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From Kirsten Bischoff, Opalesque New York:
A recent survey by Goldman Sachs (Bloomberg) showed the investment
bank customers who invest in hedge funds are
anticipating that 90% of their allocations will be won
by managers that agree not to lock-up funds for more
than a year.
Transparency, fees, infrastructure, etc are all areas
where investors have pushed for improvements, and there
has been a sea change across many of these areas. But
perhaps what damaged the hedge fund industry even more
than poor performance or the uncovered fraudulent
behavior leading up to the crisis, were the redemption
freezes that took place at the height of the crisis (and
that, in many cases, even still exist today).
Chicago-based Global Partners Funds, managed by R.
Andres Lucas and Tony Cutinelli, can attest to investor
preference for liquidity. The firm, which launched in
October 2002 and has returned annualized gains of
+10.84% in the eight years since, grew to just under
$100m prior to the financial crisis. And then, like many
funds, it found it had an investor base that largely
wanted to sit out of the markets, and that took their
fund assets down significantly. Now, climbing steadily
back toward their previous asset size, the firm is now
about $40m and seeing inflows from new investors as well
as returni...................... To view our full article Click here
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