Tue, Aug 30, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

New American hedge funds attract $17.4bn in 2010, up 17% from inflows to new funds in 2009

Tuesday, February 01, 2011
Opalesque Industry Update - The environment for hedge fund launches improved markedly in 2010 after a dismal 2009. At least 59 new funds with more than $50 million in assets under management were launched last year, garnering $17.4 billion, according to the latest survey of hedge fund start-ups in AR magazine.

That’s a 17% gain over 2009, when the 53 funds that began trading garnered $14.89 billion, an all-time low for the survey in terms of both assets and fund launches, according to the AR New Funds Survey, published in the February issue of AR. The complete ranking and commentary can be viewed here.

The biggest launches came from established players or groups that already had assets under management.

Bridgewater Associates formed the largest new vehicle with Bridgewater Pure Alpha Major Markets Trading fund, which incorporates the most liquid portions of its high-performing flagship, Bridgewater Pure Alpha. The new trading vehicle was not marketed to new investors but instead was created for clients with gains from the flagship fund that could not be reinvested in that fund.

The other two funds launched last year that now manage more than $1 billion came from proprietary desks at investment banks. Overland Advisors, the spin-off of a proprietary trading group at Wells Fargo, raised $2.2 billion in assets. The multistrategy relative-value firm is headed by Derek Dunn and Gordy Holterman.

Andrew Hall, the former Citigroup star energy trader whose proposed $100 million bonus last year came under public scrutiny, attracted $1.5 billion for his Astenbeck Commodities Fund II.

Michelle Celarier, editor of AR, said, “New fund launches increased at a healthy rate last year, though 2010’s total is well shy of the $23.17 billion reached in 2008 and less than half of the record $40 billion amassed in 2004. Our survey indicates that investors remain skittish about backing brand-new managers, and raising money is still far more challenging that it was before 2008.”

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Strategies - The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I, Hedge funds get more pushback on terms as enthusiasm for strategy wanes[more]

    The 'Holy Grail' hedge fund strategy to handle a black swan the size of World War I From IBTImes.co.uk: To illustrate a strategic gap common to today's portfolio managers, George Sokoloff, PhD, founder and CIO at Carmot Capital, proposes an interesting thought experiment – a breakdown of

  2. Institutional investors - Investors set to increase allocation to private debt, With investment income key, Richmond retirement system faces funding challenges[more]

    Investors set to increase allocation to private debt Investors are set to increase their allocation to private debt, with 60% revealing they believe the private debt market will grow over the next 12 months, according to a new study by Elian, a leading funds services provider. 41%

  3. Investing - Hedge funds snap up banks, unload Apple, Some of hedge funds' favorite stocks are finally starting to beat the market, Einhorn's Greenlight shifts positions, Treasury yield climbs to two-month high as Fischer joins hawks, 9 stocks smart investors put their money in last quarter[more]

    Hedge funds snap up banks, unload Apple From Barrons.com: Prominent hedge funds have a newfound love of big banks, and some have a distaste for shares of Apple, regulatory filings released last week show. The filings suggest that the funds have been pivoting their portfolios in recent mon

  4. Chesapeake energy seeks $1 billion loan to refinance debt[more]

    From Bloomberg.com: Chesapeake Energy Corp. is seeking a $1 billion loan as the company battered by cratering fuel prices and credit downgrades takes a step to address its $9 billion debt load. The natural gas producer hired Goldman Sachs Group Inc., Citigroup Inc. and Mitsubishi UFJ Financial Group

  5. Institutions - Nordic pension funds magnify focus on unlisted and direct investing, building up teams[more]

    From IPE.com: As bond yields remain at low or negative levels, pension funds and other institutional investors in the Nordic region are stepping up efforts to find higher returns by adding more unlisted investments to portfolios and are expanding in-house teams in order to do this, according to new