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  • SPACs-focused asset manager Wealthspring unveils debut hedge fund strategy
    by hugh.leask on April 16, 2021 at 1:25 pm

    SPACs-focused asset manager Wealthspring unveils debut hedge fund strategy Submitted By Hugh Leask | 16/04/2021 - 2:25pm US investment manager Wealthspring Capital has launched its debut hedge fund strategy, Fountain Opportunities, which aims to capitalise on the ongoing boom in special purpose acquisition companies (SPACs).  The new fund, Fountain Opportunities, will take an opportunistic approach to the SPAC market through selective positioning in all aspects of the SPAC ecosystem and life-cycle, from SPAC to DeSPAC. The fund will employ leverage to buy and trade around positions and offers strategic participation in private investment in public equities. Fountain Opportunities, which will formally launch on 3 May, will pursue an aggressive return profile while taking advantage of the SPAC characteristics that help manage risk.  Co-founded by Matthew Simpson and David Gallers, New York-headquartered Wealthspring – which manages more than USD650 million in assets – hopes to raise its AUM to around USD1 billion by year-end with the new launch.  Investor appetite in SPACs has soared in recent times: some 250 SPACs announced IPOs in 2020, raising USD83 billion.  “We have seen unprecedented investor interest in SPACs, which has prompted significant volatility in the already speculative space,” says David Gallers. “Yet we see a tremendous opportunity for investors who employ a strategic and thoughtful approach, and Fountain Opportunities is uniquely positioned to take advantage of the cyclical nature of the SPAC market.”  The new strategy is the firm’s second SPAC-focused product, following the launch of its US Treasuries + Alpha fund two years ago. A separately managed account, which generated a 20 per cent return last year, that strategy is designed to offer investors access to SPACs while providing the recognised safety and security of US treasuries.  SPACs raise capital from investors, via IPOs, to buy shares in private companies, with a view to taking them public, typically through a merger with the publicly-traded SPAC. Shareholders can then either choose to participate further with the merger as an investor, or redeem stock for the cash held in escrow following a takeover. Should no takeover targets be found within two years, the SPAC dissolves, with cash returned to investors.  “To be best positioned for success in SPAC investing, you need to align with a management team who knows the space, knows the sponsors, the risks and the prospects,” adds Matthew Simpson. “We are differentiated in the SPAC space because we have a dedicated focus and a proven track record of successful SPAC investing. Fountain Opportunities will allow more investors to access what we view as an incredibly attractive space.”  Like this article? Sign up to our free newsletter Tags Funds Launches & Fundraising SPACs

  • Hedge fund giant Man Group’s funds under management rise with strong performance and positive flows
    by hugh.leask on April 16, 2021 at 10:24 am

    Hedge fund giant Man Group’s funds under management rise with strong performance and positive flows Submitted By Hugh Leask | 16/04/2021 - 11:24am Man Group saw its funds under management swell further during the first three months of the year, rising to USD127 billion thanks to strong investment performance and continued investor inflows. The London-based publicly-traded hedge fund giant added USD3.4 billion during the first quarter, having ended 2020 at USD123.6 billion. The gains were driven chiefly by performance returns of USD3.5 billion, along with net inflows of about USD600 million, though it also suffered negative FX and other impacts amounting to USD700 million, the group said on Friday morning. Man Group CEO Luke Ellis welcomed the growth, adding the gains and inflows “underscores the strength” of the FTSE 250-listed firm’s business model. “Client engagement on a number of larger mandates has been positive this year, and as a result we expect to see increased inflows in the coming quarters,” he said, hailing its “state-of-the-art” technology, client relationship strengths, and quality of its staff. The strong Q1 results mark a dramatic change in Man’s fortunes compared to this time last year. Often considered a bellwether for the UK’s broader alternative asset management industry, the group shed 11 per cent in FUM amid the coronavirus-fuelled market mayhem of March 2020, sliding to USD104.2 billion. But the firm regrouped over the course of 2020, ending the year with funds under management reaching a record high of USD123.6 billion. The group’s alternative funds under management – which includes absolute return, total return and multi-manager solutions – grew to USD78.4 billion during the first quarter of 2021, up from USD77.2 billion at the end of 2020.  This was fuelled by USD800 million of investor inflows coupled with USD700 million of performance gains, while FX and other movements fell by USD300 million. Meanwhile, Man’s long-only strategies also grew during the three-month period ending 31 March, from USD46.4 billion to USD48.6 billion, driven by USD2.8 billion of investment performance, as investor outflows totalled USD200 million and FX and other movements brought a USD400 million hit. Within Man’s alternatives range, its absolute return strategies – managed under the AHL and GLG brands – stood at USD35.4 billion at the end of Q1, up from USD34 billion at the start of the year. Total return strategies – spanning alternative risk premia, private markets, CLOs and emerging market total return funds – were up slightly, from USD29 billion to USD29.1 billion over the same three-month period. But multi-manager solutions shrank in Q1 from USD14.2 billion to USD13.9 billion. Performance-wise, most strategies were in positive territory at the end of the first quarter, and the group ultimately managed to keep a lid on losses. Top of the table was AHL Diversified, the long-running systematic CTA strategy, which generated a 3.5 per cent return in Q1. The GLG Global Multi-Credit Strategy was up around 2.7 per cent over the same period, while AHL Alpha made 2.6 per cent. AHL Dimension returned 1.2 per cent. FRM Diversified II, the multi-manager hedge fund vehicle run under Man’s FRM unit, grew 2.1 per cent, as GLG Global Emerging Markets Debt Total Return gained 1.5 per cent. Alternative Risk Premia, which lost more than 10 per cent annually in 2020, was up 1.1 per cent in Q1.  On the downside, the GLG European Long/Short Fund, a market neutral stock-picking strategy focused on European sectors, was caught out by Q1’s corrections, losing 1.6 per cent. AHL Evolution also dropped 1 per cent, AHL Target Risk fell 0.3 per cent, and GLG Alpha Select Alternative gave back 0.5 per cent. Like this article? Sign up to our free newsletter Tags Results & performance Funds

  • Top 10 most shorted UK stocks revealed by GraniteShares
    by clara.dijkstra on April 16, 2021 at 9:36 am

    Top 10 most shorted UK stocks revealed by GraniteShares Submitted 16/04/2021 - 10:36am New analysis from ETF provider GraniteShares, which offers a range of 3x short and 3x leveraged ETPs on popular UK and US stocks, reveals that as of 15 April 2021, Cineworld Group, the world's second-largest cinema chain, was the most shorted UK listed company.  Read the full story at ETF Express… Like this article? Sign up to our free newsletter Tags Funds ETFs Long-short investing

  • IOWArocks adds CryptoCompare digital asset datasets to offering
    by clara.dijkstra on April 16, 2021 at 9:18 am

    IOWArocks adds CryptoCompare digital asset datasets to offering Submitted 16/04/2021 - 10:18am IOWArocks, the global marketplace for data, tech, and services, has added CryptoCompare to its rapidly expanding data marketplace.  Read the full story at Institutional Asset Manager… Like this article? Sign up to our free newsletter Tags Digital Assets Services Research & Analytics

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