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Funds of hedge funds look to global macro for gains

Guardian.co.uk- Funds of hedge fund managers are looking to global macro funds to try and steer clear of the mess thrown up by the credit crisis while cautiously dipping their toes in a small pool of more risky assets, a Reuters poll found.

Stormy markets have torn through the hedge fund market this year, forcing many to shut up shop and others to tumble, but most have still managed to keep well ahead of the severe double digit losses suffered by global stock markets in the first half of the year.

The quarterly survey of 13 managers which invest in a basket of hedge funds and manage a total of around $150 billion in assets showed global macro funds leading the way through 2008 as they tend to benefit from periods of high volatility.

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