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Opalesque Exclusive: Dexion on listing hedge funds in the current market conditions Benedicte Gravrand, Opalesque Geneva: Ana Haurie, Dexion’s group managing director, recently talked to Opalesque. She does not think that the current crisis has had much impact on newly listed funds: “I don’t think that the current market is necessarily directly relevant as to whether you are invested in a listed vehicle or an open-ended vehicle; hedge funds deliver on the whole absolute returns over equities.” The current credit crunch “does have some impact on capital raising but there is still (significant) demand and interest in the listed sector.”

But most hedge funds or buy-out funds announce capital expectations which they usually do not reach: “When hedge funds come into the market they set the wrong expectations as to what is going to be raised – it is sometimes more of a PR issue. A new IPO raising $300m instead of (the expected and announced) $500m is viewed (by the press) as a huge failure but it is not; in these current markets, but it is a really good result.”

Dexion Absolute, the world’s largest listed fund of hedge funds is a Guernsey registered, closed-ended investment company listed on the London Stock Exchange. Trading in the company’s Sterling listed shares commenced in December 2002. The company thereafter created a Euro, a US$ and an......................

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