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Alternative Market Briefing

Hedge fund launches outpace liquidations now four quarters in a row

Friday, September 21, 2018

Laxman Pai, Opalesque Asia:

Although the total number of hedge fund launches was the lowest since the fourth quarter of 2008, the launches exceeded hedge fund liquidations.

According to a Hedge Fund Research report, a total 125 funds liquidated during the three months through June, down 44% from the same period last year.

The data tracker said an estimated 148 funds launched in 2Q18, down from 180 in 2Q17 registering a fall of 17.8%.

"Both launches and liquidations fell through mid-2018. Fund liquidations declined through mid-2018 after falling sharply in 2017, with 125 funds liquidating in 2Q18 compared to 222 in the same period last year, the lowest quarterly total since 3Q07," said the latest HFR Market Microstructure Report.

The release quoted Kenneth J. Heinz, President of HFR as saying: "Hedge fund industry growth and performance has been steady through mid-2018, as the tension between US economic growth and US equity dollar gains has not only contrasted with slower growth or weakness in non-US regions, but the disparity has widened in recent months. Institutional investors continue to expand alternative allocations through this process, strategically balancing the risks associated with the fluid impacts of trade and tariff discussions while carefully considering fundamental aspects of fees and liquidity on portfolio performance."

He added: "Hedge fund positioning has continued to defensively and opportunistically shift away from the equity b......................

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