Review of hedge fund launches, closures, trends, regulatory, and legal events – week 35

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By Benedicte Gravrand, Opalesque London: A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments world.

Last week, we heard of fund launches or possible launches from Desert Shores (momentum trading); Allianz (European Ucits III); 613 Capital (global L/S); Aviva (UK Absolute Return); Noctua (global macro); and Spruce Point Capital (L/S value).

 The HFN Hedge Fund Aggregate Average Index was up 2.56% in July, +12.03%YTD; and HFR reported that emerging markets hedge funds had gained 19% for the quarter, and that assets were up by $10bln, to $77bn.

It is not the smoothest time for funds of hedge funds; it was found that investors had pulled $200bn from Europe’s largest FoHFs since Sept-08; UBP confirmed it would reduce its staff by 10%; and Gottex cut fees for investors in its listed products.

 Some ranking lists from Alpha had Sparx, Value Partners, Artradis, ADM on top of the Asia list and Brevan Howard, Man, BGI, BlueBay on top of the Europe list.

 Some of the fund managers who hit the headlines last week were: Einhorn, who said that Greenlight had “no net long exposure to equities;” short-seller Jim Chanos, who was said to be looking at pharmaceuticals, accused the UK prime minister of ignoring the credit crunch alarm bell; and John Paulson, who is pushing into gold, bought a stake in Citigroup.

 TCI’s Chris Hohn is to let investors withdraw cash from its fund and introduce a more liquid share class; clients of Cerberus Capital Management‘s core hedge funds opted to withdraw the majority of money from the funds; and Goldman Sachs Asset Management became the latest manager to announce a levy on investors coming and going from its funds.

For full article go here: http://www.opalesque.com/54462/Review_of_hedge_fund_launches_closures_trends462.html

Single hedge fund manager AUA still at $2.079 trillion (down $730.647 billion), according to industry’s most comprehensive survey

Carbon360° Research (link: CARBON360), an Opalesque Group company, will soon be releasing its 2009 Hedge Fund Administration Fact Book, where it meticulously features and compares all 130 hedge fund administrators side by side. The analysis of the material offers surprising insights. Please also note the list below with the updated AUA of the top 25 hedge fund administrators (by single manager and FoF AUA).

The Carbon360° Report illustrates that previously reported hedge fund industry assets under management (“AUM“) have been grossly underestimated. However it also shows that third party hedge fund administrators have come under pressure through the asset decline.

The good news at this point is that with the Q2 of 2009, hedge funds had their best quarter in nine years as risk appetite came back strongly. All styles except for managed futures made profits. Overall, hedge funds are back on track. The liquidity situation has improved considerably and many gated or suspended funds could liquidate their holdings in an orderly fashion and, in some cases, lift redemption restrictions earlier than expected. (see our following article “Hedge funds are back on track”).

Hedge Fund Research (HFR)says redemptions slowed to $42.8 billion in Q2, compared to $103.2 billion in Q1, according to their database. Many funds are seeing net subscriptions for the first time since Q3 2008. Overall, industry assets under management rose by $98.9 billion, or 7.4%.

In addition to inflows into existing funds, hedge fund administrators tell Opalesque that new funds are being set up and the “conversion” trend of formerly self-administered hedge funds to opt for third-party administration is still ongoing.

 

Hedge Fund Administration Industry’s Most Comprehensive Survey Registers Record Asset Declines

Total Alternative Assets under Administration plummet an eye popping $1.347 trillion, Fund of Funds down 32% 

Single Hedge Fund Manager AUA down $730.647 billion but still at $2.079 trillion

Mergers, concentration, cost cutting and closures among Administrators?

For full story :http://www.opalesque.com/53895/Single_hedge_fund_manager_AUA_still_at895.html

Review of hedge fund launches, closures, trends, regulatory and legal events – week 31

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By Benedicte Gravrand, Opalesque London: A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments world.

Last week, we heard of fund launches from Goldman Sachs (UCITS L/S US equities); Natural Capital (green); RWC Partners (US L/S funds); Bookbinder Capital (green); Magister Ludi Capital (global macro); TrueBeta (rules-driven); ADM; ACG (Japan market neutral); and probably SRM Global. Polygon closed its Global Opportunities fund and is raising money for two new hedge funds.

Amber Capital Investment Management got back its assets from Lehman Brothers’ prime-brokerage unit and plans to return about $600m, or 60% of its hedge funds’s NAV to investors; UK hedge fund Lansdowne Partners stopped accepting investments in its flagship fund; RAB Capital reported H1 loss of $4.5m with AUM down $600m and said clients are returning to some hedge funds; Martin Currie Investment attained conformity with the Hedge Fund Standards Board’s (HFSB) best practices for hedge fund managers; and Nicola Horlick is rumoured to be seeking to regain influence at Bramdean Alternatives.

The following trends were noted: Hedged mutual funds (HMFs) may be a dominant trend in the next hedge fund industry cycle; 20 out of 22 hedge fund managers interviewed by Moonraker Fund Management in the U.S. are buying gold to protect their personal wealth against excessive inflation; and “position calibration” is becoming a source of alpha.

For full story: http://www.opalesque.com/53839/Review_of_hedge_fund_launches_closures_trends839.html