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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 26

Saturday, July 03, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Nicholas Maounis (hedge fund); Gramercy (3 EM debt strategies); Duet AM (commodities hedge fund); Anchor Point (commodities FoHFS); and Henderson (Newcits currency).

The Greenwich Composite Investable Index was down 2.18% in May, -0.69% YTD; and the Morningstar 1000 Hedge Fund Index declined 4% (est.), -1.8% YTD. Morningstar also announced asset outflows of $1.7bn in April.

Hedge fund investors pulled $11bn from hedge funds (from market-neutral, event-driven, managed futures and multi-strategy funds) in the first quarter of 2010, reversing fourth quarter assets inflows, according to Lipper; and hedge funds lost $66.87bn in May but investor inflows remain positive at $2.13bn, said HFN.

Man Group is introducing two new strategies to AHL alongside its core momentum-based, trend-following approach; it was said that four GLG employees will collect $13.5m in severance pay if they are asked to leave after the takeover by Man; it was also said that the the global macro strategy would gain from volatility and macroeconomic imbalances in 2010; a group of Lehman Brothers Holdings Inc's creditors, including Paulson & Co and Calpers, said they object to the investment bank's Chapter 11 bankruptcy plan; and hedge fund giant Farallon Capital is restructuring more than $1.5bn in debt stemming from a big bet on trailer parks. Brevan Howard’s Alan Howard moved to Geneva with three traders and six more are to follow.

As for institutions, Austria’s APK Pensionskasse is to increase absolute return investments; German technology multinational Bosch is close to achieving its 10% strategic asset allocation to alternatives for its Pensionsfonds, said IPE.com; and New York State’s pension fund allocated $200m to The Rock Creek G......................

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