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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 30

Saturday, July 30, 2011

There were a few launches last week including credit managers Christofferson Robb & Company and Chenavari Investment Managers, which launched a combined $100m new hedge funds. We learned that Former Goldman Sachs trader Guy Shahar formed hedge fund DSAM Partners (European long/short equity fund), and that Dalton Strategic Partnership has hired Goldman Sachs’ Gaurav Pant to run the MST Indian Absolute Return Fund. AQR Capital Management created a reinsurance group to develop investment strategies, and we found out that former Highbridge Asia head Carl Huttenlocher plans to launch a hedge fund in September.

The most surprising news of last week was that George Soros announced the imminent closure of his $25.5bn hedge funds and make it a family office. A survey by Infovest21 showed that 56% of hedge fund managers are also planning to close their funds and run family offices. But industry analysts say Soros's family office move is unlikely to spawn flood of imitators.

Much of the talk this week also focused around the breaking news that Israel ‘Izzy’ Englander revealed plans to sell a minority stake in Millennium Management, currently estimated at a value of $300m to $500m.

In assets LionRock Capital Pte, said it would stop seeking outside investors for its hedge fund and will focus on managing the partners’ money. Keith Meister's Corvex Capital attracted $500m since the fund’s launch in March. SAC Capital Advisors LLP will close its flagship fund to new investors after achieving optimal size. And, with earnings week announcements came news that MF Global reported that its first fiscal quarter 2012 earnings rose 8% to $314.5m; and, T. Rowe Price announced its assets rose $11bn in Q2, to reach $520.9bn (up from $509.9bn at March 31, 2011).

Hennessee co-founder Charles Gradante said that hedge funds’ dismal per......................

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