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Alternative Market Briefing

California hedge fund firm Evolved Alpha closes down, returns capital to investors

Wednesday, August 22, 2012

Jesse J. Redmond
From Komfie Manalo, Opalesque Asia:

Montecito, California-based hedge fund house Evolved Alpha, LLC announced it would close the firm and has already returned investors capital. Evolved Alpha provides transparent, liquid and secure access to specialized alpha-return strategies trading liquid financial instruments.

In an emailed statement, Jesse J. Redmond, Founder and Co-Portfolio Manager at Evolved Alpha, said that the firm was finalizing details before winding up the four strategies: Specialized Strategies, Total Return, Global Equities and Global Futures.

"Closing Evolved Alpha was not a reflection on the strategy or managers. It was a business decision," Redmond stated.

Evolved Alpha was launched two years ago with the support of a core group of investors. The firms assets under management doubled since, but its investors base remained concentrated.

According to the Opalesque Emerging Managers database, Evolved Alphas Specialized Strategies fund was down 0.44% in February 2012 (-0.24% YTD).

"In 2011, Specialized Strategies outperformed the HFRX Global Hedge Fund Index by 7% with 0.13 correlation. Outperformance drove additions from existing investors, but the lack of compelling absolute returns made it difficult to attract new investors. This c......................

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