China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

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Skip Navigation LinksHome :: Investment performance: Hedge fund managers will be back

November 2008

Investment performance: Hedge fund managers will be back

Difficult market conditions cost the hedge fund industry $210 billion over the third quarter, according to Hedge Fund Research. Of that, $31 billion was in outflows as investors pulled money out. The entire industry, which was thought to hit $2 trillion last year, is now at $1.72 trillion, says HFR.


Large hedge funds once thought infallible are struggling to navigate through volatile markets and a liquidity squeeze. Millennium Global Investments, the $15 billion UK hedge fund, began liquidating one of its funds, an emerging markets credit fund, in October, as lending dried up. Even Citadel’s Ken Griffin admits to having lost more in September in one of his funds than ever before, explaining in an investor letter: "Regretfully, I did not foresee the financial disaster that was to unfold in September."

Bleak...


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