Money managers under the microscope
The fledgling market for hedge fund secondaries may be becoming barbell-shaped, according to Hedgebay.
The firm, which provides a market for those wishing to buy and sell illiquid hedge fund stakes, said there is growing evidence that trades are happening either at very high or at very low prices.
In November, for instance, the highest trade took place at 97 pct or net asset value, while the lowest was at 29 pct.
It seems that some investors are willing to pay close to NAV for higher-quality funds that are difficult to get hold of.