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From Kirsten Bischoff, Opalesque New York : With CASAM reporting the culling of the hedge fund herd by almost 1,000 funds in 2008 and UBS predicting further additional asset declines across the industry the outlook seems dire. But for managers with their sights set on sidelined cash, the present time may provide just the opportunity they have been waiting for.
"While 2009 is still tough times, we feel that we have something pretty compelling," Gregory Neumann, Managing Director at Auriel Capital Ltd said, referencing the launch of the firm's third strategy, the European Equity Market Neutral Fund.
Auriel was founded in 2004 by Deutsche Asset Management alum Larry Abele, Anoosh Lachin and Asif Noor. The firm, which started running a global macro systematic strategy and then added a currency strategy, has steadily grown its assets to more than $1bn.
In 2005, the managers began to look at unpacking 6 of the Continental European indices used as part of the firm's macro program to increase the opportunity set. In June 2007, after researching and building models which focused on European equities the team concluded it had the foundations of a new fund and made the decision to launch it internally and allow it a year before introducing it to investors.
As quant strategies hit the first bump of the financial crisis in August 2007, Auriel's European Equity Market Neutral Fund was able to maintain positive pe...................... To view our full article Click here
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