Chidem Kurdas
Among the new funds favored by large allocators is Trient global macro, run by former managers of the Norwegian sovereign wealth fund.
Global macro strategies are in demand—-their broad perspective and flexibility are seen as useful in the face of likely policy changes at the Federal Reserve and with respect to the U.S. budget. During the first half of this year certain fund of funds put money into the Trient global macro fund, attracted by the strategy as well as the managers’ pedigree.
Knut Kjaer, former chief of Norway’s sovereign wealth fund, and Dag Lotveit, its former head of allocation strategies, are part of the Trient team. Mr. Lotveit manages the global macro vehicle. The Norwegian sovereign wealth fund is one of the largest of its kind, currently with close to $800 billion in assets.
In April 2012 Mr. Kjaer said they were pessimistic about Europe and saw problems in the American and Chinese economies. So they would be betting against current conventional wisdom.
At that time Julian Robertson announced that his Tiger Management was seeding this fund, which also received capital from Swiss-based Octogone. Mr. Robertson appeared to agree with the unenthusiastic assessment of economic prospects.
Tags: Global Macro, Julian Robertson, sovereign wealth fund, Tiger Management
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