Emerging managers have their work cut out for them when it comes to attracting assets, but recent data shows the majority of the top new funds grew AUM last year.
74% of hedge funds on Hedgetracker’s Top Emerging Hedge Fund Managers list saw equity assets increase during the fourth quarter of 2014, while the group as a whole saw equity assets rise by nearly $22 billion, or 36%, during the year.
Leading the top asset gainers were Soroban Capital Partners, which added $1.1 billion, Starboard Value, which added $772 million, and Tourbillon Capital Partners, which added $623 million.
Soroban, which is a long/short equity fund led by former TPG-Axon Capital executives Eric Mandelblatt, Gaurav Kapadia and Scott Friedman, reported equity assets of $7.5 billion at the end of the quarter, according to Hedgetracker’s data.
Soroban took the top spot from Keith Meister’s Corvex Management, which now ranks second after holding the top spot for three consecutive quarters.
Hedgetracker’s Top U.S. Equity Emerging Manager Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms’ overall U.S. equity assets. The rankings include firms that were launched in 2009 or later.