Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
New York (HedgeCo.net) – Research and Markets has added John Wiley and Sons Ltd’s new report “The Hedge Fund Fraud Casebook” to their offering. An in-depth look at the first 100 cases of proven fraud at hedge funds.
Some highlights:
* First comprehensive survey of hedge fund fraud including 100 chronological fraud cases
* Includes descriptions of each case, diagram of the player interaction, and tables detailing monies recovered, fines paid, prison terms, and professional sanctions
* Useful for both individual and professional investors, particularly given the last eighteen months of fraud and mismanagement among leading financial professionals and companies
Author Bruce Johnson spent more than a decade as a hedge fund practitioner, managing and advising funds. He was CEO of Albourne America LLC, the U.S. arm of Albourne Partners, a hedge fund advisory firm based in London. While at Albourne, Johnson researched new approaches to hedge fund due diligence including the quantitative analysis of “fund failure” and hedge fund credit.
After an earlier career as an architect and city planner in New York and London, Johnson has gained twenty-four years worth of experience in finance, including extended postings in Tokyo, Hong Kong, and London. While head of Global Research for Baring Securities, he published an important paper on the future of the Chinese and Indian economies, correctly predicting their current impact on global trade, and also created and managed the first investable global emerging markets equity index.
The Ireland-based Hedge Fund College has announced the launch of its Certificate in Hedge Fund Regulation, the first regulatory certification in the hedge fund industry.
“Never has it been more important for the hedge fund industry to demonstrate a greater regulatory awareness.” Thomas Bullman, founder of the Hedge Fund College, said, “Both European and US regulatory proposals will have far-reaching effects. Everybody within the hedge fund industry has an obligation to ensure that they are sufficiently educated on how these new measures will impact them. The Hedge Fund College aims to provide a broad certification that a candidate has demonstrated an understanding of hedge fund regulation and current issues.”
Sponsored by The Hedge Fund Society and its international advisory board of academics and commercial practitioners, the course provides an introduction to hedge funds, their history and the regulatory issues surrounding them. The course also provides a review of regulatory theory and analysis of the regulation of hedge funds, hedge fund managers, hedge fund service providers and hedge fund standards in the UK, EU and US.
Washington, DC — The Financial Industry Regulatory Authority (FINRA) announced today that it is seeking authority to significantly expand the amount of information available to the public on current and former securities brokers through its free online BrokerCheck service.
The proposed expansion – which FINRA will submit to the Securities and Exchange Commission (SEC) in the near future – would increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers available permanently, such as criminal convictions and certain civil and arbitration judgments.
“These proposed changes will provide additional information to investors who are considering whether to conduct, or continue to conduct, business with a particular securities firm or broker,” said FINRA Chairman and CEO Rick Ketchum. “Just as important, they will provide valuable information about persons who have left the securities industry, often not of their own accord, but who can still cause great harm to the investing public. Recent regulatory and criminal proceedings in the financial services sector reveal that former brokers have been engaging in fraud and other misconduct long after establishing themselves in other segments of the financial services industry.”
Specifically, FINRA’s proposed expansion of BrokerCheck would:
· Disclose all “historic” complaints against a broker dating back to 1999, when electronic filing of broker information began. Generally, historic complaints are customer complaints, arbitrations or litigations more than two years old that have not been adjudicated or have been settled for an amount less than the reporting requirement (currently $15,000). They are currently reported on BrokerCheck when the broker has three or more currently disclosable regulatory actions, customer complaints, arbitrations, litigations or historic complaints. The new proposal would disclose all historic complaints dating back to 1999 for individual brokers who are currently registered or whose registrations were terminated within the preceding two years. If the SEC approves the entire package of BrokerCheck expansion proposals, the reporting of historic complaints would apply to brokers whose registrations were terminated within the preceding 10 years.
· Expand the disclosure period for former brokers. Currently, a broker’s record is publicly available for two years after he or she leaves the securities industry. That two-year period coincides with the period in which an individual remains subject to FINRA’s jurisdiction and within which an individual can return to the industry without having to take requalifying exams. The new proposal calls for making a former broker’s record public for 10 years, so investors can access information about individuals who may work in other sectors of the financial services industry or who have attained other positions of trust.
