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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 48

Saturday, December 04, 2010

Benedicte Gravrand, Opalesque Europe:

Last week, we heard of fund launches from Northstone Peak Capital (Asia credit opps); Corriente Advisors (China bubble); RWC Partners (macro); Worch Capital; Tyrus Capital (L/S equity); Brummer & Partners (event-driven); PJM Capital (2X programme); and Clarium's chess champion Patrick Wolff is leaving to start a new hedge fund called Grand Master Capital.

The Australian Fund Monitors Hedge Fund Index went up 1.74% (est.) in October, +4.71% YTD; The HFRX Global Hedge Fund Index was down 0.27% (est.) in November, +2.77% (est.) YTD; And the Credit Suisse Liquid Alternative Beta lost 1.29%, but was up 5.27% YTD. A new Geneva-based firm called Alix Capital launched the first investable UCITS Alternative Index.

More London-listed hedge funds are expected to wind up in coming months, following news that FRM Credit Alpha is to close, said the FT. RAB Capital hired two fund managers from rival Park Place to take on up to $30m in client assets; Park Place will wind down a European L/S portfolio, and clients will be encouraged to move their money into RAB's Europe fund.

FrontPoint Partners got about $3bn of redemption requests for the end of this year, but it is working to limit that asset loss, and should have about $5bn in assets at the start of 2011, said Marketwatch; the FT said that CQS is to close its $1bn multi-strategy hedge fund to new investors; Highbridge Capital Management has attained an estimated $1.83bn from pooled investment sources; Och- AuM topped $27bn. The latest Fund Administration Fact Book from Carbon 360°on 200 fund administrators said single hedge fund assets rose to $2.98tln in 2010; and HFR found that hedge funds investing in Russia, LatAm, Emerging Asia and the Middle East, which have produced the strongest YTD gains (+9.3%) a......................

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