This year's bumper crop of fund launches shows that U.S.
investors have regained their faith in equity
Signs of life in the equity market following the fall of
Baghdad helped the latest bunch of long/short equity managers
raise assets. Of the $6 billion raised by the biggest 25
launches in the U.S. in the first six months of the year, over
half went to equity funds with the rest going to a mixed bag of
multi-strategy, macro and arbitrage.
The findings suggest that U.S. investors, at least, have
shrugged off the poor returns seen from equity funds in 2002
and are willing to look ahead to a brighter future. As a
result, funds like Verus, Brant Point, Cavalry, Rohatyn and
Traxis, all of which are run by big high-profile names who were
often leaving other hedge fund shops to start on their own,
were able to raise...