Lyxor to target macro and CTA managers
Lyxor Asset Management, the Paris-based subsidiary of Société Générale, is aiming to bring global macro and CTA managers to its Ucits platform, Lyxor Dimension.
In an exclusive interview with Investment Europe, Nathaniel Benzaken (pictured), Lyxor’s managing director and head of managed account development, confirmed Lyxor is seeking new managers offering managed futures and global macro expertise.
Global macro and CTA strategies can act as good diversifiers as they typically perform well when markets become volatile.
According to Hedge Fund Research, macro hedge funds were up 1.79% and 0.12% in July and August respectively. The Barclay CTA Index shows that managed futures gained 0.16% in August.
By contrast, the HFRI Equity Hedge (Total) Index was down by 0.25% in July and 4.1% in August while the HFRI Fund of Funds Composite Index lost 2.1%.
Benzaken believes Lyxor can bring on board some of the best managers running these sought-after strategies due to its well developed relationship with fund managers across Europe having researched them for over seven years.
The onshore Ucits platform also gives offshore managers access to investors they would not usually be able to approach such as high net worth individuals and private banks across Europe.
Benzaken also believes the Ucits framework can open new doors for managers, particularly in Asian countries such as Korea and Chile in South America.
The first single manager Ucits hedge fund was recently added to the platform, the Lyxor/Old Mutual Global Statistical Arbitrage Strategy Index Fund.
The fund, run by London based Old Mutual, runs a quantitative equity market neutral strategy. It was selected due to a “growing appetite for Ucits alternative funds” from investors, Laurent Seyer, chief executive of Lyxor, said.
Lyxor Dimension, launched in 2009, currently includes over 10 multi-manager funds and one absolute return program. Lyxor plans to launch more Ucits hedge funds in the coming months.