The recent turbulence has caused a slight slowdown in the launch of new funds. The first week of October saw the new launches in equity funds focus regionally on emerging markets and GCC and thematically on fundamental stock picking. New fund launches noted in Asia and GCC included houses such as Temasek / SBI (Japan), Principal PnB, Alceda, Sydinvest – a Danish Asset management company, Dexia, New York based Oranda capital management and Lazard. Emerging markets were also the most prominent theme in ETFs (Exchange Traded Funds) with 4 out of 6 ETFs launched by Lyxor (part of SocGen) covering Malaysia, Taiwan, Thailand, Pan Africa. Fund of fund launches last week showed no prevalent strategy with asset management companies such as Alte Leipziger Trust, DWS, Alceda, and International Value Advisers launching mixed fund of funds.
Hedge funds are facing redemption pressures due to credit crisis and market volatility and the regulators expecting a large number of hedge funds going belly up. In spite of this last week, a number of new tactical long short hedge funds were launched. These launches include one by former Pequot Capital portfolio manager, Gregory Spiegel, founder of New York based Riptide Capital, one by former portfolio manager for Ensign Peak Advisors, Jennifer Johnson, founder of Coraticum Asset Management and Hancock Bank. Multi strategy hedge fund launches included ones by Corazon Capital, Taylor Asset Management and Star Hedge Managers Corp.
In spite of the leverage crunch, a few thematic private equity launches were noted last week. These included a shipping fund by Northern Shipping Fund, a forest fund by Catella Real Estate and a media fund by Jerusalem Venture Partners. In the real estate and infrastructure Asia ex Japan, primarily India and China still featured as the main investment destinations with new launches from MPC, Invesco and DIFC Investments.
Tags: Asia, Emerging markets, Equities, Hedge funds, Private equity, Real Estate
