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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 13

Saturday, April 03, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Thomas Funds (multi-asset market neutral); BNY Mellon AM (multi-asset global absolute return); Centaur Global (absolute return sports); St James's Place (UK Absolute Return); Hermes BPK (trading FoFs focused on CTAs); and Rothschild (UCITS-compliant FoHFs).

Plainfield Asset Management left its offices in Greenwich, CT, to move to Stamford, and is winding down, ready to start again. The firm’s assets fell from $5bn to $3.3bn and will be around $500m after money has been returned to investors. Melbourne-based TechInvest Pty Limited resigned as investment manager from the management of the TI Fund Series due to lack of resources; Ivy Asset Management, which BNY Mellon Asset Management is closing, is under investigation for advice it allegedly gave related to investing with Bernard Madoff, said WSJ.com; and Tiger Global shut its India office and may exit its investments there.

Greenwich Investable Hedge Fund Index was up 0.53% in February and +0.1% YTD.

John Paulson started the year overseeing $32bn in hedge fund assets, third in the world behind JPMorgan Chase and Bridgewater, and is taking in new cash, raising the question of how much money is too much for a hedge-fund manager, commented Bloomberg; and a PerTrac 2009 hedge fund database study showed a slight increase in assets but fewer funds.

Hedge fund managers Man Group, Winton, BlueCrest reportedly made millions from collapse of the pound; and hedge-fund returns are worse than industry figures would suggest because many funds on the brink of failure stop reporting on their performance, according to a new academic study.

UK ......................

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