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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 22

Saturday, June 05, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Iveagh and 47 Degrees North (Newcits FoFs); Prudential (market neutral); Deutsche Bank (15 alternative mutual funds); JT (China); Congrong (healthcare); Bank of Beijing and Huili A.M. (China); FMG (Iraq); Woori and Fullerton (Asia-focused FoHFs); Mondis (global macro); Harcourt (UCITS fund focusing on CTAs and global macro); Prestige (multi-strat); Paris (multi-strat); Evolution (L/S equity); AlphaClone (equities strategy managed account platform); Iron Harbor (global macro); and Zorica ( multi-strat FoHFs).

Rampart closed down its 9-month old energy hedge fund after raising insufficient capital; Energy Capital is to close its MMT Energy Fund after returns went down; Plenum closed down its Power hedge fund as clients moved money into its riskier Power Surge fund; and Seasons Capital wound down three hedge funds due to a challenging stock picking environment.

The Credit Suisse Liquid Alternative Beta Index went down 2.64% in May (+0.27% YTD); and the HFRX Global Hedge Fund Index was down 2.64% (est.) (-0.26% YTD).

Big beta managers and firms offering high-alpha strategies should be among the more resilient assets gatherers this year said Pensions & Investments, whose annual money manager survey showed that the 500 largest money managers’ worldwide institutional assets experienced a 19% increase in 2009, to $25.5tn; and that hedge fund allocations from U.S. pension funds rose to $84bn over 8 years. TrimTabs reported that hedge fund clients withdrew $3.5bn in April and that assets are at $1.65tln globally.

Each of Barron’s top 100 hedge funds posted average annual returns of 10% or better for the past three years; hedge funds lost an average of 2.7% through May 27 as the sovereign debt crisis in Europe triggered declines in stocks, the euro and commodities, and the gap in yields between U.S. short-term and long-term debt narrowed,......................

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