From BI: It's no secret that since 2008, most hedge funds have lagged
the S&P 500. Because of that, now the world's richest families are starting
to wonder if hedge funds are really worth their incredibly expensive price tag.
And they're starting to ask hedge fund managers some tough questions about it.
Yesterday, Bloomberg hosted a conference called "The
Hedge Funds Summit" for (you guessed it) hedge funds and the people that
invest in them. Many of the attendees were from Family Offices — investment
houses where the fortunes of the world's wealthy are put to work. As you can imagine, hedge funds want a piece
of that action. That's why a solid portion of the afternoon was spent
discussing Family Offices, though hedge funds probably didn't like what these
juicy potential clients had to say.
"We're quite skeptical in general... of the hedge fund
industry," said Andrew K. Tsai, Co-Founder and managing principal,
Chalkstream Capital Group. Sixty-one
percent of all hedge fund money is concentrated in the hands of the top 100
hedge funds, and Tsai went on to say that that concentration makes for some
wacky correlations his office would stay rather away from. However, Tsai did
say that his office is willing to seed smart hedge fund managers that have
solid strategies for specific sectors….
Read more:
http://www.businessinsider.com/family-offices-question-hedge-funds-2013-6#ixzz2VRxLkO3W
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