· Further expand the amount of information that is permanently available on former brokers. Last year, BrokerCheck started making information about final regulatory actions (i.e., bars, suspensions, fines, etc.) against former brokers permanently available to the public. The new proposal would make additional information permanently available – including criminal convictions or pleas of guilty or nolo contendere; civil injunctions or findings of involvement in a violation of any investment-related statute or regulation; and arbitration awards or civil judgments based on the individual’s involvement in an alleged sales practice violation.
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business in the United States. Created in 2007 through the consolidation of NASD and NYSE Member Regulation, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms.
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New York (HedgeCo.net) – The SEC adopted a new rule to place certain restrictions on short selling when a stock is experiencing significant downward price pressure. The measure is intended to promote market stability and preserve investor confidence.
This alternative uptick rule is designed to restrict short selling from further driving down the price of a stock that has dropped more than 10 percent in one day. It will enable long sellers to stand in the front of the line and sell their shares before any short sellers once the circuit breaker is triggered.
“The rule is designed to preserve investor confidence and promote market efficiency, recognizing short selling can potentially have both a beneficial and a harmful impact on the market,” said SEC Chairman Mary L. Schapiro. “It is important for the Commission and the markets to have in place a measure that creates certainty about how trading restrictions will operate during periods of stress and volatility.”
Short selling involves the selling of a security that an investor does not own or has borrowed. When shorting a stock, the investor expects that he or she can buy back the stock at a later date for a lower price than it was sold for. Rather than buying low and selling high, the investor is hoping to sell high and then buy low. Short selling can serve useful market purposes, including providing market liquidity and pricing efficiency. However, it also may be used improperly to drive down the price of a security or to accelerate a declining market in a security.
The alternative uptick rule (Rule 201) approved today imposes restrictions on short selling only when a stock has triggered a circuit breaker by experiencing a price decline of at least 10 percent in one day. At that point, short selling would be permitted if the price of the security is above the current national best bid.
Rule 201 includes the following features:
+ Short Sale-Related Circuit Breaker: The circuit breaker would be triggered for a security any day in which the price declines by 10 percent or more from the prior day’s closing price.
+ Duration of Price Test Restriction: Once the circuit breaker has been triggered, the alternative uptick rule would apply to short sale orders in that security for the remainder of the day as well as the following day.
+ Securities Covered by Price Test Restriction: The rule generally applies to all equity securities that are listed on a national securities exchange, whether traded on an exchange or in the over-the-counter market.
+ Implementation: The rule requires trading centers to establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the execution or display of a prohibited short sale.
The rule will become effective 60 days after the date of publication of the release in the Federal Register, and then market participants will have six months to comply with the requirements.
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New York (HedgeCo.net) – Investors are positioning themselves for halts in both Europe and China’s economic recovery, according to the BofA Merrill Lynch Survey of Fund Managers for February.
Investors have scaled back their growth expectations, retreated into cash and are increasingly skeptical that the European Central Bank (ECB) will increase interest rates in 2010. The panel was responding to questions against a backdrop of economic crisis in peripheral eurozone countries and concerns over monetary tightening in China. World equity markets fell by 8.9 percent during the survey period.
The proportion of European investors expecting the region’s economy to grow in the coming 12 months has fallen to 51 percent from 74 percent in January, and the proportion expecting no rate rise by the ECB in 2010 has soared to 45 percent from 19 percent. Globally, 42 percent of respondents now see no rate hike by the U.S. Federal Reserve before 2011, up from 27 percent.
Risk aversion returned with average global cash balances rising to 4.0 percent from 3.4 percent in January. Hedge funds have scaled back leveraged to less than one times from 1.33 times. Europeans poured out of financial stocks amid fears of exposure to troubled economies. Global investors now say Europe is the region they would most like to underweight.
“Investors are questioning whether this is a pause in growth or a trend reversal. We believe it’s the former,” said Gary Baker, head of European Equities strategy at BofA Merrill Lynch Global Research. “Concern over European sovereign debt and Chinese tightening means the level of U.S. dollar bulls is at a 10-year high, and banks are once again the least loved global sector,” said Michael Hartnett, chief Global Equities strategist at BofA Merrill Lynch Global Research.
