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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 46

Saturday, November 20, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Kenmar and Royal Bank of Scotland (first Ucits commodity FoFs); Latus Capital and Cenario Capital (volatility fund); KTOs Capital (currency); Cantab (Newcits version of macro strat); and fund manager Kevin Dougherty quit Soros-seeded Pharos Financial Group to set up an emerging market hedge fund.

The Barclay Hedge Fund Index gained 2.02% in October, +7.24% YTD after two strong months of gains; The Dow Jones Credit Suisse Hedge Fund Index went up 1.92%, 8.02% YTD; The Lyxor Global Hedge Fund Index returned 1.4%, lifting YTD gains to 4.3%; The Scotia Capital Canadian Hedge Fund Index was up 3.69%, 13.18% YTD; The HFRX Global Hedge Fund Index confirmed returns of 1.12%, 3.05% YTD; The Eurekahedge Hedge Fund Index went up 2.27%, 7.33% YTD; The RBC Hedge 250 Index returned 1.35%, +3.93% YTD; The Barclay CTA Index gained 1.91%, 4.53% YTD; HFN’s main index returned 2.23%, +7.43% YTD, and reported that hedge fund assets had surged 3% (est.) to $2.410tln in October.

Liontrust re-launched itself, two years after key hedge fund managers quit; Goldman Sachs said it will no longer act as the custodian and clearing agent for small hedge funds with less than $5m in AuM; Hedgebay Trading reported that the hedge fund secondary market had hit a six month high in October, but correct valuation of assets remained a problem; BlackRock completed a secondary offering of common stock; in a continuing saga, Blackstone raised its offer for Dynegy ($604.5m takeover bid) but two of the energy company's biggest shareholders - Carl Icahn and Seneca Capital - said that they were unimpressed with it; a McGladrey survey warned that mid-sized hedge funds were at a crossroads and had to reassess their business models; Merrion Investment Managers reduced the annual management charge (from 1.5% to 0.5% for large investors) on the Merrion European......................

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