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Stenham Asset Management launched a new global macro fund of hedge funds called Stenham Helix; La Française AM took a minority stake in spin-off Swell Asset Management, which will launch two UCITS funds; Highbridge Capital Management plans to raise $3bn for its second mezzanine fund to take advantage of the relative scarcity of debt financing; Hong Kong-based Double Haven Capital Management launched a new long/short hedge fund with $20m of principal capital; and Och-Ziff Capital started OZ European Credit Opportunities Domestic Partners with $100m.

Former Soros Fund Management trader John Zwaanstra is to return outside capital in Penta Investment Advisers Ltd, an Asia hedge fund he set up in 1998; and Avesta Capital Advisors, which is run by William Tung, will give back outside capital after almost a decade in business.

The Dow Jones Credit Suisse Core Hedge Fund Index was down -0.41% in December, (-7.40% in 2011); The IndexIQ Hedge Composite Beta Index returned -0.17%, (-2.32% in 2011); The HFRI Fund Weighted Composite Index declined -0.18% (-4.8% in 2011); The HFRX Global Hedge Fund Index declined -0.42% (-8.87% in 2011); The Hedge Fund Intelligence Global Composite Index gained +0.06% (-5.54% in 2011); The Eurekahedge Hedge Fund Index went down 0.21% (-4.16% in 2011); The Hennessee Hedge Fund I......................

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