Concerns prompt asset re-allocation
The starkest monthly change has been a shift back into cash. A net 12 percent of global asset allocators are overweight cash, the highest since June 2009 and in contrast to a net 8 percent underweight in January.
Equity positions are sharply down. A net 33 percent say they are overweight equities, down from a net 52 percent in January. There’s been a moderate move back towards bonds. A net 39 percent of asset allocators are underweight bonds, down from a net 52 percent a month earlier. Nonetheless investors still prefer growth sectors such as tech, energy and industrials.
Commodities, dependent on Chinese demand, have fallen in popularity with a net 10 percent of global investors overweight the asset class, down from a net 23 percent. However, following a 9 percent fall in the oil price, during the survey period, a net 18 percent now see crude as undervalued.
Fears surface over Chinese growth
Belief in China’s continued economic growth has fallen at the fastest rate ever recorded by the survey. Just 7 percent (net) of the global panel expect China’s economy to strengthen in the coming 12 months – down from a net 51 percent of respondents a month earlier and the lowest reading since March 2009. This turnaround followed the decision to increase Chinese banks’ reserve ratio requirements.
“At least in terms of investor growth expectations, China has experienced a ‘double-dip’,” said Michael Hartnett.
Banks take brunt of equity sell-off in Europe
European investors responding to the BofA Merrill Lynch Survey of Fund Managers have dramatically reduced exposure to banks in the past month.
More than half of respondents (53 percent) are underweight bank stocks compared with 16 percent in January, a monthly swing of 37 percent and the highest underweight since March 2009. Even after the sell-off a net 14 percent of the regional panel believes banks are overvalued.
“What’s happened in Greece has prompted questions about banks’ lending positions and exposure to other peripheral economies. There’s also a fear that banks’ cost of capital will rise,” said Gary Baker. The banking sell off was concentrated in Europe, however. U.S. investors actually reduced their underweight positions. A net 24 percent are underweight banks, down from a net 38 percent in January.
Survey of Fund Managers
A total of 200 fund managers, managing a total of US$502 billion, participated in the global survey from 5 February to 11 February. A total of 165 managers, managing US$355 billion, participated in the regional surveys. The survey was conducted by BofA Merrill Lynch Research with the help of market research company TNS. Through its international network in more than 50 countries, TNS provides market information services in over 80 countries to national and multi-national organizations. It is ranked as the fourth-largest market information group in the world.
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New York – (HedgeCo.net) – New York based institutional investment research company, Carbon 360, conducted a survey of third party marketers as well as capital introductions groups titled “Capital Introduction Trends in 2010”, to investigate the most sought after strategies, sourcing trends and due diligence concerns while asking how the industry might evolve over the next five years.
The survey showed that the investor base is now dominated overwhelmingly by institutions, family offices, and pension funds. Investors have also developed a taste for Global strategies in addition to traditional long/short funds, the survey found.
While performance remains a primary concern, transparency and risk management have grown to become critical concerns for investors.
“As hedge funds go, so goes the capital introduction industry.” Evan Rapoport, CEO of HedgeCo Securities LLC, said. “In that mode of thought, transparency and risk management are the popular trends. If we can work with regulators to legitimize the industry and overcome the scandalous actions of a select few, I am all for it. This will be a major theme ongoing.”
“I expect institutional investors to be more receptive to newer managers, fee structures to remain stable, and foreign investors to invest more in the US and vice versa.” Rapoport said, “Europe should lose market share to Asia, and new markets will open up as countries move from developing markets to developed markets. Proprietary trading and hedge funds owned by large US banks will most likely weaken or disappear under the current administration and, more importantly, current US economy sentiment, leading to opportunities for independent investment management companies. Overall, I expect 2010 to build on the strength of the latter half of 2009.”
New York (HedgeCo.net) – Independent hedge fund research company, Morningstar, Inc. has acquired the Footnoted business of Financial Fineprint Inc., a privately held firm based in Peekskill, N.Y.
Footnoted.org was founded in 2003 by Michelle Leder, author and journalist. Footnoted’s research staff pores over hundreds of SEC filings a day to unearth critical information buried in the fine print, such as evidence of aggressive accounting, excessive compensation, or the type of questionable self-dealing that can indicate more serious problems at a company.
