Money managers under the microscope
It may seem tenuous, but the small number of delegates present in Monaco’s Grimaldi forum on Wednesday at the start of the second day of the GAIM hedge fund conference is a clear indication that the industry is feeling renewed confidence after the gloom of last year.
The reason for the poor morning turnout is quite simple. A good proportion of the attendees didn’t make it to bed until at least 3.30 a.m. on the first full conference day.
Sass, Monaco’s favourite drinking hole was so packed the previous evening that it was impossible to get anywhere near the bar.
The crowd was still thick enough to force the few passers by off the pavement if they didn’t want to get held up by the heaving human traffic jam. A stark contrast to 2009 when access to the bar area was relatively clear and even the hard core drinkers began making their way back to their hotels by 1 a.m.
Our reporters have been scouting round the halls at the GAIM hedge fund conference in Monaco today. Here’s a taste of what we’ve seen so far:
And some links from Reuters Insider coverage:
News and views on the fund industry from Reuters and elsewhere:
Hedge funds eye lenders and banks - Reuters
UK state pension age could track longevity - Telegraph
Activist Myerson resigns as D1 Oils chairman – Telegraph
Lehman eyes end of bankruptcy – Reuters
from Global Investing:
Hundreds or even thousands of "active" fund managers are competing to add alpha to beat benchmark indexes, be it in stocks, bonds or alternatives.
The market is so efficient, historical performance is no guide to the future. It's nearly impossible to find a reliable method to pick advisers who deliver the best industry returns year in and out. There are also costs, from visible ones such as management fees and custody and administration expenses to "below water" costs such as trading commissions (due to higher turnover), bid/ask spread (price to buy, another to sell) and market impact costs (larger buy/sell orders affecting price).
Edward Cartwright is head of business development at alternative investment manager LGT Capital Partners in London. The firm runs $18 bln in hedge fund and private equity assets.
The views expressed here are entirely the author’s own and do not constitute Reuters point of view.
News and views on the hedge fund industry from Reuters and elsewhere:
Hedge funds exit from Europe bets - The Wall Street Journal
South African government to clamp down on hedge fund oversight - Business Report