U.K. commingled hedge funds of funds gain 4.6%

Twenty U.K.-based commingled hedge funds of funds had a median return of 4.6% net of fees in the second quarter, according to data from BNY Mellon’s London-based asset servicing unit. The median of those funds of funds outperformed U.K. equity (3.8%), U.K. real estate (1.8%) and U.K. bond (-2.4%) pooled funds, said Daniel Hall, BNY Mellon Asset Servicing’s publications and statistics manager. For the three years ended June 30, however, the 9.8% median annualized return of the BNY Mellon universe lagged the annualized median returns of U.K. equity (18.2%) and real estate (16.3%) commingled funds.