Monday 23 February 2009

Hedge funds march towards Ucits

Large hedge fund groups are expanding aggressively into the regulated fund arena in order to attract new money as investors continue to bail out of the tarnished hedge fund sector.

Brevan Howard, Europe’s largest hedge fund manager with $25bn (£17.5bn, €19.8bn) under management, will today unveil the launch of its first onshore, regulated Ucits III fund, a structure that embeds higher standards of investor protection, liquidity and transparency than lightly regulated hedge funds.

The move comes as figures show GLG Partners and Odey Asset Management, two houses that have already taken the plunge, attracted strong inflows into their Ucits ranges in the fourth quarter of 2008 even as both the mutual fund and hedge fund industries haemorrhaged cash.

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