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Alternative Market Briefing

GFIA’s June insights report a future for best of boutique Asian hedge fund managers

Thursday, June 27, 2013

Beverly Chandler, Opalesque London: GFIA’s June insights show a glimmer of increased confidence in the opportunities out there for boutique Asian hedge funds. Peter Douglas, GFIA founder, writes: "At an aggregate level, it’s still a very tough world out there. No manager we’ve spoken to this year has said anything except "asset raising is hard". Even if there’s a mini-renaissance, the number of allocators globally that are prepared to write tickets to smaller managers remains far smaller than five years’ ago."

However, Douglas reports that there is increasingly some stability, with the better managers gradually attracting some assets back. "As boutiques with limited appetite for scale, some are closing or close to closing. The characteristics of the success stories are generally comparable (happy families all look alike!). The longer experienced managers, that have ten-year track records and a history of riding storms, are at the front of the line. Unsurprisingly, for many investors, if they’re to take the perceived risk of allocating to small managers, they want the comfort of longevity and reputation. Ward Ferry, Quest, India Capital… all are seeing some resurgence."

In terms of what Douglas calls 'a distinctive strategy that has some track record but little competition’, he focusses on the Asian fixed income strategies and the relative value managers. "Delivering a risk/return profile that is not only successful,......................

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