A 28 percent decline in the number of fund of
hedge funds businesses since the start of the financial crisis is
not a sign the industry is dying, according to bankers at Pictet
& Cie.

Pictet is currently hiring professionals to
expand its fund of hedge funds business, Pictet Alternative
Investments (PAI), and believes the industry is returning to
health.

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Fund of hedge fund assets under management
rose by $340 million to $8.2 billion in the year to date in PAI,
still beneath pre-crisis levels of over $10 billion.

 

US appetite poised to cross The
Pond?

In the November edition of Private Banker
International, Nicolas Campiche, head of PAI, says current
demand from institutional investors for hedge funds, particularly
in the US, could signal greater asset flows in the next few
years.

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“US institutions tend to be ahead in terms of
trends, and we believe that the demand we have seen from them may
shift to Europe in the future,” he says.

Funds of hedge funds, which manage portfolios
of hedge fund investments on behalf of investors to diversify risk,
have suffered net outflows of $14 billion in the first nine months
of 2010.

The overall hedge fund industry, however,
looks likely to register its first net inflows since 2007, with
year-to-date inflows of $42 billion, according to Hedge Fund
Research data (HFR).