It's all about the name brand in the hedge fund world. As the number of unknowns hanging out a shingle dwindles with access to credit and stock prices, the big names in the industry are still gathering record amounts of capital.
Funds with a record $19.5-billion (U.S.) under management launched in the first half of 2008, even as the overall number of launches slumped 50 per cent, according to the Absolute Return new funds survey. And of that almost $20-billion, a whopping 71 per cent was in the top five funds
So who were the funds that could pull in the dough?
Some highlights:
Goldman Sachs Asset Management amassed $8.1 billion of the $19.5 billion total with $7 billion in its Goldman Sachs Investment Partners, an equity long/short fund, and $1.1 billion in Goldman Mortgage Credit Opportunities, the report said.
The second-largest launch was Conatus Capital Management's Conatus Capital Partners fund, which had $2.3 billion, and No. 3 Lone Pine Capital's $1.8 billion emerging markets fund, Lone Dragon Pine Fund, and in at No. 4 was Highliner Investment Group's Alyeska Fund, a market-neutral fund that ended the first half with $1.5 billion.
