конец 2008 - начало 2009 самое невеселое время для индустрии
Еще кое какие факты из Дарвинского мира хедж фондовых инвестиций:
The hedge fund industry lives in a very Darwinian world, i.e. 6.5% of hedge funds (in terms of assets) disappear every year while 6.9% are created. At this pace, it takes only 15 years to fully replace the hedge fund industry.
The pace of hedge fund creation has slowed as the industry has matured. Fund launches represented 4.1% of hedge fund assets in 2008 and 2009, against 10.5% in 2002 and 2003.
In terms of assets, liquidations have exceeded new fund launches in each of the past four years.
2009 was the worst year on record for fund launches. Fewer funds were launched and they started with far fewer assets (an average of $452 million against $1.4 billion in 2008).
At the strategy level, Convertible Arbitrage had the highest turnover rate with average annual net creations of 6.9% and average annual net destructions of 11.7% of assets. Equity Long-Short is the most stable strategy.
Hedge fund creations and flows into existing funds are strongly correlated. Both are positively related to returns.
Шорт/лонг акций при грамотном управлении очевидно действительно стабильнее прочих приносит доход, или хотя бы не так проседает. Обновление за 15 лет не так уж и быстро как мне кажется, впрочем для трлн оборотов?!
Проблема с созданием новых фондов, в том что не всем инвесторам давали извлекать денежки обратно. Многие фонды змораживали активы:
To separate the most illiquid assets and avoid selling them at fire-sale prices, some managers put them into separate funds, so-called side pockets. Existing investors have to wait until the assets in the side pocket are sold before they can get their share of the investment back.
И многим говорили, что деньги вернуться только через 2 года, а вывод средств ограничили. Раньше в большинстве фондов можно было выводить ежеквартально. Часть менеджеров отказалась от вознаграждений по проблемным активам, но не все:
"We don’t object to the illiquidity," Papastavrou said in an interview. "We object to how some managers are abusing the situation and holding investors’ money hostage to generate fees."
Теперь появляются товарищи которые выкупают у других их доли участия в различных фондах:
Some investors have sold their stakes in hedge funds in the secondary market to raise cash, using intermediaries such as London-based Tullett Prebon Plc and Hedgebay Trading Corp. in Nassau, Bahamas. Cadogan’s Trammell said his firm is approaching other investors looking to offload their holdings that were restricted by managers.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a10Gkfcz.sLo&pos=4
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