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Alternative Market Briefing

Opalesque Roundup: Biggest Quarter Ever, and the Quant Rout That Followed: hedge fund news

Monday, July 27, 2026

A record-breaking quarter collided with a summer of stress this week. Global hedge fund capital reached its highest level ever even as a crowded artificial intelligence trade unwound, Asian and Chinese quant strategies buckled, and the industry's talent and tax wars intensified across three continents. Opalesque's Exclusives lead this edition, followed by the broader picture drawn from the week's Alternative Market Briefing coverage.

Opalesque Exclusives
EXCLUSIVE

SEC's Peirce to crypto vault operators: "headstands and backflips" won't move you outside the securities laws

SEC Commissioner Hester Peirce delivered a pointed message to operators of crypto vaults and onchain lending platforms: moving an activity onchain does not move it outside the reach of the securities laws. While reaffirming her openness to engagement, Peirce warned that structural contortions will not exempt products that function like securities, and she invited operators to discuss compliant pat......................

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