Jupiter To Close Hyde Park Fund At $600M

Feb 11 2008 | 2:42pm ET

Jupiter Asset Management plans to close its Hyde Park Fund to new investors after raising another US$200 million, its manager said.

Philip Gibbs said he will close the 8-year-old hedge fund, which currently manages US$408 million, on March 1, Citywire reports. He also plans to increase its net-long positions, anticipating a market recovery in the wake of the most recent round of Federal Reserve Board interest rate cuts.

“Having been negative for some time, I now believe that because of the huge interest rate cuts in the U.S., markets are likely to stage a recovery,” he said.

According to Citywire, Jupiter said the Hyde Park fund has received a surge of interest because of market volatility. The fund has returned more than 20% annually, and is up 9% year-to-date, a period when many hedge funds posted big losses.

Gibbs also said he had halved the fixed-income and cash weighting in another hedge fund he manages, Financial Opportunities. He had upped the £790 million (US$1.5 billion) fund’s weighting in those sectors to almost 50% in November.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note