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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 38

Saturday, September 25, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of launches from new firm Branch Hill Capital (hedge fund); new firm Cosyne Capital (volatility); ex-Goldman quant Ray Iwanowski; Paridon Asia Pte (Asia macro); Sandell (Ucits III merger arbitrage); Turcan Connell (absolute return); Seedling Capital (hedge fund); Eaton Vance (global macro absolute return); Canning Park Capital (Asian opps); Global Capital (Iraq hedge); Black Lake (L/S emerging market); Pictet (UCITS China hedge); R. G. Niederhoffer Capital (CTA); MF Global (managed futures); and Credit Suisse’s commodities team left to form a hedge fund backed by Blackstone.

John Botti closed down his $402m Emrose Capital fund due to lack of confidence and recent 'substandard results', said HFAlert.com; and Boyer Allan is to close its $18m Japanese equities hedge fund and reinvent it with an emerging markets focus. Merrill Lynch predicted that the hedge fund closure rate may rise to 20% on lack of capital; and there were 54 closures of fund of hedge funds (FoHFs) during Q2-2010 according to Hedge Fund Research, but the slowdown of FoHFs liquidations may indicate that this area of the market is finally stabilizing.

Most Edhec hedge fund indices were positive in August, even though poor stock market performances impacted equity strategies; the New Dow Jones Credit Suisse Hedge Fund Index was up 0.23%, 2.46% YTD; and the Morningstar 1000 Hedge Fund Index rose 0.1%; -0.12% YTD; Morningstar said only merger arbitrage funds saw inflows.

A JP Morgan PB survey saw “colossal reallocation of investor capital” toward outperforming hedge ......................

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