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Bailey McCann, Opalesque New York: South Africa-based Novare, a financial services firm, has released its annual survey of hedge funds in South Africa. According to the survey, South Africa's hedge fund industry has grown to R68.6 billion in assets under management and has posted aggregate returns of more than 10 percent over the last year.
A total of 53 managers contributed to the findings in the survey. The number of participating funds shrank slightly over last year's survey as South Africa recently changed how certain funds are classified, removing some strategies from the hedge fund category. Under the new regulations hedge fund strategies can fall into one of two categories - retail investor funds (RIHFs) and qualified investor hedge funds (QIHFs). The retail funds have more stringent regulatory requirements and typically have more liquid strategies.
According to the findings, South Africa's hedge fund industry is still largely dominated by funds that manage approximately R2 billion. Those funds are on the upper end of the scale for South African hedge funds and control almost 80 percent of industry assets. However, unlike previous years where investors have flocked to the billion dollar club for its stability, more are trying out smaller funds in the R500 million to R2 billion range. Those smaller funds captured the most new asset flows during the survey period from June 2015 - June 2016.
A total of seven funds launched in South Africa dur...................... To view our full article Click here
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