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You must have in mind their latent or implicit needsIdeally allow Lehman to run was not a problemThe greatest collectors of the world comeCIC committed top speed in this month of SeptemberThe sponsor returned to balance with a EUR 0It affects all productions at the same timeIn the meantime the Saxony seeks more bearing opportunitiesWe consider this as a gesture of opennessThe future will tell if they were correctEconomies to reform it is delete operationsA mid-July, Patrick Degorce announces with Lansdowne Partners of a hedge fund called Theleme, it aims to provide $ 1.5 billion. To cover such amount, man can count on his notoriety. He is the co-founder, with Chris Hohn of the TCI (The Children's Investment) Fund, which sowed disorder in Deutsche Börse from 2005 and obtained the dismantling of ABN AMRO.
Today, Patrick Degorce symbolizes a trend in the world of hedge funds: "We are witnessing launches of funds by two numbers or three houses which have worked well in 2008, more than in funds reminders, notes Eric Debonnet, Director of research and multi-management HDF Finance Corporation risk management." Since they arrived on a blank field and can take interesting positions, we're investing for example, and at the beginning, on specialist managers of markets emerging or able to take advantage of the uncertainties associated with the level of short-term and long-term interest rates sometimes. "Olivier Florin, Director of the development of the alternative multigérant Eraam, talks about restart of activity"with the creation of new funds in liquid and rather transparent strategies, such as the "long-short equity" or special situations ".
Third month of net collection
Raw materials have not been forgotten. In early August, Erik Verhaar, a former trader energy Ospraie management, started Falckon Energy Hedge Fund. Last week, Dennis Gartman, Economist, has created its first vehicle, River Crescent Fund, to speculate on actions and raw materials. Edward Fillipi, former Lehman, has chosen to become the name of "ground zero strategic commodities fund" Fund. A few examples, but in July, would there 20, not only on raw materials. This phenomenon also accompanied the reopening to subscriptions for funds whose managers have a long history of management, says Eric Debonnet, "which was not the case, two or three years ago".
They would be wrong to deprive: liquidity are there. "hedge funds" have benefited from a net capital inflows of 10.6 billion in July, according to Eureka Hedge, which emphasized that it was the third month of net collection. If the sky seems to emerge for this industry, a few clouds remain. "Hedge funds" funds know something. "On the question of redemptions, we did had had end 2008 as 3 to 4 of our outstanding for which the underlying funds had hardened the conditions for repayment." Since then, we in have recovered about a third. We us leave well and have honored, for our part, all the claims of our customers, says Eric Debonnet. Competitors were more exposed; some up to 20 of their assets. There best today, but the problem of their very illiquid assets is not entirely resolved. ""All funds have not honored requests for redemption of the customer." But laggards represent more than 10 of the assets of the "hedge funds", attenuates Olivier Florin. This inability to honour the withdrawals had affected this industry late 2008.
With the influx of applications for withdrawal, the funds had indeed enabled the "gates" to give time to sell assets, achieve liquidity and fairly repaying their customers on a share of their assets, a ceiling of 10 very often.
