May 1, 2020 / 8:32 AM / a month ago

London hedge fund Maniyar begins trading with over $1 billion - source

LONDON (Reuters) - London-based hedge fund Maniyar Capital Advisors, which was spun out from Tudor Investment Corporation, began trading on Friday with more than $1 billion in assets under management, a source familiar with the matter said, making it one of the biggest launches of 2020.

The spin-out comes after global hedge fund assets fell below $3 trillion in the first quarter of 2020 for the first time since 2016 as the new coronavirus hit markets, according to data from industry tracker HFR.

Maniyar, founded by former Tudor portfolio manager Dharmesh Maniyar, combines computer algorithms and discretionary investing to bet on macroeconomic trends using currencies, fixed incomes, equity indices and commodities, said the source.

Hedge funds that bet on macroeconomic trades have racked up losses of 3.6% in the first three months of the year, data from Eurekahedge showed.

Maniyar is joined by a team of more than 20, including chief risk officer Patrick Trew, formerly of CQS, and senior portfolio manager Dev Sahai, also from Tudor.

The hedge fund had initially planned to spin out in January 2020, according to a Bloomberg story from December 2018.

Reporting by Maiya Keidan; Editing by Emelia Sithole-Matarise

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