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New Managers February 2014

PERSPECTIVES: News, views and findings relevant to the emerging manager space

 

Investors are moving away from simply investing in the largest funds

Good news for smaller managers. Preqin's latest survey found that the highest proportion of hedge fund investors (57%) are targeting managers with $1-5bn in assets, and the lowest proportion are targeting funds with more than $5bn, suggesting that investors are moving away from simply investing in the largest funds. Investors are also more open to consider smaller managers, especially those with a track recordâ€

A large proportion (92% for hedge fund investors) plan to put more or the same level of capital to work in the next 12 months as in the previous year. 32% of hedge fund investors are looking to commit more capital. (Full article here) Emerging Managers are the hallmark of the managed futures industry

James Bibbings, President, Turnkey Trading Partners comments on National Futures Association ("NFA")'s recent review of the regulatory structure applicable to Commodity Pool Operator ("CPO") and Commodity Trading Advisor ("CTA") operations, and its request for comment.

Bibbings is of the opinion that the NFA should not impose a minimum capital requirement on CTA Members. He notes: "The current lifeblood of the commodity interest industry within the United States is managed futures and the development of emerging managers. According to the CME the space has grown by 700+ % since 2002. With certainty, a CTA capital obligation will damage the emerging manager space and starve the growth engine of our industry."

"... Emerging Managers are the hallmark of the managed futures industry," he continues. "At one point in time, the largest and most successful CTAs and CPOs were emerging managers. Turnkey clearly believes that, as an industry, we need to be at the forefront of protecting investors. However, we also need to foster an environment th......................

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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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