经济学人26:渐行渐去?Going, going, gone?

 　　Finance and Economics；Funds of hedge funds；Going, going, gone?

　　财经；综合基金；渐行渐去？

　　An overdue¹ wave of consolidation² is hitting the funds-of-funds industry；

　　迟到的兼并浪潮冲击着综合基金管理；

　　“If one individual can serve as the embodiment of the hedge-fund industry—its entrepreneurial spirit, its youthful energy after decades of growth and its pursuit of the next great manager—it is Arpad “Arki” Busson.” So cooed the Financial Times in 2006. Now Mr Busson seems to have become the embodiment of his industry's struggles. On May 29th reports surfaced that Mr Busson is seeking to sell EIM, his fund of hedge funds, which manages 6.2 billion dollar, less than half of what it did in 2008.

　　对冲基金这一行业极具创业精神，历经数十年的发展依然朝气蓬勃，而且始终积极寻找下一任出众的经理人。如果说某个人能体现出对冲基金的这些特点，那这个人非阿帕德·比松莫属。金融时报在2006年也有过这样的评论。如今比松先生摇身一变成为对冲基金坎坷发展的化身。5月29日有报道披露比松目前正与有关人士洽商出售其对冲基金EIM旗下的综合资金管理(FOF)部门，该部门经营着62亿美元的资产，不过这一数字与2008年相比萎缩了50%以上。

　　Other funds of funds, which allocate³ investors⁴' money to a portfolio⁵ of different hedge funds, are also eyeing a sale. KKR, a private-equity firm, is in talks to buy Prisma Capital, a fund of funds. On May 21st Man Group, a listed hedge fund, announced it would buy FRM Holdings, an 8 billion dollar fund of funds, for up to 83m dollar. A small price tag, but some say Man is mad to pay even that.

　　其他对不同对冲基金进行投资组合的综合基金也难逃被出售的命运。私募股本公司KKP正计划着收购替代投资管理公司Prisma Capital，全球知名的上市投资管理公司英仕曼集团5月21日也表示将以8300万美元的价格收购规模达80亿美元的FRM Holdings 。这个价钱并不高，但仍有些人说英仕曼付这笔钱简直是疯了。

　　In return for extra fees, funds of funds are supposed to perform due diligence and select the best managers. But some of the industry's bright lights, including Mr Busson, put money with Bernard Madoff. Too many seem to have no clue how to select managers. Funds of funds have underperformed single-manager hedge funds in eight of the past ten years, according to Hedge Fund Research. Investors are voting with their feet. The sector⁶ still oversees⁷ 643.6 billion dollar but 184.2 billion dollar has flowed out since 2008.

　　为了抵消额外花销，综合资金管理部门应该任用最出众的经理人并审慎经营。不过包括巴松在内，该行业的部分领军人物都把钱投给了庞氏骗局。他们中的很多人对于怎样挑选优秀的经理人毫无头绪。根据对冲基金研究会的数据，过去的十年中综合基金有八年的表现弱于单一管理基金。投资者会根据自身情况进行投资。综合基金仍然监管着6436亿美元，不过自2008年以来已经流失了1842亿美元。

　　European funds of funds have been hardest hit. They catered⁸ more to rich individuals, the kind scared off by Mr Madoff, than American funds of funds. But they have been losing investors everywhere to direct investment, and to cheaper consultancy firms. In a sign of the times, Albourne Partners, a large consultancy, now advises on 300 billion dollar in hedge-fund allocations, up by 67% from 2008. Funds of funds have had to cut their fees to compete; some are trying to add value by focusing on niche⁹ strategies or small, unknown managers

　　欧洲的综合基金管理公司已经遭到了最严重的打击。他们将目光转向被麦道夫的庞氏骗局吓跑的富有个体投资者，而不再是美国的综合基金管理公司。但他们在各地市场上的投资者或流向直接投资项目，或流向价格低廉的咨询公司。大型的咨询公司Albourne Partners突出体现了这一情况，该公司如今为3000亿美元的对冲基金项目提供咨询服务，这一数字自2008年以来已增长了67%。综合基金管理公司需要降低收费标准以应对竞争，一些公司还采用利基战略或聘请不知名的经理人来增加价值。

　　Optimists¹⁰ remain. In 2008 Protégé Partners made a 1m dollar bet with Warren Buffett that funds of funds could beat the stockmarket over a decade. At the end of last year, the fund of funds Protégé selected had fallen by 5.9%, compared with the 6.3% fall sustained by a mutual¹¹ fund tracking the S&P 500. There are still six years to go before the winner is declared, but such modest outperformance suggests plenty of funds of funds will end up losers in the meantime.

　　乐观主义者还是有的，2008年Protégé Partners以100万美元和巴菲特打赌，赌十年之内综合资金管理的盈利能力会比股票市场更强。去年年末，Protégé 公司选中的综合基金盈利下滑了5.9%，与之相比，盯住标普500的指数型基金的收益下滑了6.3%。尽管六年之后才能决出胜负，但综合基金如此微弱的优势预示着在此期间会有大量的综合基金败下阵来。

1 overdue   

adj.过期的，到期未付的；早该有的，迟到的

参考例句：

• The plane is overdue and has been delayed by the bad weather.飞机晚点了，被坏天气耽搁了。
• The landlady is angry because the rent is overdue.女房东生气了，因为房租过期未付。

2 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

3 allocate   

vt.分配，分派；把…拨给；把…划归

参考例句：

• You must allocate the money carefully.你们必须谨慎地分配钱。
• They will allocate fund for housing.他们将拨出经费建房。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

6 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

7 oversees   

v.监督，监视( oversee的第三人称单数 )

参考例句：

• She oversees both the research and the manufacturing departments. 她既监督研究部门又监督生产部门。 来自《简明英汉词典》
• The Department of Education oversees the federal programs dealing with education. 教育部监管处理教育的联邦程序。 来自互联网

8 catered   

提供饮食及服务( cater的过去式和过去分词 )； 满足需要，适合

参考例句：

• We catered for forty but only twenty came. 我们准备了40客饭菜，但只来了20个人。
• They catered for everyone regardless of social rank. 他们为所有人服务而不计较其社会地位。

9 niche   

n.壁龛；合适的职务(环境、位置等)

参考例句：

• Madeleine placed it carefully in the rocky niche. 玛德琳小心翼翼地把它放在岩石壁龛里。
• The really talented among women would always make their own niche.妇女中真正有才能的人总是各得其所。

10 optimists   

n.乐观主义者( optimist的名词复数 )

参考例句：

• Even optimists admit the outlook to be poor. 甚至乐观的人都认为前景不好。 来自《简明英汉词典》
• Optimists reckon house prices will move up with inflation this year. 乐观人士认为今年的房价将会随通货膨胀而上涨。 来自辞典例句

11 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。