Reuters – Hedge fund managers, administrators and investors have gathered in Monaco for the annual GAIM industry conference following a tough year marked by poor performance and client outflows.

Below are selected quotes from the first day of the conference:

JONATHAN FEENEY, INVESTCORP INVESTMENT ADVISORS:

"In the last five years or so … everything was flying and no one cared about risk management. It’s only when problems arise that it suddenly becomes a focus, and then it’s too late.

"With a new manager, it’s horrible to say this, but it’s got to the stage now where you want to check the office exists. It’s the paranoia now post-Madoff."

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