By Benedicte Gravrand, Hedge Fund News London: A roundup of last week's hedge fund launches, closures, trends, and regulatory and legal events pertaining the alternative investments world.
We heard of new launches from Trump Organization USA, Dalton, Integral, Quilvest, Penso, Nau Capital, Macquarie, Advent, DragonBack and Millennium Group. And of new seeding from Accelerator Capital (in Epic Capital and Burlington Capital) and from SkyBridge Capital (Outpost Investment).
There were almost as many closures. Aperta Asset Management closed down its long/short Japanese equity fund due to redemptions; hedge fund SageCrest Finance filed for bankruptcy, battered by losses in the debt markets and lawsuits; Andor Capital shut down as co-founder Daniel Benton left to retire; Sumitomo announced the liquidation of its FoHFs advisory platform Sumisho Capital, to streamline operations; Fortis shut its convertible arbitrage fund due to ongoing market dislocation; and Sage A.M. closed 2 of its 3 hedge funds due to negative performance.
Credit Suisse/Tremont, Canadian Hedge Watch, EDHEC, HFRI, Scotia Capital, Nordic HedgeIndex posted negative index results for July.
As many more funds have been actively looking to raise new cash lately, HFN reported that total hedge fund assets were up 4.41% in Q2-2008, to $2.973 trillion. And data from Morningstar showed that individual hedge funds had net inflows of $10.7 billion in June, while FoHFs suffered $9.2 billion in net outflows.
Total assets handled by fund managers in Singapore grew 32% to $1.17 trillion last year, bolstered by a doubling in assets held by hedge funds. HFR also reported that emerging market hedge funds saw inflows approaching $1 billion in Q2.
Trends - there were still debates on energy and financial trading (should one go long / short or short / long?). It was noted that private equity was beating shy hedgies to distressed assets and that investment outsourcing for the hedge fund world would continue to grow. Funds of hedge fund portfolios were building up on cash or beta-neutral products. UK retail demand for hedge funds was outstripping supply.
Political risk in EM investing was put back on the table as a record number of investors pulled their money out of Russia after the Georgia conflict. State Street remarked on the noticeable deterioration in appetite for equities among institutional investors over past two months, especially in Japan.
Various analysts, economists, kings and gurus rallied in prophecies of more bank failures and recession ahead. But the Hennessee Group reported that stagflation was coming to an end and that headline inflation had peaked.
The auction-rate securities (ARS) battle was still on as crusader Cuomo threatened to sue Merrill Lynch for not reaching a satisfactory agreement. But, Raymond James Financial, Stifel Nicolaus, Oppenheimer and Fidelity defended their positions, claiming they should not have to buy back the billions' ......................
Source:
http://www.opalesque.com/AMB2008/46496Review_of_hedge_fund_launches_closures_trends.html
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