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Alternative Market Briefing

Review of hedge fund launches, closures, trends, regulatory and legal events - week 6

Monday, February 09, 2009

By Benedicte Gravrand, Opalesque London: A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments world.

Last week, we heard of fund launches or openings from Cavenagh (Asian macro); LGIM (global macro); Sucden (futures); IAM (trading); JWM Partners (possibly); Prentice Capital (L/S equity); Myojo (technology); KeyPoint (real estate); BlackRock (pooled alternatives); PhaseCapital (quant); Brevan Howard (credit trading); Woodbine (global macro); Big 5 (L/S equity); and FSM Capital (energy).

Japan’s Kanetsu A.M. is to close its hedge funds and shut the firm, and Spain’s BBVA is to close its fund of hedge funds business.

According to Absolute Return, assets for new funds declined 35% in 2008; and Asia Pacific Group forecasted hedge funds would face an $450bln asset decline in 2009.

The CASAM CISDM Equal Weighted Hedge Fund index returned 0.95% in Dec-08 and -19.16% YTD; and the HFRX Global Hedge Fund Index was up 1.10% (est.) in Jan-09.

Hedge fund Perry Partners apologised to investors after their first negative year in 2 decades; Lawrence A. M.’ shareholders voted for a restructuring of the flagship fund; Fortress’ shareholders lost 96% since the IPO a year ago; Absolute Ca......................

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