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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 24

Saturday, June 19, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Galaxy (Ucits China L/S fund); SIG and Permal (Ucits multi-advisor active trading fund); Alternative Advisors (Ucits FoFs); RocWood Capital (event driven); Ibbotson (global liquidity arbitrage); TT International (new hedge fund); Polar Capital (global healthcare); Tamalpais (credit market neutral); new firm Verno Investment Management (Russia); Libya-backed new firm FM Capital Partners (new hedge fund); GoldenTree A.M. (which is spinning off its real estate fund group and will launch two opportunity funds); StoneWater (multi-strat FoHFs); NewAlpha (hedge fund seeding vehicle for institutional investors); and Threadneedle (American absolute return Ucits).

Orkla made a "strategic decision" to close its Eur85m ($105m) Energy Fund and Carbon Fund; Stanley Ku’s Minerva Macro Fund returned most investors' money 10 months after starting; and Marshall Wace is proposing to close its GBP130m listed investment trust MW Tops Ltd and instead roll investments into an unlisted Ucits portfolio.

The HFRX Global Hedge Fund Index was confirmed down 2.62% in May, -0.26% YTD; The RBC Hedge 250 Index returned -2.42 %, 0.29% YTD; The Barclay Hedge Fund Index was down 3.09% (est.), 1.26% YTD, as equity funds lose ground as markets dropped; The Credit Suisse/Tremont Hedge Fund Index posted final returns of -2.76%, 1.48% YTD; The Barclay CTA Index was down 0.77% (est.), -0.99% YTD, as managed futures sectors showed divergence; All EDHEC indices were negative for May except for Short-Selling; And the Scotia Capital Canadian Hedge Fund Index (asset weighted) finished May down 0.86%, +3.47% YTD.

Hedge funds are set to enjoy three to five years of growth that will take assets to $3tn by 2013 as wealthy families and pension funds increase allocations, said consultancy firm Casey Quirk; investors poured $4.2bn into absolute return mutual funds in this year’......................

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