Friday, 3 July 2015
Last updated 26 min ago
Jan 22 2009 | 12:34am ET
Barclays Global Investors appears poised to quit the fund of hedge funds business.
BGI, the funds arm of Barclays, may give up on its plans to create an external fund of funds business in the U.K., Reuters reports. If it does abandon the effort, it is likely to transfer its AlpEx fund to Barclays Wealth Management.
“It just does not make sense to have two companies within the same family doing exactly the same thing,” a source familiar with the situation told the news agency.
BGI set up AlpEx in 2006 as the first step towards building an external hedge fund lineup. The firm had hoped to raise US$1 billion for the fund, which was aimed at institutional investors, within the first 18 months, but had collected only US$350 million by the end of 2007. It is BGI’s only fund of funds that invests in outside managers.
May 27 2015 | 2:15pm ET
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