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New Managers
March 2015
NEW LAUNCHES: New launches from new fund managersNumber of hedge fund launches fell in 2014 The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report, released today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry. Hedge fund launches totaled 1,040 for 2014, a decline of 20 funds from the 1,060 funds launched in 2013. While launches have trended in a narrow range in recent years, they remain well below the peak of 2,073 funds launched in 2005, though nearly double the local trough of 659 launches in 2008. Hedge fund liquidations also declined as 864 funds closed in 2014, a decrease from the 904 fund liquidations in 2013. Prior to 2014, hedge fund liquidations had risen steadily since 2010 when 743 funds closed. The average asset size of funds liquidated in 4Q14 was approximately $76 million one year prior to closing... Hedge funds with AUM greater than $1 billion posted an average gain of +5.03% in 2014, in-line with the average mid- sized fund ($250 million - $1 billion) gain of +5.16%. Funds with assets between $50-$250 million gained +3.66% while the industry's smallest funds (less than $50 million) posted a gain of only +2.11%. Funds with $1 billion have outperformed other AUM tiers on an annualized basis for the past three-, five-, and ten-year periods... Funds launched in 2014 had an average management fee of 1.57%, an increase from the 1.42% of 2013 but in-line with prior years. Similarly, the vintage of funds launched in 2014 had an average incentive fee of 17.35%, an increase from the 16.99% from 2013, but the second lowest incentive fee by launch year since 2003. Full press release. Recent and forthcoming launches To view our full article please login
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