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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 29

Friday, July 23, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of launches from Metolius Capital (global macro); Wegelin (CTA); Gottex (fund of UCITS hedge funds); Trivest Advisors (China); family office GWM (Ucits III hedge fund); Sprott (L/S fixed income fund); John Paulson and Barton Biggs (Traxis) are to launch Ucits-compliant versions of their main funds; Ramius (hedge fund replicator mutual fund); new firm Occitan Capital; and NewSmith (emerging markets absolute return Ucits III).

The Barclay Hedge Fund Index was down -0.96% in June (+0.13% YTD), its FoFs Index -0.74% (-1.34% YTD); and the Barclay CTA Index gained 0.24% (-1.04% YTD), with currency and agricultural traders leading the pack.

Hedge funds experienced net assets inflows of $9.5bn in Q2 as consolidation in top firms continued, and total hedge fund industry capital ended Q2 at $1.65tn, down from $1.67tn in Q1, according to data provider HFR; according to Nara Capital SA, the number of UCITS III hedge funds continued to grow during Q2 2010 (500 single manager funds and 40 FoHFs) and in term of AUM, Q2 saw a rise of Eur13bn for single manager funds and Eur0.8bn for FoHFs or respectively 19% and 50%.

BlackRock reported Q2 diluted EPS of $2.21 and AuM of $3.151tn (down 6% from Q1); Polar Capital (which ran nearly $4bn in late 2007) said its AuM rose 2.5% in Q2 to $2.6bn; and GLG Partners reported net inflows of $1.5bn for Q2 and $2.5bn for H1.

Julian Robertson is considering reopening Tiger Management and creating a ‘seeding’ fund of hedge funds; Skybridge Capital, which acquired three hedge fund businesses from Citigroup in April, said it plans to consolidate its hedge fund seeding operations and list it on the New York ......................

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