Funds Hub
Money managers under the microscope
Threadneedle readies “Triple A” launch
Hedge fund firms are finding themselves back in demand with mainstream asset managers despite a mixed record during the downturn. Threadneedle recently reiterated its interest in acquiring a hedge fund firm whilst adding to its absolute return range with a US equity long/short fund. The rise in interest has also been apparent in F&C’s purchase of Thames River at the end of April and Aberdeen’s recent buy of RBS’s non-core assets which gave the fund manager access to alternative products.
Threadneedle has been on the prowl for something in the absolute return space since last summer, but Campbell Fleming, head of distribution, said the hedge funds business remains “a work in progress”. “We continue to look at a lot of opportunities but not many suitable businesses have presented themselves,” he told Reuters.
In the interim Threadneedle is launching the American Absolute Alpha fund on June 1st, which will be managed by Stephen Moore and his team. Fleming said the product is targeted at investors outside the US who “have seen that it has cost them money ignoring the resurgence of the US.” He added that another half dozen products were planned for the next six months.
You can read the full interview with Campbell Fleming here.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
EU directive could be softened, says Lib Dem chair - Guardian
US targets offshore approved loans – Reuters
Fears grow for hedge fund on US financials losses - FT
Slumping energy demand over, says fund manager Melis – Bloomberg
Quality control
After last year’s record poor performance, investors may view a warning that the quality of hedge funds could get worse with a certain degree of irony.
However, according to the Hedge Fund Standards Board’s chairman Antonio Borges, this is one of the negative effects on the industry that proposed EU laws could have.
from DealZone:
Deals du jour
AIG plans to float its Asian crown jewel, Volkswagen halts talks with Porsche, Nomura hires for a massive push in U.S. equities, and more. Here are the latest deal-related stories:
AIG to launch IPO for Asia crown jewel
Volkswagen halts tie-up talks with Porsche
Nomura hires for massive U.S. equity push
Cubs' offer won't be voted on next week: sources
Babcock & Brown infrastructure fund gets acquired
China pension fund plans foreign PE deals: sources
China government OKs Minmetals' OZ Minerals deal
Daiwa SMBC to buy unit of Britain's Close Brothers
Whitehaven says to drop merger deal with Gloucester
Metro to present Karstadt deal outline: sources
And in Europe's morning papers:
* Hedge fund manager Noam Gottesman, co-chief executive of GLG Partners Inc (GLG.N), plans to move to New York from London to build up the fund's U.S. assets, the Daily Telegraph said.
