BlueBay Battered By Euro’s Decline As Assets, Inflows Fall

Jul 19 2010 | 12:05pm ET

London hedge fund BlueBay Asset Management said its fiscal fourth quarter would disappoint after its assets under management dropped more than 7% over the last three months.

The firm said its assets dropped 7.2% to US$34.4 billion at the end of June. BlueBay did see continued net inflows, but they totaled just US$300 million—a small fraction of the US$3 billion the firm had averaged in the last four quarters. BlueBay blamed its asset drop on the euro’s decline against the U.S. dollar.

“Raised levels of market volatility and reduced investor risk appetite made the final quarter of the financial year a more challenging one than its predecessors,” CEO Hugh Willis said.

Despite the poor showing BlueBay said it was confident about the current fiscal year, which started this month.  As for the fiscal year that just ended, BlueBay predicted pre-tax profits of about £50 million, nearly triple its fiscal 2009 profit, although that year included the dismal end of calendar year 2008.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...