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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 34

Saturday, August 28, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from new firm AlphaNex Capital (systematic hedge fund); Universal-Investment and York A.M. (global merger arbitrage absolute return Ucits fund); Bridgewater (more liquid version of hedge fund); Ayaltis (distressed credit FoHFs); Key A.M. (Newcits); and eStats (high frequency futures trading).

Paolo Pellegrini, CEO of New York-based PSQR Capital, announced he would close down and redeem money to investors on September 30 after his fund fell 11% this year, despite gaining more than 60% in 2009.

The Morningstar 1000 Hedge Fund Index rose +2.7% in July (0.4%YTD), as funds saw outflows of $1.6bn in the first half of year.

Not much news this week, but a lot of digging in the past instead: Jon Wood, founder of the SRM Global hedge fund was revealed to have been the second most generous Tory donor during the recent UK election; listed fund Brevan Howard reported revenues of more than $1bn for the first time and it was made known that partners at the firm had shared a GBP86m bonus during the financial crisis; and at last, Forbes reported that Yorkville Advisors had handed over key documents to SEC in 2009 to aid a probe.

The Merrion High Alpha hedge fund opened to outside investors; Moody Aldrich Partners and Wilshire Associates teamed up to launch a hedge fund seeding platform; fund manager Jupiter was in the black in H1 with GBP14.6m profit, but suffered outflows from hedge funds; Hedgebay reported that illiquid trading had dominated as the secondary market awaited the retu......................

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