New York Post – Despite headlines about hedge funds that got decimated after making complicated bets on mortgages or energy, the most basic investment strategy of picking which stocks will rise and which will fall – known as long-short equity strategy – is turning out to be one that’s giving hedge-fund managers fits.

Indeed, hedge funds are finding that today’s choppy markets are proving to be tougher to navigate than the terrible years following the dot-com bubble burst in 2000. And it helps to explain why so many hedge funds have called it quits and instead are moving into cash.

The hedge-fund industry is seeing its worst results in recent memory, down an average of 4.09 percent year-to-date, according to the Hennessee Hedge Fund Index. Long-short equity funds, rarely expected to be losers, are nevertheless down 3.2 percent for the year.

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West Palm Beach (HedgeCo.net)- Investcorp’s hedge fund co-managers said they have raised over $2 billion for their Single Manager Platform. Debuted in 2005, the platform supports emerging talent in the hedge fund industry.

Deepak Gurnani, managing director and co-head of hedge funds said, "Reaching the $2 billion milestone is a testament to the quality of the managers who have partnered with us."

"We’ve tailored the program to the interests of sophisticated institutional investors that want to diversify their hedge fund holdings by including the industry’s rising stars in their portfolios," Ibrahim Gharghour, managing director and co-head of hedge funds added.

Investcorp provides between $50 million and $100 million in seed capital to the managers along with support for marketing and ongoing risk monitoring to avoid style-drift and other operational concerns. Investcorp’s hedge funds team of more than 100 professionals oversees approximately $8 billion in assets under management, of which approximately $2 billion is proprietary capital.

The Single Manager Platform is part of Investcorp’s larger suite of hedge fund solutions, which includes fund of funds, customized portfolios and structured products. Today, it has more than 30 institutional investors in the platform, which comprises six managers with a range of investing strategies.

The six managers currently in the program are Cura Capital Management, a fixed income relative value manager based in New York, Interlachen Capital Group, a multi-strategy firm based in Minneapolis, Silverback Asset Management, a convertible arbitrage focused management firm based in Chapel Hill, North Carolina, Stoneworks Asset Management, a global macro investment platform based in London, Washington Corner Capital Management, a distressed and credit-based investment platform based in Florham Park, New Jersey and WMG Asia, an Asian long/short equity strategy management firm based in Hong Kong.

Hank Murphy is the head of development for the Single Manager Platform.

Editor; Alex Akesson

alex@hedgeco.net

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New York (HedgeCo.Net) – New York hedge fund Manhasset Capital will start the liquidation process later this month after the decision was made by the fund’s seeder to pull out their $100 million initial investment.   

A spokesperson for Fairfield stated, ““As part of a normal rebalancing of capital, FGG has indeed decided to close its co-branded single manager fund, Fairfield Manhasset Offshore Fund Ltd., which we created as part of an agreement with Manhasset Capital Management. However, we cannot comment on any of Manhasset Capital’s choices; they run their own business and have their own investors, and it would be incorrect to state that FGG had caused Manhasset’s current or future decisions.”

Fairfield Greenwich Group, who seeded Manhasset’s offshore fund and had a three-year profit sharing agreement with the firm, decided to pull out just a month and a half after the agreement expired on May 1st.  Manhasset ran an onshore fund as well, which engaged in a long/short equity strategy and focused on mid-cap U.S stocks.  Total assets of both funds were around $165 million.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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