As much as $10bn was invested in hedge funds focused on the Middle East and north Africa before the 2008 financial crash, says a report by Hedgefund.net, a US-based research house.
The downturn caused a dramatic outflow as investors took fright. Assets under management reached a low of under $4bn in the first quarter of 2009 and are now only slightly greater. Yet $4bn is much more than most estimates of hedge fund assets in the region.
Peter Laurelli of Hedgefund.net says his database contains 26 unique and active Mena-focused funds. Average asset size is roughly $100m, he says. The preferred strategy is long-short equity.
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