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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 9

Saturday, March 05, 2011

Last week we learned fund launches continued at a steady pace through the end of 2010, outpacing liquidations for the first time since 2007. We heard of launches from NJ-based Stone Toro Asset Management (long/short technology); S Goldman Asset Management (event-driven); former DE Shaw and Goldman employees (Meng Liang and Kevin Zhang) (China focused private equity); Guggenheim Partners; and an Asia focused fund from JP Morgan (natural resources) – which also announced that it would push ahead with plans to move prop trading into asset management division (internally seeded with $2bn)

Ex-tennis pro Stefan Edberg launches asset management firm with former Catella hedge fund managers; Highland Capital Management will offer two new hedge funds (distressed credit and event driven credit); F&C has announced plans to launch Thames River European absolute return (absolute returns) fund structured as a Ucits III Oeic; and Threadneedle has closed its European Smaller Companies Crescendo hedge fund and launched a new absolute return portfolio focused on the region.

The much-awaited fund from former Goldman Sachs Sachs Group Inc. star trader Morgan Sze has been registered with a Hong Kong regulator and Dan Benton is reopening his technology-focused hedge fund Andor.

Lindsell Train Investment Management has reported plans to close its Japanese Equity fund, a long only-strategy, domiciled in Dublin; New Jersey-based fixed income Barnegat Fund will consider considering closing its fund again as AUM is back at $500m; and Highbridge Capital Management LLC, is liquidating its $1.4 billion Asia Opportunities Fund after star manager Carl Huttenlocher resigned.

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