Gilles du Fretay

Gilles du Fretay has passed away on August 7th, quietly, after a long period of illness and I have been very affected by this sad news.

He will be remembered as a key figure in the hedge fund sector in France and worldwide. In 1986, he founded HDF FINANCE as a successful billions fund of hedge funds. He always had strong personal convictions and was the pioneer in France to push for a regulated hedge fund market.

Gilles never made any compromise on his business model and investment policy where others have grown their business rapidly to focus only on gathering assets and fees at any price. He and his CIO, Christophe Jaubert, working with him for 15 years, are known for applying strict investment rules that have allowed them to stay away from the major recent hedge fund scandals. HDF remains today one of the rare successful independent boutique focusing on its core investment expertise.

In 2008, the team has managed the crisis pretty well, communicating constantly with their investors and avoiding the liquidity mistmatch issue faced by most funds of funds.

I had the chance to work with Gilles back in 2002 as an advisor, when he wanted to expand his business across Europe. We kept in touch on a regular basis and exchanged often ideas and views on the evolution of the sector. He was a man of honour with strong integrity, highly respected by his peers and a true mentor for me.

We will all miss him and remember his gentle teasing smile!