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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 43

Saturday, October 29, 2011

Three former Brevan Howard senior traders are to launch a $100m natural resources hedge fund; Future Capital Partners launched the Elara II fund (green energy); Eaton Vance launched an Australian-domiciled bank loan fund; alumni from Blue Ridge and Eaton Park will launch Falcon Edge Capital (opportunistic global long/short equity) in Q1 2012, which is believed to be one of the largest launches in 2012; Axa Investment Managers is to launch its first hedge fund strategy to focus on tail-risk funds; and as its inaugural offering, Altana Wealth launched the Sovereign Diversity hedge fund, which aims to protect against inflation and potential defaults of debtor nation.

Henderson is to liquidate its horizon global currency Ucits III fund, its global currency fund, a Ucits III hedge fund and various managed accounts.

The Altegris Managed Futures Strategy fund’s assets breached the $1bn mark; Steve Cohen is said to be trying to raise $500m for a planned new reinsurance venture; Fairholme Fund shrunk from $18bn in January to $9bn and also lost co-manager Charlie Fernandez; and investors pulled an estimated $19bn from hedge funds in Q3 according to data providers eVestment Alliance and HFN.

The Capital Canadian Hedge Fund Index finished September down 1.22% (-1.82% YTD); The Dow Jones Credit Suisse Hedge Fund Index was down 3.20% (-3.20% YTD); The Morningstar MSCI Composite Hedge Fund Index fell -2.3%; The Parker FX index gained 1.60% (-1.81% YTD); And the Blue Ink Hedge Fund Composite (single strategy hedge funds in South Africa) gained 0.91% in August.

Philip Falcone's flagship portfolio Harbinger Capital Partners Fund II reported a 17% decline in September; John Paulson’s (who is said to be facing stiff opposition from insurance giant MetLife over control of a group of luxury resorts under bankruptcy-court protection) largest fund, the Paulson Advantage returned less than 1% so far this month; and......................

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