New York Post
By KAJA WHITEHOUSE kaja.whitehouse@nypost.com
As Wall Street burns, smoke can now be seen billowing from its neighbor to the north: Greenwich, Conn., the world's hedge-fund capital.
With once-highflying funds seeing their performance worsening, investors are pounding on the door to get their money out, sources told The Post.
This has the investment community bracing for mass closings and liquidations by year's end, if not sooner.
"I'd not be surprised if, for some funds, September 2008 is their last month in business," said Veryan Allen, who advises institutional investors on hedge-fund investments.
Some of the industry's smartest investors got hammered over the summer amid nearly unprecedented volatility. Oil went from close to $150 a barrel to below $100 a barrel in a matter of weeks, while stocks were roiled by a series of bank failures.
And a formerly winning strategy - shorting stocks - kept getting hampered by new rules from the Securities and Exchange Commission.....
================================================================
Please send your comments to GreenwichRoundup@gmail.com
No comments:
Post a Comment
Useful criticism, helpful links and corrections and general comments are always welcome at Greenwich Roundup. Generally only spam ads and posts with very foul language get censored.
Contact me directly at GreenwichRoundup@gmail.com if you have a suggestion or comment you don't want publicized (but tell me so in your email).
I look forward to publishing your opinions.
COMMENTING RULES: We encourage an open exchange of ideas in the Greenwich community, but we ask you to follow our guidelines. Basically, be civil, smart, on-topic and free from profanity. Don't say anything you wouldn't want your mother to read!