Post-Amaranth: The US hedge fund scene

Wed Apr 11, 2007




Michelle Celarier, editor, Absolute Return

US hedge funds that started 2006 on the back of mediocre results for 2005 and facing mandatory registration with the US Securities and Exchange Commission could not have envisioned how much their world would change by year's end. Not only did the courts strike down the much-despised SEC's registration rule but, for the first time in three years, median hedge fund returns hit the double digits - The Absolute Return Composite Index rose 11.22%. As the stock market soared, acquisitions of hedge funds picked up and the first-ever initial public offering of a US hedge fund management company was in the works.

Even more surprising, all this good news happened in a year that witnessed the largest-ever blow-up of a hedge fund - the collapse of Amaranth Advisors, which at its height managed more than $9 billion. Luckily, the fund's implosion didn't ricochet throughout the...

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