Allenbridge hires former top HSBC hedge fund manager
LONDON (Reuters) - Allenbridge Investment Solutions has hired Tim Gascoigne, the former manager of HSBC Alternative Investment's flagship $2.4 billion fund of hedge funds, the advisory firm said.
Gascoigne, who was responsible for around $4 billion of the $38 billion that HSBC managed in alternative investments globally, left the company early last year and has now been employed as head of alternatives at AIS. [ID:nL5E8E5A0X]
The $636 billion fund of hedge funds industry continues to suffer client outflows. Some investors have been critical of the extra layer of fees these portfolios charge, as well as the fact that certain funds invested with U.S. fraudster Bernard Madoff.
Some pension funds and other institutional investors have instead switched to buying advice, for which they may pay a lower fee and retain more control than when putting their money into a fund of hedge funds.
Allenbridge Investment Solutions advises funds with more than 32 billion pounds ($51 billion) in assets.
(Reporting by Laurence Fletcher; Editing by Anthony Barker)
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