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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 25

Saturday, June 25, 2011

The world’s biggest hedge fund firm, Bridgewater Associates, announced one of the most impressive new fund launches this year with its latest $10bn hedge fund. Also announced this week were launches from Sparx Group (Japan reconstruction), a former Banque d’Orsay prop desk team (merger arb), Man Group (multi strategy UCITs), and Italy-based Azimut (UCITS III).

We learned of the first hedge fund launching in the western part of China (Chengdu), and that Altarius Asset Management has launched Paragon, a hedge fund platform aimed at small and medium-sized management companies.

While there were not announced closures, but hedge fund manager RAB Capital outlined its plans todelist after assets fell to just $1bn. And hoping to make the opposite move, and find themselves a listed firm is the Oaktree Capital Group, which has filed for an initial public offering.

There was good news and bad news in industry asset flows. Hedge fund assets decreased in May as inflows were no match for April's poor performance and the industry dropped $5bn. However, a GlobeOp study showed that hedge fund redemption requests for July (a typically high redemption month) are lower than prior years, but show a slight uptick from June redemption requests.

Individual funds with asset growth include Man Group PLC, which is targeting to triple it assets within five years, and Perimeter Capital hedge fund has recently reached $50.1m.

Hedge funds failed to post positive performance in May on poor economic data. Data from indicated that the decline in the U.S. dollar and commodity prices dragged hedge fund performance last month.

Fixed income and mortgage-backed hedge funds ......................

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