Merrill beats LTCM blues

Thu Jan 1, 2004

It was inevitable and now it is official: the big investment banks led by CSFB, UBS and Merrill Lynch are getting back into the game of raising money for hedge funds, and about time too. The banks sell everything from private equity to internet or mining stocks; yet, until now, they have been frightened to sell the best performing asset class in the world.

Obviously, we know why. The job of raising money for hedge funds became a dangerous business following the demise of Long-Term Capital Management, which left Merrill Lynch, which had raised so much money for John Meriwether and his gang, wishing they had never heard of him, let alone put so many of their clients into his fund.

Now, Merrill is coming back into the business just behind UBS and CSFB, which are already out there telling people about their ability to reach a different class of...

ISSN: 2151-1845 / CDC10004H

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