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With a shortened week in the UK and the US there were only a few launch announcements this week. We learned that Matthew Cartwright has left ADM Capital and is planning the launch of a fund (Asian distressed debt). Former investment head for Fortress in Hong Kong, Stanley Ku is setting up Complus Asset Management. Dan Carroll has launched Ratel Capital Management (event-driven), and Alan Landau has launched Novel Asset Management (rare diamond trading). Also, the Ignis Argonaut European Alpha Fund announced the launch of a new Euro unit class that focuses on non-Euro-zone countries, the firm is also planning to expand its range of absolute return products with a second fixed-income fund.

BlackRock has announced the closure of its closed-ended Absolute Return Strategies fund of hedge funds. Citigroup will also shut down its $400 m proprietary fund, and it is anticipated that the bank will shutter more funds as well in light of prop trading rules related to Dodd Frank regulation.

GAIA Capital Management’s Japan focused hedge fund lost most of its assets following the earthquake.

Making gains in asset size are Integrated Managed Futures, which has grown to $50m since its 2007 launch, Zeal Asset Management, which has grown fivefold to $200m since its launch in January 2010. Steve Cohen’s SAC Capital has m......................

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