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Beverly Chandler, Opalesque London: Whisper it, but if GFIA’s Peter Douglas thinks 'the smell of bullishness is in the air’ then things must be improving in the Asian and emerging market hedge fund world. Douglas comments that after four long lonely years of researching boutiques in Asia and the emerging markets, he sees managers beginning to raise money.

He writes: "A tiny Asian small-cap equity manager has just hired a new senior CEO to manage its growth. The longest-standing Thai equity fund, (Quest – reported in Opalesque here), out there has just closed its low-fee fund to investors and is channelling new money into a higher-fee class."

Douglas filtered one week’s worth of manager notes sitting in his in-box, screening out those that require an internet connection to read and those that, 'with Solomonic wisdom, don’t make market or performance forecasts, or were equivocal’ and came up with the following prognostications:

• "we are quite optimistic this will be a good year for markets" – middle east specialist
• "we view the future quarters with confi dence and expect strong returns" – turkey specialist
• "expect more price stability" – Japan credit specialist
• "maintained slightly long exposure" – Japan market neutral manager
• "our market continues attractive relative to US$ and we’re......................

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