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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 23

Saturday, June 12, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from East Coast (hedge fund with cut-rate fees); new firm Ridley Park (new fund); Samena (seeding fund); M&G (global macro Ucits hedge fund); ADM (Kazakhstan restructuring); new firm Headlands Technologies (computer-driven); Normura (UCITS III interest rate); Kilometre (Asian L/S equity); new firm Alithion (Japan L/S equity); Matrix Money (UCITS convert arb and special sits/event driven); GCI and Orix (CTA); Edoma (global equity); Boyer Allan (EMEA and Ucits version of flagship); Ferox (UCITS convertible); new firm and Archeroak (new hedge fund).

The HFRI Fund Weighted Composite Index was down 2.26% (est.) in May, +1.28% YTD, and it was said that May was the worst performance month since Nov 2008; The Hennessee Hedge Fund Index declined -2.99%, +1.57% YTD; The Barclay CTA Index returned -0.36% (est.), -0.59% YTD, the Barclay Hedge Fund Index -2.83% (est.), +1.52% YTD; The UCITS Alternative Index Global was down 1.70%, -0.11% YTD; The Credit Suisse/Tremont Hedge Fund Index went down 2.73% (est.), +1.52% YTD; The Greenwich Global Hedge Fund Index declined -2.25% as markets tumbled, 1.39% YTD; The HFN Hedge Fund Aggregate Index returned -2.51% and +1.28% YTD; The Lyxor Global Hedge Fund index was down 2.2%, up 0.7% YTD; And Eurekahedge said that Asia hedge funds’ 2010 gains were wiped out after a poor May (around -4.86%).

Barclay Hedge and TrimTabs said that hedge funds had posted a $3.5bn outflow in April and that managers expect the debt crisis to worsen; the FoHFs sector has suffered a 2% decline in total assets under administration (AuA) over the past six months, as investors increasingly opt to invest directly into the hedge fund sector, a HFMWeek AuA survey said.

In terms of performanc......................

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