Reflation watch hedge fund edition


Here’s another bullet point in our ongoing tally of reflation indicators. It’s the return of risk in the form of start-up hedge funds (John Meriwether included).

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From the FT:

Hedge fund launches are growing in size and number after months of subdued activity in the wake of the collapse of Lehman Brothers last year.

The revival of fund start-ups is one of the clearest signs yet that the $1,400bn global hedge fund industry is starting to return to better times.

London-based Tyrus Capital on Monday became the largest fund to launch so far this year. According to people close to the company, investors placed about $800m with it before the cut-off for initial subscriptions closed. The fund is expected to raise a further $300m before the end of the year.

Theleme Partners, set up by Patrick Degorce, the co-founder of The Children’s Investment Fund, also launched on Monday with an estimated $200m under management. In the US, Greenwich-based Pia Capital, set up by ex-Moore Capital trader Christopher Pia, launched with an estimated $300m under management in June.

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