“Morningstar is always looking for ways to provide investors with information to make investing as transparent as possible. There are few better examples of that principle in action than the work Footnoted does to demystify the often-complex details hidden deep in companies’ federal filings,” said Kunal Kapoor, president of individual investor software at Morningstar. “Its content is a natural fit with our investor-centric offerings at Morningstar.com and is a perfect companion to our tools, reports, and research.”
Footnoted has been lauded by BusinessWeek, CNN/Money, Financial Times, Fortune, Time, and The Wall Street Journal.
New York (HedgeCo.net) – FINRA and the SEC have recently issued statements and taken bold steps to put the industry on watch, hedge fund compliance consulting firm, FrontLine Compliance, LLC., reports. FINRA is now being more active with exams, document requests, and specialized investigations – and it is not accepting staffing problems as an excuse from firms unable to respond in a timely fashion.
FINRA’s Enforcement chief Susan Merrill stated in a recent speech that, “Scaling back a compliance department doesn’t justify not fully cooperating with document requests, even during a challenging economy.”
The SEC has stepped up its investigative tools through a significant reorganization of its Enforcement Division. Five new priority areas have been established through the creation of specialized units, including an asset management unit to target misconduct at investment advisers, investment companies, hedge funds and private equity funds. In an announcement, SEC Enforcement chief Robert Khuzami stated that the units would provide, “earlier and better capability to detect emerging fraud and misconduct” and a “greater capacity to file cases with strike-force speed.”
Staffed by former SEC and FINRA regulators, and chief compliance officers, FrontLine Compliance is a regulatory compliance consulting firm of former high-level regulatory insiders offering customized services to broker-dealers, investment advisers, investment companies, hedge funds, and insurance company affiliates.
New York (HedgeCo.net) – Jaime Raskulinecz, a longtime real estate investor, founded Entrust Northeast, LLC., as a means of combining her avid interest in buying rental properties while also building a productive business opportunity.
“I founded Entrust Northeast after struggling to find a way to make real estate investments inside my own retirement accounts,” says Raskulinecz.
Armed with the knowledge that the Internal Revenue Service allows such transactions—not only for real estate, but for the purchases of businesses and a host of traditional and alternative investments—the veteran New Jersey businesswoman rolled up her sleeves and, in 2004, discovered the solution she was looking for—self-directed IRAs.
She founded Entrust Northeast, LLC, in Verona, NJ to facilitate the creation and custody of self-directed IRAs (SDIRAs) for other investors. Her business experienced over 100% growth in 2006 and over 75% growth in 2007. Today she works with real estate investors, realtors, financial planners, investment advisors, CPAs, business people and individual investors throughout New Jersey, New York and Connecticut to help them utilize assets in their 401(k), SEP plans and traditional and Roth IRAs to pursue business and investment goals. Self-directed IRA holders can buy not only real estate but notes, private placements, accounts receivables, limited partnerships, gold, stocks, bonds, mutual funds, hedge funds and certificates of deposit.
“So many investors today have the bulk of their assets locked away in retirement plans, at the very moment when buying real estate and other non-traditional investments are advantageous. The time is also right for Baby Boomers to start new careers and businesses,” says Raskulinecz, who was recently recognized as one of the 30 most successful women business owners by The New Jersey Association of Woman Business Owners. The tribute recognized Raskulinecz for her vision and her determination to empower investors fully.
One thing is certain: Raskulinecz’s timing couldn’t be better. Tiburon Strategic Advisors, Tiburon, CA, finds that more than 78 million Baby Boomers have some $17 trillion in assets at their disposal—a significant percentage of which are locked away in retirement plans. The only way to get at these assets, without paying significant early withdrawal penalties and taxes? You guessed it. Self-directed IRAs, which Raskulinecz’s firm helps investors create.
Today Entrust Northeast has become a leading provider of comprehensive account administration and transaction support services for self-directed retirement and savings accounts. The firm’s services enable investors to diversify their investment portfolios by harnessing their IRA assets to purchase a wide array of nontraditional investments. In addition to account administration and transaction support services, the firm is committed to empowering clients
with the knowledge needed to proactively shape their financial future – all within the strict codes set out by the IRS to preserve the tax deferral afforded to qualified retirement assets. “The job of a self-directed IRA administrator, like us, is to handle all the paperwork required by investors and the IRS, leaving investors to the business of doing what they do best—planning and investing for their financial well-being,” Raskulinecz says.
