{"id":8845,"date":"2008-10-14T00:00:00","date_gmt":"2008-10-14T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ubp-cuts-hedge-funds-sees-industry-shrinking","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/10\/2008\/ubp-cuts-hedge-funds-sees-industry-shrinking.html","title":{"rendered":"UBP cuts hedge funds, sees industry shrinking"},"content":{"rendered":"<p>Reuters &#8211; Union Bancaire Privee has cut its exposure to hedge funds and industry performance has disappointed, while other assets look more attractively-priced, a top executive said.       <\/p>\n<p>Christophe Bernard, the Swiss-based firm&#8217;s head of asset management, also told the Reuters Wealth Management Summit that the industry, estimated at $2.6 trillion, could shrink by one-third over the coming quarters as investors withdraw assets.<\/p>\n<p>&quot;The extent of what&#8217;s happening this year is unseen in the industry,&quot; he said, adding the industry&#8217;s problems are more drawn out than during 1998&#8217;s demise of Long Term Capital Management and Russian crisis or losses it sustained in 2001 and 2002.<\/p>\n<p>&quot;Hedge funds are meant to produce absolute returns. If we say nothing happens (by the end of the year) it will be down 10-11 percent. The basic function of hedge funds will have failed.&quot;<\/p>\n<p><strong><a target=\"_blank\" href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.reuters.com\/article\/WealthManagement08\/idUSTRE49C5B620081013\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; Union Bancaire Privee has cut its exposure to hedge funds and industry performance has disappointed, while other assets look more attractively-priced, a top executive said. Christophe Bernard, the Swiss-based firm&#8217;s head of asset management, also told the Reuters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1476,508,3160,570,234,276,117,465,573,129,83,326,516,236],"class_list":["post-8845","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-ambiguity","tag-bad-news","tag-bowling-ball","tag-charge-offs","tag-euro-1","tag-fourth-quarter","tag-investment-arm","tag-investment-fund","tag-john-meriwether","tag-losses","tag-medallion","tag-scrutiny","tag-stage-fund","tag-trillion"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8845"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8845\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}