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Money managers under the microscope

Service providers flag hedge fund health

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Fund service providers were back in force at the GAIM hedge funds conference in Monaco this year, a small sign that the industry, while not exactly brimming with confidence, has at least crawled out of the doldrums of 2009.

The service providers including fund auditors, custodians and prime brokers, have drawn in their horns since the early years of the millennium when they were often the main sponsors of cocktails and dinners at large hedge fund events.

They were conspicuous by their near absence at GAIM 2009, as were the free-for-all champagne receptions, gala dinners and so on, as money drained from the industry after hedge funds suffered their worst ever losses in the crisis year of 2008.

One of the big four auditors, for example, brought 22 staff in 2008, but just four in 2009.

Morning Line-up

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Posted by: Chris Vellacott

Hedge fund stories from the past 24 hours from Reuters and elsewhere:

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Lord Myners to face hedge fund grilling by Lords – City AM

EU report criticises own ‘vague and inadequate’ hedge fund directive Daily Telegraph

Hedge fund giant surfaces in trading probe – Wall Street Journal

Bear Stearns hedge fund execs face closing arguments – Crain’s NY Business

Morning line-up

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Hedge fund stories from the past 24 hours from Reuters and elsewhere:

rtxcg5sHigh water marks still haunt hedge funds - Reuters

Cadogan to buy back business – WSJ

Bear trial marked by dual strategies – NY Times DealBook

More than you wanted to know about death bonds – FT Alphaville

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