Reopen for business

As GAM reopens some of its multi-fund hedge portfolios to new investors, David Smith reflects on the hedge fund industry, GAM's progress and staggering intake of money in 2004

David Smith is pacing his St James's Street office, reports in hand, his characteristic smile on face.

"I'm trying to work out how to make money," explains GAM's head of multi-manager of the wad of reports in his hands, "it hasn't been easy this year." He's not alone, in a fund of hedge fund industry that has returned on average 6% net in the 12 months to 30 November 2004, according to TASS.

One of the solutions to this problem, he says, is to seek niches largely untapped by hedge funds so far -

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