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

Q&A: Omni Macro Fund Bullish On India, Watching China

Mar 4 2015 | 3:35pm ET

Omni Macro Fund was formed in 2007 by Stephen Rosen, previously a prop trader at...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Managing Diversification And Drawdowns In The “New Normal”

Mar 5 2015 | 2:42pm ET

In 2008-2009 diversification alone failed to provide adequate risk management for...

 

Editor's Note