Criticisms of hedge funds have been published in The Scotsman today concerning the levels of fees compared to performance since the start of the year.
The paper notes such funds returned 10% per annum in 2002-3, but since January this year have on average managed just 2%, not far off the sideways movement of the general market. Martin Currie fund manager Ross Leckie is quoted saying: “If hedge fund returns and markets are correlated, then why should investors pay such high fees? If hedge funds can’t make money in flat markets, their credibility will be suspect." ANOTHER US INVESTMENT bank has jumped at the chance to acquire the UK’s only remaining blue-blooded investment bank and broker Cazenove with an offer worth about £800m, the...
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