【阅读】外刊阅读:Going, going, gone?
发布于 5年前 作者 来自外太空的鱼 887 次浏览 来自 六级

本篇四六级阅读材料“渐行渐去?Going, going, gone?”选自《经济学人》。大家如果觉得简单,可以就当作泛读材料了解了解,认识几个新单词或新表达方式也不错。如果大家觉得这些材料理解上有难度,不妨当做挑战自己的拔高训练,希望大家都有进步^^

Finance and Economics;Funds of hedge funds;Going, going, gone?


An overdue wave of consolidation is hitting thefunds-of-funds industry;


“If one individual can serve as the embodiment of thehedge-fund industry—its entrepreneurial spirit, its youthful energy after decades of growth and its pursuit of the next great manager—it is Arpad “Arki” Busson.” So cooed the Financial Times in 2006. Now Mr Busson seems to have become the embodiment of his industry’s struggles. On May 29th reports surfaced that Mr Busson is seeking to sell EIM, his fund of hedge funds, which manages 6.2 billion dollar, less than half of what it did in 2008.


Other funds of funds, which allocate investors’ money to a portfolio of different hedgefunds, are also eyeing a sale. KKR, a private-equity firm, is in talks to buy Prisma Capital, a fund of funds. On May 21st Man Group, a listed hedge fund, announced it would buy FRM Holdings, an 8 billion dollar fund of funds, for up to 83m dollar. A small price tag, but some say Man is mad to pay even that.

其他对不同对冲基金进行投资组合的综合基金也难逃被出售的命运。私募股本公司KKP正计划着收购替代投资管理公司Prisma Capital,全球知名的上市投资管理公司英仕曼集团5月21日也表示将以8300万美元的价格收购规模达80亿美元的FRM Holdings 。这个价钱并不高,但仍有些人说英仕曼付这笔钱简直是疯了。

In return for extra fees, funds of funds are supposed to perform due diligence and select the best managers. But some of the industry’s bright lights, including Mr Busson, put money with Bernard Madoff. Too many seem to have no clue how to select managers. Funds of funds have underperformed single-manager hedge funds in eight of the past ten years, according toHedge Fund Research. Investors are voting with their feet. The sector still oversees 643.6 billion dollar but 184.2 billion dollar has flowed out since 2008.


European funds of funds have been hardest hit. They catered more to rich individuals, the kind scared off by Mr Madoff, than American funds of funds. But they have been losing investors everywhere to direct investment, and to cheaper consultancy firms. In a sign of the times, Albourne Partners, a large consultancy, now advises on 300 billion dollar in hedge-fund allocations, up by 67% from 2008. Funds of funds have had to cut their fees to compete; some are trying to add value by focusing on niche strategies or small, unknown managers

欧洲的综合基金管理公司已经遭到了最严重的打击。他们将目光转向被麦道夫的庞氏骗局吓跑的富有个体投资者,而不再是美国的综合基金管理公司。但他们在各地市场上的投资者或流向直接投资项目,或流向价格低廉的咨询公司。大型的咨询公司Albourne Partners突出体现了这一情况,该公司如今为3000亿美元的对冲基金项目提供咨询服务,这一数字自2008年以来已增长了67%。综合基金管理公司需要降低收费标准以应对竞争,一些公司还采用利基战略或聘请不知名的经理人来增加价值。

Optimists remain. In 2008 Protégé Partners made a 1m dollar bet with Warren Buffett thatfunds of funds could beat the stockmarket over a decade. At the end of last year, the fund of funds Protégé selected had fallen by 5.9%, compared with the 6.3% fall sustained by a mutual fund tracking the S&P 500. There are still six years to go before the winner is declared, but such modest outperformance suggests plenty of funds of funds will end up losers in the meantime.

乐观主义者还是有的,2008年Protégé Partners以100万美元和巴菲特打赌,赌十年之内综合资金管理的盈利能力会比股票市场更强。去年年末,Protégé 公司选中的综合基金盈利下滑了5.9%,与之相比,盯住标普500的指数型基金的收益下滑了6.3%。尽管六年之后才能决出胜负,但综合基金如此微弱的优势预示着在此期间会有大量的综合基金败下阵来。

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