More money left hedge funds than flowed into them in March. Hedge fund inflows for the month were a negative $12.4 billion, according to eVestment. Total flows for the quarter were a positive $7.6 billion, boosting total industry assets under management to about $2.66 trillion.
Mariner Investment Group has added a second investment team to a new multistrategy incubation platform. Richard Rumble, the former head of global emerging market equity at Goldman Sachs & Co., will run a global emerging market equity portfolio, dubbed Mariner INOX GEM. Earlier we reported that Mariner tapped Eric Pellicciaro to manage a global macro portfolio on the new platform. The managers will initially oversee portfolios between $50 million and $100 million. Rumble boasts more than 15 years experience in emerging market equities, most recently at BTG Pactual in London, where he was a global emerging market equity portfolio manager. Before Goldman, the manager spent 11 years at UBS in London, the last six as an emerging market equity trader.
Shares of Apple continue to sink, dropping another 2.64 percent to $392.18 on Thursday. It will be very interesting to see who remained in the stock in April when Schedule 13F filings for the first quarter are submitted mid-May.
John Paulson’s Advantage Fund is down 2.4 percent so far in April, no thanks to the big drop in the price of gold. However, the fund is still up 1.3 percent this year to date. Paulson earned $250 million last year, (No. 20 on Institutional Investor’s Alpha Rich List ranking of the 25 highest-earning hedge fund managers) attributed largely to strong merger arbitrage plays.