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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 21

Saturday, May 29, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Ex-Pendragon managers Julian Harvey Wood and Kaveh Sheibani who exited GLG (event driven fund); RCM (offshore version of special sits fund); Magnetar (event-driven); Cavenagh (Asian-focused macro); Steenman (FoHFs); Imperia (Asia event-driven); JT Capital (China L/S); and Sparx (Japan-focused green).

The Greenwich Composite Investable Index gained 0.20% in April, 1.62% YTD; the Parker FX Index returned 0.52%, 1.30% YTD; and the Morningstar 1000 Hedge Fund Index was up 0.7% (est.), 2.2% YTD.

Data from 79 administrators indicated that total funds under administration for the hedge fund industry had grown by more than 9% over the past six months, said HFMWeek; according to consulting firm Celent, the average AuM for the European hedge fund industry are likely to decrease as it tries to meet the EU AIFM Directive’s demands; Man Group's FuM went down 6.5% (to $39.4bn) from Q4-09; and London Diversified’s assets went from $5bn in ‘08 to $300m.

Inflows to Asia-based hedge-fund managers may reach $8bn this year, said Barclays Plc; Prana Capital, which moved its investment team to Singapore from London, plans to double the size of its global macro hedge fund as it bets on growth in Asia, said Bloomberg; and Millennium Management hired a new chairman to oversee its growing business in Asia.

John Paulson's Paulson Credit Opportunities Fund topped the list of 100 best-performing hedge funds over the past three years (123% annually), Barron's reported; managed account platforms are to experience a surge in the long term as investor's appetite returns said Moody's; Polygon allowed clients to exit its biggest hedge f......................

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