02/11/2008
He predicts that many hedge fund managers will close down because they realise it is unlikely they will reach high-water marks, which are designed to allow investors to recover losses without having to pay performance fees until the original targets are reached.
He said that the impact of asset allocation rebalancing by disciplined pension funds would assist the recovery.
“I think we could end the year with the (US share) market at around the level of June or July,” he said.
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AustralianSuper's chief liquidity officer Chandu Bhindi has publicly proposed the idea of allowing some super funds to directly use leverage, enabling them to better manage liquidity requirements in crisis situations rather than being forced to sell assets at stressed prices. While the idea has some merits, overall it is not necessary and could increase system risk.
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