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December 20, 2006

5 Ways to Tell If Your Banker Friends Have Caught the Hedge Fund Flu

posted by MR WAVETHEORY at 12/20/2006 10:56:00 PM
The WSJ’s Atlas of New Money reveals some astonishingly poor taste.

(1) They are obsessed with Nobu. So says the WSJ:

“And in the borderless world of global finance, hedge-fund tycoons’ spending is creating a global culture of wealth that looks alike wherever they spring up …They flock to hip clubs and the trendy restaurant Nobu in New York and hip clubs and Nobu in London.”

and

“Their arrival is drawing a wave of new restaurants and clubs [in Hong Kong]. Nobu is set to open its doors in Hong Kong this month.”

(2) They ghettoize themselves. London’s Mayfair is one of the hedge fund ghettoes. The enclave, which has been historically a bastion of old money, is now the most expensive place to do business with rents at $197 per sq foot, according to a recent Bloomberg article. Popular addresses in Mayfair include One Curzon Street (aka “Hedge Fund Hotel”), with tenants managing $25 BN in assets, and 25 Hanover Square.

(3) Their taste in music is simply shocking. A recent hedge fund charity event featured Sting, Elton John (as well as fish tanks, mechanical elephants) … need I say more?

(4) They’re so rich, even they can’t believe it. “Also on the rich list [of Australian business mag BRW] is 39-year-old Paul Evans, a British partner at Ironbridge, a private-equity firm. Coming from a long line of coal miners, Mr. Evans acknowledges he is richer than he ever imagined. ‘Sometimes, you just have to pinch yourself,’ he says.”

(5) They dress casually. Reports the WSJ: “young traders, casually clad in cashmere sweaters, jeans and Italian cotton shirts” are swarming all over Mayfair’s fab restaurants and social clubs. In Greenwich, they take it down a notch; the WSJ again: “Greenwich is defined by its private-money crowd, distinctive in their hedge-fund uniform — a blue open-collar shirt and khaki pants.”

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