18
November
Super-rich buy gold and sell hedge funds
18 November 2009 The Financial Times
The findings confirm reports of a flight to safer asset classes, says the survey. Wealthy families’ risk appetites have suffered from frauds uncovered in the financial crisis as well as the poor performance of investments. More than nine out of 10 respondents said the level of trust in financial institutions and investment advisers has been hit by the Madoff and Stanford frauds.
“Madoff, Stanford and bank failures are not necessarily seen as one-offs – families clearly feel they cannot rule out the idea that the failings symbolised by these events are systemic,” according to the survey, which was conducted last month.
http://www.ft.com/cms/s/2/cf7e4434-d03d-11de-a8db-00144feabdc0.html
