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In the week ending 10 January, 2014, the HFRI Fund of Hedge Funds Index was up 1.2% in December (+8.7% in 2013), its highest return in four years; but despite the rebound in performance, according to eVestment, assets in funds of hedge funds are at an all-time low relative to their single manager counterparts.

Twins Cameron and Tyler Winklevoss are backing a new hedge fund run by Aalap Mahadevia called Briarwood Chase Management; Balter Capital Management’s new Long/Short Equity Fund was launched with $100m from Summer Road, a New York-based family office; Gregg Hymowitz raised $600m to back funds run by shareholder activists; and West Face Capital opened a $553m credit fund to finance companies.

Eagle River Asset, which closed down after its backer FRM Holdings pulled its investment, will return most of its investors money this month; JP Morgan A. M. is set to liquidate its alternative UCITS commodities fund next month following a drop in assets;

The HFRX Global Hedge Fund Index gained +0.56% in December (+6.72% in 2013; The Greenwich Global Hedge Fund Index ......................

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