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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 44

Saturday, November 06, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from AIFAM (L/S equity FoHFs); GRT Capital (short-only healthcare strategy); First New York Securities (first hedge fund); Coupland Cardiff (long-biased UCITS fund investing in Asia domestic growth); Harrier Hawk (short US equity); Thames River (GEM absolute return); and Bank of America Merrill Lynch, which launched a family of Ucits III-compliant funds.

Cypress Lane Asia Fund closed down after a 10% loss since its August’09 inception; and Timescape Global Capital Management shut down after its assets had declined by 80%.

The HFRX Global Hedge Fund Index gained 1.12% (est.) in October and 6.52% YTD; The Credit Suisse Liquid Alternative Beta index was up 1.14%, 6.65% YTD; The Bloomberg Aggregate Hedge Fund Index went up 1.5%, 4.2% YTD; And the UCITS HFS Index continued its steady rise for fourth month in a row, with 0.54% and 3.61% YTD.

Och Ziff saw an 18% rise in assets YTD with net inflows of $2.4bn; Man Group's FuM rose 5% for the six month period to 30 September 2010 ($40.5bn).

Cazenove is re-opening the Absolute UK Dynamic hedge fund and Ucits fund to new investments; UBP’s $19bn FoHFs unit will reduce its headcount in New York in favour of Europe and Asia; and D.E. Shaw is moving senior exec Julius Gaudio to Hong Kong from New York to increase the ranks of senior management in Asia.

Third Point, CQS and Bridgewater’s funds are up more than 20% YTD, said Reuters; Peter Thiel's Clarium hedge fund has lost 17% YTD while the industry gains; and New York-based Empiric Asset Management’s market neutral fund, launched in ’08, ended 2009 up +48.17% and stands at +4.13% YTD; BlackRock started a secondary offering of 42 million shares of its common stock.

AHL, Man Group's flagship investment strategy, shou......................

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