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Alternative Market Briefing

Investors cut Europe exposure in May - eVestment

Thursday, June 21, 2012

Bailey McCann, Opalesque New York: New may data released from research firm eVestment Alliance shows that investors sharply cut their European exposures. Investors redeemed an estimated $9.3bn from funds located in Europe in May and $9.1bn from funds investing primarily in Europe. Funds located in Europe have total AUM of $660.9bn versus $187.3bn in funds with dedicated Europe exposure.

"There appears to be concern among investors that events in Europe and the declining economic data in the U.S. will meaningfully impact emerging markets, particularly on the equity side. The persistence of the current slide of investor assets from EM funds is unlike any we have seen since tracking fund flows back to 2003 and is only eclipsed in magnitude (but not duration) by redemptions during 2008 and 2009," writes Peter Laurelli, Vice President and head of hedge fund research, in the report.

Despite the majority of the count of mid-sized funds having inflows, both mid and small funds experienced net investor outflows during May, according to the report. While large funds accounted for virtually all of the net investor inflows during the month. This continues a trend seen throughout 2012 and is further evidence of consolidation of AUM among the largest firms in the industry.

Investors continue to seek credit and macro strategies over equities, reflecting an equity market crunch that has been an ongoing theme for several weeks. Overall, investor inflows turned positive indicating ......................

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