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From Kirsten Bischoff, Opalesque New York:
One of the big investor driven pushes in 2009 has been the growth of separately managed accounts in the hedge fund space.
“Investing through separate accounts has become very popular. For new money coming into hedge funds, most institutions today, are asking if separately managed accounts can be handled by Conifer’s clients and what the minimum investment is for that,” says Richard Del Bello, Senior Partner at hedge fund service provider Conifer Securities.
The desire for these accounts began with the initial liquidity crunch when investors pooled together in a large fund watched as those who redeemed first forced managers to sell the most liquid assets, leaving those behind with either less valuable or sometimes illiquid investments. The separate account trend received a further push when the Madoff fraud was uncovered and investors sought a greater level of transparency through to their investments.
At the recent Opalesque West Coast Roundtable (accessible here: Source), the discussion touched upon the topic of separate accounts, covering both pros and cons of this particular structure, and predicting that the end result may actually be fewer separate accounts and a better approach to managing investors fears and expectations.
“Governance is going to be even more important, and that i...................... To view our full article Click here
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