Last year’s strong performance and solid inflows may foretell a rosier future than the firm has endured for the past four years.After suffering billions of dollars in redemptions, HBK Capital Management has recovered its footing. The Dallas firm has nearly finished paying out redemption requests dating back to its 2007 CDO losses. And last year its multistrategy funds posted solid performance, helping the firm raise $940 million in new capital.
HBK’s largest fund, the $3.44 billion HBK Offshore Fund II, gained 11.53% in 2010, with smaller funds earning between 9.83% and 13.51%. The funds produced a composite performance of 11.62%, beating the AR Multistrategy Index, which gained 8.91% in 2010.
The funds profited from bets on corporate credit, structured