有了解BGI的么？

clocdo

bbay: bluebay, the fund they have just launched is a private placement, so no comment.
GS: they have launched 1bn hy credit op fund in oct, almost done now.
mcapital: is a hf ran by a couple of former ML heads, bbg mentioend it briefly the other day, they just started.

these fund took advantage of such illiquid mkt, they do mandate and do clos-end op fund, play with both cash settlement and cds on stressed names. return is around 15-20%, no leverage, and asset protection is way better than equity fund.

AM is a FLOW of fee business (m&a is a ONE-TIME shoot fee business model in contrast).

Investors do rather want their money in big names than some small hf (basically 5 ppl + 10 bbg station), especailly true in this market, becuase you get full ranges of products, strong midle-/back office support and so on...

hf is dead, pity for people in green park area.

stq

以下是引用clocdo在2008-12-17 5:46:00的发言：

imo, index is boring, beta job is way less intersting than alpha job...

right that mkt is down, but high fee business is still around, just need a bit digging, best selection funds in credit, hy have great timing opportunity and once-in-a-life-time reture possibility,,,(ive seen bbay, gs, mcapital that have launched this kind of products recently..)...

barclays fund is the european nr1 this year in terms of aum  i remember, main reason of aum increase is that they have loads of index funds there ...and not because they have produced lots of alpha...well, people (investors/other ams) are not silly, they know the trick..dont get me wrong, i fully respect barclays, great company to work for.

Beta, Alpha的观点我完全同意，ETF啥的确实没多少技术含量。。

但是当research analyst的目的最终还是要成为fund manager, BGI 虽然做的是beta exposure但好歹混个fund manager容易点，加入一般的shop从research analyst 熬起，哪怕是PIMCO, Fidelity这种公司也不知道要啥时候才能熬出头。。

这两者的取舍你怎么看？

还有，这年头除非做complex derivatives, 不然要在基础的equity/bond research方面produce alpha太困难了，大多数mutual fund都跑不赢大市，这种情况下想往上爬何其难。。

stq

以下是引用clocdo在2008-12-17 22:35:00的发言：
AM is a FLOW of fee business (m&a is a ONE-TIME shoot fee business model in contrast).

Investors do rather want their money in big names than some small hf (basically 5 ppl + 10 bbg station), especailly true in this market, becuase you get full ranges of products, strong midle-/back office support and so on...

hf is dead, pity for people in green park area.

特别是这次madoff丑闻后，大多数小型HF都要倒台。。

前段时间发展太快了，我都见过资产数billion的HF, full time做risk management的不过才几个人，research也都是直接买的，根本是搞笑。。

itokinblue

哎，BGI三番确定不招人了这段时间。。裁员开始了。。 郁闷  

stq

以下是引用itokinblue在2008-12-19 12:57:00的发言：

哎，BGI三番确定不招人了这段时间。。裁员开始了。。 郁闷  

啊。。你哪听到的消息？

klex

年底裁人,才能保住高官的bonus,顺便提高Q4的净收入。

heslaw

no hope for full time

go for internships ba

kallyli

以下是引用clocdo在2008-12-17 22:35:00的发言：
bbay: bluebay, the fund they have just launched is a private placement, so no comment.
GS: they have launched 1bn hy credit op fund in oct, almost done now.
mcapital: is a hf ran by a couple of former ML heads, bbg mentioend it briefly the other day, they just started.

these fund took advantage of such illiquid mkt, they do mandate and do clos-end op fund, play with both cash settlement and cds on stressed names. return is around 15-20%, no leverage, and asset protection is way better than equity fund.

AM is a FLOW of fee business (m&a is a ONE-TIME shoot fee business model in contrast).

Investors do rather want their money in big names than some small hf (basically 5 ppl + 10 bbg station), especailly true in this market, becuase you get full ranges of products, strong midle-/back office support and so on...

hf is dead, pity for people in green park area.

hy, 如你所说是“great timing opportunity and once-in-a-life-time return possibility", 不过谁敢说自己的现金流能支持到这些hy债券开始稳定回报的时候呢？况且，即便投资者有充足现金流，市场是否还会经受大的震动，谁也不好说，当时很多老的出名的基金都在几所大投行倒塌的时候遭受redemption威胁，如果再经受一次，估计很多基金公司都无法承担。当然他的回报要大很多，可以达到20%以上。我总是把hy bond当作是equity来对待。

觉得对冲基金还是很值得投资的，不过过分exposure,在现在的市场来说风险太大。所以fohf是理想的投资渠道。很多best selected fohf都还保持着moderate return。在这个时候，应该说fohf在规避风险上要比单纯的equity fund强很多。

fixed income fund投资高质量高评级的公司债券，在当前市场缺乏流动性的情况下，明显低估，应该说是相当好的投资对象。毕竟高质量的公司债券风险还比较容易看清，即使在市场下降的情况下。不过回报较低,不会超过15%。同时还有municipal bonds也很大程度低估, 因为它是在流动性受到威胁情况下最容易变现的,以至于前一阵子遭到机构大量抛售.

当然，我确实是一个不喜欢冒险的人：-)

djcong

以下是引用FINAC在2008-12-14 21:59:00的发言：

BGI在资产管理领域绝对是顶尖的，能比的也就FIDELITY, CAPITAL GROUP等不超过5家吧，说错了大家纠正一下啊！

只要能进去就好，别现在就说INDEX 好还是不好。你现在不了解业务，很多都是瞎想的

http://www.iimagazine.com/Rankings/RankingsMoMaRankAmerica08.aspx?src=http://www.iimagazinerankings.com/rankingsMoMaRankAmerica08/index.asp

in terms of AUM, BGI is the biggest money manager. but Fidelity and BGI recruit different groups of people.

djcong

以下是引用stq在2008-12-18 12:26:00的发言：

特别是这次madoff丑闻后，大多数小型HF都要倒台。。

前段时间发展太快了，我都见过资产数billion的HF, full time做risk management的不过才几个人，research也都是直接买的，根本是搞笑。。

I still think HF model won't die but those FoFs might be hit hard. The only value FoF brings to the table is it claims to do the due diligence for investors, but look at what happened to Madoff fund, those FoFs blindedly invest with Madoff, what exactly justifies their 1-2% of management fee? they do minucular but earn tons of money easily.