EMERGING MANAGER BULLETIN: Latest developments within the emerging manager community
LindenGrove tops €1 million
According to Financial News, revenues at LindenGrove Capital, a global macro hedge fund manager set up in late 2012 by a former head of liquid markets proprietary trading at Nomura, topped €1 million in the 12 months to the end of March 2014 - the firm's first full year since gaining regulatory approval and launching its fund. Borut Miklavcic, founder and CIO of LindenGrove Capital, talked to Opalesque last year about his new fund ( full article here).
Blackstone-seeded hedge fund Sureview Capital shutters
Greenwich, Connecticut-based stock-focused hedge fund Sureview Capital LLC shut down early this year and has been liquidating its assets in the past weeks... According to The Journal, former Tiger Management trader John Wu decided to close down the fund because most of his time had been spent raising more money for Sureview instead of trading to earn profits.
As at end 2013, Sureview had an estimated $400m in assets under management. Blackstone provided the $150m seed capital for the fund when it was launched in 2011 on the condition it would receive a portion of the fees earned. It was expected to generate huge capital when it was launched because of Wu's name and his credentials including a stint at Kingdon Capital and of course, the backing of Blackstone... ( full article from Komfie Manalo here).
Illinois Teachers increases allocation to emerging managers
Illinois Teachers' Retirement System, Springfield, increased its dedicated allocation to emerging money managers to $750 million, reported ......................
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