Australia’s Macquarie Bank has combined its separate hedge funds into one unit to form a business with over A$1 billion ($750,000) in funds ...

Australia’s Macquarie Bank has combined its separate hedge funds into one unit to form a business with over A$1 billion ($750,000) in funds under management. The funds will come under Macquarie’s MQ Specialist Investment Management operation, which will rank in Australia's top five hedge funds in terms of assets under management. MQ’s funds under management include A$327.3 million in single manager funds, A$602.5 million in multi-manager funds and A$136.8 million in other fund structured products. Eight different fund strategies, concentrating on Australian and Asian markets, can be accessed either directly or via a multi-strategy fund. "Our clients like our boutique approach to funds management coupled with the confidence that investing with a larger institution provides," said Greg MacKay head of MQ. "Investors are comfortable taking on the performance risk associated with higher return strategies but do not want the small business risk often perceived with smaller boutique fund managers."