15 Jul Summer Newsletter – Cross section of recent new fund launches
With now in excess of 10,000 hedge funds worldwide, it has been noted that new hedge fund launches have outpaced fund liquidations for the third year running. London itself has a global industry share of almost 20%. Some of the recent launches include:
Highbridge Capital is in the process of raising one of the largest global direct lending funds, as they look to capitalise on the decline in traditional bank lending. The hedge fund, owned by JPMorgan Asset Management, has closed the books on a new $3bn fund that will provide secured loans directly to companies.
Former Bluegold founder Pierre Anduran established Andurand Capital Management earlier in the year. Their early returns have been very positive since launch.
Algebris Investments which is run by Davide Serra, is behind the launch of a new long-only fund which will invest in global financial stocks and bonds.
CQS, one of Europe’s biggest credit hedge fund in terms of AUM, is expanding into equities. This is a clear indication that top managers are diversifying in response to the high levels of capital flowing into the industry. David Morant (formerly of SAC Capital) is planning the launch of “CQS equity long/short fund”.
Industry veteran manager Felix Zulauf, along with his son are set to launch global macro hedge fund Vicenda Asset Management in Switzerland.
Idalion Capital which is being set up by three former Tudor Capital is going to follow a diversified global macro approach. Three of the team include Michael Georgiou, Miquel Mayo and German Molina.
XLX Capital is being launched by Igor Zjalic and Marc-Olivier Lebeau in London. It is envisaged that this fund will follow a global marco inflation strategy. Both individuals used to work together at Dresdner Kleinwort.
Aros Capital which has offices in Denmark, London and Malta are expected to launch a fund with exposure to Northern Europe bonds. They are targeting a net return per annum of 12%.
It has been reported that the global macro fund Canosa Capital has launched with $300m. This entity was formed by two ex-Rubicon CIO’s – Tim Attias and Santiago Alarco.
Rhodium Capital which is being launched both by Jeff Tirman and former Millennium PM Iftikhar Ali is set to start trading in the latter part of 2013. They will be following a credit strategy.
UBP and Guggenheim Partners have established a new managed account platform. This platform looks to offer investors access to managers which UBP has on their existing structures. They have a target of on-boarding up to 30 managers by the end of the year.