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By Benedicte Gravrand, Opalesque London:
The French hedge fund industry currently manages around €7bn (US$9.8bn) – compared to €20bn ($28bn) before the credit crisis started – said Paris-based UFG Group’s president Xavier Lépine to AFP last week.
Sophie van Straelen, managing director of the advisory firm Asterias Ltd, a management consultant specializing in the French, Spanish and Italian hedge fund industry, told Opalesque the credit crisis had led to the disappearance of a number of direct managers in France and a sharp drop in AuM.
Around 450 funds (including active monetary funds) are managed in France, 144 of which being single-manager hedge funds. There are around 100 hedge fund managers in France (half of which manage single-manger funds) who ran €11bn as at end-Sept-08. The assets have gone down since, to around €7bn in March 2009 – compared to €39bn in September 2007. The ‘Asterias Survey France 2009’ states that 40% of the decrease in assets was due to the absence of several managers – who had to discontinue their funds.
The Eurekahedge European Hedge Fund Index is up 9.45% (est.) to end-June-09, compared to -21.72% last year, and the Hennessee Europe Index is up 5.01%, compared to -21.94% last year.
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