Recently, Raskulinecz has walked clients of her firm through the creation of self-directed IRAs that have allowed them to invest in other people’s businesses, including an insurance business. “Our services allow people to create the next chapter in their already successful lives and careers, utilizing their own assets,” she says.
On the real estate front, Raskulinecz says many savvy real estate investors are using self-directed IRAs to buy properties they believe may be out of reach soon—such as beachfront homes and if a Roth is used the rules are followed closely, the property can be taken out as a tax-free distribution after age 59 ? and used in retirement. “You can buy the beach house you are in love with, as long as you don’t use it while it is held by your IRA,” Raskulinecz says. “You can rent it out to pay for the investment.”
One of her NJ clients, Dawn Fairlie, used her self-directed IRA funds to invest a pre-construction condo on Panama Bay in Panama. Ms. Fairlie has invested outside of her retirement assets, but says that bulk of her funds are held in retirement accounts. The real estate investments give her diversification that the stock and bond markets don’t afford her, while the Panama condo may also serve as a retirement home. Fairlie is hot on the trail of other opportunities in Panama – most recently waterfront land that would be purchased using her spouse’s self-directed IRA.
How do the IRS rules affect your investment when you sell properties held within your self-directed IRA? When you sell a property that is held within your self-directed IRA, all proceeds and gain go back into the plan either tax-deferred or tax-free depending on the type of account. Then when you are eligible for distributions, you may take it in partial distributions over several years, you may take the entire property at once as a distribution, or you may petition the IRS for a waiver to allow you to purchase the property from your plan (not usually allowed, but it may be granted if you can show that the IRA would benefit the same as if it were sold to a non-disqualified third party).
“Transactions are not as complicated as they seem if you deal with an administrator that guides you through the process,” says Raskulinecz, who walks investors through all types of purchases and transactions although does not offer investment, tax or legal advice to clients.
Some real estate investors are also using self-directed IRAs created through Entrust Northeast to invest in other real estate-related assets such as mortgages within their retirement plans. The firm has also seen increased interest from investors to use their retirement plans to invest in domestic and off-shore hedge funds as well as private placements, both of which are not typically allowed by IRAs held with traditional custodians. But real estate itself continues to be the most common investment Raskulinecz’s clients buy, she says.
With regards to the U.S. real estate front, some markets are in decline or even flat. Many properties have been sitting on the market for more than a year or are in foreclosure. “Some people think that the instability in the U.S. market means real estate investing should be put on hold, but we have many clients who think otherwise,” Raskulinecz says. “They see price declines and even foreclosures as buying opportunities.”
Another opportunity that Raskulinecz is telling her clients about? The opportunity investors of all incomes will have to convert their funds from traditional IRAs to a Roth IRA in 2010. The added benefit? Investors who take advantage of the option and make the conversion in 2010 will get two years instead of one to pay the income tax bill on the conversion.
Even the wealthiest investors can take advantage of the conversion in 2010, when the income limits are lifted. “Taking full advantage of this may take advanced planning starting now, if clients want to be able to set aside tax money, which is why we’re spreading the word,” says Raskulinecz. Why is converting to Roth so attractive? Investors, especially those who are a decade or more away from retirement, will not only create tax-free accumulation and distributions. They will also be able to benefit from decades of tax-free investing—provided they enjoy a long life. Why? With Roths, minimum distribution rules do not kick in when the participant turns age 70, as they do with traditional IRAs and qualified plans, so there are no required minimum distributions for Roths until after the death of the participant.
Jaime J. Raskulinecz, CPM is the CEO of Entrust Northeast, LLC, a NJ licensed Real Estate Broker and CEO and principal of Rainbow Property Management, LLC, AMO. Entrust Northeast is a locally owned and operated office that is part of The Entrust Group, the largest and oldest administrator of self-directed retirement plans in the country. Entrust Northeast has become one of the first and only area companies to enable investors to harness their IRA assets to purchase a wide array of nontraditional investments such as real estate, notes, private placements, accounts receivables, limited partnerships and gold. Ms. Raskulinecz has been a successful real estate investor herself for more than 20 years. Jaime can be contacted at 973-857-8058 or Info@EntrustNorthEast.comwww.EntrustNortheast.com. To read more comprehesive information,Click Here.
