Money managers under the microscope
Monaco nightspots hint at hedge fund comeback
It may seem tenuous, but the small number of delegates present in Monaco’s Grimaldi forum on Wednesday at the start of the second day of the GAIM hedge fund conference is a clear indication that the industry is feeling renewed confidence after the gloom of last year.
The reason for the poor morning turnout is quite simple. A good proportion of the attendees didn’t make it to bed until at least 3.30 a.m. on the first full conference day.
Sass, Monaco’s favourite drinking hole was so packed the previous evening that it was impossible to get anywhere near the bar.
The crowd was still thick enough to force the few passers by off the pavement if they didn’t want to get held up by the heaving human traffic jam. A stark contrast to 2009 when access to the bar area was relatively clear and even the hard core drinkers began making their way back to their hotels by 1 a.m.
Some attendees protested it was last night’s unseasonal torrent of rain that kept them hemmed in at the bar, but it didn’t prevent them from hopping into taxis to make their way to Jimmyz, the most famous of the principality’s nightspots.
At Jimmyz back in 2009, the atmosphere and the numbers were more what one might expect in an obscure exhibition at a remote museum or at the funeral of someone with few friends.
This year, the club was buzzing.
That might also explain why many of the delegates drifting into the conference later in the morning were wearing sunglasses.