Friday, 27 May 2016
Last updated 14 hours ago
Oct 26 2009 | 1:52pm ET
International Standard Asset Management, the hedge fund led by former Man Group CEO Stanley Fink, doesn’t like single-commodity funds. But the customer is always right, and the customer these days wants a gold fund.
Ask and ye shall receive: ISAM will launch a gold fund in December, joining a veritable hedge fund rush on the precious metal, which has hit record highs in recent weeks. This year, top hedge fund managers including John Paulson, Daniel Loeb and David Einhorn have made big bets on gold.
Now it’s Fink’s turn. He told Reuters that the firm has had “a lot of requests for gold.” Normally, the firm shies away from single-commodity funds, “but clients are asking for it,” he said at a Tel Aviv conference.
Recently, Tiger Management founder Julian Robertson has called the gold bugs “certifiably crazy.” But Fink compared gold to oil, saying “those who see gold as a store of value believe it still has a way to go.” He also said that, while gold may be expensive in dollars, “in euros it’s not so high.”