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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 36

Saturday, September 10, 2011

This week, Swiss Investment Managers launched its Directors Dealings Fund. New boutique advisory firm Blackpeak Group launched in Asia to focus on private equity and hedge funds. Franklin Templeton launched Franklin Templeton Global Allocation Fund (multi-strategy) for U.S. investors. Kames Capital will launch an absolute return fund for Stephen Snowden and Colin Finlayson. And former Tudor Investment Corp.’ executives Nigel Whittaker and John Macfarlane will launch Zafferano Capital LP fund (emerging markets). Moreover, Hermes BPK announced the launch of its seeder platform with Northern Lights Capital Group.

Netherlands and London-based Aethra Asset Management shut down after failing to attract investors.

Och-Ziff lost $500m in assets compared to July to close at $29.4bn in August. Harmony Capital said it was planning to sell its assets at a steep discount. Fortigent reported that it had crossed $50bn in platform assets. Millennium Management attracted $4bn in new money so far this year.

August was a nightmare for hedge fund performance as even the largest managers, such as SAC Capital Advisors, Third Point Offshore Fund, Greenlight Capital, and T2 Partners made losses. The intervention by the Swiss National Bank hurt many hedge funds, especially those betting on global markets and driven by computer models. Christopher Peel’s BlackSquare Diversified Absolute Return lost 8%. And John Paulson’s fund lost 34% so far this year although its gold fund apparently saved him from further loses. Asian hedge funds also suffered losses in ‘gloomy’ August, although some Asian hedge fund managers outperformed their global peers

There were few exceptions though, including Renaissance Institutional Futures Fund which was up +6.6% (+9.2% YTD). The Fortress Commodities Offshore Fund rose 6%, beating BlueGold Capital and Clive Capital. BH Credit Catalysts posted +4.2%. Evolved Alpha‘s founder said that volatile markets had ......................

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