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New Managers May 2012

Recent views and findings on what could relate to new hedge fund managers

Not Alfred Winslow Jones?

New managers take note. The history of the industry is being revised. "Ben[jamin] Graham managed a hedge fund in the mid-1920s," Warren Buffett wrote in a letter to the Museum of American Finance, according to Bloomberg. "It involved a partnership structure, a percentage-of-profits compensation arrangement for Ben as a general partner, a number of limited partners and a variety of long and short positions." So it may not be Alfred Winslow Jones who launched the first hedge fund in 1949 after all.

New managers may be facing a perfect storm of Obstacles

Here are some cheerful views to share along. A volatile global economy, political uncertainty in the US and abroad, and an ever expanding list of regulations is creating a 'perfect storm' of obstacles for new managers looking to launch funds, according to Richard Heller, Partner at US law firm Thompson Hine and Director of the Hedge Fund Association.

The size of new launches is shrinking and new managers are finding a very difficult capital raising environment regardless of their pedigree, conditions which are having a chilling effect on new fund launches and the industry at large. This trend is likely to affect the industry for the foreseeable future despite new allowances like those passed with the JOBS Act.

"Is it too much regulation? I would say yes. It's about politics," Heller said. (See Opalesque Exclusive here).

$5bn is the magic number for hedge fund success

According to some, $100m, let alone $20m, is far from enough.

Capital inflows continue to go to bigger brand nam......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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