Equity benchmarks unsuitable hedge universe measure
Hedge funds should be compared with the most relevant asset class and it may make more sense to examine the success of a particular strategy in relation to bond performance rather than equities
In announcing funds under management as at March 31 of $55 billion, up $900 million on Q4 2013, Manny Roman, chief executive of Man Group, told shareholders last month that the market environment in the first quarter has been particularly challenging for the industry and, while the company is pleased to have recorded a solid quarter of net inflows, it remains cautious in outlook for asset flows for the rest of the year, given recent mixed absolute investment performance.
He will not be alone in
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