Hedge fund turmoil a boon for family offices
Wednesday, May 13, 2009 : PermalinkGuardian Unlimited – Tumbling markets and redemption waves have been murder on hedge funds, but the turmoil will free up top-tier talent for a quiet but well-heeled corner of the market: family offices.
The world’s wealthiest, not content to hand their fortunes to brokers and banks, can afford to build their own money management businesses. These offices, which would never be considered by top fund managers during the go-go years, suddenly look attractive thanks to their stable capital and long-term investment horizon.
"You follow the money. Right now that is leading people to family offices," said Greg Coules, a former hedge fund manager who is building a family office recruiting practice at New York-based Hunter Advisors.
Tags: banks, building a family, coules, fortunes, fund-managers, guardian, hedge-fund-manager, investment horizon, long term investment, money management, redemption, turmoil, waves
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