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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 10

Saturday, March 12, 2011

Last week, we heard of fund launches from Stuart Powers, former partner at Chris Hohn’s The Children’s Investment Fund (global l/s equity); Och Ziff will launch Carnico Japan Fund (long/short equity); Horus Capital (quant pattern evaluation strategy); and Mellon Capital’s new Commodity Alpha Long Bias Strategy.

Michael Dell’s MSD Capital raised $780m for an energy fund; Phoenix Investment Advisers opened JLP Partners Fund (equities); Fortress Investment Group is targeting $500m for its new Asia fund (macro); and Duemme SGR, a unit of Mediobanca SpA, and hedge fund Algebris Investments LLP announced the launch of Duemme CoCo Credit Fund to specialize in contingent convertible bonds (coco bonds).

Bolivia’s Grupo Mercantil Santa Cruz set up Strategic Asset Management to bankroll its hedge fund launch later this year; Loomis Sayles & Co has launched its Ansolute Strategies Bond Fund; Swiss Hedge Capital launched a long/short fund; and Ramius will spin off its value and opportunity business into a separate entity to be managed by Starboard Value LP. Finally, we learned a little more about the much-awaited Twitter Fund, Derwent Capital, which will launch on April 1st.

Long Capital Management LLC, one of the four hedge funds raided by the Federal Bureau of Investigation in November has closed its fund; and Polygon Investment Partners LLP offered investors 72 cents on the dollar if they would withdraw from their remaining positions from its failed Polygon Global Opportunities Fund.

Also this week hedge fund manager Carl Icahn announced plans to return investor’s money, stirring up the media by saying he no longer wants to manage other people’s money in such unpredictable markets.

HFRX Global Hedge Fund Index gained 0.73% in February, (1.30% YTD); ......................

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