Global Outlook 2024 Report

Flows

European credit hedge funds are the most in-demand strategy among investors for the second half of the year, with a net 14% keen to up their allocations by the end of 2023, according to a report by Reuters citing data from a survey by Barclays.
Hedge funds continued their resurgence in Q2, recording positive performance for a third consecutive quarter, with equities and multi-strategy funds once again driving returns to take their YTD weighted average gains to over 10%, according to data from Citco.
Digital asset investment products saw minor outflows totaling $6.5m last week, following four weeks of inflows that totaled a combined $742m, according to the latest Digital Assets Fund Flows Weekly report from CoinShares. Bitcoin was the primary investor focus, as has recently been the case, seeing $13m of outflows, while short bitcoin investment products saw outflows for the 13th consecutive week totaling $5.5m. Ether topped the inflows leaderboard last week, attracting $6.6m inflows, suggesting sentiment for the cryptocurrency, which has been poor this year despite the so-called Merge in September 2022 when ether switched from a proof-of-work to a proof-of-stake
The Canada Pension Plan Investment Board, Canada’s largest pension fund, will seed more startup hedge funds this year as part of a plan to diversify its investments, according to a report by the Financial Post. The CPPIB, which manages $570 billion in assets, will spread funding among more firms as part of its emerging manager programme by reducing the starting amount they invest with each fund. Each will receive amounts starting from US$50 million, down from US$100 million, a person familiar with the matter said. The move comes as startup hedge funds face an increasingly launch environment, with larger multi-strategy
Total hedge fund assets increased for the third consecutive quarter in Q2, as investors allocated new capital to equity hedge and event driven strategies, according to Hedge Fund Research.
Jonas Diedrich and Dave Sutton, former traders at Citadel, have raised $1.85bn for their new London-based hedge fund Ilex Capital Partners, exceeding their initial $1.7bn target, and making the new fund one of the biggest debuts of the year, according to a report by Bloomberg.
Davidson Kempner Capital Management has closed its Davidson Kempner Opportunities Fund VI, which will target investments in less liquid, longer-duration situations arising from capital dislocations, motivated sellers, and substantial asset or structural complexity, with $3bn in capital commitments. The five previous vintages of the fund have collectively invested over $10bn since the strategy’s inception in 2011. The funds are diversified across geographies, industries and investment types, including corporates, real estate, structured products, infrastructure and hard assets. DK Opportunities Fund VI is co-managed by Yoseloff and Conor Bastable, Managing Member, Global Credit, and is supported by a 113-person credit investing team
Digital asset investment products saw $137m of inflows last week, taking total inflows for the last four weeks to $742m, the largest run of inflows since the final quarter of 2021, according to the latest Digital Asset Fund Flows Weekly Report from CoinShares.
New York-based hedge fund firm Fir Tree Partners is looking to capitalise on the turmoil seen in the digital assets market over the past year or so by launching a hedge fund that will make investments in distressed crypto assets, according to a report by CoinDesk. The report cites an email seen by CoinDesk as confirming that The Fir Tree Digital Asset Opportunities Fund will launch on 1 August. Fir Tree, which has previously dabbled in crypto through an attempt to short Tether’s USDT stable coin, believes it can leverage its experience in credit, capital structure arbitrage, distressed, special situation
Cutter Capital Management, a new healthcare-focused hedge fund founded by former Citadel portfolio manager Vince Aita, has begun trading with $275m from two institutional investors, according to a report by Bloomberg.  

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