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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 37

Saturday, September 17, 2011

Hedge fund launches outpaced liquidations in the second quarter of 2001 with 280 launches versus 191 liquidations, according to data provider Hedge Fund Research. Russian banker Alexander Pylev set up a hedge fund firm called Advantage Asset Management; RWC Partners are planning a new macro hedge fund; Icahn’s top health-care investing deputy Alex Denner may leave to start his own hedge fund; former U.S. Navy SEAL Mark Beder formed Maerisland Capital and the Maerisland-Trident Fund (long/short equity); Aquila Capital started a UCITS-compliant CTA fund with Dr. Harry Kat as new Head of Research; and Regal Funds Management Pty is targeting Australia’s mining boom with the launch of a new resources fund.

Several closures were reported; TT International will wind down its Asian Opportunities hedge fund as managers are leaving the firm; and Goldman Sachs Group is shutting down its Global Alpha fund after YTD losses totaled -12%.

Hedge funds lost an estimated $45.32bn in assets last month but allocations still outpaced redemption, according to data provider HFN. Gross outflows from hedge funds, as measured by the GlobeOp Capital Movement Index, were 0.57%, the lowest since GlobeOp first started to keep records in January 2006. Blackstone Group and UGS increased their hedge funds assets with an additional $21bn in the first half of 2011; Gotex’ assets jumped to $8.9bn (up 22%) in the same period.

The World Bank is investing in a hedge fund to help banks reduce the capital the new rules will force them to set aside, said the FT; meanwhile AQR Capital secured more than $150m in new institutional mandates; and funds of funds have seen slight net inflows of money this year with the help of pension funds like Kentucky Retirement Systems, reported WSJ.

The weak hedge fund performance will result to lower manager fees in the second ha......................

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