Fri, 13/02/2009 - 06:00
Secondary hedge fund market intermediary Hedgebay Trading Corporation has announced the launch of the Hedgebay Pricing Service for hedge fund investors.
The service will provide users with estimated pricing information based on discounts or premiums to hedge fund positions, including those that are in lock-up, have long redemption periods, side pockets, raised gates, suspended redemption rights or are proposing some form of restructuring.
Hedgebay Pricing Service is accessed through www.hedgebay.com via an online credit card payment subscription service to registered users.
Pricing starts at ten queries for USD300, allowing the user to view indicative bids, or offers, on the secondary market for the fund of their choice on the site.
The service can be helpful to investors in considering their compliance requirements under FAS 157 regarding the marking of illiquid assets on their books, as well as making a present value comparison between continuing to hold any hedge fund position and selling it in the market today, based on information available to Hedgebay.
The indicative price Hedgebay Pricing Service subscribers receive is the discount or premium levels to published NAV for the hedge fund interests shown or utilised through the site.
Factors that influence the discount or premiums can include market risk; strategy risk; manager risk - including likelihood of future gating or suspension of the fund; style drift; and liquidity pressure.
'Hedgebay Pricing Service is the result of years of developing relationships with investors and capturing pricing information on the funds that they want to invest in or divest from,' says Hedgebay founder Elias Tueta. 'It allows investors better to understand market sentiment about the potential future prospects for a particular hedge fund and its underlying strategy.'
'Since there is relatively little homogeneity across hedge funds, the market to sell them is more like the market for houses, which are ultimately only worth what someone is willing to pay for them. We expect the use of this new service to become standard business practice for buyers of hedge fund positions and to enhance the matching of buyers and sellers.'
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