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Alternative Market Briefing

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

Wednesday, August 22, 2012

amb
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 investor�s 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 firm�s assets under management doubled since, but its investors base remained concentrated.

According to the Opalesque Emerging Managers database, Evolved Alpha�s 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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