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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 47

Saturday, November 27, 2010

Benedicte Gravrand, Opalesque Europe:

Last week, we heard of fund launches from Davidson Kempner Capital (event driven multi-strat); Traxis Partners (UCITS version of flagship); Hamon A. M. (China absolute return); LibreMax Capital (credit); Trafalgar (Ucits version of European L/S equity fund); Frontier Capital (managed futures FoFs).

Also, 76-year-old California entrepreneur Daniel Maarsman will launch a hedge fund as he wants ‘to see people make some decent money;’ D.E. Shaw’s exec Daniel Posner will leave and launch his own hedge fund, said, which also reported that Faisal Syed, formerly of Highbridge Capital, had formed New York-based PAMLI Capital Management to launch a credit relative value and L/S strategy, that Brevan Howard had launched its third Ucits-compliant fund seeking to partially replicate the trading success of the firm’s $24bn flagship, and that SG Alpha’s emerging Europe hedge fund is to open to outside investors and will start a Ucits version early next year. GAMCO Investors has opened its green technology L/S fund to outside investors after a year-and-a-half track record; Alpha Titans FoHFs opened its doors to Australian investors; and Audley Capital launched a natural resources hedge fund and re-opened its European Opportunities Fund.

Newedge’s CTA Index was up 2.74% in October, 9% YTD, and Newedge’s AlternativeEdge Short-Term Traders Index was down 0.49%, 0.97% YTD; The Dow Jones Credit Suisse Hedge Fund Index gained 1.92%, 8.02% YTD; The Greenwich Composite Investable Index returned 1.21%, 1.67% YTD; The HFN CTA/Managed Futures Index went up 3.17%, 6.09% YTD; and HFN said that managed futures products had $192.3bn in assets at the end of October 2010.

In terms of assets, investors are seeking to withdraw about $3bn from FrontPoint Partners since it was named in an investigation of insider trading three weeks ago (in connection with a doctor giving information on a drug tria......................

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