The “back to basics” mantra for hedge funds was thought to mean lower fees, improved liquidity and better disclosure on exactly what the fund was holding and why. All that is happening. But what few counted on was deinstitutionalisation. Before the crunch, hedgies fell over themselves to attract money from endowments, pension funds and funds of funds; now many are thinking twice.
人們曾經認為,對沖基金“回歸基本要素”的箴言,意思是要降低手續費、提高流動性以及對對基金的持股和持股理由進行更好的披露。所有這一切都在發生。但很少有人指望過去機構化。危機爆發前,對沖基金瘋狂地從捐贈基金、養老基金和基金中的基金吸收資金;目前許多對沖基金都在三思。
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