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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 9

Saturday, March 06, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Bedrock (Brazil multi-strat FoHFs); Aegon (UK Equity Absolute Return); Cheyne (UCITS M&A); Cowen Group (managed accounts fund); CastleBay, (Asia L/S equity); Black's Link Capital (Asia); Merchant Capital (Euro L/S equity Ucits); Toscafund (mid-cap Ucits); Aladdin (two distressed credit funds); Castlestone (Ucits of actively managed portfolio); Cape One (offshore version of PIPE fund); GoldVest (alternative investment and goodwill fund); Aviva (UK absolute return); Old Mutual (UK absolute return Ucits); and three China hedge funds from Jingliang, Heju and Longwin.

London-based Nevsky Capital shut down its $3.3bn hedge fund after the managers left.

The Parker FX Index reported a -0.30% return for the month of January; the Nordic Hedge Fund index rose 0.29%; the Australian Fund Monitors (AFM) index recorded a loss of 1.43%; Greenwich Alternative Investments launched seven new investable hedge fund indices; the Credit Suisse L/S Equity Replication Index was down 1.27% in February, the Inverse L/S Equity Replication Index +1.06%, the Credit Suisse Liquid Alternative Beta (LAB) Index +1.01%; Newedge's CTA Index was up 1.31% (-0.59% YTD), the Alternative Edge Short-Term Traders index up 0.70% (-0.38% YTD) in February.

The Morningstar 1000 Hedge Fund Index dropped 1.2% in January, as investors pulled $57bn from the funds in its database; HFI reported that European hedge fund launches and assets were on the rise again (10% in H2-09 to reach $382bn); Hennessee Group said hedge funds had recouped lost assets and returned to the 2008 levels of $1.96tln (est.); and an AR survey found that as of January 1, the biggest 213 US hedge fund firms managed combined assets of $1.182tln, a 4.2% increase from early 2009.

RWC said it w......................

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