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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 27

Saturday, July 10, 2010

Komfie Manalo, Opalesque Asia:

Last week, we heard of fund launches from C12 Capital Management (new fund); Shengbei Guo’s GSB Podium Advisors (GSB Statistical Arbitrage Fund statistical arbitrage); new firm Chartwell Trading (event-driven); Natixis (Ucits III): Oakley Alternative Investment Management (FoHF); Fondaco SGR SpA (L/S Equity and absolute return); Skandia Investment Group (SIG) re-launched Skandia Ethical Fund; Credit Suisse Group AG to spin-off two credit hedge funds; and Neuberger Berman (Ucits global thematic).

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VR Capital Group Ltd. closed two funds valued at $654m because of poor performance.

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Hennessee’s indices declined in June. The Hennessee Hedge Fund Index fell -1.35% in June (+0.20% YTD) HFRI Fund Weighted Composite Index, declined -0.18% in June, -0.18 YTD Lyxor Global Hedge Fund Index returned-0.59% in June, +0.09% YTD HFRX Global Hedge Fund Index declined by -0.94% (est.) in June, -1.20% YTD Ucitsindex.com: UCITS HFS Index dropped -0.15% in June, up 1.89% YTD Nara Capital's UCITS Alternative Index Global fell -0.69% in June, -0.80% YTD Credit Suisse Liquid Alternative Beta (LAB) Index returned -0.4% in June, 0.12% YTD.

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International financial services firm Rothstein Kass said that majority of hedge fund firms believe 2010 would be a “trying year” for assets building but remain optimistic; June was relatively flat for the hedge fund industry. Hedge Fund Research Inc said that the $2ln hedge fund industry lost 0.94% in June but most hedge funds dodged big losses; the HFN said hedge funds lost 0.51% in June (+0.40% YTD) as investors withdrew $2.45bn;

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In terms of performance, Man Group's assets declined 2.3% with FuM now at $38.5bn; John Paulson lost 6.9% in June in his Advantage Plus hedge fund which brought his first-half decline to 8.8%, but he remains bullish despite losses; Och-Ziff Capital Management LLC assets los......................

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