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Alternative Market Briefing

Hedge fund replicators evolve

Wednesday, April 16, 2014

Bailey McCann, Opalesque New York:

Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A new paper from Evanston Capital Management, argues the nuances around replicators, suggesting that a new class of product is emerging that offers realistic hedge fund-like alternatives for a wider variety of investors.

Evanston Capital Management is an alternative investment firm providing multi-manager hedge fund programs for institutional and high net worth investors. The firm has approximately $4.8bn in assets under management.

"I think there is still a lot of education needed about the different products. Everything gets lumped into 'liquid alternatives' but there are big differences between each of these products that aren't always clear from the disclosures," says report author, Peter Hecht, Ph. D., Vice President and Senior Investment Strategist Evanston Capital Management.

In the paper he sets up the differences between what he considers the early version replicators, or "top-down" and the latest entrants which are "bottom up." The bottom up strategies, he writes, offer the most likelihood of truly replicating hedge fund strategies because they focus in at the security level versus some of the earlier attempts wh......................

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