Fledgling hedge funds struggle to raise assets

Morgan StanleyÆs survey of institutional investors finds they are pickier about hedge fund managers - and keener on Asia and Japan strategies.
Growing up is never easy. A Morgan Stanley survey of global hedge fund trends, based on interviews with 40 large US institutional investors, suggests that starting a new hedge fund is more difficult now, even as the overall industry continues to expand.

The report projects hedge fund assets growing to $3 trillion by 2010, having passed the trillion mark in 2005, assuming the pace of growth continues as it has since 1999, when the industry was $456 billion.

For start-up funds, the miracle of birth is getting even tougher. Unlike 2003 and 2004, when launches exceeded their day-one target fundraising to the tune of 25%, in 2005 there were shortfalls of about half the envisaged...
¬ Haymarket Media Limited. All rights reserved.

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