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Alternative Market Briefing

Fund of hedge funds launches and AUM decline in 2015

Tuesday, March 29, 2016

Komfie Manalo, Opalesque Asia:

The number of fund of hedge funds launches declined in 2015, with the falling level of capital invested in the space, as fund managers saw little scope for new products to enter the market last year, reported data provider Preqin.

In the latest edition of Preqin's Hedge Fund Spotlight, the report said that only 32 new funds were launched last year, down from the 86 launches recorded in 2014. Interestingly, the number of liquidations numbered 97 in 2015, down from the 129 in 2014 and 170 in 2013.

The report said, "The fact that there were more than three times as many fund closures as launches in 2015 confirms that the fund of hedge funds industry remains in a period of consolidation. There were a number of mergers, acquisitions and spin-outs in 2015, including Aberdeen Asset Management announcing the purchase of Arden Asset Management in Q3 2015, which was completed in January 2016, and Investcorp acquiring SSARIS Advisors in Q4 2015."

It added that a long period of growth prior to 2008 saw the fund of funds sector mature and institutional investors become more comfortable with hedge fund investments. The environment in recent years has become more competitive, as investors increasingly move towards single-manager portfolios, and many established players in the industry now seek to facilitate innovation by acquiring profitable fund of hedge f......................

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