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Alternative Market Briefing Weekly

SAC and Apple sagas continue, hedge funds cash in on yen trades: hedge fund news, week seven

Saturday, February 16, 2013

In week ending February 15, 2013, Coatue Management announced it would launch a $300m hedge fund that will invest in high-growth, pre-IPO start-ups; Toronto-based hedge fund manager Spartan Fund launched the Noble Bay Energy Fund; Duet Asset and former Credit Suisse Latin America chief Pedro Chomnalez started their first hedge fund, the Merchant Opportunity Fund, that focuses on non-financial assets and private equity in Latin America; Deepak Gulati quit as head of global equity proprietary trading at JP Morgan to launch a hedge fund; U.S. Fleet Tracking CEO Jerry Hunter said he plans to launch a new hedge fund this year based on an algorithm he created; and Racon Capital Partners reported that it raised $35m to launch its first fund. Saba Capital and Reservoir Capital together seeded hedge fund startup Camares Capital.

The Lyxor Hedge Fund index was up +1.6% in January; The Hennessee Hedge Fund Index was up 2.69%; The Barclay Hedge Fund Index gained 2.84%; The SS&C GlobeOp Hedge Fund Performance Index expanded 2.62%; The Newedge CTA Index grew 1.46%; And the Barclay CTA Index was up 1%.

BarclayHedge and TrimTabs said that hedge fund investors had redeemed a net $14.2bn in 2012, reversing a $50.7bn inflow to the industry in 2011; investors redeemed at least $1bn from Winton Capital as assets dropped to $26bn at the end of 2012, from $29bn in May. According to BNY Mellon’s latest outlook, Asian hedge fund stars will continue to attract inflows this year.

SAC Capital announced it planned a “soft opening” of its major fund, which has been closed since 2011; the Blackstone Group, the largest outside investor in SAC Capital Advi......................

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