财经；综合基金；渐行渐去？

　　An overdue wave of consolidation 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 allocate investors' money to a portfolio 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 sector still oversees 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 catered 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 niche 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。

　　Optimists 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 mutual 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。