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Alternative Market Briefing Weekly

Paulson, Soros pile up on gold: hedge fund news, week 47

Saturday, November 24, 2012

In the week-ending November 23rd, 2012, we heard that MainStay Investments had launched a new fund of hedge funds tailored to financial advisers with wealthier clients; Matterhorn Investment Management, a $400m London-based hedge fund, is to launch an emerging-markets hedge fund next year targeting South-east Asia; and Revere Capital Advisors just launched REM Marketing Solutions, to offer marketing advice and product consulting to early-stage hedge fund manager.

Libra Advisors LLC, a $2 billion hedge-fund firm, plans to return outside investors’ money, citing difficult markets made riskier by “unconventional monetary policies,” and said they are planning to become a family office; $230m-long/short equity hedge fund firm OMG Capital, which was set up in 2004 and grew to run $930m in 2009, is closing down and returning all money to investors, as the CIO said: “our strategy doesn’t work in the current environment.”

Citi has a $6bn hedge fund platform which consists of Tribeca, Old Lane, and other hedge funds with about $2.5bn-$3bn invested in, and recently decided to give the platform to the managers and spin them out.

The Emanagers Total Index lost 1.07% in October, reducing its YTD performance to +3.33%; The Dow Jones Credit Suisse Hedge fund Index went down 0.18% (5.42% YTD); The Barclay CTA Index was down 1.74% (-1.36% YTD) as 70% of managers ended the month with a loss; According to Edhec-Risk, the performance of hedge fund strategies exposed exclusively to equity-related risk factors remained positive despite the market environment (Equity Market Neutral: 0.34% (2.4% YTD), Long/Short Equity: 0.25% (5.5% YTD)) thanks to a strong dynamic alpha; The Scotiabank Canadian Hedge Fund Index e......................

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