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Alternative Market Briefing

Asset flows into hedge funds near all time highs

Tuesday, April 22, 2014

Bailey McCann, Opalesque New York:

According to the latest Hedge Fund Asset Flow Summary for March and Q1 2014 from eVestment, total industry AUM reached $2.931tn, less than $7bn from its all-time high and hedge fund flows remained high, making the first quarter the best quarter for the industry since second quarter 2007. The $18.3bn influx of new capital during the month lifted first quarter 2014 net flows to $55.1bn, a level last surpassed in second quarter 2007.

At the strategy level, investors continued to allocate to activist strategies in March, pushing first quarter inflows over $6bn. Equity fund flows were the primary driver of the industry's growth, however. Total AUM in equity strategies overtook credit for the first time in eighteen months. According to data in the report, the rate spike in May 2013 has proven to be the inflection point when investor interest shifted from credit to equity hedge funds. In the two years leading up to that point, investors allocated $80.7bn into credit strategies while redeeming $70.6bn from equity funds. In the nine months since, equity inflows have been more than double those into credit strategies and total AUM in equity strategies surpassed credit funds in the first quarter 2014 for the first time in eighteen months.

Managed futures fund AUM reached its lowest level since 2004. The group's elevated losses during the Eurozone debt crisis sparked outflows, which have surged as the group continues to underperform ......................

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