Institutional Investor's Alpha Magazine - April 2008 - (Page 81) Alpha Bytes Albourne Partners VillageVoice Albourne’s Web site may look quaint, but behind it sits very sophisticated hedge fund research for the firm’s consulting clients. “We tell clients which funds we think they should get into.” David Harmston, head of U.S. client services, Albourne Partners. Rowayton, Connecticut, March 24, 2008. I n the online world of Albourne Village, you can hobnob with hedge fund mavens in the local pub, browse at one of the quaint hedge fund merchant shops in the business district (using Albourne green apples as currency) or, if you pay the entrance fee (real money here), get advice on hedge fund investments from the sages who work in the fortress that overlooks the village. Presiding over it all is an online mayor, whose smiling visage pops up to welcome newcomers. The cartoonish Albourne Village is the public face of a very serious company — the U.K.’s Albourne Partners — that works in the growing business of helping investors buy hedge funds. Increasingly, those investors are cash-rich pension funds, endowments and foundations looking for alternative places to park their riches. The migration has intensified as institutional managPhoto by Derek Dudek for Alpha ers scramble to offset the punishing equity market decline. Many foundations and endowments now allocate more than a quarter of their investments to hedge funds, and even some of the most conservative public employee pension funds now dabble in hedge funds. These new investors initially helped fuel the growth of funds of funds, which screen and buy baskets of hedge funds. As foundations and pensions become more sophisticated hedge fund investors, they invariably start moving beyond funds of funds to buy individual hedge funds directly. But fishing in the dark pool of hedge funds is tricky, and the need for guidance has spawned companies like Albourne, which provide research, advice and monitoring, along with software tools to help collect and sort information. Albourne Partners advises more than 120 investors APRIL 2008 • INSTITUTIONAL INVESTOR’S ALPHA • 81 By Irwin Speizer
Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - April 2008 Institutional Investor's Alpha Magazine - April 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Here to Eternity The Good Guys: Voice of Hope Cover Story: The Kings of Cash Where the Money Is Into the Light Interview: Proceeding with Caution Strategies: A Convenient Truth Alpha Bytes: Village Voice Unhedged: Commentary: No Time for Complacency Institutional Investor's Alpha Magazine - April 2008 Institutional Investor's Alpha Magazine - April 2008 - Institutional Investor's Alpha Magazine - April 2008 (Page Cover1) Institutional Investor's Alpha Magazine - April 2008 - Institutional Investor's Alpha Magazine - April 2008 (Page Cover2) Institutional Investor's Alpha Magazine - April 2008 - Contents (Page 1) Institutional Investor's Alpha Magazine - April 2008 - Contents (Page 2) Institutional Investor's Alpha Magazine - April 2008 - Letter from the Editor (Page 3) Institutional Investor's Alpha Magazine - April 2008 - Letter from the Editor (Page 4) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 5) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 6) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 7) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 8) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 9) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 10) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 11) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 12) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 13) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 14) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 15) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 16) Institutional Investor's Alpha Magazine - April 2008 - Longs & Shorts (Page 17) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 18) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 19) Institutional Investor's Alpha Magazine - April 2008 - Pension Corner: Here to Eternity (Page 20) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 21) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 22) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 23) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 24) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 25) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 26) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 27) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 28) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 29) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 30) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 31) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 32) Institutional Investor's Alpha Magazine - April 2008 - The Good Guys: Voice of Hope (Page 33) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 34) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 35) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 36) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 37) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 38) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 39) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 40) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 41) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 42) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 43) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 44) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 45) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 46) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 47) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 48) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 49) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 50) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 51) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 52) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 53) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 54) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 55) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 56) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 57) Institutional Investor's Alpha Magazine - April 2008 - Cover Story: The Kings of Cash (Page 58) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 59) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 60) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 61) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 62) Institutional Investor's Alpha Magazine - April 2008 - Where the Money Is (Page 63) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 64) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 65) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 66) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 67) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 68) Institutional Investor's Alpha Magazine - April 2008 - Into the Light (Page 69) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 70) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 71) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 72) Institutional Investor's Alpha Magazine - April 2008 - Interview: Proceeding with Caution (Page 73) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 74) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 75) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 76) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 77) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 78) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 79) Institutional Investor's Alpha Magazine - April 2008 - Strategies: A Convenient Truth (Page 80) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 81) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 82) Institutional Investor's Alpha Magazine - April 2008 - Alpha Bytes: Village Voice (Page 83) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page 84) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page Cover3) Institutional Investor's Alpha Magazine - April 2008 - Unhedged: Commentary: No Time for Complacency (Page Cover4)
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