2 November 2008 22:17
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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Portfolios built for the old world will be severely tested as emerging forces rewrite the rules of investing. The Top1000Funds.com Fiduciary Investors Symposium heard that geopolitical and macroeconomic upheaval, together with the disruption wrought by AI, should force asset owners to rethink the structure and composition of portfolios.
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