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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 40

Saturday, October 09, 2010

Kirsten Bischoff, Opalesque New York:

Last week brought a welcomed surge in hedge fund launch announcements. We heard of fund launches from Javelin (a $31m global l/s equity), Union Capital Management (l/s equities), LNG Capital (European high-yield debt), United Capital Markets (debt), Cygnus Asset Management (Europe-focused, event-driven), Jabre Capital (event driven). Two UCITS announcements were in the news this week with news of the Merchant Capital’s Global Resources Fund and Quant Global Equities Fund and Canadian investors will have a shot at investing in Blackheath’s volatility arbitrage fund. Meanwhile, John Meriwether hopes the third time is the charm with the launch of JM Advisors’ two funds (global macro).

Also launching hedge funds is Resco Funds, which announced the launch of 2 funds (structured products/derivatives) and the impending launch of a third (long/short, systematic, intraday strategy in plain vanilla financial futures). Mutual fund firm Simple Alternatives also announced the launch of an institutional hedge fund of funds in a mutual fund format.

There was also seed activity this week in conjunction with launch news as former Pershing Square partner Richard McGuire announced he will launch his l/s equity fund (targeting real estate and consumer goods) with the backing of Blackstone. And, Q Investments, which recently launched a seeding business is actively on the hunt for liquid strategy funds to allocate to.

New Stream Capital continues to see turmoil as most of the staff has been laid off and while managers are still charging fees, the funds’ closure seems imminent. Also closing will be Macklowe Asset Management’s $250m fund that had the backing of Izzy Englander’s Millennium Management. The firm will shutter due to lack of asset growth, as Julie Macklowe instead turns to focus on business opportunities in the fashion industry. Also closing is former “best hedge fund launch” (AsianInvestor) fund......................

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