Secondary Hedge Fund Market
Secondary Hedge Fund Market Activity Increases
Hedgebay, a leading secondary market player that's been in the business for a decade, helped investors buy and sell stakes representing roughly $1 billion in assets under management last year. The firm has completed more deals so far in 2009 than in all of last year.
Citco, a large banking and custody firm, has offered similar services for many years, while Swiss bank Credit Suisse (CS) and NYPPEX are also active in the market. But a slew of new rivals have entered this year, including CogentMarkets, SecondMarket, 2n20.com and the largest interdealer brokers ICAP and Tullett Prebon PLC (TLPR.LN).
So many firms have got into the nascent business that there may not be enough action for everyone to survive. "A lot of players will show up when there's money to be made," said Bradley Alford, head of Atlanta-based Alpha Capital Management LLC. "There are all kinds of secondary hedge fund players now and not enough supply out there." Source
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