One year ago
Tandem Global Markets was prepping a credit hedge fund to
be managed by Stu Lippman, a former senior portfolio manager on
the proprietary trading desk of RBC Capital Markets.
But Lippman (no relation to
Greg) decided over the summer to instead sign up at $1.7
billion TIG Advisors. Along with a co-portfolio manager, David
Liu, he began trading the TIG Securitized Asset fund in
November (see complete performance
The fund manages approximately $155 million, according to
Absolute Return new funds survey.
>> The ninth annual EuroHedge Summit, held last spring
in Paris, was set to feature recently-knighted Sir Paul Ruddock
of Lansdowne Partners and Manny Roman of Man GLG.
The event later added Kyle Bass and numerous other
luminaries (full coverage
This year's Summit, to be held May 22-23, will feature
keynote speakers Chris Hohn of The Children's Investment Fund
and Martin Hughes of Toscafund, as well as Jonathan Lourie of
Cheyne Capital, a repeat appearance by Sir Ruddock, and many
others (speaker list
Five years ago
>> Flying cars! Free health care! A $7.44
trillion hedge fund industry!
Upon reflection, most long-dated predictions are
embarrassing, and alternatives industry pundits have had their
share. Five years ago, Absolute Return listened to
some who thought that the
hedge fund industry could top $7 trillion by 2013.
"According to this view, a small and rarified group of
diversified, $100 billion-plus hedge fund firms will sit atop
the new order, managing most of a total asset base that could
reach an astonishing $7.44 trillion by 2013. And despite the
increased scale of its players, some make a case that the
industry could remain lightly regulated," the article
Unfortunately for the optimists, hedge funds managed about
$2.5 trillion at midyear 2012. That's likely to be higher as of
this year, which the various HedgeFund Intelligence asset
surveys will soon show, but it's not going to be that much
But the argument that the big will get bigger
has held true. About $1.85 trillion of that midyear total
was managed by
Have we seen $100 billion hedge funds? Not so much. The
largest hedge fund in the world, Bridgewater Associates,
manages $83.3 billion (and another approximately $60 billion in
non-hedge fund assets) . Maybe in another 5 years...