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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 7

Saturday, February 20, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Top Crystal (L/S equity); Astenbeck Capital (energy); Laxey (onshore absolute return); Geier Capital; Karsch Capital (distressed); Onex (senior debt securities); and Intelectia Capital (Ucits CTA).

HFR said the HFRI Emerging Markets Index posted 40% in 2009 which was its best gain since 1999; Credit Suisse/Tremont Hedge Fund Index confirmed it was up 0.17% in January; The Greenwich Global Hedge Fund Index down 1%; The Barclay CTA Index went down 1.48% as 60% of CTAs began 2010 in the hole; The HFRX Absolute Return Index returned +0.13%; More than half of EDHEC-Risk hedge fund indices were positive; Ucitsindex.com’s new UCITS HFS Index was down 0.14%; And the HFN Hedge Fund Aggregate Index returned -0.81%.

HFN said that, in January, total hedge fund assets had decreased 0.14% to an estimated $2.038tln, mainly due to performance; but investors allocated $4.51bn to HFs; ETF assets crossed the $1tln mark in 2009, up 45.7% from 2008, and are expected to grow 20-30% in 2010, said BlackRock; and GLG Partners’ assets were up 47% from a year ago, to $22.2bn.

KTOs Capital Partners in Japan said it plans to invest $330m in start-up Asian hedge funds; Brevan Howard restructured its Absolute Return Bond Plus Fund as it failed to attract enough investor interest; BlueBay AM boosted pre-tax profits by more than 200% in H2-09; European banks, healthcare companies and property firms attracted short-sellers in the past two weeks, according to DataExplorers; firms run by John Paulson, Eric Mindich and George Soros purchased almost half a......................

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