Wednesday, 30 July 2014
Last updated 9 hours ago
Apr 27 2011 | 12:28pm ET
Asia has a new billion-dollar hedge fund.
The Macquarie Asian Alpha Fund now manages US$1.03 billion, Macquarie Group told investors in a letter. The asset growth makes the fund one of only a handful of such hedge funds in Asia—in January, there were only 29 Asian hedge funds with more than US$1 billion in assets under management.
"Being part of Australia's largest investment bank, we have a robust institutional infrastructure and investors take comfort from this in the post-Madoff world," portfolio manager Nick Bird told Reuters.
The Macquarie fund reached the milestone in less than 16 months; the fund managed only US$230 million in January 2010 and at the end of December, it still managed only US$576 million. But Macquarie has aggressively marketed the fund since it paid out about $500 million in redemptions in one month during the financial crisis.
The Asian Alpha fund uses a market-neutral long/short strategy, featuring a quantitative screening process to sift through more than 5,000 stocks.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…