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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 42

Saturday, October 23, 2010

Kirsten Bischoff, Opalesque New York:

Last week, we heard of fund launches from Avenue Capital (high yield debt), Sparx (Asian l/s equity), Riskowitz Capital (South Africa) and a private equity version of a distressed/private debt and equity hedge fund already run in hedge fund structure by Victory Park Capital. We also learned ex-Goldman Sachs/Merrill Lynch absolute return specialist David Staton is launching Zedd Capital (l/s European equities) with managed accounts, and niche investors Elite Advisors will launch Precious Time, which will invest in rare vintage watches.

On the UCITS front, we learned of new UCITS funds from Barcap (hedge fund replicator), Estlander & Partners (combining two managed futures strategies), and Amundi (l/s equity).

Index performance for September was reported as follows:

HFRX Global Hedge Fund Index up 1.72% (est.) in September (1.90% YTD)

Update: Dow Jones Credit Suisse Hedge Fund Index confirmed to finish up 3.43% in September (5.98% YTD)

Scotia Capital Canadian Hedge Fund Performance Index up 3.58% in September, 9.16% YTD (asset weighted) and 2.99%, 6.02% YTD (equal weighted)

Lyxor Global Hedge Fund index up 2% in September (2.8% YTD)

Edhec Indices: All but one strategy registered solid returns in September, convertible Arbitrage up 1.93% (+8.5% YTD)

 Lyster Watson Alpha Indices show large September gains for Asia (+5.60%) and emerging markets (+5.60%) hedge funds

RBC Hedge 250 Index up 2.2% (est.) in September (+2.54% YTD)

Barclay CTA Index +1.90% in September (+2.45% YTD), Ag traders up 7.33% YTD

UCITS hedge funds up 1.09% in Q3, AUM up to Eur 1.9bn

We heard Pierre Henri Flamand, who previously ran Goldman Sachs’ Principal Strategies group, has raised over $1bn in assets for the launch ......................

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