Seeking Alpha – In 1997, some observers feared an impending global recession as a result of the headwinds stemming from the Asian financial crisis. However, within two years, those fears had dissipated and were replaced with new concerns of irrational exuberance.

In contrast, the U.S. economic downturn beginning in 2008 initially appeared to be relatively benign. Most observers believed that a moderation in U.S. economic growth was essential to prevent an over-heating of the global economy. It was further believed that the problems confronting the U.S. economy were of its own making and would have little effect on global economic growth.

To be sure, some economists did forecast a U.S. recession in 2008 as a result of mounting home foreclosures. Such forecasts were however widely dismissed as being unduly alarmist during the first quarter of 2008.

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Reuters HK- SAIL Advisors Ltd, one of Asia’s largest homegrown fund of hedge fund managers, said on Wednesday it hired former Goldman Sachs Group Inc managing director Vincent Duhamel as its new chief executive.

Hong Kong-based Duhamel will replace Eliza Lau, who previously served as both chief executive and chief investment officer. SAIL said Lau would remain as CIO and continue to oversee its portfolios. The Hong Kong-based firm had about $2.5 billion in assets under management as of the end of June.

Duhamel, who will start as CEO on September 17, was with Goldman in Asia from 2005 until earlier this year.

The Canadian executive initially ran its asset management business in the region, before the role was taken over by Oliver Bolitho. He moved on to help lead the unit’s sovereign wealth fund and central bank strategy.

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