Nick Evans, editor, EuroHedge
In most respects, 2011 was a disappointing year for European
hedge funds - and one that makes it all the more pressing that
managers do not just deliver a good year for investors in 2012,
but a very good one.
Performance was generally lacklustre in 2011 - albeit in the
face of very tricky and turbulent macro-driven and
politics-dominated markets - and very much less good than
investors had been expecting at the outset of the year.
Although there were many notable performers in a year that
turned increasingly treacherous, there were also many poor
performances. More than a few managers (including some top
names) underperformed the markets by a substantial margin, with
several well-known firms delivering big drawdowns in a year
when conditions - although unquestionably challenging - were
frankly nowhere near as bad as in 2008.
Overall asset growth in the industry was also weaker than
might have been...