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Alternative Market Briefing

Delegates agree that emerging managers face challenging times raising capital

Thursday, June 20, 2013

amb
Chris Dopp
By Beverly Chandler, Opalesque London:

Delegates at the Opalesque 2013 West Coast Roundtable, sponsored by Sunrise Capital, The California Hedge Fund Association, Eurex and Taussig Capital discussed the problems facing emerging managers in the current economic climate.

Chris Dopp, Senior Vice President, Eurex explained that from his vantage point of speaking with both fund managers and institutions, he recognised the difficulties smaller and emerging managers face in raising assets. "The institutionalization of the investor base favors the largest fund managers as most pensions, for example, cannot represent more than 10% of a fund’s total assets. With allocations getting larger, that rules out most managers under $1bn in AUM" he said.

"As an illustration, total AUM in the managed futures industry is now almost $340bn, making it the largest single strategy in hedge fund space. Yet, 65% of all assets are managed by the 35 largest CTAs and the remaining 35% managed by over 900 CTAs. Over the past five years, the imbalance has grown."

Dopp said that he didn’t know what the catalyst would be, but ......................

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