Money managers under the microscope
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.
from Global Investing:
Bank of America-Merrill Lynch's monthly poll of around 200 fund managers had a few nuggets in the June version, aside from the usual mood-taking.
Gold is too expensive. A net 27 percent of respondent thought it overvalued, up from 13 percent in May. Then again, the respondents to this poll have reckoned gold is too pricey since September 2009.
News and views on the fund industry from Reuters and elsewhere:
Hedgies focus on capital preservation – Reuters
GAIM gaze turns to transparency and fees – Reuters
Mallaby reviewed – WSJ
Returns to halve? – FT
Newcits job boom for Dublin? – Financial news
Our reporters have been scouting round the halls at the GAIM hedge fund conference in Monaco today. Here’s a taste of what we’ve seen so far:
And some links from Reuters Insider coverage:
Hedge funds hit by rise in coffee price - Daily Telegraph
EU considering funds compromise - New York Times
Cavenagh Capital launching fund for Dutch pension money - Global Pensions
We’ve already had confirmation that hedgies had a rough May, taking a buffeting from volatile markets, but we have a bit more detail from the latest Lipper report summarised with links to the full shebang below. The Lipper approach differs a bit from the rest as they don’t weight the index to funds’ asset levels, in theory giving a cleaner take on performance. One interesting note is the loss for event-driven strategies, skewered by a poor month for high-yield bond markets.
For the record, Lipper is a Thomson Reuters company:
LIPPER HEDGE FUND PERFORMANCE SNAPSHOT May 2010
The Snapshot contains early Lipper hedge fund performance readings (based on Lipper Global Hedge Classifications) as at the end of May 2010.
Tougher rules may limit India funds industry – Market Watch
Well, no. Of course he didn’t. And if pressed, he’d probably rather the southern seaboard of the United States wasn’t slowly turning into a necklace of slippery brown beaches.
But he is one of very few to benefit from the avalanche of political opprobrium, escalating costs and reputational damage that has engulfed BP in the last month, sending the shares 30 percent lower and leaving the pension pots of poor grans and grandads looking markedly less healthy.
News and views on the hedge fund industry from Reuters and elsewhere:
Pictet unveils High-Dividend Selection portfolio - Fund Strategy
Buffett lunch bid tops $900,000 - Reuters
Which Investment: Commodity futures or producers? - Morningstar
UBS faces Lux probe over Madoff funds - Reuters