Money managers under the microscope
Timothy Bell, global head of hedge funds advisory at UBS Wealth Management, said hedge fund assets could fall further to $1.2 trillion this quarter from $1.4 trillion at the end of 2008 and $1.93 trillion at their peak in mid-2008.
At the same time, Deutsche Bank’s DWS unit said it saw inflows into its Asian mutual funds in the first six weeks of 2009.
Henderson’s purchase of struggling New Star looks a good way of quickly beefing up its falling hedge fund assets — at a time when the industry is seeing investors pull out their cash left, right and centre.
Henderson saw 400 million pounds in hedge fund outflows in the second half of 2008 — 100 million pounds in Q3 and 300 million pounds in Q4 — helping push assets down to 800 million pounds at the year-end.