Original source for this article can be found on RT by clicking here
© Reuters. FILE PHOTO: Business magnate George Soros arrives to speak at the Open Russia Club in London© Reuters. FILE PHOTO: Business magnate George Soros arrives to speak at the Open Russia Club in London

By Maiya Keidan

LONDON (Reuters) – London-based hedge fund manager Glen Point Capital, which raised cash from billionaire George Soros, has opened an office in New York, three sources with direct knowledge of the matter said.

Co-founder Jonathan Fayman will be re-locating to the global macro, emerging markets-focused hedge fund firm’s new office, the sources said.

Hedge funds, which tend to be based in global financial centers such as New York and London, hit their stride this year, generating strong gains and pushing assets to record levels.

Glen Point will retain its office in the UK, one of the sources said.

The hedge fund firm, which now runs $2.3 billion in assets, was started by former BlueBay fund managers Fayman and Neil Phillips.

Fayman and Phillips ran a $1.4 billion macro hedge fund at BlueBay, which later shut and never had a down year.

Glen Point delivered performance gains of 17.5 percent in the year through October at the same time as macro hedge funds have averaged gains of 2.35 percent, data from industry tracker Hedge Fund Research (HFR) showed.

Macro funds, generally among the worst-performing hedge fund strategies this year, use a variety of asset classes to bet on macroeconomic events.

Emerging markets hedge funds, however, made gains of 15.6 percent on average, while all the industry, across all strategies, generated performance of 7.2 percent, according to HFR.

Hedge fund assets hit a record $3.253 trillion assets in October, according to research company eVestment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.