Bloomberg – Nicola Horlick’s money-management firm, Bramdean Alternatives Ltd., pulled money out of hedge funds run by Nobel prize-winner Myron Scholes and James Dinan to focus on more defensive funds as volatility increases. <\/p>\n
“In response to the continuing market turbulence,” Bramdean “is increasing the focus on capital preservation,” the London-based company said in a statement today. <\/p>\n
Horlick’s firm pulled money from five of the eight money managers who oversee its so-called transitional portfolio. Bramdean redeemed investments in Dinan’s York Capital Management LLC’s Asian and European funds, and Scholes’s Platinum Grove Contingent Capital Offshore Fund. <\/p>\n
The monthly reshuffle is Bramdean’s biggest since the firm raised 131 million pounds ($243 million) in a share sale a year ago. The transitional pool, Bramdean’s largest, fell 1.4 percent in July as hedge funds struggle through their worst patch in almost 20 years, according to Chicago-based Hedge Fund Research Inc. HFR’s Global Hedge Fund Index fell 2.8 percent in July, its biggest monthly drop in five years. <\/p>\n