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DE Shaw, Man, Elliott Expand Product Footprints

By Lydia Tomkiw

Large hedge fund managers are increasingly growing their product footprints, but not in the types of strategies where they made their names in the first place. For the industry’s top players, business growth is coming in newer areas, including risk premia, subadvising on mutual funds, and private equity-like funds.

A healthy layer of skepticism is needed when evaluating firms entering new areas that require different skill sets than their traditional products, says Stuart Blair, director of research at Canterbury Consulting. “We are skeptical unless they have the proven talent or hire it or can grow it internally,” he says. Investors should be evaluating what resources will be devoted to new strategies and if it will put any strain or cannibalization on hedge fund strategies, he says.

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