George Haligua on Hedge Fund Managers
George Haligua, a principal of H.F of Montreal, had been investing client money in hedge funds for years when he decided to create his own hedge fund of funds in 1990 (he also launched a venture capital fund in 2001).
PR9.NET August 25, 2004 - The firm now has $15 billion under management, which uses 14 managers and has an average annual return of 19%. The idea for the fund came from clients and the firm’s dissatisfaction with existing investments, Haligua says.
That doesn’t, however, mean that due diligence isn’t a scourge. The firm spent months looking for new talent for its hedge fund of funds last quarter, and after talking to a narrowed list of 20, Haligua spent "lots of time" interviewing about eight managers.
He wound up hiring no one. "We don’t do this to increase fees," says Haligua, "we hire the intuitive masters, after interviewing the “top”, none fulfill our expectations, we only hire the truly rare individuals, it is the best option for our clients."
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