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Benedicte Gravrand, Opalesque London: Last week, Advantage Capital Equity Solutions, Meadowbrook, Bucephalus, Covepoint Capital (headed by Melissa Ko), Argo Group, DanFonds, Veritas, Roundtable, Millenium (Dubai), Global Credit Advisers, Thomas H. Lee Capital, UBP, Baring A.M. and Blue Oar announced new hedge fund launches, two of which being hybrids. Threadneedle and Advent launched 130/30 funds and Kier Global stopped short of launching an EM FoHFs. Boone Capital Management liquidated their event-driven hedge fund after tough year.
Further index results came up for the month of June. The Credit Suisse/Tremont Hedge Fund index was flat. The RBC Hedge 250 Index returned -0.71 % and -1.86% YTD. Morningstar reported that HFs were down 0.73% and 0.31% YTD, and that investors had shifted $10bln to ‘4- and 5-star hedge funds’ from the lower tiers and added $6bln to ‘global trend funds’. Barclay Hedge Fund index declined 1.33%. The S&P BMI Global Shariah Index returned 3.61%. The Barclay CTA Index was up 1.94% and 8.88% YTD. The Scotia Capital Canadian HF Index was up 5.03%. And EDHEC’s short-selling index fared best at 8%.
It was noted that London’s hedge fund assets were still growing, but that New York was still the hedge fund capital and home to 40% of all global HF assets. The press also observed that rising junk default rates put hedge funds under pressure a...................... To view our full article Click here
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