Barclays Says Over $70B Available for Hedge Funds Looking to Asia
Following to Barclays, a British multinational banking and financial services company, $70 billion is up for grabs for global hedge funds looking to raise money in Asia over the next few years.
Vast
private wealth in the region and the rise of several large
sovereign-wealth funds has long been an opportunity for global hedge
fund managers. Asian investors, though, continue to account for a small
portion of industry assets and have proven notoriously hard to win over.
Investors
in the region currently account for around US$150 billion invested in
global hedge funds, Barclays said, a sliver of the roughly US$2.5
trillion managed by the industry. Of the up to US$70 billion the bank
estimates will be on the table over the next few years, roughly half
would be new assets.
“There’s
this perpetual sense of enthusiasm that tends to originate primarily
from North American-based managers that a pot of gold exists in Asia
that has yet to be accessed,” said David Bennett, Barclay’s head of
capital solutions in Asia. “There is definitely a lot of potential here
in terms of raising assets—realizing that potential is a very different
matter.”
Source: Wall Street Journal
