Hedge Funds Monaco Summit

Hedge Funds Monaco Summit

Hedge Fund Managers "Cautious" As Monaco Summit Begins

Building up to the big hedge fund summit in Monaco, hedge fund managers are reportedly "cautious." 2011 would have been a really solid year for hedge funds if it weren't for the big losses suffered in May, but the industry could still make this year a great one by continuing the strong performance and steady inflows. The GAIM International hedge fund summit begins today and continues through the 23rd.  I am acting as the opening day Chairman and a speaker on capital raising, for more information on this event see this previous post. 

Bosses such as Man Group (EMG.L) CEO Peter Clarke, whose firm is finally enjoying clients inflows, Centaurus chairman Bernard Oppetit and commodity manager Armajaro's co-founder Anthony Ward will discuss how to get the industry back on track.

Hedge funds lost 1.2 percent in last month's commodities rout with big-name funds such as Aspect Capital's Diversified fund and Crispin Odey's European fund losing more while many funds, wary of further losses, are keeping their bets small.

"The last couple of months have been difficult. May wasn't a catastrophe, but it was a difficult month," Chris Barrow, global head of sales for prime services at HSBC, told Reuters.

"From the hedge fund managers we talk to, many have low levels of conviction. There's still a lot of uncertainty about where and how to make money."

Barrow says leverage, a key measure of risk-taking, is between 1 and 1.3 times -- below levels seen recent years for equity long-short funds.

While hedge funds posted double-digit returns in 2009 and 2010, many are still scarred by 2008's losses of nearly 20 percent and the memory of investors pulling out nearly $300 billion (185 billion pounds) during the crisis, according to Hedge Fund Research. Source

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