Turkey of the week: hedge-fund provider won't escape turmoil
Fears over the health of the financial system intensified last week on the back of a deteriorating US employment picture. These worries once again pushed up inter-bank lending rates (ie, Libor), which in turn upped the pressure on the hedge-fund industry. When credit was booming and the cost of borrowing was cheap, many hedge funds loaded up on debt, using it to ratchet up their returns. Now banks are demanding loans be repaid when investments turn sour and funds are being forced to off-load assets at rock-bottom prices to raise cash. Clearly, this is good news for stock-pickers like myself, since it generates excellent buying opportunities. For the hedge industry, however, it is excruciating: many funds are going bust and the reputation of the remainder is hardly being enhanced.
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