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Hedge fund managers in nervous mood for Monaco summit

(Reuters) – Three days in sun-soaked Monaco won’t be enough to stir hedge fund managers from their downbeat mood, made worse by a euro zone crisis that has prompted much soul-searching about the industry’s future after years of lacklustre returns.

Restaurateurs, bartenders and hoteliers getting ready to welcome an army of high-rolling financiers to this year’s GAIM Conference in the Mediterranean principality could find money and mirth in short supply as recent poor performance weighs.

Delegates are expected to concentrate instead on serious debate on how best to weather a market storm that last year saw funds lose 5.3 percent, according to Hedge Fund Research, and which many fear could get worse as Greeks vote effectively on whether to leave the euro.

Many funds are also struggling to attract nervous investors, who have recently been disappointed by performance losses – a far cry from the industry’s pre-crisis heyday five years ago, when many funds had to turn new clients away.

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