Hi everybody,a french newswire gives a short comment (from reuters) on the survey released earlier by UBS about the perspective of performance of the HF industry in the years to come (in the US) :UBS Hedge Fund Surveyit s in french sorry ! (if someone has en english version ?)Grosso modo it says less returns but risk-adjusted performance still over "classical management" perf,any reaction to the alternative investment world perspective ?thx

The performances of the hedge funds could appear disappointing in the years which come, according to a study on the alternative management carried out by UBS, which underlines however that the alternative management sciences will preserve on the other hand their advantage in term of output adjusted of the risk. "It would be surprising to see the output of a hedge fund diversified to reach, during five next years, the annual average of 10,5% - Net of commissions - 15 years spent, that is to say 630 basic points moreover than the Treasury bills American", raise the authors of the study. They estimate that during five next years, a wallet multistratégies should have a performance "overall in conformity with that of the actions and obligations, that is to say 300 to 500 basic points moreover than the rates without risks", but with a volatility much lower than that of traditional management. This aspect of the control of the risk is very significant because, in the investors of long term, the perception of the risk changed, add. In addition, the study estimates the total of the incomes drawn from the commissions of the whole of the hedge funds - funds of hedge funds included/understood - at 44,8 billion dollars in 2004, against 56,7 billion the previous year, for incur evaluated to approximately 1.000 billion dollars. The incomes of the activity of the hedge funds would be thus higher than those of the industry of the American "mutual funds" - estimated at 42 billion dollars for incur seven times superiors. This fall of the incomes is explained by the retreat of the commissions of performance related to the fall of the outputs which were established, on average with 9,64%, according to figures' of CSFB/Tremont, against 15,4% in 2003. The rate of profitability of the industry of the hedge funds as for him is arisen to 5,5% of the managed credits, against 9,1% in 2003.

thanks Monarc,do you have the whole survey ??thx