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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 33

Saturday, August 21, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Voras Capital (global macro + credit opps); Morgan Stanley / P. Schoenfeld (event driven Ucits); Jabre Capital and Carne Global (first in a series of UCITS funds); Anchor Capital (Long/Short); Strategic Investments Group (Ucits fund investing in alternative strategies); and Legg Mason (global macro Ucits).

This month alone, we also heard of UCITS hedge fund launches from Morgan Stanley, Reech Aim and GWM. In July, Martin Currie, NewSmith, John Paulson, Barton Biggs, Gottex, Northern Trust, Henderson, Neuberger Berman, Natixis, all reportedly went down the UCITS road. And the number of UCITS III hedge funds continued to grow during Q2-2010 to almost 500 single manager funds and more than 40 FoHFs, an increase of 19% and 40% respectively. But UCITS are 'not a magic potion that makes the fund in question incapable of failure', said Ogier.

Eddington Capital Management is to close down after redemptions caused assets to fall to a level that was "unsustainable," reported The Telegraph; investors in Marshall Wace's £200m ($311m) listed investment fund MW Tops fund may have voted for its winding up, said the FT; and hedge-fund icon Stanley Druckenmiller is shutting his firm Duquesne Capital, ending a 30-year career after amassing one of the best long-term trading records in the industry and generating $1bn for George Soros by forcing a devaluation of the British pound, said Bloomberg; other portfolio managers at the firm are planning to start their own hedge fund firm.

The RBC Hedge 250 Index returned 0.90% in July, 0.25% YTD; The HFRX Global Hedge......................

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