Despite an otherwise positive environment for the global fund management industry, global securities markets couldn’t find their footing during the second quarter of 2006 reports Putnam Lovell NBF Securities.
Political tensions and fears of inflation affected exchanges worldwide, causing disappointing returns for hedge funds and other absolute return products.
What did not slow as the second quarter progressed the number of transaction deals, which shattered previous records for the number of transactions recorded in a half-year period, especially firms aimed at hedge funds and funds of funds. The trend crystallized with the acquisition of Merrill Lynch Investment Managers by BlackRock, the world’s largest fund management deal to date.