European hedge funds hit by market turmoil

Reuters Paris  – European hedge funds have had a bad week due to the market turmoil from the bailout of AIG and the collapse of Lehman Brothers, the co-founder of French fund of hedge fund manager ERAAM said on Thursday.

Paris-based ERAAM selects European hedge funds in which to invest its clients’ money and constantly monitors the performance of these hedge funds.

"This is a bad week. The driver of the market is not valuations any more. It’s just rumours and liquidity," said Cyril Julliard.

"Some could have been short on HBOS and long on Morgan Stanley," he added, referring to the British retail bank and U.S. investment bank.

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