Hedge funds talk opportunities post-crisis
AsianInvestor hosted a roundtable discussion of some of Hong KongÆs prominent hedge fund managers and investors, who say that good returns in 2008 is proving no guarantee of easy growth in 2009.
| AsianInvestor organized a roundtable discussion featuring prominent figures in Hong Kong's hedge-fund industry. Today they discuss how last year's performance has affected the outlook for 2009; what investors are looking for; and how long they intend to stay in this business. Tomorrow we will run part two of this roundtable. Participants Geoffrey Barker, Ballingal Investment Advisors Tobias Bland, Enhanced Investment Products Aaron Boesky, Marco Polo Investments Group Jeff Fisher, RAB Capital Bob Howe, Geomatrix (HK) Paul Sheehan, Thaddeus Capital Management If you did all right last year, is this year easier? |
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Paul Sheehan: I think the pressures on investors are such that even if you had a good 2007 and 2008, when it comes to 2009, they will still have a 'what have you done for me lately' mentality. What messages are you hearing from investors? Paul Sheehan: It's hard for investors right now. The value proposition for hedge-fund allocators is a lot more difficult and challenging than the value proposition for those who manage money. At the end of the day someone has to manage the money. After Madoff took a walk, the demise of Lehman, and not a good year for performance, many allocators are under pressure from their own investors, and it falls to us to understand and support that. |
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Geoffrey Barker: They're a fairly loyal group. I think they expect us to be a bit cynical, glass-half-empty types and take a run at things that have become over-expensive. We'd have grief if we tried to change our spots in any way. That said, we aren't a bear fund. We are value and contrarian. It was fine to be bearish over the last 18 months, but there's no guarantee we will stay aggressively that way. As long as we continue to be contrarian I think we'll continue to attract funds. Sign In to Your AccountAccess Exclusive AsianInvestor Content! Please sign in to your subscription to unlock full access to our premium AI resources. Free Registration & 7-Day Trial Register now to enjoy a 7-day free trial—no registration fees required. Click the link to get started. Note: This free trial is a one-time offer. ¬ Haymarket Media Limited. All rights reserved. | |