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Alternative Market Briefing

India hedge funds struggle in competitive market

Tuesday, April 30, 2013

From Komfie Manalo, Opalesque Asia – Indian hedge fund managers are struggling to attract investors but hope to succeed where their much larger foreign counterparts don't, reports India Times, citing some local fund managers who produce double-digit returns.

In a nation where investors prefer stocks, local hedge fund managers, who enjoy the advantage of first-hand information on the local market and the lack of foreign currency exposure, face a huge challenge to convince investors to shift to an unfamiliar investment style (such as long/short equity) and to high fees.

Data from Eurekahedge showed that assets of India-focused hedge funds fell 68 % from 2007 to $2.1bn in March 2013. The Eurekahedge India Hedge Fund Index is down 2.7% (est.) YTD (to March), after returning +12.3% in 2012 and annualizing +5.4% since the index’ inception in January 2000.

But there is a flicker of light for the domestic hedge fund industry in Asia’s third largest economy.

Last week, the market regulator finally SEBI approved 47 alternative investment funds (AIFs), including hedge funds, to operate in India. These AIFs had started registering with SEBI in July 2012.

In May last year, SEBI rel......................

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