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Despite ’08 pain, the rich still like hedge funds

Reuters – It appears nothing — not losses, redemption gates or lofty fees — can deter the rich from stashing their cash in hedge funds.

A year after crumbling markets triggered losses and fund managers drew fire for blocking redemptions, wealthy investors have not abandoned hedge funds, according to private bankers and wealth managers attending the Reuters Global Wealth Management Summit this week.

“We see continued dedication to hedge funds,” said Catherine Keating, chief executive of JP Morgan Chase & Co’s U.S. private bank, which advises families whose combined assets total $350 billion.

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