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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 37

Saturday, September 18, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of launches from newly formed Little Wolf Capital (multi-strats FoHFs); CQS (distressed debt); Altegris Advisors (managed futures); Arsago Capital (Europe's first Ucits Latin America fund); Soroban (hedge fund); GAM (L/S emerging markets Ucits); Cheyne Capital (European event driven); BlueBay (emerging-market and high-yield debt funds); Clareville Capital (Ucits version of UK L/S equity strategy); James Pallotta (new fund).

Boston-based Theory Capitalclosed and wound down its small fund after less than a year, in part because of difficulty in raising new capital. Data provider HFR said hedge fund industry liquidations had returned to pre-crisis levels.

The Newedge CTA Index was up 3.49% in August, +4.76% YTD; The RBC Hedge 250 Index returned +0.17%, +0.38% YTD; The Barclay Hedge Fund Index went down 0.29% (est.) (+1.69% YTD), but the equity short bias and arbitrage strategies were profitable; and the Barclay CTA Index gained 1.48% (est.), 0.41% YTD; The Lyxor Global Hedge Fund Index returned +0.05%, +0.8% YTD; And Scotia Capital’s Canadian Hedge Fund Performance Index was up 3.71%, 5.39% YTD (asset weighted), and 2.09%, 2.94% YTD (equal weighted).

The top 10 global hedge fund managers have earned more than $153bn for investors since they were founded, a third of the 7,000-strong industry’s returns, said the FT; Renaissance Technologies will keep open two lagging funds which rebounded after all; GLG will reopen its UK Alpha Select UCITS Fund to limited new investment on 20 September; and billionaire Li Ka-Shing hired PineBridge to manage his assets after his son bought firm from AIG.

Chicago asset manager Citadel has opened a Boston office, where it is reportedly hoping to seed a new generation of hedge fund managers; also Citadel was said to consider fee cuts on two main hedge funds; and Ivaldi Capital, a new investment firm backed ......................

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