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Credit: Rudy and Peter SkitteriansAre blue skies ahead for hedge fund managers?Amy Bensted, head of hedge funds at Preqin, said: “This is a pivotal moment for the hedge fund industry, as investors initiate a sea-change in their allocation patterns. After several years in which hedge fund returns have failed to keep pace with the historic equity bull market, investors felt they could be getting higher returns at a lower cost.”However, capital protection and risk mitigation were coming to the forefront of investors’ minds, Bensted continued, which could play into the hands of some hedge fund managers. The vast majority of investors polled by Preqin said they expected their managers to perform in line with (46%) or better than (37%) expected in 2019.In addition, 29% of investors indicated that they had long-term plans to increase their hedge fund allocations, when asked at the end of 2018 (see below). This compared to 19% a year earlier.Investors’ longer-term intentions for hedge fund allocations (% of respondents)Chart Maker“This does come with a caveat, though,” Bensted concluded. “Investors are looking to rebalance their holdings, and many are trimming the number of managers and funds that they invest in as they seek to create more concentrated portfolios.“Fund managers may be optimistic about their longer-term relationship with investors, but they will need to work hard in the coming months to effectively attract and retain capital.” In addition, of the six alternative asset classes monitored by Preqin for its H1 2019 outlook report (private equity, private debt, hedge funds, infrastructure, real estate and natural resources), hedge funds were decidedly unpopular.Proportion of investors decreasing allocations to alternativesChart MakerBut it was not all bad news for hedge fund managers, according to the data company. Explaining the above numbers, it reported that “four out of five investors plan to maintain or increase their exposure to hedge funds in 2019”.Preqin said it expected investors to “redeem and rebalance in favour of less correlated strategies” to protect against downside risk. It added that, although a “plateau” in overall assets under management for hedge funds could indicate less activity in the market, “beneath the surface we expect high levels of movement of capital”. Last year was a bad year to be a hedge fund manager. Not only were markets weak, but investors pulled $34bn (€30.4bn) collectively from the sector, according to Preqin.The alternatives data firm reported this week that investors were, unsurprisingly, unhappy: more than half (55%) of allocators polled by Preqin said their managers had failed to meet their expectations.Have your hedge fund allocations lived up to expectations?Chart Maker
Nenagh Eire Og’s new Manager is being recognised for his outstanding contribution to Hurling.Brian Whelahan is being inducted into the Leinster GAA Hall of Fame.He took over the reins at Eire Og in May replacing interim manager and Michael Cleary. In his intercounty playing career as a wing-back he won three Leinster titles, two All-Irelands, four All-Star awards and picked up the Hurler of the Year award twice.Whelahan also won four club All-Irelands with Birr.Even though he’s still active in the game and has just taken up his new managerial role in Nenagh – Leinster GAA’s Cian Murphy says there was no need to put off this decision…Whelahan will be the official guest of honour at O’Moore Park in Portlaoise this Sunday, as Offaly take on Galway in the provincial semi-final where he will be introduced to the crowd before throw-in.