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Alternative Market Briefing

Millennium Management continues gathering assets for its hedge fund

Thursday, October 06, 2011

amb
Israel Englander
Benedicte Gravrand, Opalesque Geneva:

Millennium Management has just received $300m of new assets this month, making the total assets under management (AuM) acquired so far this year $4.3bn – and increasing the firm's total assets to around $13bn, people familiar with the fund told Opalesque.

AuM fluctuated in the past three year; Millennium added nearly $1bn in assets in Dec-2010 as it ended the year up more than 13%, reported NY Times. AuM then reportedly amounted to about $9.2bn, up from $6.9bn in July-2010 - after dwindling from a peak of $14.2bn in 2008.

With an estimated $34bn entering hedge fund coffers in H1- 2011 (mostly in infixed income arbitrage, global macro and long/short equity strategies), Credit Suisse estimated this summer that industry assets were only $300bn shy of the peak asset level of 2007. Credit Suisse reported that the largest one-third of funds (those with $500m+) outpaced fund raising assets by taking $12.1bn of the flows. In fact, middle tier funds and small funds both experienced net outflows: "this trend continues to demonstrate investor demand for larger-scale hedge fund managers who possess e......................

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