Saturday, 21st November 2009

 

24 July 2009 - Press Briefing

Geneva funds of funds suffer 72% decline in assets

Geneva banks investing client money in funds of hedge funds are struggling to revitalise the business after a 72% plunge in assets amid market losses and Bernard Madoff’s Ponzi scheme, data assembled by Eurekahedge has revealed, according to a Bloomberg report.

Assets of Geneva-based funds of funds plummeted to $15bn (€10.6bn) in May from $54.2bn at the end of 2007, with 25% of the 227 funds operating in the city at the end of last year shutting in the first five months of 2009 and only six new vehicles opening, less than one-fifth of the 2008 number. Funds of funds operating from Geneva tumbled 22.4% last year, compared with the average 19% decline for hedge funds, as per figures from Eurekahedge and Hedge Fund Research showed, the Bloomberg report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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