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From the Opalesque team: Isolated New Zealand hedge fund managers may be struggling a bit with asset raising (see yesterday’s Opalesque Exclusive here), but they do enjoy the benefit that such isolation can bring, namely being away from the maddening crowd, and you can see this being reflected in their performance returns.
At the recent Opalesque New Zealand Roundtable (report here), Mark Sleeman, the director of MS Capital Management Ltd, a CTA based in Auckland, said New Zealanders indeed find more focus by being away from the distractions found in financial centres: “In my experience, [absolute returns] are rarely the things that were hot last week, or last month, or last year. Rather they are the things that you work out yourself, in a quiet room, far away from the noise.” As NZ is a tough environment, he believes, following Darwin’s logic, that it only breeds a strong sort of hedge fund manager since there one needs to be “good just to survive.”
“Here in New Zealand, there is no noise, you just make very dispassionate decisions as everywhere is a long way away, and hence there is no local bias,” added Michael Gibbs Harris, the director of MGH Asset Management in Wellington, which runs a macro fund.
“I think a lot of people see Wall Street and the City of London as...................... To view our full article Click here
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