TAILIEUCHUNG - Hedges on Hedge Funds Chapter 11

CHAPTER 11 The Expansion of European Hedge looking to make an allocation to a European hedge fund historically have been limited to perhaps a handful of interesting funds. During the last two to three years, however, the European hedge fund industry has grown exponentially as hundreds of new funds have opened to meet increased demand from investors seeking ways to enhance their portfolio. | 11 The Expansion of European Hedge Funds Investors looking to make an allocation to a European hedge fund historically have been limited to perhaps a handful of interesting funds. During the last two to three years however the European hedge fund industry has grown exponentially as hundreds of new funds have opened to meet increased demand from investors seeking ways to enhance their portfolio. Europe and in particular London is increasingly a key location for hedge funds that focus on investments in Europe Asia emerging markets and the overall global economy. Yet despite the huge growth in the European hedge fund industry it is still small compared to its . counterpart. See Table . The case for allocating capital to funds focusing on European strategies is strong given the fact that European markets are in general less efficient than the . markets. As a result increasing demand from European investors and the number of talented investment professionals in TABLE Growth of European Hedge Fund Assets in 2003 Region Number of New Funds Assets Europe 228 20 billion United States 400 24-27 billion 151 152 HEDGES ON HEDGE FUNDS Europe there is every reason to believe that the number of European funds will increase. See Figure . Investors should anticipate a robust but declining increase in the rate of growth of European strategies in the next few years. Although equity funds in Europe both long short and market neutral remain the biggest single group they no longer account for a majority of the REGULATORY CHANGE TRADING OPPORTUNITIES European equity markets are not as efficient as . markets and arguably offer good opportunities for talented fundamental investors. The Monetary Union has created a more liquid capital pool as well as increased the focus on the need for restructuring in Europe thus creating unique opportunities. FIGURE The European Hedge Fund Landscape. The Expansion of European Hedge Funds 153 assets. Arbitrage funds convertible .

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