Sunday, 29 March 2015
Last updated 1 day ago
Feb 21 2013 | 2:17pm ET
Redemptions have motivated HSBC to shutter an India-focused hedge fund run by Sanjiv Duggal.
The India Alpha fund, launched in 2007, peaked asset-wise in 2008 at over $300 million. It was down to $85 million by December, reports Reuters.
And yet, the fund gained 26% in performance terms last year, compared to an average 10.3% gain for emerging markets hedge funds (and much lower gains by the hedge fund industry generally). Since inception—and despite down years like 2008, when it lost 26%—it is up 39%.
An HSBC spokesman told the news agency that Duggal and his team remain with the firm where they run Indian equity assets of $6 billion, including the flagship $3.8 billion HSBC GIF Indian Equity fund.
According to HSBC, the decision to close the fund was based on an analysis of assets under management, profitability, sales interest, commitment and scalability.
"The HSBC India Alpha fund was reviewed in light of this to determine the extent to which the fund is aligned with the broader business strategy and it was concluded we would close the fund as it did not meet our criteria going forward,” the spokesman told Reuters.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…