By 2000, we were managing some client accounts based exclusively on the selection of traditional and alternative investment managers. HBK launched the first in-house Fund of Funds for client investment in April 2000, soon to be followed by other launches.

The gradual opening of our Funds of Funds to sources of capital beyond the HBK client base was a natural progression. This enabled us to develop our business by meeting broader external demand for access to professional investment Funds, as investors looked to benefit from HBK's expertise and privileged access to these vehicles. Top tier banks also endorsed HBK's in-house Funds of Funds by placing them, after due diligence, on their approved list of external products.