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GENEVA (Reuters) - Union Bancaire Privee (UBP) aims to reinforce its presence in the hedge funds segment as rivals feel the pressure from the prolonged financial crisis, a senior bank official said on Tuesday.
"Only the best will survive and will be able to seize the space left vacant by others," said Jan Erik Frogg, head of alternative investments at UBP, told Reuters.
"There will be some unique opportunities."
The hedge fund market is going to contract by 30 percent to 35 percent as the financial crisis prompts investors to flee risky assets, UBP predicts.
Sydney Morning Herald - BNP Paribas SA, France’s biggest bank, agreed to take control of Fortis in Belgium and Luxembourg for 14.5 billion euros ($26 billion), completing a breakup of the lender after a government rescue failed.
BNP Paribas will pay 9 billion euros in stock and 5.5 billion euros in cash for 75% of Fortis Bank Belgium, all of the Belgian insurance operations and 67% of Fortis’s bank in Luxembourg, the Paris-based bank said in a e-mailed statement today. Fortis’s risky assets will be split off into a separate entity.
“It means excellent conditions for buying a network with a government guaranty,” said Emmanuel Soupre, a fund manager who helps oversee about $31 billion, including BNP Paribas shares, at Neuflize OBC Asset Management in Paris. “It’s like buying a home with all the works at the expenses of the old landlord.”
Reuters Singapore - Investors almost halved the money they put into Asia-focused hedge funds in the second quarter compared to the first three months of the year as a selloff in stocks hurt appetite for risky assets, data showed.
Asia-focused hedge funds received a net $530 million (268 million pounds) from investors in the April-June quarter, down from $1 billion in the first quarter, Chicago-based Hedge Fund Research said in a statement released late on Thursday.
Asian hedge funds grew by approximately $200 million to $100.48 billion, up just 0.25 percent from the first quarter, as inflows were mostly offset by a decline of nearly $320 million due to poor performance.
Reuters - Investors almost halved the money they put into Asia-focused hedge funds in the second quarter compared to the first three months of the year as a selloff in stocks hurt appetite for risky assets, data showed.
Asia-focused hedge funds received a net $530 million from investors in the April-June quarter, down from $1 billion in the first quarter, Chicago-based Hedge Fund Research said in a statement released late on Thursday.
Asian hedge funds grew by approximately $200 million to $100.48 billion, up just 0.25 percent from the first quarter, as inflows were mostly offset by a decline of nearly $320 million due to poor performance.
"Asian hedge fund investors reacted to continuing market volatility by adjusting allocations opportunistically to those regional markets that had posted sharp year-to-date losses," said Kenneth Heinz, president of Hedge Fund Research.
International Herald Tribune- Hedge fund managers are looking to global macro funds to try to steer clear of the mess created by the credit crisis while cautiously dipping into a small pool of more risky assets, a Reuters poll found.
Stormy markets have torn through the hedge fund market this year, forcing many to shut up shop and others to tumble, but most have still managed to keep well ahead of the severe double-digit losses suffered by global stock markets in the first half of the year.
The quarterly survey of 13 managers who invest in a basket of hedge funds and manage a total of about $150 billion in assets showed global macro funds leading the way through 2008 as they tend to benefit from periods of high volatility.
Typically global macro funds bet on the direction of markets, currencies or debt, and commodities.