. Our managers with a long/short approach aim to produce a positively convex return profile that is a valuable diversifier for mos......................

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