The return of the real money manager

Liquidity has become gold dust. Seen as commonplace pre-credit crunch, it's now scarce and expensive, and when the tap is switched off, the results are potentially very damaging. The casualties of the past year show how fatal the inability to fund your operations can be.

In a survey of fixed-income professionals conducted by Greenwich Associates over the summer, two-thirds of respondents considered liquidity risk to be their main concern, surpassing market risk for the first time.

As the hedge fun

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