New York (HedgeCo.Net) – Hedge funds may not be having their best year, but whoever said they lost their glamour obviously didn’t attend the HedgeCo Holiday Networking Event.
About 650 guests piled into Nikki Beach on Manhattan’s east side last Wednesday evening, drinking dirty martinis and partying into the early hours of the morning. For some, the event presented a sort of rare opportunity in the current times; a chance to network within the industry without the imminent reminder that nothing is guaranteed.
“For months, all you hear about is lagging numbers, layoffs and huge bailouts. Just for a night, I wanted everyone to forget all that. I think everyone was long overdue for a good time!” says Evan Rapoport, Co-Founder of HedgeCo Networks and organizer of the event.
“After a few hours of mingling, the tables that run down the middle of the place were transformed into a catwalk-type dance floor,” said Cathy Eidorowicz, who also helped organize the event. “Everyone just kind of let loose and partied the night away, there was surprisingly a really good vibe in the air.”
While some were there strictly to party, others used the event as a glorified job fair. With so many in the industry under one large white tent, it didn’t hurt to flash a resume while moods were merry. Especially when Wall Street job losses are expected to hit 48,000 by the end of next year
While hedge funds were once thought to manage around $3 trillion in assets, new estimates put that number closer to $1 trillion. Rapoport believes that although hedge funds have taken a hit, a stronger and more resilient industry is around the corner.
“The build-up is going to be much stronger,” he said. Once we weed out the negative effects of over-leveraging, we are going to see a more stable, albeit smaller industry emerge.”
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