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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 39

Saturday, October 01, 2011

Sparx Group, Asia’s second- largest hedge fund, is launching a fund that will invest in building hotels in Japan’s earthquake-devastated areas; Universa Investments is seeking $1bn for a new macro fund that will capitalize on mispriced options; GAM launched an Asia-focused Ucits fund; and Lyxor A.M. and Old Mutual launched their first single hedge fund manager on Lyxo’rs UCITS platform.

Absolute return UCITS funds’ assets reached $116bn, with 58 new funds in H1; Aberdeen Asset Management’s asset base slipped 4.8% in the last two months; Man Group’s FuM fell by around 8.45% (to $65bn) in Q2 but its overall hedge fund performance was positive; and following news of Man’s loss of assets, some put forward that the hedge fund industry may face a new round of redemptions (maybe 5% by the end of 2001) after two months of poor performance and growing investor desire for safe cash.

Among the hedge fund news, we heard that Emirates NBD Asset Management had tied up with Man Group to manage money of its Islamic alternative assets fund; also, High River, an affiliate of Icahn Enterprises, withdrew its slate of nominees for The Clorox Company board of directors; rival hedge funds, brokers and others are combing through Paulson & Co.'s investments, trying to anticipate what Mr. Paulson might sell if he needs to return cash to investors; although at the same time, brokerage giant Morgan Stanley is helping some of its wealthy clients put money with Paulson; the F&F Systematic Trading Fund, a managed futures fund, launched an “accelerator capital” share class with reduced fees of 1% and 10%; and Pan Reliance was appointed investment manager of the Turnstone European FoHFs.

It was noted among trends that hedge fund leverage, as measured by margin debt on the New York Stock Exchange, had declined in August by the most in a single month since Novembe......................

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