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Mark Baak By Beverly Chandler, Opalesque London:

Investors in hedge funds, either as consultants or managers of funds of funds, were strongly represented in the group speaking at the Opalesque Roundtable held in the Netherlands, and so particularly empowered to speak about the investment outlook for hedge funds and funds of hedge funds.

Mark Baak is head of portfolio management at Finles Capital Management, a hedge fund consultancy established in 1977, and designed to help institutions select hedge funds for their portfolios.

He said: "We expect that the markets will remain unstable and volatile for the foreseeable future. In an environment like that we prefer hedge fund strategies like global macro, managed futures and trading oriented managers. We are also advising our clients to shift part of their long-only equity exposure to long/short equities funds to lower risk."

Also at the Roundtable was Wouter ten Brinke, managing partner at Theta Capital Management which has about $600 million under management in a range of three funds of hedge funds and managed accounts. "As an investor in hedge funds and from a top-down perspective, we would be most bullish on credit based strategies for one, because they tend to do well in weak growth environments" he said.

"But we are seeing more dominance in both the corporate credit side and within asset-bac......................

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