Hedge fund moves into market-making

While several hedge fund strategies, such as convertible arbitrage, did well in 2001, most pure equity funds failed to meet expectations. CSFB/Tremont’s long/short equity index showed a negative 3.7% return, compared with a 4.4% gain for hedge funds overall. One fund at least has decided to change tack: Algometrics – a London-based hedge fund manager specialising in statistical arbitrage – will adopt more of a market-making role in cash and derivatives equity markets.

“We trade cash

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