We heard of new launches from Mark McGoldrick, GAM, Vaquero Global Partners, Gabelli, Lehman Brothers, Borton, Platypus, LightBox, Systematic Absolute Return, Gartmore, LRG, ABR, Fortis, Stone Lion, Atyant, Absolute Return Partners, Cedarcroft, and Brotman.
There were a couple of closure threats coming from Packer`s Ellerston GEMS and RAB. And past closures by Fortis and Thales Fund Management were finally revealed.
The indices HFR, Greenwich, Eurekahedge, Hennessee, Dow Jones and RBC posted negative performances for August, but the Newedge Volatility Trading Index (up 7.3% YTD) showed that volatility hedge funds had been outperforming the industry.
It was found that the largest hedge fund managers controlled assets near $1.7tln, but that 35% of the firms had lost assets in H1-2008. Renaissance Technologies` assets, for example, shrunk by 14.71% in that period. The IMF warned that tight credit, falling stocks were a lethal mix for hedge funds, which stood to lose more than $100bln. And TrimTABS / Barclayhedge announced that investors had put $10.4bln into hedge funds in July, less than the $16.1bln put in June.
The press reported the following trends: more redemptions from cash-needing investors, stock market fearing another hedge fund collapse, funds such as CQS profiting from banks` recovery, managers such as Jim Chanos seeing financial stocks past worst, convertible bonds trading at all-time low, FoHFs found to be highly correlated to traditional markets, HFs such as Harbinger and Highbridge moving into cash and reducing leverage, and fees being cut to keep investors.
The M&A scene was busy last week. Fairfield Greenwich Group merged with Swiss Banque Bénédict Hentsch; Punter Southall Group started a joint venture to form a new FoHFs company, Grenfell PAI Guernsey Ltd; Ralph Schlosstein joined with Evercore and Stone Point Capital to found the $600m launch of HighView Investment Group; Canada’s Sentry Select bought hedge fund Waterfall Investments; Deutsche Bank bought a 40% stake in Russian asset manager UFG Invest; LGT Capital completed its acquisition of Hong Kong’s KGR Capital; and distribution boutiques KP Securities and Sophia Capital Securities joined forces. It was found that asset management M&A went up 28% in the first year-half of this year.
The U.S. govern......................
Source:Review of hedge fund launches, closures, trends, and regulatory and legal events
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