Hedge funds
对冲基金
Lifting the lid揭开面纱
Jan 25th 2007
From The Economist print edition
A battle is on for the spoils as secretive funds go public
争夺秘密基金上市的战利品
BACK in the 17th and 18th centuries, Britain and the Netherlands fought for control of trade routes across the high seas. Today a more genteel contest is taking place across the English Channel, but the potential booty is also lucrative. Stock exchanges are vying to attract public listings from alternative investment funds, including private-equity and hedge funds. Hitherto these were accessible mostly to very rich individuals and institutions. Now anyone can take a punt.
十七、十八世纪英国和荷兰争夺公海贸易航线控制权，今天海峡两岸进行着一场文明的竞争，战利品依旧诱人。证券交易所争相吸引包括私募股本以及对冲基金在内的另类投资基金挂牌。以前这些投资只有超级富翁和机构投资者才能参与，而现在任何人都可以玩上一把了。
The Euronext exchange in Amsterdam, the Dutch arm of a pan-European stock-market operator, stole the march on London last year when it listed a $5.5 billion fund run by Kohlberg Kravis Roberts (KKR), a mighty private-equity firm. More recently Marshall Wace, a London hedge-fund manager, also turned to Amsterdam to float its MW Tops fund, raising EUR1.5 billion ($2 billion) in the process.
泛欧证交所去年抢在伦敦前面，让由大型私募股本公司KKR(Kohlberg Kravis Roberts)管理的55亿美金的基金通过阿姆斯特丹挂牌。最近伦敦的基金公司Marshall Wace也通过将旗下的MW Tops基金在阿姆斯特丹上市筹集到了15亿欧元(20亿美金)。Until now, the most eye-catching listings in London have been those of fund-management firms, such as Man Group, a hedge-fund conglomerate which went public in 1994. Its share price has risen 18-fold since flotation.到目前为止，伦敦最抢眼的上市公司仍是基金管理公司。比如自1994年上市以来，对冲基金巨头Man Group的股价涨了18倍。
Now individual funds, rather than management firms, are making most of the running (see chart). Belatedly the financial regulators in Britain, who like to think of London as Europe’s most innovative financial capital, have taken notice.
目前基金比基金管理公司活跃(见图表)。那些一向自诩为欧洲最具创新意识的伦敦金融城监管人士终于也注意到了这一现象。
The regulators “feel they’re missing a trick,” says an investment banker who was involved with the Marshall Wace deal in Amsterdam. He noted that much of Amsterdam’s appeal lay in less strict listing rules, including lower levels of disclosure.
一个参与Marshall Wace交易的投资银行家说伦敦的监管机构已经感觉他们慢了一步。他指出阿姆斯特丹的吸引力在于上市条例没有那么严格，包括更低的信息披露要求。
In response, Britain’s Financial Services Authority (FSA) has promised to allow the listing of overseas, single-strategy funds on the London Stock Exchange (LSE). Until now, they had been restricted to the LSE’s junior Alternative Investment Market, because of rules on the main market against listing companies that sold short or did not have diversified investments.
伦敦已对此有所行动，英国金融服务管理局(FSA)表示将会允许海外的单一策略基金在伦敦证交所(LSE)挂牌。目前这些基金只可以在LSE二板另类投资市场(AIM)交易，因为主板禁止那些允许沽空策略或者采取单一策略的公司挂牌。
The reforms appear to be paying off. This month Brevan Howard, a hedge-fund manager, announced plans to float an investment fund on the LSE. The FSA is considering easing the rules for onshore firms as well.
这个改革得到了正面回应。伦敦的基金公司Brevan Howard本月宣布准备将旗下一个投资基金透过伦敦证交所上市，英国金融服务管理局同时在考虑放宽对本地公司的限制。
Several factors are driving the flurry of listings. Firms are keen to raise “permanent capital”, providing them with a big pool of funds upfront that they can invest without fear of redemptions; and company founders want to put money in the bank while fund valuations look healthy.
基金公司非常希望筹集到”永久性资本”，这样，一个大的资金缓冲池可以让他们在投资时无需考虑赎回问题。他们同时也希望在基金价值健康时把钱放在银行。
For investors such as pension funds, buying a stake in a listed entity may appeal if their internal rules stop them investing directly in private-equity or hedge funds. Listed funds can also help investors avoid the risks of long lock-up periods.
在退休基金这样的投资者角度来看，如其内部投资策略不允许投资于私募股本或者对冲基金，买入基金的股票可以规避这样的条例，另一方面也可规避锁定期的风险。这些因素推进了基金上市的进程。
Recent trading results have been mixed, yet the activity in Europe is being watched with envy by investors in America, where individual funds are unable to float. For now, Americans are only able to satisfy themselves with the initial public offerings of fund-management firms, such as Fortress Investment Group, which is reportedly aiming to raise around $635m by selling a small portion of its voting shares.
虽然最近市场表现参差不齐，但是美国投资者仍然羡慕的关注着欧洲这方面发展。在美国只有基金管理公司可以IPO，而基金是不可以的。据说Fortress Investment Group不得不打算通过销售一小部分表决股来筹集6.35亿美金。
Citadel, another big hedge fund, opted to raise capital recently via the bond markets. But given the levels of disclosure required in America, offering tantalising detail about a firm’s investment strategy and returns, it is no wonder other management companies are moving cautiously.
大型对冲基金Citadel最近通过债市筹集资金，但是根据美国的披露条例，该公司同时也不得不大量透露他们的投资策略、回报等商业机密，所以大多数的基金管理公司仍然对此保持审慎态度。