Exhilway exits hedge fund business
Exhilway has exited “risky" hedge fund business by reassigning the operational rights to a large private investor group in Australia in lieu of market linked variable royalty, payable every year by the investor group.
The deal will not result in any instantaneous cash flows for Exhilway.
Exhilway, which has been a hedge fund player since 1974 with automated trading systems, is now looking to set up new market neutral funds focusing on the emerging markets of Morocco, Hungary, India, Brazil and China along with the developed markets of US and Europe.
Exhilway now plans to focus on investing in global indices and a few handpicked stocks with a focus on long term appreciation rather than mere trading. Exhilway plans to launch several private equity funds, mutual funds and exchange traded funds to attract global investors. The investors will have an option to invest online in the funds distributed by a broker dealer in their respective area. Also, Exhilway is in final stages of finalising a fund administrator for its proposed funds.
Following its hedge fund exit, Exhilway’s global AUM has reduced to USD21.70 million from less than 10 high net worth investors from the UAE. However, the company says that undisclosed pension funds are committing to invest up to USD3 billion in its planned index strategies. Talks are said to be at an advanced stage and an official announcement could be made by the last quarter of this year.
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