IN A further sign that hedge funds have bounced back, the number of searches for the industry’s top managers more than doubled last year.
With hedge funds posting the strongest returns in a decade in 2009, management research firms are performing significantly more senior staff searches for their clients.
Global consultancy firm Hewitt Associates said its management team made double the number of hedge fund manager searches in 2009 compared with the year before. The number was an astonishing 600 per cent higher than in 2006.
In comparison it said the number of searches for private equity fund managers was flat. A Hewitt spokesman said the number of searches directly correlates to the popularity of funds.
Guy Saintfiet, senior hedge fund researcher at Hewitt said: “The industry now seems to have put the worst behind it and assets have started to grow again. The number of new fund launches also increased.”