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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 10

Saturday, March 13, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Pirate Capital (stressed/distressed companies); Goldman Sachs (absolute return Ucits, in Spain); Auriel Capital (equity market neutral); Nine Masts Capital (arbitrage, Asia); Sursum Partners; Athamas (forestry and carbon); Pierre-Henri Flamand (new hedge fund firm); Coe Capital (long-short mid-cap equity); and Bid & Ask which is rebranding to Stella Asset Management (derivatives).

Brevan Howard’s first Ucits fund closed due to lack of investor interest. It was noted that hedge funds are finding it more difficult than traditional asset managers to raise money for Ucits funds.

The HFRI Fund Weighted Composite Index was up 0.52% (est.) in February, down 0.18% YTD; NARA’s UCITS Alternative Global Index returned +0.24%; -0.29% YTD; The Credit Suisse/Tremont Hedge Fund Index was up 0.87% (est.), +1.04% YTD; The Hennessee Hedge Fund index advanced +0.96%, +0.42% YTD, still outperforming stocks YTD due to asset protection in January; The Greenwich Global Hedge Fund Index returned +0.68, -0.1% YTD; Lyxor’s investable Global Hedge Fund index was up 0.3%, -0.09% YTD; Eurekahedge said its Hedge Fund Index returned +0.52% (est.) and -0.26% YTD (as the MSCI World Index returned 1.23% and -3.01% YTD), that it had tracked 90 new funds in Q1-2010; The HFN Hedge Fund Aggregate Index advanced 1.04%, +0.50% YTD; HFN also reported that total hedge fund assets had increased 1.30% to $2.191tln (est.)

HFI reported that global hedge fund assets had risen 10% to $1.8tn in H2-09; TrimTabs and BarclayHedge said with estimated inflow of $7.1bn in January, hedge fund assets had risen to $1.5tn; a new P&I’s list showed assets managed by the 11 largest hedge fund firms total $316.2bn – same as Dec-07 (the three prominent firms are Goldman Sachs AM, Renaissance Technologies and Citadel Investment Group).

The average hedge fund......................

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