It is difficult to foresee borrowing costs for Italian, Spanish or other troubled debt falling permanently with "anything other than the ECB being used as a lender of the last resort", says Chris Iggo...
Absolute return and hedge funds have a large role to play for investors, say many private banks. Having them as part of asset allocation adds diversification and improves the risk/return profile.
European distressed debt hedge fund managers are optimistic about the prospects of tapping into a €140 billion leverage loan market in 2012 while investors worry about a lack of skilled managers.
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More David Walker articles
As emerging Asian hedge funds become more popular with investors outside the region, questions are being raised about the custody arrangements – or lack of them – which are causing some concern.
UK FSA's Hedge Fund survey and Hedge Fund as Counterparty survey find systemic risk low, but it does offer limited warnings
Cyber attacks have become more frequent but so far hedge funds have not been a target. Nevertheless, many prominent hedge funds as assessing their defences and putting up defences against hackers.
Whether or not funds are capped, hedge fund managers concur the broad post-crisis recovery rally in the $500 billion convertible bond market is over. They now trade around fair value.
European Union rules aimed at custodians servicing hedge funds are being discussed. Controversy centres on custodial liability for fund assets. Dealing with regulation is an issue.
Counter party risks and a desire for more control has led hedge fund managers to minimise their dependence on any one service provider. This has resulted in parallel, ‘shadow’ accounting.
There is growing interest by hedge funds in carbon trading. Traders are diversifying their funds and business risk by combining carbon investments with allocations to related asset classes. By David Walker
In response to industry fears of a collateral crunch, regulators have revised the proposed rules on margining for uncleared over-the-counter (OTC) derivatives.You can find out more by downloading this white paper here.
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