All systems go as Harmonic Capital rejig powers big resurgence in macro returns
March 24, 2011
Following a major overhaul of its investment and risk processes in 2007, quant long/short global macro manager Harmonic has been on a roll – with strong returns in 2010 fuelling increased institutional asset inflows
Many hedge fund groups have had to make sweeping changes to their investment, risk and business management practices over the past couple of years in the wake of the problems that struck the industry in 2008.
(Left to right): Patrick Safvenblad, David Pendlebury, Alastair Smith and Richard Conyers
But Harmonic Capital Partners, the $650 million London-based quantitative long/short macro manager, is one of a rather smaller universe of businesses that had already undergone a substantial overhaul before the crisis even broke – and the firm has come through the downturn in stronger shape than many others as a result.
The firm’s flagship Harmonic Alpha Plus Macro fund – a hybrid systematic/discretionary strategy that has been running since May 2003 – was up by over 20% in 2010, putting it among the best European-based performers in a year of very mixed returns among global macro funds.
The performance in 2010 earned...
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