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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 17

Sunday, May 02, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from GHF (2 credit funds); Highland Capital (All Cap Equity Value); LGT Capital (UCITS III accessing managed futures strategy); Private Advisors; EM Capital (ESG EM); Providence AM (credit opps); Lyxor AM and Martin Currie (China fund on Lyxor's Hedge Fund Managed Account Platform); and Checchi Capital (distressed). Cadogan Management liquidated its Japan FoHFs following poor performance.

The Parker FX Index was up 0.78% for March (0.80% YTD), the Greenwich Composite Investable Hedge Fund Index was up 1.52% (+1.59% YTD); and the Morningstar 1000 Hedge Fund Index returned 2.8% (est.), 1.6% YTD, and funds in the index saw inflows of $2.6bn in February.

Hedge fund industry returns showed their lowest beta level since 2004, said Credit Suisse/Tremont; the Charles Schwab Corp. will allow advisers to hold in custody additional alternative investments once again; Hedgebay reported that in the secondary market trading, the highest number of trades had been completed so far in 2010; BlackRock said investors had slowed down on 're-risking' activities and shifted to passive funds; the combined fortunes of the top three hedge fund managers in the UK grew by GBP1.15bn last year, according to The Sunday Times Rich List 2010; Guillaume Rambourg is to return to a fund management role at Gartmore, and the firm’ shares jumped after the news.

The following trends were noted: BNY Mellon/Greenwich Associates said in a white paper on convergence between traditional invest......................

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