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Article: From alpha to omega; Hedge funds.(A stampede pushes down returns)
- Article from:
- The Economist (US)
- Article date:
- July 17, 2004
CopyrightCOPYRIGHT 2004 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The rush into hedge funds is pushing down returns
A GENTLE stroll around St James's, the nice part of London in which The Economist is based, and Mayfair, a little to the north-west, reveals to those with an eye for such things the changing face of the world's financial-services industry. Almost every doorway, it seems, has a clutch of brass nameplates which, apart from the occasional word "capital", reveal little about the occupation of those within.
In fact, though much of the money managed by hedge funds is in America, St James's is the international capital of the industry: within a short walk of our offices are at least 100 such funds. And the sums ...