Money managers under the microscope
Hedge funds have had a tough time since the onset of the credit crisis, what with some poor performance in 2008, looming regulations from the U.S. and Europe, and the general vilification of bankers and financiers in recent years.
However, their plight was thrown into a whole new light yesterday at this week’s Hedge 2010 conference in London’s Canary Wharf, where Caroline Hoare, CEO of hedge fund firm GLC, drew a comparison with the charge of the light brigade.
In Tennyson’s famous poem, the unfortunate 600 have to cope with “cannon to the right of them, cannon to the left of them, cannon behind them”, volleying and thundering.
“I think we’re in quite a tight spot,” Hoare told the conference, describing both her dislike of much of the new regulation that hedge funds are facing, and explaining how the industry is still perceived to be “secretive, overpaid and parasites”.