Norges chief slams disguised beta hedge funds
Nov 3rd, 2006 | Filed under: Investment Management FeesBy: Daniel Brooksbank, IPE.com
Published: November 3, 2006
Note to hedge fund marketers: take Knut Kjaer of the ($200b+) Norwegian Pension Fund off your call list. Seems he has been reading several recent studies (e.g. here) that shun hedge funds in favour of synthetic products.
But IPE’s headline only tells part of the story. Apparently, Mr. Kjaer has problems with all actively managed funds, not just hedge funds:
‘Unfortunately, most management products are delivered as an unclear mix of beta and alpha exposures,’ Kjaer said in a wide-ranging address to the Norwegian Polytechnic Society.”
He even seems to suggest that hedge funds are actually his secondary target, not his primary beef:
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