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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 8

Saturday, February 26, 2011

Last week, we heard of fund launches from former Third Point and Brahman Capital employees Howard Shainker and Akiva Katz with the launch of Bow Street as well as the interesting news that JPMorgan Chase is believed to be planning to launch a $1.2bn social media fund. JP Morgan is also launching an emerging markets currency fund (UCITS) and RAB also announced UCITS version of its Polaris Europe Fund (long/short equity). Northwest Investment Management Ltd., is trying to raise $250m to launch the Northwest Equity Alpha Fund (market-neutral) in April, after four years of incubation, Niagara Capital Partners finally launches the Niagara Discovery Fund Ltd, and after ten years of incubation $2.1bn BTS Asset Management is expanding its fixed income strategy to include external investors.

We learned former Goldman Sachs Group Inc star trader Morgan Sze is finally close to launching his $1bn Azentus Capital hedge fund, and the “one guy and a Bloomberg in a garage” dream is not dead, as US Senator Ron Wyden launched a $3m fund after an internship at DE Shaw. Overall, the outlook for fund launches is strong and Gravitas’ Jayesh Punater opined that he is expecting more hedge fund launches from proprietary trading desks this year.

The largest Scandinavian hedge fund Brummer & Partners will close its Asia-focused equity fund after poor performance.

The Morningstar 100 Hedge fund Index was up 0.4% in January; the Parker FX Index was down 1.01% for the month of January; Alix Capital launched a UCITS Alternative Index; the Citic Carbon Asset,......................

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