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More than 40 high-profile hedge funds have been launched or will be launched this year, according to PivotalPath research. While restraints in capital funding have moderated this trend to some extent in the second half of 2023, there are signs that single strategy funds are gaining momentum again.
Reuters noted that high-performing traders from investment firms such as Citadel, Lone Pine Capital and Oaktree Capital Management are looking to start their own businesses. Those in the trading industry typically watch these developments closely, as investors seek the value of replication and growth. The newsagent quoted PivotalPath CEO John Caprice as saying:
Many of these people have very good grades and may be looking for something more independent.
Other large industry brokers and investors also reportedly acknowledged that an influx of new hedge funds is expected. Former Citadel portfolio manager Tommaso Torrent is said to be looking to form Benchstone Capital Management, which will focus on consumer, technology, media and communications assets, according to information from Reuters. Trent is seeking $750 million in funding for the effort, Reuters officials said.
Another former Citadel portfolio manager, Chiki Gupta Brahm, plans to start Tesselis Capital Management, while Arthur Witt, a former Lone Pine Capital partner, will focus on global health care and industrials. He hopes to establish a hedge fund that will take advantage of the investment. But the leader of the multibillion-dollar hedge fund launch pack is Capra Investment Management, led by Bodhi Jain, co-chief investment officer of Millennium Management, and Nat Dean, a partner at the firm. is expected to come out of a spin-off company.
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PivotalPath said hedge funds achieved an average return of 7.7% in 2023.
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