Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Alternative Market Briefing

Millennium grows by almost 40% in second half of 2010, 2011 likely to remain favorable to large managers

Tuesday, February 08, 2011

amb
Izzy Englander
From Kirsten Bischoff, Opalesque New York:

Asset inflows across the hedge fund industry during 2010 are estimated at $22.6bn (Dow Jones Credit Suisse), with much of that flowing into larger funds.

Investors returning to hedge funds have been a boon for funds like NY/London-based, multi-strategy firm Millennium Management, which ended the year up 13.4% (NY Times) made steady asset gains during 2010, and contributed to much of the industry's $22bn+ recovery. According to one person close to the fund the firm's assets grew by almost 40% from $6.9bn mid year in 2010 to $9.6bn as of the end of January 2011.

Of this $2.7bn gain, $800m flowed into Millennium during December 2010 and $250m in January 2011. The firm has had a focused asset-raising drive underway since 2010, when it hired John Novogratz, who prior to that was at Fortress Investment Group as MD and Head of Capital Formation International in the firm's London offices.

End of quarter/end of year spikes are typical for many hedge funds to experience and with investors continuing to favor large funds, and the firm's 2010 performance surpassing its peers (DJCS Multi Strategy index returned 9.0% in 2010), it is reasonable to believe that Millennium will continue to grow at an impress......................

To view our full article Click here

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1