Now, who would have thought it? After being regarded as second rate citizens by many hedge funds leading up to and after the crunch, retail investors now hold the main remaining key to accessing some of the world's most sought-after managers.
‘If in doubt, delegate' seems to be the mantra of a growing number of investors this year, as asset allocation portfolios giving managers discretion to shift capital between markets are a popular choice.
Equity and commodity markets around the world continue to look seriously vulnerable to further significant retracements. We are reminded of summer 2007 when we told clients to get out of equity markets.