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From Kirsten Bischoff, Opalesque New York:
The consensus at the Opalesque Roundtable (London) was clear, managers who survived 2008 would not soon forget the difficulties they faced, but for those still standing, the future looks quite promising.
Funds with both negative and positive performance were hit by redemptions in 2008 and early 2009. Much of the redemption outflow in hedge funds occurred when investors turned to the most liquid portions of their portfolios (in many case hedge funds) through which to access cash. Lawrence Staden, Managing Director at GLC estimated the firm's current assets at just over $1bln but said they had experienced AUM volatility over the past 12 months.
Representative of many other positive funds, Anthony Ward, co-founder of Armajaro and non-executive Chairman of Armajaro Trading voiced the frustrations this caused many managers, commenting, "Our great surprise last year was the amount of outflows from our funds, despite the fact all our funds were up."
While media focus was on funds that gated investor assets, there were many that made the decision to weather the asset losses in the hopes that improved performance and market stabilization would favor them in the near future. "We could have gated according to our prospectuses, but chose not to because we had the liquidity at that time," said Doug...................... To view our full article Click here
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