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Alternative Market Briefing Weekly

AIFMD implementation, end of Madoff settlements are nearing: hedge fund news, week 51

Saturday, December 22, 2012

In the week-ending December 21, 2012, Barclays Capital reported it would spin out its $2bn West Coast unit to launch a distressed debt hedge fund called Cloverfield Capital; former Citi executive Joel Salomon is reportedly preparing a long/short hedge fund that will focus on financial institutions; and Aaron Smith, former executive at computer trading firm Superfund, launched Pecora Capital and is opening up the quant fund to external investors.

The RBC Hedge 250 index was up +0.28% in November (+4.63% YTD); The final number for the Greenwich Hedge Fund Index was 0.36% (+4.6% YTD); The Dow Jones Credit Suisse Hedge Fund Index finished up 0.64% (+6.10% YTD); The Scotiabank Canadian Hedge Fund Index returned -0.16% (-4.66% YTD); The Barclay CTA Index fell 0.39% (-1.45% YTD); The Newedge CTA Index was down 0.15% (-3% YTD); The Emanagers Total Index gained 0.3% (+4.14% YTD); And the HFRX Global Hedge Fund Index gained +0.75% through mid-December (3.35% YTD).

Troy A.M.’s Trojan Fund is up 4.2% YTD; Daniel Loeb’s Third Point is expected to earn $500m in profits after making a bet that Greece would not be forced to leave the euro zone; Philip Falcone’s Harbinger Group declined 27% to $7.50 last week, its biggest decline on record; Odey A.M.’s UK Absolute Return Fund returned 33% YTD; and Thames River reported that it had failed to meet performance targets when the firm was acquired by F&C. Hedge funds lost 16% through short selling strategies YTD, reported Citiwire.

The latest ‘Top 100 U.S. Equity Hedge Funds’ list reveals that the top hedge funds’ assets increased by nearly $43bn, or 8.13%, over Q3; Eurekahedge reported that hedge fund assets had reached $1.77tln in November, up by $5.99bn from a month ago; the latest SS&C GlobeOp Forward Redemption Indicator for December 2012 ......................

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