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Opalesque's news editor Benedicte Gravrand reports 'live' from the HEDGE 2008 conference (details here) in London.
Investors: we still believe in hedge funds
Bob Discolo, of AIG Global Investments, said two third of AIG's selection is manager-driven, one third strategies. A lot of hedge funds will go out of business, but there are a lot of brilliant managers and that is the most important part about hedge funds.
Michel Malo, of Qu?bec's Caisse de D?p?t et Placement said he also concentrates a lot more on managers. The pension fund is more discerning now and it will even look at managers who had had draw-downs, so long as those draw-downs are within what is expected. It has more than 30% of assets in alternatives. Hedge funds are not responsible for what is happening, he said.
Pranay Gupta, of Pearl Group, said that the best part of a portfolio is still alternatives. Hedge funds who have had big draw-downs will have trouble marketing themselves going forwards, and emphasis on strategy selection may increase.
Graham Thouret, of Diversified Global A.M., said he still thought that hedge funds were one of the best diversification in asset classes. "We are focused on accessing or even originate new strategies that are uncorrelated, like re-insurance." Risk adjusted returns have gone down, as hedge funds have grown more mature.
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