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Alternative Market Briefing Weekly

SEC files formal charges against Philip Falcone: hedge fund news, week 26

Saturday, June 30, 2012

In the week-ending 29 June 2012, it was reported that former King Street head trader Kieran Goodwin plans to launch a credit hedge fund in Q4; Nomura and Permal Group launched the Nomura Permal Alpha Japan Neutral Fund, a UCITS-compliant Japanese equity market neutral fund; Ping An Russell Investments is preparing to launch China’s first multi-manager fund for domestic high-net-worth individuals; former proprietary traders at Royal Bank of Canada and Bank of America Corp., said they plan to start a mortgage hedge fund at New York-based Tandem Global Management next month; and March Gestión de Fondos launched a new fixed income hedge fund.

Stark Investments said it would shut down its multi-strategy hedge funds after a “meaningful reduction” in AuM; and Magnum U.S. Investments reported that the Jericho Tax Lien funds had self-liquidated, other Jericho funds had suspended NAV calculations, and the TM IndiaStar Fund had closed and returned money to investors.

The Greenwich Global Hedge Fund Index fell 1.86% in May (+1.9% YTD); And the Parker FX Index up +0.47% (-0.82% YTD).

In terms of performance, Russia-focused hedge fund Verno Capital was up +12.94% through to the end of May; Bill Ackman’s Pershing Square returned +9.3% in Q1; and John Paulson’s flagship hedge fund, Advantage Plus Fund, which was down 50% in 2011, lost -10% through May 2012.

The GlobeOp Forward Redemption Indicator for June 2012 was up 3.71% from 3.31% in May; the Dow Jones Credit Suisse Hedge Fund Index showed that the hedge funds industry had ......................

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