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Man Group announced one of the biggest hedge fund launches this year with the unveiling of the $1.5bn Nomura Global Trend fund (Japan-focused and event-driven). David Tepper is reported to be planning to seed a new fund that's being launched by Matthew Knauer, one of his senior analysts at Appaloosa. HSBC Alternative Investments Ltd announced the expansion of its flagship HSBC GH Fund of Hedge Funds to clients holding CNH deposits. Pulse Capital Partners, LLC has announced a partnership with Hong Kong-based asset manager Ardon Capital Management Ltd. to launch an Asia-focused event-driven fund. And, Old Mutual Asset Managers (OMAM) has scrapped plans to launch a retail version of its British equity hedge fund.

Justin Pollock said he would close CastleBay Capital Management after failing to attract enough capital.

Hedge funds continue to report their performance for April, with the Paulson Advantage Fund posting a -3.57% YTD loss (through April 22) and YTD losses of -1.7% in the firm’s Advantage Plus Fund. However, Paulson’s Credit Opportunities fund was up +1.4% in April (+7.8% YTD). Ken Griffin’s Citadel funds had modest gains in April, rising just 0.44% while the S&P 500 rose 2.85%. Fortress Investment Group (FIG) has announced that its assets expanded 43% to $43.1bn from a year ago. Peregrine’s South African hedge funds returned 2.09% in April (+4.70% YTD). Catastrophe-risk specialist Nephila Capital lost almost 5% in March after the Japan earthquake and tsunami.

According to Dow Jones Credit Suisse, hedge fund assets expanded 2.2% in the first quarter and attracted $10.1bn in fresh inflows. The assets of Asian-focused hedge funds are expected to reach $180bn by the end of this year. Audley Capital is opening its flagship fund to new investments. Palmer Square invested $25m to seed lo......................

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