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New Managers
June 2015
NEW LAUNCHES: New launches from emerging hedge fund managersNew hedge fund launches rose to the highest level in three quarters in 1Q15 Hedge fund launches totaled 264 in 1Q15, the highest level since 2Q14, bringing the total number of hedge funds globally to 10,149 according to the latest Market Microstructure Industry Report, released by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry. Total hedge fund capital increased to a record of $2.94 trillion in 1Q15, while the HFRI Fund Weighted Composite Index and HFRI Equity Hedge Index posted gains of +3.9 and +5.0 percent YTD through May, respectively, topping the performance of both the S&P 500 and DJIA over that time period. Launches were led by the Equity Hedge strategy with 142 new funds, representing 54 percent of all new funds launched. Industry-wide, Equity Hedge represents 37.7 percent of all hedge funds, making it the largest single strategy area by number of funds, with these managing over $820 billion of investor capital. Hedge fund liquidations also rose, reaching 217 in the quarter, the highest level since 1Q14, though only a small increase over the prior quarter total of 203. Average management fees industry wide in 1Q15 increased by three basis points over the prior quarter to 1.54, while average incentive fees declined by 12 basis points to 17.73 percent. The average management fee for funds launched in 1Q15 was 1.52 percent, representing a decline of 5 basis points over the management fees of 2014 launches. Average management fees for 1Q15 launches fell to 17.04 percent, representing a decline of 31 basis points from the 17.35 percent average incentive fee of 2014 launches. According to HFR numbers, the constant launch of new funds has helped to swell the total number of hedge funds even as two or three die off every single day. A total of 9,000 hedge funds and fund of funds have liquidate...................... To view our full article please login
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