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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 3

Saturday, January 23, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Palisades Park (1 x multi-strat, 1 x Sharia); InfoSpi (green); Finisterre (EM); Althea Capital (EM); Gartmore (L/S pan-European); Pangu Capital (Greater China); Reech CBRE (real estate); Kronos Investment Advisory (market neutral); Aristarc Capital (Japan); Brennus (convertible); Grupo Banco Popular (FoHFs); and Heartwood Wealth (multi-assets). Galileo Capital Management, a boutique investment management and advisory firm, launched in London and Hong Kong and will manage bespoke alternative asset funds.

Gerry Catenacci closed his hedge fund Principled Capital Management, which was down in both 2008 and 2009; and Goldman Sachs’ asset management unit closed its Global Equity Opportunities Fund at the end of December, after redemptions and poor performance over the past 24 months.

The Lyxor Global Hedge Fund Index was down 0.33% in December, +5.15% (est.) in 2009; the EDHEC hedge fund indices ended 2009 on positive note, except for CTA and Short-Selling; the Scotia Capital Canadian Hedge Fund Index was up 2.12% in December, 28.62% YTD; and the Barclay CTA Index was down -0.09% in 2009. Funds of hedge funds’ assets were cut down to $440bn, almost half their May 2008 size, said Eurekahedge.

Protecting the downside was a major driver of hedge fund outperformance as the Hennessee Index gained +88.3% over the last 10 years, versus S&P 500’s decline of -23.33%; the state of the industry is strong but hedge funds will need stronger performance relative to equities and bonds for success in 2010, said Credit Suisse/Tremont; Credit Suisse also found that global macro had been the most popular hedge fund strategy in 2009, de......................

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