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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 12

Saturday, March 27, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Matrix (Ucits III version of Lazard AM's convertible arbitrage HF); Liontrust (credit); Tennenbaum Capital (distressed debt); and UBP (fund of managed accounts).

Morningstar said its 1000 Hedge Fund Index was up 0.3% (est.) in February and January outflows amounted to more than $2bn; Hedgebay Trading Corporation’s February index revealed a first trade above NAV on the hedge fund secondary market in almost 2 years.

BlackRock is launching a reverse tender for investors in its £111m Absolute Return Strategies fund of hedge funds, which will reduce the company's share capital by 7.5%, said FTAdviser; RAB Capital posted a net loss of $4.7m for 2009; Man Group is currently scouting investments, acquisitions and distribution deals in the U.S. and has spoken with firms including SAC and GLG (the group’s yearly estimated profit and FuM fell following AHL's negative performance in December); Swiss alternative investment company ALTIN AG completed the share buyback initiated last year as part of its buyback program of up to 10% of the share capital; hedge fund manager Doug Kass told Reuters his bearish calls in recent months that the benchmark S&P500 Index would decline in the double-digits proved to be wrong; and Deutsche Bank, seeing better investors’ risk appetite for risk, is considering launching exchange traded funds (ETFs) on individual hedge fund strategies.

As for institutions, the Pennsylvania Public School Employees' Retirement System Harrisburg approved an increase in its allocation to absolute-return strategies from 7.5% to 10%; Denmark’s Unipension dropped its FoHFs investment over lack of diversification and transparency; and Bahrain’s $14bn sovereign wealth fund is considering making its first ever allocation into the hedge fund sector.

The following trends were noted: investors are flocking to hedge funds ......................

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