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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 19

Sunday, May 16, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from QCM (UCITS managed futures); EquityStar (equity L/S); new HF firm Edoma Capital; new HF firm Cayuga Capital; Legg Mason and Western (Ucits L/S credit); and Oracle Capital (structured credit).

The Greenwich Global Hedge Fund Index went up 1.1% (est.) in April, 3.7% YTD; The Credit Suisse/Tremont Hedge Fund Index posted 1.49% (est.), 4.63% YTD; The Hennessee Hedge Fund Index was up 1.30%, 4.61% YTD; The HFN Hedge Fund Aggregate Index returned 1.55%, 4.35% YTD; The HFRI Fund Weighted Composite Index went up 1.29% (est.), 3.79% YTD; And the Lyxor Global Hedge Fund index was up 0.9%, lifting YTD gains to 3.0%.

Global hedge funds took in $7.6bn of new assets in March, less than half the previous month's inflow, TrimTabs data showed; latest data from TrimTabs and BarclayHedge also reported that event-driven funds had posted the biggest inflows in March, and Q1 returns of 4.7%; Europe's 1000 alternative UCITS funds captured $200bn from investors worldwide, said think tank Strategic Insight; John Paulson closed his flagship funds to new investors, having nearly $20bn in client assets; Clarium Capital’s assets dipped to just $976m for the first time in years as the hedge fund continues to rack up losses; and Japan’ Sparx returned to profit with AuM of Y686bn after selling its Cosmo stake and cutting costs.

London-based hedge fund Odey Asset Management formed a joint-venture with Geneva's Bruellan Wealth Management to target private clients in Switzerland; Swiss firm Reyl’s asset management arm launched a hedge-fund seeding business; US HF Millennium Management formed a board to advise hedge funds on regulatory matters; Bramdean' shareholders are to consider major change proposals on June 3d; and ......................

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