Hedge Funds

Liongate’s manager turnover beats strategy churn


For the first time since Liongate Capital Management was started in 2003, manager turnover has exceeded strategy turnover. In June 2009, the London-based fund of hedge funds, which has $2.8 billion under management, held 45 managers in the portfolio and by September 2010 there were 43.

On average, manager turnover within strategies has been 54% over this period with 22 managers redeemed and 20 added. For strategies such as merger arbitrage and equity market neutral this has been as high as 100%, while for others including global macro, equity long/short and sector specialist, it has been as low