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Updates and insights from AFI’s research and data during the week ending 12 January 2025…
Analysis: Who will benefit from multi-manager profit returns?
Surging performance by the largest multi-managers in 2024 means vast profits are being returned to investors — who will be hotly targeted by other hedge funds in the months ahead.
It amounts to billions: Point72, D.E. Shaw and Citadel are all returning some of their profits, while Millennium could have raised more than double the $10bn pulled in last year. It means there is a huge amount of ready capital waiting to be allocated elsewhere, if hedge funds can convince LPs. Read more.
2024 performance highlights
The year has started with a rolling flurry of performance stories rounding up 2024 performance. This week’s AFI has highlighted:
- Brevan Howard advances in profitable year for macro
- AQR’s multi-strategy fund rises 15%
- CFM’s quant range soars in 2024
“The gears are moving again” — top executive sees renewed interest in hedge
Last year, a top executive at one of America’s leading hedge fund businesses received a phone-call from a family office which had redeemed six years ago.
“They had fired us [in 2018],” said the executive. “We weren’t doing anything wrong. They were just getting out of hedge funds.”
The call brought good news. Read more.
AFI research features in FT analysis
AFI’s Power25 ranking of hedge fund allocators featured in this FT analysis of Millennium and the wider world of multi-strategy. Read more.
Wellington launches multi-strat interval fund
Boston-based Wellington Management has launched its first interval fund, to be managed by senior PM Roberto Isch with a multi-strategy approach.
Wellington Global Multi-Strategy Fund’s interval approach will intersect hedge funds and open-end funds, enabling Wellington to deliver a range of hedge fund strategies in one product. Read more.
Check AFI’s launch and Form D filing trackers – 32 so far in 2025
ICYMI: New podcast with Two Seas Capital
Sina Toussi, founder and CIO at US event-driven manager Two Seas Capital, gives the lowdown on his strategy trading legal and regulatory catalysts in the latest AFI podcast.
The US firm, founded in 2021, has just passed $1bn under management. Toussi shares perspectives on his investment approach, examples of successful trades and 2025 priorities. Listen below or at other platforms. Please like, share and subscribe.
Also don’t miss AFI’s first first Hedge Fund Explainer, a short podcast version of a recent analysis, at the end of last year. The first focused on why 2024 has been the year of the separately managed account (SMA).
Subscribe to the AFI podcast on your chosen platform to get episodes as soon as they land. To suggest topics or trends for future Explainer episodes or analysis, please get in touch.