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Alternative Market Briefing Weekly

Hedge fund launches at highest since last quarter of 2007 – news of week 25

Saturday, June 23, 2012

In the week-ending 22 June 2012, Hedge Fund Research revealed that hedge fund launches totaled 304 in the first quarter, narrowly eclipsing the 298 launches in 1Q11 for the highest quarterly total since 4Q07; Citigroup’s former head of proprietary trading Sutesh Sharma said he would launch the $500m Portman Square Capital this autumn; former Winton Capital duo Bruce MacDonald and Dr. Patrick McSharry announced the launch of Rudolf Wolff Global Portfolio (long/short) hedge fund; JPMorgan Chase & Co.’s Deepak Gulati held talks with investors for a possible hedge fund launch; Swiss bank UBS and HFR launched four UCITS-compliant hedge fund ETFs; William Michaelcheck’s $4.7bn Mariner Investment Group is starting a pool to invest in new hedge funds; Tony D’Andraia and Justin Meadlin teamed up to launch their maiden hedge fund, the Hyaline Capital Opportunity Fund; and Brevan Howard is seeking capital for a new pool that buys securities tied to mortgages and other debt.

The RBC Hedge 250 Index was down -1% (est.) in May (+2.34% YTD); The Barclay Hedge Fund Index dropped -2.98% (+1.77% YTD); The Barclay CTA Index gained +2.64% (+1.33% YTD); The Dow Jones Credit Suisse Hedge Fund Index finished the month down -1.33% (+2.61% YTD); The Lyxor Hedge Fund index went down -0.55% (+0.96% YTD); The Morningstar MSCI Composite Hedge Fund Index was down -0.5% (est.), (+2.7% YTD); The GlobeOp Hedge Fund Performance Index was up 0.43% (+4.15% YTD); The Emanagers Total Index lost -0.74% (+1.69% YTD); The EDHEC CTA Global Index went up +2.90% (+2.2% YTD) as most indices failed to escape market turmoil in May; And the Scotiabank Canadian Hedge Fund Index ended May -0.41% (-7.03% YTD) on asset weighted basis. The HFRX Global Hedge Fund Index posted a decline of -0.54% in mid-June (~ +1.25% YTD).

Chenavari Invest......................

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