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Alternative Market Briefing

Skybridge’s Ray Nolte says Asian hedge funds face performance and asset-raising challenges

Wednesday, September 25, 2013

Komfie Manalo, Opalesque Asia:

Asian hedge funds are facing major difficulties compared with their larger counterparts in the West as they are forced to achieve higher performance and stay relevant in the changing market environment, said Ray Nolte, Co-Managing Partner and Chief Investment Officer of SkyBridge Capital.

Nolte said in an interview with Investment Pension & Asia "The hedge fund industry is going through both cyclical and secular changes. But as an industry, assets under management are peaking in absolute terms so funds are being raised."

He explained that it is easy to understand why larger hedge funds are getting allocations compared with smaller players, adding that it is more difficult for less established hedge fund managers to gain traction given the current uncertain market conditions.

Nolte went on to say, "More money is being channeled to big managers. The large managers keep getting larger because clients are comfortable with big managers during uncertain times. And as clients’ AUM grow they channel more assets to the bigger funds, which supports this trend. Large asset managers may not be as creative or be able to innovate new, less correlated investment approaches in the near term, but perhaps over the long run new strategies are unsustainable as their innovation is competed away."

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