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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 24

Saturday, June 18, 2011

According to hedge fund data tracker Hedge Fund Research, there was an average of 4.5 hedge fund launches every business day during the first quarter of 2011. More recent launches include Deutsche Bank’s 5 international, currency-hedged, exchange traded funds. This week we also heard of funds from Seth Fischer (multi-strategy), Palo Verde Capital (diversified multi-strategy), and Alan Miller (low cost bond fund-of-ETFs). Hong Kong has granted Principia Capital Advisors an asset management license clearing the way for the launch its more than $750m hedge fund.

Horton Point LLC launched the Gallery Algo Fund (algorithm). Pensato Capital has launched its UCITS-compliant fund to outside investors, and the Scandinavian bank SEB and Conscendo Asset Management are to launch a new energy-focused UCITS hedge fund.

There was also a report of one fund closure as NEAS Energy Funds Plc announced it closed the NEAS Power Fund on June 17.

The world’s smallest hedge funds increased their assets by $16.3bn in Q1 as investors were on the hunt for ‘new blood’. Funds announcing growing assets include: Polar Capital (hit $3.9bn, a 53% asset increase), Taylor Woods Master Fund (passed the $500m mark), and this week, in a single day Bill Ackman’s fund earned an astounding $490m.

Ackman is also reportedly planning to launch an IPO to raise permanent capital for new funds, and FRM Capital Advisors and Eagle River Asset Management LLC have formed a strategic relationship to seed the latter with $100m in assets. Context Capital Partners has increased its investment in Betzwood Partners, which is David Sung’s market neutral, media, telecoms and technology-focused hedge fund. And, hedge fund firm CQS said it would close ABS fund when assets reach $2bn.

French firm Orion Financial Partners ......................

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