Hedge funds have spent most of the past nine months cowering behind the sofa as a horror show of mass redemptions dances across their TV screens.
Every so often they peer around the corner in the hope it is safe to come out from hiding and start the serious business of making money once again.
Fresh figures today from HFR, those diligent statisticians of all things hedgie, offer some insight into whether the closing credits of the horror flick are rolling, to be replaced by film of lambs gambolling in the spring sunshine. But only a little.
There’s a lot of loose chat about downward pressure on fees, but those who say that it will only affect the mediocre may be right. One fund manager at least is seeing opportunities for nudging fees upwards, on one new product.
Ashmore Group is offering to take distressed assets off your hands in return for fat management and performance fees. The assets in question could be anything in emerging markets that is suffering from illiquidity. Investors, such as banks or pension funds, may not want them on their books currently, as mark to market valuations are unflattering, but nor do they want to sell them in such an unwelcoming environment.