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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 18

Sunday, May 09, 2010

Benedicte Gravrand, Opalesque London:

Last week, we heard of fund launches from Vector (energy); Merrion (UCITS European L/S equity); Aberdeen (Ucits fund of absolute return funds); Pardus Capital (debt); Evolved Alpha (multi-strat); Dalton IM (high yield mortgage); IKOS (Ucits version of currency fund); and Auldyn Partners (global macro). HSBC wound up a listed FoHFs.

The HFRX Global Hedge Fund Index was up 0.80% (est.) in April (+2.45% YTD); Credit Suisse Liquid Alternative Beta Index went up 1.14% (2.99% YTD); and the UCITS HFS Index gained 0.90%.

HFR reported that capital flows to Asian hedge funds had stalled in Q1-10, reflecting continued concerns about strategic and regulatory risks: total assets invested increased to $77bn and the number of Asian hedge funds declined modestly to 1,036; it was also reported that Hong Kong hedge funds DragonBack saw its assets cut by 85%, and Northwest double to $680m.

During Q1-10, BlackRock's Absolute Alpha’s AuM topped GBP2bn; Och Ziff’s AuM increased by $2.5bn to $24.8bn; GLG Partners’ AUM was up 6.7% to $23.7bn; Fortress' AuM was down to $30.2bn. And according to Anbima / Bloomberg, Brazilian investors poured 3.4 billion reais ($1.9 billion) into hedge funds last month, the most since December.

Larch Lane Advisors and PineBridge Investments expect to raise an additional $600m by year end for their hedge fund-seeding vehicle; hedge fund industry veterans set up a hedge fund incubator called Lion's Path Capital; Toscafund is considering setting up new business lending capital to banks, and offered mortgage borrowers golden goodbyes; and First Opportunity Fund is to be delisted from the NYSE following its decision to invest in hedge fu......................

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