New funds survey: July 2009
Fri Jun 26, 2009
Despite a slow thawing, fund launches are at historic lows, with the biggest 21 new funds garnering $3.9 billion - down 81% from last year's first half.
Despite a slow thawing, fund launches are at historic lows,
with the biggest 21 new funds garnering $3.9 billion - down 81%
from last year's first half
By Britt Erica Tunick
As a disastrous 2008 wound to a close, Karim Mawji found
himself at a crossroads. A fund manager for New York-based
hedge fund Perennial Investors, Mawji, like many of his peers,
was facing a big pay cut with little prospect of improvement on
the horizon. Perennial's assets under management had fallen
more than 50% amid losses and redemptions, and the future
"The reality was that we'd had assets redeemed, and I had a
choice. I thought, 'Am I going to essentially work for free for
two to three years and try to claw back to the high-water mark,
go find a job at another fund, or do I start something on my
own?'" asks Mawji, who chose...
ISSN: 2151-1845 / CDC10004H
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