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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 46

Saturday, November 19, 2011

PIMCO launched the PIMCO GIS Credit Absolute Return Fund; GLG Partners launched a UK-domiciled Strategic Bond fund for star manager Christophe Akel; Altegris announced the launch of the Altegris Futures Evolution Strategy Fund (managed futures and managed fixed income); Swiss banking group SYZ & CO launched the OYSTER Global High Yield fund; North Tide Capital launched a long/short equity hedge fund offering focused on the healthcare sector; EJF Capital launched a new offering focused in Greater China; Gabelli Funds launched the GAMCO Merger Arbitrage (UCITS); Barings started the Baring India fund (UCITS); and Forward Management introduced the Forward Global Credit Long/Short Fund.

Britain-based Wessex Asset Management closed its three hedge funds after its net asset value had slumped about 27% so far this year.

Hedge funds assets saw a $90m in fresh inflows in October, stopping the steady outflows recorded in August and September; the European Fund and Asset Management Association (Efama) said all hedge fund asset classes recorded large outflows in September; Och-Ziff Capital Management Group will raise $250m in a public offering of its Class A shares to pay back debt; hedge fund assets at the industry’s ten biggest UCITS platforms grew by 120% over the past 12 months, climbing by more than $4.6bn; and Winton Capital’s UCITS-compliant version of its Diversified Trading Program increased by almost $1.3bn in the last 12 months.

In terms of performance, Nordic hedge funds have outperforming their counterparts, according to Dow Jones Credit Suisse Tremont; Brookfield Asset Management reported that its Q3 results more than doubled compared to last year during the same period; Steve Mandel’s Lone Pine hedge funds suffered losses in Q3; Moore Capital Management restructured its main emerging-ma......................

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