Traditional managers in spotlight
Saturday, 18 August 2007
Choruses of "I told you so" are echoing down the halls of conventional UK investment management groups whose funds have been cast into the shadow of their more exciting hedge fund counterparts in recent years says Kate Burgess of the FT August 18 2007
"We are washing out some of the froth of the excesses, for example, the easy money from private equity deals. People are being reminded that trades aren't risk free," says Bob Yerbury, chief executive of Invesco Perpetual in the UK. "That is not a bad thing."
It's good to see the long only managers saying we told you so. So much so that some hedge fund managers were forced to say sorry to their investors for losing money. The FT says “Several hedge fund managers have been forced to say sorry this year, with strangely heartfelt investor letters invariably blaming market volatility for their troubles. On at least one investor conference call, a hedge fund manager was reduced to tears as he apologised for losing his investors' money. Others, including James Simons, one of the most celebrated hedge fund managers, have stopped short of apologising, but have admitted to bad performance.”
My point is that for most investors, even those with up to £25m, need to think carefully about hedge funds. We all may suffer sometimes at their actions, but that is acceptable. Taking too many risks and not knowing what they are doing with investors capital is unacceptable. I think there may also be more blood on the streets, to coin yet another phrase.
posted by Murray Round Wealth Management @ 16:32,
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Nicholas Round
Nic is the Managing Director of Murray Round Wealth Management Limited, who seeks to ensure the advice provided is truly independent. Based in Shropshire with clients local, national and worldwide, Nic has strived to find the best possible service for his clients needs, by researching and studying the market, trends and philosophies. Nic strongly believes Asset Class Management will bring his clients Financial Freedom, Independence and Happiness.
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Kirsty is our communication guru. Managing information requires considerable due diligence and her passion for organisation gives the clarity we all seek. From Shropshire, with a Psychology Degree and much travelling, she is now back in Shrewsbury...and London often, keeping us all at Murray Round focused.
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