Las Vegas hosts hedge fund conference amid industry troubles
A conference focused on the hedge fund industry was organised in the city of Las Vegas with a gathering of key figures from the industry.
The SkyBridge Alternatives (SALT) conference was held at the Bellagio hotel in Las Vegas at a time when the industry is facing a lot of pressure as roughly half of all hedge funds lost money in 2015 and the situation is expected to get worse. The conference was attended by celebrity guests Will Smith and Kobe Bryant, former New York Mayor Michael Bloomberg and former Treasurysecretarys Robert Rubin and Lawrence Summers as well as a popular rock band, the Killers.
A majority of investors surveyed by Preqin said that they expect to reduce their allocation to the high-priced investment vehicles. In his opening remarks, David Rubenstein, co-founder of the Carlyle Group said that the it is important for the hedge fund industry and private-equity companies to explain what they do good to the community.
There is a general feeling in the industry that the government is to blame for the troubles of the industry. They said that the regulations have made it difficult for them to operate in the market and they also blamed the direction of the U.S. under the Obama administration.