Hedge Fund Managers Monaco
Hedge Fund Managers Express Concern in Monaco
Behind the glitz of the annual hedge fund shindig, the 500 or so financiers who made the trip privately confess their struggle to find winning strategies given unpredictable markets, fretting clients will lose faith and snatch back their money.
Successful money-making ideas are in short supply and as many as a fifth of last year's delegates opted to stay at home, eschewing visits to the world-famous Monte Carlo casino for more hours in front of a computer screen, hunting for the trade that brings them back into the black.
"It is not the time when you can just say to someone, 'come to Monaco for four days', when there are so many issues to deal with back home," said Roberto Giuffrida, head of global business development at Permal, one of the world's largest fund of hedge funds.
One delegate at the Global Alternatives Investment Management meeting said it was the smallest attendance she had seen in 10 years at the conference, Europe's main venue for executives to tout their expertise, press the flesh and make contacts.
But as pressure mounts, presenting an image of control and confidence has never been more important for an industry whose raison d'etre is a supposed ability to deliver strong returns regardless of broader market conditions. Source
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