Horizon Sees $600M Inflow In Q3

Nov 10 2008 | 1:10pm ET

Alternatives cash manager Horizon Cash Management said that it has attracted more than $600 million in new assets within the last quarter stemming from a wide variety of single manager and funds of hedge funds.

“With continued market volatility, and hedge funds of all types holding larger portions of their portfolios in cash, we expect these inflows to continue,” said Pauline Modjeski, president of Horizon.

Some firms looking to park their cash at Horizon include a commodity shop seeking more secure custody arrangements, a fund of funds operation looking to reduce its counterparty exposure, and a U.K.-based hedge fund, taking note of the Lehman Brothers bankruptcy that froze some hedge fund balances, reducing its prime broker exposure.

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