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Graticule Asset Management Asia has rebuilt assets to around $3bn three years after losses surrounding the collapse of Silicon Valley Bank forced the macro manager to close its flagship hedge fund.
The Singapore-based firm now manages capital through separately managed accounts (SMAs), while its macro strategy gained 28% through the end of August this year, according to Business Insider.
Graticule rebuilds after 2023 losses
Graticule’s flagship macro fund lost more than 25% in March 2023 after bets on short-term interest rates were caught by the market turmoil surrounding SVB’s collapse. Founder Adam Levinson subsequently closed the strategy and returned capital to investors.
The rebuilt operation is considerably leaner. Graticule reported 18 employees and $1.54bn in regulatory assets under management in its March 2026 SEC filing, compared with 55 staff at the beginning of 2023.
The firm is also reportedly using AI agents to support its investment team.
SMA model drives comeback
Graticule’s move towards SMAs comes as hedge fund managers and institutional investors increasingly explore structures offering greater transparency and control than traditional commingled funds.
AFI’s recent research into the SMA market found growing demand for customised investment structures alongside increasing operational and technological complexity for managers and their service providers.
Read AFI’s latest research into the evolution of the separately managed account market.