Lyxor teams up with Caxton veteran to launch EM index fund

Lyxor Asset Management has teamed up with hedge fund veteran Jeff Enslin, partner at New York’s Caxton Associates, to launch the Lyxor/Caxton HAWK strategy Index fund, in a further sign of hedge fund managers adopting the regulated path.

Enslin will join other seasoned hedge fund investors such as John Paulson, Barton Biggs, Alan Howard, Elena Ambrosiadou and Man Group in launching onshore funds alongside their offshore offerings.

Other luminaries, notably George Soros, have shied away from tighter regulation, by returning money to clients and just running their own wealth privately.

Enslin has been trading macro economic variables and emerging markets since 1995. While at the $9.7bn manager Caxton, he has built the proprietary system behind the medium-term, trend-following EM strategy that is the basis of the Lyxor/Caxton HAWK strategy Index fund.

Caxton was established by Bruce Covner in 1983, and has a minority interest in $379m manager HAWK Quantitative Strategies LLC – the entity responsible for all of the investment decisions and trading of the fund.

This $327m product from Enslin is the third single hedge fund manager to join Lyxor’s xor Dimension Ucits platform.

Enslin said: “As a systematic, liquid, and non-long biased strategy, the strategy has a low correlation to emerging market long-only, and hedge fund strategies, as well as to other CTAs.

“One of our core beliefs, built into the framework of the system, is that EM assets experience both large bull and bear cycles. As a trend follower, the model is designed to attempt to participate with the prevailing price action regardless of the direction. We are excited to launch this unique product on the Lyxor Ucits platform.”

Lyxor currently manages $22.8bn of alternative investment assets.

Inès de Dinechin, CEO, said: “Lyxor is perfectly positioned to meet current investors’ needs and gives access to a selection of strategies that can adapt to different market environments”.

Lyxor Dimension has 11 multi-manager funds, two hedge fund replicators, one absolute return program and three single alternative strategies.

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