Smaller Hedge Fund Launches
Hedge Fund Launches Increasing But Smaller
Now, as markets revive and traders see an opportunity to be their own boss, Wall Street's largest prime brokers expect a spate of start-ups in the next year -- just a lot smaller.
"It's a promising environment for new hedge funds," said Alex Ehrlich, the former UBS prime brokerage chief who took over as global head of Morgan Stanley's (MS.N) prime services business last month. "Money is coming in from seasoned investors, many of whom are preparing to redeploy capital."
A few weeks ago, Morgan Stanley hosted its largest ever capital introduction conference for fund managers and investors. It's a positive signal even if the meetings took place in suburban Rye, New York, and not Morgan Stanley's traditional venue in Florida's Palm Beach.
Still, times have changed. Even the most talented traders and managers will have to accept that $100 million is the new $1 billion when it comes to fund-raising. Source
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