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Alternative Market Briefing Weekly

U.S. SEC lifts 80-year old solicitation and advertising ban: hedge fund news, week 28

Saturday, July 13, 2013

On Wednesday, the U.S. Securities and Exchange Commission voted to lift a ban on general solicitation and general advertising found in the Securities Act of 1933; the lifting drew positive reactions from market participants and industry insiders, while consumer groups expressed concern of possible fraud; it was said that hedge fund managers must identify the uniqueness of their portfolio now that they can advertise; some commentators said the move would only harm the greedy; the Hedge Fund Association approved the SEC’s decision and so did the Managed Funds Association; but others warned the new advertising rules could put CTAs at a disadvantage.

In the week-ending 12 July 2013, it was reported that Iguana Healthcare had raised $53.5m to launch a health IT- and life science-focused hedge fund; Ian Heslop is to run Old Mutual’s first Cayman-domiciled hedge fund; Tarpon Trading launched a currency trading program on Horton Point’s incubation platform; and the French regulator authorized Melanion Capital to launch the first hedge fund to focus on dividend futures.

Hedge funds posted their first average decline for 2013 in June, The HFR Index was down -1.3% (+3.59% YTD); The Lyxor Hedge Fund Index posted a -1.63% loss (+ 1.85% YTD); The Hennessee Hedge Fund Index declined -1.30% (+4.76% YTD); The Eurekahedge Hedge Fund Index was down -1.47% (+2.47% YTD); And the SS&C GlobeOp Hedge Fund Index fell -1.94% (+5.06% YTD).

Several computer-driven hedge funds profited from steep market losses in May, reported Advance Trading; China-focused hedge funds continued to be the best performing of any targeted emerging market exposure in 2013 through May with 4.0% gai......................

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