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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 50

Saturday, December 18, 2010

Benedicte Gravrand, Opalesque Geneva:

Last week, we heard of fund launches James Chanos (hedge fund); John Paulson (Ucits fund); East Coast and Arrow Hedge (grade credit instruments fund); GSB Podium Advisors (UCITS version of equity statistical arbitrage strategy); Hatteras (Multi-Strategy Funds); Auriel (dynamic currency hedging programme); Bridgewater (liquid version of Pure Alpha Fund); and Derwent Capital Markets (hedge fund using Twitter as stock market predictor). Also, Morgan Sze is to leave Goldman Sachs to launch Asia hedge fund in Hong Kong; and Icahn’s former lieutenant Keith Meister is planning an event-driven fund.

Hedge Fund Research reported that hedge fund launches had accelerated (to 260 in Q3) as managers are embracing transparency, Ucits III, that liquidations had declined by 30%+ as risk tolerance returned, and that incentive fees continue to decline.

Reach Capital's Nigel Hart liquidated its fund and terminated its role as sub-advisor for UBS Wealth Management; and NYC-based hedge fund Williamson McAree shut down due to negative performance and the fund’s small size.

The Barclay Hedge Fund Index gained +0.56% in November, +7.75% YTD; The Barclay CTA Index lost 1.08% (est.), +3.77% YTD; The Newedge CTA Index was down -2.82%, +5.85% YTD, and the AlternativeEdge Short-Term Traders Index was down -1.36%, -0.40% YTD; The Dow Jones Credit Suisse Hedge Fund Index confirmed to finish down 0.18%, +7.82% YTD; The RBC Hedge 250 Index returned 0.25%, +4.05% YTD; The Lyxor Global Hedge Fund Index returned -0.8%, +3.5% YTD; And the Scotia Capital Canadian Hedge Fund Performance Index was up 3.85%, 17.54% YTD.

The Eurekahedge Hedge Fund Index gained 0.40% in November, 7.72% YTD; Eurekahedge also reported that total assets registered a slight decline of $2.55bn, bringing the total size of the industry to $1.64tn; and that Asia ex-Japan hedge funds had attracted the largest monthly net ......................

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