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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 28

Saturday, July 17, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of launches from Copia Capital, which moved its operations away from FrontPoint Partners and launched a market neutral equity fund; Brinker Capital (absolute return portfolios in separately managed account format); Formula Investing (hedged); Implied Capital (market neutral); Magnetar (event-driven); Quincy Cass (special sits); Blacksquare (absolute return multi-manager); and new firm Foxley Asset Management.

The Parker FX Index was up +0.14% in May, +1.39% YTD; Hennessee reported that hedge funds had performed their 4th worse first yearly half (+0.20% in H1-10); The Lyxor Global Hedge Fund index went down 0.6% in June, +0.1% YTD; The Newedge CTA Index returned -0.19% in June, +1.75% YTD and Traders index -0.05% (+0.83% YTD); The Greenwich Global Hedge Fund Index was down 0.84% in June (+0.11% YTD) as managers limited losses while markets continued to fall; Eurekahedge said that hedge fund returns were flat in June (-0.50% est., -0.02%YTD) as managers steered cautiously through volatile markets; The Australian Fund Monitor’s index returned -0.77% (est.) in June, -1.20% YTD, as market neutral managers lead the way; The RBC Hedge 250 Index returned -0.94% in June, -0.56% YTD; The Scotia Capital Canadian Hedge Fund Index (Asset Weighted) was up 0.42% in June, 3.90% YTD; The HFRX Global Hedge Fund Index went down 0.94% (est.) in June, -1.20% YTD; And the Dow Jones Credit Suisse Index confirmed negative June returns of -0.84%, -0.63% YTD.

TrimTabs / BarclayHedge reported that hedge funds had posted inflows of $4.0bn (0.3% of assets) in May; the Blackstone / GSO Capital Solutions Fund closed to new investors with $3.25bn in assets; and Ashmore's AuM went up 7% (to $35.3bn) in the past 3 months.

Hedge funds SkyBridge Capital made a strategic investment in Viathon Capital's Whitewater Fund, a credit opportunity ......................

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