Money managers under the microscope
A last-minute addition to the line-up in Monaco has been GLG’s senior managing director Pierre Lagrange, a relatively low profile figure even though the firm is listed on the New York stock exchange. Lagrange was not on the conference’s original programme and only agreed last week to speak on “the pros and cons of running an alternative asset management business as a public company” today.
GLG has had its share of troubles in the past, including the Philippe Jabre scandal, last year’s departure of star manager Greg Coffey and a hefty chunk of investor redemptions. Perhaps Lagrange is taking on a more public role as the firm now feels it has a more upbeat story to tell. Having pulled off a number of hirings and the acqusition of the UK fund management unit of Societe Generale, the firm said this month that its hedge funds had risen 11.2 percent in the five months to May 31. Meanwhile, expansion into the U.S., Asia and the Middle East is also planned.
But one means that shows quite how drastic the change has been is in the area of risk management — not normally the sexiest topic but now an area of real concern for investors.
It is not really such a surprise, and not only because the attendee list was visibly shorter this year than in 2008. Of the around 800 registered visitors, perhaps 500 have turned up.
Growing up can be a painful experience for teeangers with many battles and excesses along the way.
As politicians and regulators worldwide prepare a new blueprint to marshall the hedge fund industry, the organisers of the GAIM industry conference release the early agenda for their annual Monaco pow wow.
Unsurprisingly, the June 16-18 summit takes the theme: Transformation In A New World Order. And even less surprisingly, several sessions are set to ponder how to best snag a new breed of circumspect investors, and how to adapt to a new regulatory environment.