George Soros is predicting two thirds of funds could go to the wall as the credit crisis fallout settles on the industry and Q3 data from HFR has shown the more immediate impact as assets shrank by 11 percent in the period.
Now the Aima hedge fund industry association calls in with some sad news. Cocktail dresses are being slung back in the closet as the trade body’s annual reception in London is put on ice.
The Grosvenor House Hotel bash was to take place on Tuesday next week, bringing together the press, hedge fund managers and Aima committee members in the kind of informal setting that could have offered an intriguing glimpse of the tumultuous state of the industry. A spokeswoman tells us though that “things are just too hectic… they can’t afford to take a night off.”
The Park Lane cocktail evening is being rescheduled for January, but the spokeswoman declines to say if Aima is predicting calmer waters by then – or just hoping a heavily downsized guest list of hedgies will help keep the costs down.
– by Joel Dimmock