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Alternative Market Briefing Weekly

Opalesque Roundup: London and Connecticut compete for hedge funds' #2 spot: hedge fund news, week 23

Saturday, May 31, 2014

In the week ending 30 May, 2014, data provider Preqin said 500 of the largest hedge fund managers control 90% of the industry’s assets; London is home to the second highest number of $1bn plus managers (80), although Connecticut is second in terms of capital managed by these firms with a combined total AUM of $400bn; and Myriad Asset is approaching $3bn of assets.

William Ackman is raising billions of dollars to launch a closed-end public hedge fund; Morgan Stanley has launched two new funds to offer exposure to different types of alternative alpha strategies; and Alceda Fund and Clark Capital launched a tactical fixed income UCITS fund.

Woodbine Capital said it would close down and return clients money after failing to meet performance goals; and the Ziff brothers are shutting down the last multibillion-dollar hedge fund that invests their family fortune.

JP Morgan said equity hedge funds struggled in their performance in April and lost 0.70%; Chenavari Investment’s Toro fund was up 13.34% YTD and 3.98% in April; Chris Hentemann’s 400 Capital gained as Freddie Mac reported a 30% profits; and Hugh Hendry’s Eclectica hedge fund suffered a 1.7% loss in April (-9.6% YTD).

The Scotiabank Canadian Hedge Fund Index Asset Weighted gained 0.63% in April (+4.24% YTD); And the Parker FX Index was down -0.70% (-1.50% YTD).

Among investments, hedge funds are developing cheap smart beta products that imitate the performance of hedge funds without the huge fees. Data tracker Spence Johnson said Eur......................

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