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Alternative Market Briefing

Hedge fund launches, liquidations decline in first half of 2015

Wednesday, September 23, 2015

Komfie Manalo, Opalesque Asia:

Hedge fund launches and liquidations fell through the first half of 2015 as financial market volatility rose, according to data provider Hedge Fund Research.

Data from HFR showed hedge fund launches totaled 252 in the second quarter of 2015, compared to 264 in the first quarter, and 240 recorded in 2Q14.

According to the latest HFR Market Microstructure Report, a total of 516 funds were launched in the first half of this year, the lowest level since 2010. Meanwhile, the total global hedge fund capital increased to a record $2.97 trillion through mid-year 2015.

The number of hedge fund liquidations also fell in 2Q15, dropping to an estimated 200 fund closures, a decline from the 217 liquidations in 1Q15 and an increase from the 189 liquidations in 2Q14. The YTD total of 417 liquidations puts this year on pace for the lowest annual number of liquidations since 2011.

By strategy, both launches and liquidations were led by Equity Hedge (EH), with 117 new EH launches and 58 liquidations in 2Q15. Fund of Hedge funds continued to experience consolidation, with 24 liquidations and only 10 new launches in 2Q.

HFR also noted changes in the average hedge fund fees with the average management fees dropping as and incentive fees rising, industry-wide and among new hedge funds. Average management f......................

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