Overview - UCITS III: The end of the beginning

Tue Oct 27, 2009



"Now this is not the end," said Winston Churchill in his Mansion House speech at the end of the Battle of Egypt in 1942. "It is not even the beginning of the end. But it is, perhaps, the end of the beginning." Much the same could be said of the hedge fund industry. After all, many funds fought lengthy battles of their own in 2008. Some lost. Many more emerged wounded, bruised and bandaged, and with rather less hauteur than they had prior to the summer of 2007. Such was the damage sustained by the hedge fund community during the crisis that some commentators even asked - albeit rhetorically - if the industry could survive. "H2 2008 marked a clear discontinuity in hedge fund performance," Merrill Lynch observed in its annual review of the European asset management industry, published in February. "Will we see the wholesale extinction of what was...

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