Global macro hedge funds seek profit amid turmoil

Shifting sands


The policy fracture between the US Federal Reserve and the European Central Bank (ECB) has given global macro managers plenty of food for thought. The best investment opportunities could ultimately be in the emerging markets.

The ECB has kept a tight rein on monetary policy since the onset of the financial crisis and called for fiscal consolidation in Europe’s troubled peripheral economies.

In October, Spain and Portugal followed the lead of Ireland and Greece in agreeing tough austerity measures,