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Alternative Market Briefing

$1bn Club of hedge fund managers increased by net 33 in last year to 701

Monday, May 29, 2017

Benedicte Gravrand, Opalesque Geneva:

Despite difficulties in both raising and retaining investor capital, the assets under management (AuM) of the hedge fund industry grew due to improved performance in 2016, and firms managing assets of $1bn or more - the influential $1bn Club of hedge fund managers - also continued to accumulate assets, reports Preqin, a research house.

701 managers now manage $1bn or more, a net increase of 33 managers since May 2016. They collectively manage $2.8tln, a 4% increase, and account for 88% of the sector's capital. The number of those managing $20bn or more, however, has decreased by two to 21, with aggregate AuM increasing by only $2bn.

There were 117 new entrants, such as Holocene Advisors and Sagewood Asset Management, and 90 dropouts in the $1-4.9bn AuM bracket. Most of the new entrants employ equity strategies.

"Following the high-profile closures of Perry Capital and Visium Asset Management, Eton Park Capital Management (which managed $8.8bn in May 2016) is the latest big-name hedge fund manager to announce it is shutting down operations and returning capital to investors," says Preqin.

North America houses 496 $1bn Club managers, who account for 75% of the Club's assets. The 241 managers located in New York manage a combined $1tln. Europe-based managers are responsible for a fifth of the Club'......................

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