Asbury Park Press – The end of the George W. Bush era brings some Grateful Dead lyrics to mind: "What a long, strange trip it’s been."

The first Bush term opened following the bursting of the tech bubble, which had been inflated by cocktail-napkin business plans for dot-coms. Stocks plummeted. The economy contracted dramatically in the third quarter of 2000, followed by a full-blown recession in March 2001 and the horror of Sept. 11. Federal Reserve Chairman Alan Greenspan cut interest rates down to practically nothing and, with help from the Bush administration’s tax cuts and unbridled spending by Congress, created easy-money housing and credit bubbles during the Age of Froth.

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International Herald Tribune – Only 10 months ago, Remy Trafelet was so flush that he treated about 100 employees at his hedge fund to a getaway in Venice. He and his crew spent a long, luxurious weekend at the five-star Hotel Bauer, which has Murano glass chandeliers, private gondoliers and a splendid view of a 17th-century basilica.

But now, a bit like Venice, Trafelet’s hedge fund seems to be sinking. His flagship fund has fallen about 26 percent this year, and Trafelet is struggling to hold on to anxious employees, as well as some investors.

Perhaps the most remarkable thing about Trafelet is that he is not so remarkable at all. Thousands of hedge fund managers like him — mostly young, mostly male and virtually all unknown outside financial circles — confront a sober reality: for now, the days of easy money are over.

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Tags: housing-market, inco, international-ltd, medallion, private-equity-investors, when-retirees

HedgeWeek – TriAlpha, the asset management arm of the Stonehage Group, an international wealth management group, has launched the TriAlpha Global Property Strategy Fund, a fund of property hedge funds.

The fund seeks absolute returns by focusing on hedge fund managers that specialise in the global property sector. The portfolio will include property hedge funds from prominent management firms such as Credit Suisse, Thames River Capital and New Star Asset Management.

‘With increasing uncertainty and volatility in the property sector, a fund of hedge funds approach to this asset class looks extremely favourable,’ says TriAlpha director Cobus Kruger. ‘The easy money has been made – given this volatility it’s now time for the skills of hedge fund managers to be employed.’

TriAlpha has a 10-year track record in managing funds of hedge funds, and through Stonehage Property Partners the group has extensive experience in property investment.

‘Using a fund of funds approach allows us to exploit opportunities across global property markets with an absolute return focus through the full property cycle,’ says Sean Curry, head of TriAlpha’s fund of hedge funds team.

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