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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 50

Saturday, December 17, 2011

According to Hedge Fund Research, the number of hedge fund launches declined while the number of liquidations rose in the volatile Q3 11; Barclays Wealth raised $10.1m to launch a new global bond hedge fund; Jeffrey Tannenbaum's Fir Tree Partners launched the $96m Fir Tree Special Opportunities Fund II; Morgan Stanley partnered with Claritas Investimentos to launch the MS Claritas Long/Short Market Neutral UCITS Fund; Monsoon Capital said it would roll out a Cayman-Domiciled offshore version of its UCITS hedge fund in January; and Financial Risk Management (FRM) and Itajubá International have launched the first Brazilian mutual fund that will invest in offshore hedge funds.

Goldman Sachs Group said it would seed Todd Edgar with between $150m and $200m for his new hedge fund.

Singapore-based RSR Capital is closing its fund and will return the money of external investors as the firm plans to change the fund's strategy for a possible re-launch next year; James Caird Asset Management, which is run by Tim Leslie, will liquidate its $1.6bn credit hedge fund after eight years following losses this year; Henry Swieca will return part of the money to outside investors in his $500m hedge fund Talpion Fund Management and manage only his own and family assets; and Boyer Allan Investment Management will shut down two of its hedge funds after losses and a fall in assets this year.

The GlobeOp Capital Movement Index predicted that the industry is set to end 2011 with higher cumulative net subscription than at any time since the collapse of Lehman Brothers; Constellation Hedge Partners LP has gained $113.5m over the past year as its assets grew to $297.9m; and BarclayHedge and TrimTabs Investment Research reported that hedge fund redemptions totaled $9bn in October, more than triple September's $2.59bn outflow.

Integrated Asset Management posted negative performance in Q3 11 with an estimated $586,000 in losses or two......................

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