WHEN NORWEGIAN DIRECTORY company Findexa was planning its innovative high-yield IPO in May 2004, it expected as much as 50% of demand to come from high-net-worth individuals, private clients and retail investors. But when this demand failed to materialize it wasn’t long-only investors that filled the gap but hedge funds. Half of the IPO went to hedge funds and just 30% to long-only accounts.
Hedge funds are now rivalling if not eclipsing traditional fund managers as the main buyers of new equity issues.
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