Funds
Hedge funds advanced 0.75% in August according to the gross return of the SS&C GlobeOp Hedge Fund Performance, while hedge fund flows, as measured by the SS&C GlobeOp Capital Movement Index, advanced 0.39% for September.
August proved to be a strong month for hedge funds specialising in life sciences and biopharma stocks, with several firms reporting solid gains that helped many return to positive territory for the year, according to a report by Institutional investor.
State Street Global Advisors, the asset management business of State Street Corporationhas launched the State Street Global Alternative Beta Fund, which seeks to approximate the returns of hedge funds as a broad asset class.
The KLS Scopia Market Neutral Equity Fund has grown its AUM to $63m and recorded a 12-month trailing net return of 9.8% since being launched by New York-based hedge fund manager Scopia Capital Management in UCITs format on Kepler Partners’ KLS Funds platform.
Trend-following hedge funds took a hit in August due to unfavourable bets on the New Zealand dollar and Japanese assets during a period of heightened market volatility, according to a report from Reuters, citing data from Societe Generale.
Hedge funds navigated an historic volatility surge in early August, with equity hedge and fixed income-based relative value arbitrage strategies leading that way, as the HFRI Fund Weighted Composite Index advanced +0.25% for the month.
Douglas Haynes, former President of Steve Cohen’s Point72 Asset Management, has abandoned his plans to launch a new hedge fund firm – Norias Research Group – citing challenges in raising sufficient capital, according to a report by Bloomberg.
New York-headquartered global hedge fund firm Davidson Kempner is set to close its Distressed Opportunities Fund, citing a more challenging environment for hedge funds that invest in the debt of distressed companies, according to a report by Reuters.
Hong Kong-based investment firm Sengu Capital is gearing up to launch a new hedge fund that will look to tap into Japan’s financial market resurgence by employing an investment strategy focused on improvements in corporate management in the country, according to a report by the Japan Times.
Investors are showing increased optimism toward hedge funds, with a large majority planning new allocations during the second half of 2024, a trend is fuelled by fresh capital inflows and the growing popularity of portable alpha strategies, according to a recent report by BNP Paribas.
