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New Managers January 2014

NEW LAUNCHES: Recent maiden hedge fund launches

Hedge fund launches decline to lowest level in 3 years in Q3-3013

According the latest HFR Market Microstructure Industry Report, released today by Chicago-based data provider Hedge Fund Research, new fund launches totaled 231 for the third quarter, declining from 288 in the prior quarter and 275 in the third quarter of 2012, representing the lowest quarterly launch total since the fourth quarter of 2010 when 220 funds were launched. A total of 816 new hedge funds launched in the first three quarters of 2013, narrowly trailing the 824 funds launched in the same period in 2012. In the trailing 12 months, 1,100 funds have launched, narrowly trailing the launch totals from calendar years 2011 and 2012. The record number of new fund launches occurred in 2005, when 2,073 funds launched.

Hedge fund liquidations increased to 222 funds in Q3, an increase from the 190 liquidations from the previous quarter and the 211 liquidations from the third quarter of 2012, representing the highest quarterly total since 238 funds liquidated in the fourth quarter of 2012... Fees charged by 2013-launched funds lower than fees charged by funds launched in 2012

Continuing the trend of prior quarters, average hedge fund management and incentive fees declined industry wide, with average management fees falling 1 basis point (bps) to 1.53 percent, while incentive fees declined 11 bps, to 18.2 percent. Similarly, management and incentive fees charged by the vintage of funds launched in 2013 were lower than those charged by funds launched in 2012. Funds launched in 2013 had an average management fee of 1.38 percent, a decline of 24 bps from 2012 launches, while incentive fees for 2013 launches averaged 17.17 percent, 57 bps lower than management fees charged by 2012 launches... Adoption of Volcker rule likely to result i......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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