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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 19

Saturday, May 14, 2011

Last week we learned that pension fund manager APG will launch a second hedge fund seeder vehicle, that AllianceBernstein has launched the European Flexible Equity Fund (l/s, UCITS), and that Natixis Global launched the Natixis Euro High Income Fund. Barak Fund Management has announced the launch of its new derivatives fund, and DUNN Capital a UCITS III fund that will be available on the MontLake Platform.

AQR has launched a managed futures fund, Chelsea Clinton’s husband Marc Mezvinsky will open a hedge fund, and the UK FSA has approved the infamous Twitter hedge fund. Tiger Cub said he would close three Millgate funds, and Brevan Howard Asset Management is said to be considering shutting down a $600m equities strategy after the manager, Fabrizio Gallo, resigned.

We learned that Mulvaney Capital’s Global Markets Fund notched performance of +6.07% in April (+13.36% YTD), and just reporting for March was the Nordic Absolute Return Fund, which was +4.24% (+2.32% YTD).

Hedge fund assets posted inflows of $15.7bn in March (according to BarclayHedge and TrimTabs Investment Research). It was also reported that inflows continued in April (Hedgefund.net), and Bridgewater was named the largest hedge fund at $58.9bn aum. However, all is not so rosy across the board. A new study by Kinetic Partners showed that investors are increasing redemption pressures on distressed hedge funds.

Tom Russo’s Semper Vic Partners hedge fund has increased assets to $126.7m, and Blue Rice Investment Management has entered a strategic partnership with NewAlpha Asset Management in an effort to raise additional assets. Axonic Capital is opening its fund to outside investors and Vector Commodity Management is closing to investors after hitting $600m. Investors continue to pull out money from RAB Capital, and it is expected that the fund will de-list, and Sparx Group Co., suffered full-year loss of 3.7bn yen ($46 million).

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