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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 6

Saturday, February 12, 2011

Last week, we heard of fund launches from Highbridge Capital (credit), GAM (long/only, technology focused), Frontier Investment Management (multi-asset), Rob Hain (activist fund focused on European financials), and Abu Dhabi’s Royal Capital’s plans for fixed income hedge funds to tap the MENA markets. Global fund manager Standard Life has launched its Global Absolute Return Strategies portfolios to European investors, and we learned that Rampart Capital re-launched its wealth boutique firm.

We also heard Schroders unveiled two currency absolute return UCITS III fund. Other UCITS announcements came from RAB Capital, which said it would start the RAB Global Mining and Resources Fund (Ucits) and the RAB Gold and Precious Equities Ucits Fund (Ucits), Four mutual funds with long/short strategies were also launched. One from 361° Capital and three from Turner Funds (market neutral, l/s medical sciences, and global long/short)

The shock of the week came from Shumway Capital Partners, announcing that it would close and return investors money in a few weeks. Other closures were mainly determined by funds too close to the heat of the Insider Trading Scandal that continues to reverberate through the industry. Late Friday word broke that David Ganek’s $4bn Level Global would be shuttering. Ganek previously worked at SAC wrote to investors that, “Unfortunately the ongoing government investigation presents significant challenges to maintaining our collective focus,” Ganek said in a letter.” (Source)

Not announcing a closure, but certainly watching the painful drain of assets due to the Insider Trading debacle is also Diamondback Capital, whose investors asked to withdraw 12% of capital (or $722m) by end of March.

The UCITS HFS Index was down 0.29% in January; the HFRI Fund Weighted......................

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