The demand from investors to pull money out of hedge funds
neared a three-year high this month, industry data showed, amid concerns over
U.S. taxation of wealthy individuals under President Barack Obama and
lackluster hedge fund performance.
Hedge fund administrator SS&C GlobeOp's forward
redemption indicator, a monthly snapshot of clients giving notice to withdraw
their cash as a percentage of its assets under administration, measured 5.19
percent in November. The rate compares
to 3.19 percent last month and 3.44 percent in November 2011.
SS&C GlobeOp cited uncertainty in the markets and
Obama's election victory as helping propel the number of client demands to pull
money out of hedge funds to their highest November recording since 2008 and the
highest overall figure since December 2009.
Bill Stone, CEO of SS&C Technologies, said fears that gains from
hedge fund portfolios could be taxed at higher rates under Obama may have
driven this month's figures....
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