Redemptions Have Top Funds Trolling For New Investors

Oct 8 2008 | 8:38am ET

Desperate times call for desperate measures. With the market turmoil creating opportunities for hedge funds as many clients head for the door, many top hedge funds—closed for years to new investors—are reopening their doors.

Roberto Cagnati of Swiss fund of hedge funds shop Partners group told Reuters, “There’s almost no closed fund at this point.”

“You get calls from guys you never talked to before,” Cagnati, head of fund manager selection at Partners, said. “There’s really no guys we couldn’t meet—it’s a good opportunities to build relationships.”

But, he warns, top managers’ new inclusiveness isn’t going to last. “It’s likely to change again at some point.”

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