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According to a story published in the Financial Times, not everyone believes that London’s status as an international financial center is in jeopardy. In fact, despite the defections of well-known funds BlueCrest Capital and Brevan Howard in recent months, not to mention increases in the tax rates levied on bankers, some of the city’s elite firms are still optimistic that the city’s troubled financial industry will indeed rebound.
In fact, as Savvas Savouri, chief economist at Toscafund Asset Management points out, the city could be poised for tremendous growth in the coming decade for a variety of reasons. Pointing to the economic growth in India, the Gulf, and the Bric nations (Brazil, Russia, India, China), he suggests that London represents a natural “western hub” for these economies. Despite the rapid growth in these emerging markets, these countries still lack the essential infrastructure of a city like London.
As for London’s recent 50 per cent supertax levied on bankers’ bonuses and its threats of increased regulation? Savouri comments, “…taxes are rising and regulation is being tightened elsewhere too.” As if on cue, President Obama last week announced a new program in the US which will tax the major banks nearly $100 billion over the next 10 years.
Savouri predicts that London will add 100,000 financial services positions in the coming decade. He reached this figure by comparing the arrival of the Japanese banks to London some twenty years ago to the anticipated growth of banks from the Bric countries.
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New York (HedgeCo.net) – New regulations and laws, including the recently enacted anti-money laundering and know-your-client laws are making the outsourcing of hedge fund administration more and more common, according to Joe Goldstein President of G&S Fund Services, who said “When administrating their own fund, many fund managers find they are in over their head.”
“Last week there were expansions, as back and middle office service providers globally, caught up with the trend.” Andrew Schneider, founder and co-principal of hedge fund research and services firm, HedgeCo Networks, said.
Privately owned hedge fund administration company, Opus Fund Services, today opened a Chicago office, appointing Stephen Giannone as the firms President. He has previously worked in senior management positions at Bear Stearns and Deutsche Bank and most recently at hedge fund administrators Spectrum and Omnium (formerly Citadel Solutions). Opus Fund Services is headquartered in Bermuda and has offices in New York, the United Kingdom, and the Cayman Islands.
And also in the off-shore news, hedge fund law firm, Conyers Dill & Pearman, announced an expansion into Cyprus. Conyers will launch its Cyprus practice out of its Moscow office and will advise on all aspects of Cyprus corporate law.
Cypriot law firm Antis Triantafyllides & Sons LLC (ATS) has entered into an arrangement with Conyers for mutual co-operation on Cyprus, Bermuda, British Virgin Islands, Cayman Islands and Mauritius work, and will assign a lawyer from their Cyprus office to Conyers’ Moscow office.
New York (HedgeCo.net) – The fund which the U.S. House Financial Services Committee is setting up to dismantle large insolvent financial institutions will be limited to $200 billion, MarketWatch reported earlier today.
“The cap we have is $200 billion,” House Financial Services Committee Chairman Barney Frank said, referring to legislation which would collect funds from large financial institutions and hedge funds with $10 billion in capital or more.
The Chairman’s regulatory-overhaul package, in opposition to the Obama administration, which wants to collect fees after a company fails, is up for vote by the House this month. The fund would be used to make payments to creditors and counterparties of a large failing financial institution so that its collapse does not unsettle the financial markets.
Research and Markets has added John Wiley and Sons Ltd’s new report “The Hedge Fund Fraud Casebook” to their offering. An in-depth look at the first 100 cases of proven fraud at hedge funds.
“Never has it been more important for the 
New York (HedgeCo.net) – Investors are positioning themselves for halts in both Europe and China’s economic recovery, according to the BofA Merrill Lynch Survey of Fund Managers for February.
The survey showed that the investor base is now dominated overwhelmingly by institutions, family offices, and pension funds. Investors have also developed a taste for Global strategies in addition to traditional long/short funds, the survey found.