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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 11

Saturday, March 20, 2010

Kirsten Bischoff, Opalesque New York:

Last week, brought news of fund launches from Salus Alpha (the equities focused Salus Alpha RN Special Situations Fund), newly launched Chater Capital (an Asia-Pacific, event-driven fund from Scoggins Capital alum Kevin Chan), a financials industry focused fund from former Barclays credit traders Rupesh Tailor and Jose Mosquera, and a “soon-to-be-expected launch” as Dan Siritunga leaves activist firm Atticus (Siritunga’s expected launch has generated buzz even prior to being named).

Listed firm Threadneedle explores launching 2 absolute return funds, Neuberger Berman plans to offer a London listing for a distressed debt fund, and HSBC launches a market neutral European UCITS fund. And finally, the focus on UCITS vehicles continues (quite literally), with the Focus Investment Group’s announcement in an Opalesque Exclusive that the firm will launch the Focus Liquidity UCITS Fund a multi-manager, fund of UCITS funds in 2Q10.

Norwegian hedge fund Norden Absolute Energy has closed after decreasing 2.69% in 2009, and Renaissance Capital’s new CEO team (Bob Mercer and Peter Brown) made news after making public the firm’s considerations to close the only two funds into which the firm accepts outside investments (Renaissance Institutional Equities Fund and Renaissance Institutional Futures Fund), after the funds’ combined assets shrank from $30bn in 2007 to $6bn in 2010.

February Index results came in as follows: HFRX Absolute Return Index up 0.22% (est.) in February, 0.36% (est.) YTD Barclay Hedge Fund Index gains +0.78% in February (+42% YTD) RBC Hedge 250 index returned 0.40% in February 2010, 0.30% YTD Credit Suisse/Tremont Hedge Fund index posts positive February returns, up 0.68% for the month (0.85% YTD) Scotia Capital Canadian Hedge Fund Performance Index finishes Fe......................

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