Hedge funds at Martin Currie, the Edinburgh-based specialist investment manager, this week passed the USD 1 billion level, eighteen months ahead of the company's target.
Martin Currie's joint head of sales, Allan MacLeod, said: "This is a significant milestone for us. We have always said that, for us, long-only and long-short investing are complementary. Yes, we've had success from our hedge funds. But it's important too that 70% of our long-only pooled funds were in the top quartile last year."
Martin Currie launched its hedge fund business in July 2000 and attributes its success to "good performance and a determined marketing effort." Hedge funds now represent a significant part of Martin Currie's revenues, and the company is looking to launch new funds to capitalise upon its skills and meet investors' demands.
Martin Currie currently manages six hedge funds investing in Asia, Japan, China, Europe, the UK and Global Resources. Of these, three - China, Japan and Asia - are closed to new investors.
Martin Currie stated: "recognising effective capacity, and acting on this, is critical to maintaining investment performance.
MacLeod added: "Successful investment management is, increasingly, about delivering high-performing, distinctive products with disciplined risk control. That is exactly what we intend to go on doing."
Background Note: From its headquarters in Edinburgh, Scotland. Martin Currie manages GBP 7.5 billion in segregated and pooled portfolios for pension funds, family offices, multi-managers, banks, public funds, foundations, sub-advisory clients and wrap programs. Martin Currie is private. Current and former directors and staff own 100% of the company.