Daily Archives: June 25, 2009

Pauline Skypala

Linzi Stoppard from Fuse

Party on: Linzi Stoppard from Fuse

The party atmosphere was definitely lacking in Monaco this year for Fund Forum. Numbers were down and the usual lavish entertainment had been credit crunched. Still, the organisers professed themselves pleased with the turnout, and with the numbers of chief execs who turned up to sit on panels or address the conference.
Some providers were still doing things in style, but they were mostly the asset servicing arms of the banks. I enjoyed an evening at a swanky hotel by the sea courtesy of BNY Mellon, including a performance by electric violin duo Fuse. It was just right for Monaco!

Sophia Grene

New Zealand has a small but perfectly formed hedge fund industry. With nearly 30 managers signed up to NZara, the New Zealand Absolute Return Association, they can proudly point to two years of outperformance against global hedge funds, CTAs or equity markets.

New Zealand's hedge fund index

 

It is possible they look good over the two years of their existence because the index is largely made up of global macro funds, which have done well in that time. Anthony Limbrick, chief executive of Pure Capital and guiding light of NZara, claims Kiwi hedge funds do well because you have to be good to survive so far from the centre of things. The challenge is worth meeting, however, because the lifestyle is so good, he says. For dedicated hedgies, the chance to run money while living in beautiful surroundings near home and family is very attractive.

The only question is, if it’s so lovely in New Zealand, why are there so many Kiwis in London?

Sophia Grene

Lord Turner warned hedge funds might become a target in Europe

Lord Turner warned hedge funds might become a target in Europe

Even the European Commission’s own experts think it is going too far with its proposals for regulating the hedge fund industry.

Jaques de Larosière, author of an influential report on financial supervision, told a seminar in London the Commission’s draft directive on alternative investment management went much further than he had recommended. The report came to the conclusion hedge funds were not a systemic issue, but the draft directive proposes regulating some aspects of alternative funds even more tightly than Ucits, the retail investment vehicle.

As leader of a ‘High Level Group’, one might expect M. de Larosière’s words to have some weight.

The seminar, hosted by Business for New Europe, also heard from Lord Turner, chairman of the UK’s Financial Services Authority, who warned hedge funds might become a “target” in Europe, and Lord Myners, the UK financial services secretary to the Treasury, who called the directive “flawed”.

The Alternative Investment Management Association welcomed these comments – as well it might!

About the blog

FTfm is no longer updated but it remains open as an archive.

FTfm's specialist writing team offer their insights into the global fund management industry.

About the authors

Pauline Skypala has been editor of FTfm for four years having previously been deputy personal finance editor. She joined the FT in 1999 and has been writing on savings and investment issues throughout her career.

Steve Johnson, FTfm deputy editor, has been a journalist for 17 years, 10 of which have been with the FT.


Sophia Grene, reporter on FTfm, has been a financial journalist in print and online for 12 years.

Ruth Sullivan has worked as a financial/business journalist and foreign correspondent and for the past 10 years has been at the FT.

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