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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 43

Saturday, October 30, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Thélème Partners (equity L/S); Solaris A.M. (equity arb); SYZ & Co (high-yield currencies); Systematic Alpha Management (managed account version of flagship strategy); and Crimson Capital (fixed-income hedge).

BlueCrest had to liquidate its Ucits fund as it could not replicate the performance of offshore parent fund; and Paribas closed its multi-asset absolute return vehicle Millennium Tracker fund due to low assets.

Some had better luck on their assets; `must-have' hedge funds from Och-Ziff, Elliott and Comac Capital pulled in almost a fifth of the money going into the $1.7tn hedge-fund industry this year, reported Bloomberg; Phibro is to reopen its main commodities hedge fund to new money due to investor interest, said MarketWatch; F&C assets rose 14% (to $172bn) in Q3 on markets and the purchase of Thames River; but London-based FIM, facing legal action from investors who lost money in Bernard Madoff's $65bn fraud, has seen its assets slump after clients exited.

During 3Q-2010, all hedge fund managers in the Dow Jones Credit Suisse Hedge Fund Index rose above previous high water marks, and fully recouped the losses of the global financial crisis; global macro dominated hedge fund returns and asset raising, while strong performing convertible arbitrage continued to see outflows; but Greenwich Associates said around half of all managers had said that one or more of their hedge funds remain below ‘high-water’ marks.

Hedge fund seeder FRM Capital Advisors issued $50m seed capital for San Francisco-based start-up Sensato Capital; Man Group is to let go of 10% of its employees; Louis Dreyfus Highbridge Energy LLC is moving from Wilton to Stamford; and Stark Investments is the latest hedge fund manager to hir......................

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