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Damien Hatfield Benedicte Gravrand, Opalesque Geneva:
Damien Hatfield, the Sydney-based director of Triple A Partners, an advisory firm, has no idea what hedge fund performance will be like in 2011. "Every sector that I look at, I have a 'well maybe good', 'well maybe not so good'view," he says in his recent newsletter (Australian Hedge).
However, he believes that "unless we get a mini liquidity crisis", hedge fund assets will grow strongly, citing significant several Australian mandates in the planning stages, as well as numerous hedge fund managers who are hard and soft-closing, or thinking about it.
He also anticipates Hedge Funds Version 2.0 in a "new world of transparency and risk." As indeed, managers will pay special attention to liquidity concerns, and try to match liquidity to their exposures, "which is a far cry from their pre-2008 position." As furthermore, managed exposures look to be hedged out to dampen volatility, he says, investors are showing a renewed interest in hedge funds.
Australian hedge funds currently have $29bn in AuM and 80% of those assets are offshore assets managed in Australia, Hatfield has just told Opalesque. Another $30bn (est.) are allocated by Australian investors to offshore hedge funds and fund of funds. US$1 is fetching AU$0.99 today.
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