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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 20

Saturday, May 22, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Dreyfus / Newton (world allocation fund with emphasis on absolute return); Matrix (pan-Asian L/S UCITS); E Fund Management (China); Man (portfolio combining L/S equity with AHL); Sabre (UCITS III version of arbitrage fund); T&D (Japanese L/S); Navellier Hedge (FoFs); QQP (L/S equity SIF); new firm Warwick Capital Partners (European distressed and special sits); Carina Capital (global macro). Swedish hedge fund WR Norden had to close down.

The RBC Hedge 250 Index returned 0.90% (est.) in April, 2.81% YTD; The Barclay Hedge Fund Index was up 1.31%, 4.58% YTD; The Credit Suisse/Tremont Hedge Fund Index confirmed return of 1.24%, 4.37% YTD; All Edhec indices were positive in April except for Short-Selling (-8.5% YTD), Distressed Securities was the best performer (2.49%, 8.3% YTD); The Scotia Capital Index (Asset Weighted) went up 1.02%, 4.37% YTD; The Barclay CTA Index returned 0.37% (est.), -0.08% YTD; Emerging markets hedge funds navigated sovereign crisis gaining 4.7% through April reported HFR; And Hedgebay's hedge fund Secondary Market Index continued to fluctuate and fell for first time in 5 months.

Nara Capital reported 23% more UCITS hedge funds in Q1-10, which now 400 manage Eur70bn ($87bn) in assets; Gartmore’s assets fell 5% in April to $33bn after G. Rambourg’s internal probe; and Brevan Howard's $200m commodities fund started accepting outside investors.

The following trends were noted: managed account conversions are slowing down as hedge funds offer more transparency; as the scope of hedge fund regulation becomes clear, ......................

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