Money managers under the microscope
News and views on the asset management industry from Reuters and elsewhere
News and views on the asset management industry from Reuters and elsewhere:
The short-sellers are targeting bank stocks again.
Ok, it certainly isn’t on the scale seen in 2008, when hedge funds made small fortunes from the demise of Northern Rock and the like.
But it is interesting to note that after what could be termed a wave of good news — most banks passing the stress tests, a bumper earnings season and the easing of Basel III rules — some managers remain sceptical.
The firm, whose assets stood at more than $7 bln two years ago - but later saw them slump due to outflows and performance losses - saw a recovery in H2 of $100 mln to $1.37 bln.
It was the outcome most commentators were expecting.
But the defeat for hedge funds RAB Capital and SRM Global and other former shareholders claiming damages for the loss of their holdings in Northern Rock when it was nationalised last year is nevertheless a hard blow to bear.