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Alternative Market Briefing Weekly

Schroders to acquire Cazenove, Ascalon buys stake in Singapore hedge fund: hedge fund news, Week 13

Friday, March 29, 2013

In the week ending 28 March 2013, it was reported that three veteran investment professionals had formed Witherspoon Asset Management LLC in Princeton and the firm’s first offering would be the Witherspoon Managed Futures Strategy Fund; Ignis Asset Management plans to launch of a hedge fund version of its Absolute Return Government Bond fund (ARGBF); Millennium’s fund manager Eduardo Abush reportedly left the firm to launch his own hedge fund; Solus Alternative A.M. raised $1.1bh for two new funds that invest in bankruptcy claims; an ex-Tandem team plans to Carrick Asset Management LLC, a long-short credit hedge fund, next quarter; Tsukasa Shimoda, a former fund manager at Morgan Stanley, will start a Japan-focused hedge fund; and ex-Paloma trader Mike Belbeck is to launch his own vol-arb hedge fund next month, Holworthy Capital Fund (separately, Paloma Partners was said to be funding separately managed accounts for projects from former Diamondback and Realm traders).

HSBC reportedly closed Hermitage Capital's flagship Russia fund just as its co-founder, William Browder, was being sued for libel in London and tried in absentia for tax evasion in Moscow. 

Gottex, the Swiss FoF group, confirmed continued positive product performance during the first two months of 2013 with the majority of its core market neutral, multi-asset, alternative credit, US equity and Asian products up between 2% and 8%; CF Partners’ new Long/Short Global Equity fund focusing on utilities, infrastructure and oil, delivered 6.44% in its first three months; and Daniel Loeb’s Third Point Ultra fund has already gained 12.42% YTD, said Reuters.

The Morningstar MSCI Composite Hedge Fund index was up 0.5% (est.) in February (2.5% YTD), and according to Morningstar’s database, funds saw inflows of $3.3bn in January.

Stephen Jamison closed his Koppenberg Macro Commodity Fund to new investors after nearly doubling its assets to $1.5bn in 2012.......................

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