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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 1

Saturday, January 08, 2011

Komfie Manalo, Opalesque Asia:

Last week, we heard of fund launches from well known industry names such as former Icahn Management Head Rupal Doshi, who will launch Corvex (long/short activist), and former Galleon Group Co-Founder Gary Rosenbach who will give it another go with a new hedge fund firm named Rockledge Capital Management LLC. Other spinouts include Insight Capital Research & Management PMs Lance Swanson and Lee Molendyk who will launch Diablo Vista Capital Partners (long/short equity) and Moore Capital trader Paul Findley who will launch Bramshott Capital (long/short equity) with the backing of his former firm.

Algert Coldiron Investors unveiled a second global equity market neutral fund and Headstart Advisors launched the Limestone Global Emerging Markets Fund. Deutsche Bank’s mutual fund unit will dip its toe into hedge fund waters in 2011, launching a hedge fund for private investors in the first quarter, Morgan Stanley and Algebris announced a partnership for a UCITS III long/short global equity fund that will focus on financials, and Kotak Mahindra Bank launched the India Absolute Opportunities Fund to focus on the upside in Indian shares.

At least one fund closure was reported with London-listed Polar Capital announcing that its Polar Capital Discovery Fund (global macro) will close and return investors’ money.

Hedge Fund Research’s HFRX Index returned 4.52% this year to December 28; UCITS Alternative Index Global performance in December is up 1.07% (1.86% YTD), UCITS Alternative Index Fund of Funds up 0.60% (-0.14% YTD); and The Parker FX Index returned -0.39% in November (+1.66%YTD).

With year-end comes the media focus on hedge funder salaries, and 2010’s biggest winners once again post numbers that astound. Multi-billionaire hedge fund manager John Paulson posted impressive gains once again in 2010, with his personal assets from fund profits estimated to jump by GBP 800m; while Comac foun......................

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