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Opalesque Exclusive: African landscape (5) - BlueBay: Correlation between S. African market and rest of the world felt mainly in large negative moves Benedicte Gravrand, Geneva: The fifth and last of an overview of the financial landscape in Africa and South Africa through a handful of fund profiles in Opalesque's new Monday series (last article.)

BlueBay Investment Management, based in Cape Town, South Africa, manages around $142m in an offshore hedge fund, $13m in other hedge funds and $77m in unit trusts. It was set up on 2003 by Urs Meyer and Richard Pitt, who each have 9 years of hedge fund experience. The offshore hedge fund, Mayflower Ltd, has returned 198.2% since its October 2003 inception and has been flat YTD (est.)

"We are a multi-strategy and multi-asset fund which is unique in that it does not deal only with equities as most funds do," Mr. Meyer said. "It deals in equities, fixed income, commodity and OTC / pre-IPO strategies - all in one fund. Monthly returns in each strategy are totally uncorrelated. We play the currency game - in the offshore fund - with multiple brokers and trading opportunities."

The fund was down 5% in January, in synch with the rest of the hedge fund world. So just how is South Africa correlated with the re......................

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