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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 41

Saturday, October 15, 2011

Man Group launched a new fund of long/short equity hedge funds called Man Long Short Fund.

Several fund closures were reported: Longacre Fund Management is to wind down after investors pulled out their cash; Global Trading Strategies is shutting down its hedge fund and is returning money to investors after a year of negative returns; and T&D Asset Management is closing its Japan-focused hedge fund because of higher-than-expected trading costs.

BarclayHedge and TrimTabs Investment Research reported that the hedge funds industry pulled in $6.1bn in fresh assets last August; a study by Investment Management Consultants Association showed that the top 20 financial institutions control the majority of high net worth assets, making it difficult for financial advisors to compete; and BNP Paribas’ fund management subsidiary THEAM plans to increase its allocations in Asia-focused hedge funds to Eur200m ($268m) over the next year.

Hedge fund performance suffered their worst three months since the peak of the 2008 financial crisis, according to Hedge Fund Research; John Paulson, who lost more money in September with his main fund declining 47%, told investors to brace for the worst; luckily for Paulson, New Mexico’s state pension Public Employees Retirement Association announced it would stick with him – for now; Hugh Hendry emerged as winner amid the European debt turmoil as his Eclectica Absolute Macro fund returned 4.76% in August and September; another winner was RK Investment Advisors which jumped 142% in Q3; Man Group's flagship fund AHL lost 5.5% last week due to rallying equity markets and a sell-off in bonds; Clive Capital’s $4bn commodity hedge fund returned 11.4% last month; Ashmore Group slumped more than 10% in Q3 because of the market sell-off; and Lakshmi Capital reported a 12.15%......................

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