Tuesday, 1 December 2015
Last updated 18 hours ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…