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Alternative Market Briefing

Infovest21 study shows trend of more big names launching 40 Act funds

Thursday, July 18, 2013

Komfie Manalo, Opalesque Asia:

More multi-manager ’40 Act funds are being launched than single manager funds, and that trend is led by the large funds, according to a special report research by Infovest21, an information services company for the hedge fund industry based in New York.

Data from Infovest21 shows that large fund managers, including Blackstone, Pine Grove, Arden, Aurora, Permal, Russell, Neuberger Berman and Lazard have already launched products. Others that have filings pending include Entrust, Grosvenor and a KKR product with Prisma. The multi-manager products are varied and continue to evolve with the quality of managers improving, the release says.

Infovest notes, "When some of the large traditional asset management firms bought funds of funds in 2012, it was just a matter of time before they launched alt mutual funds. The acquisition of large funds of funds by mutual fund companies is a harbinger of those large firms launching liquid alt mutual funds. For example, Franklin Templeton acquired K2 in October 2012. Legg Mason's Permal Funds acquired Fauchier Partners in December 2012. Wells Fargo purchased a 35% stake in RockCreek in December 2012. KKR acquired a majority stake in Prisma Capital Partners in June 2012."

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