HFI Global Briefing - November 2010

8/8/2019 HFI Global Briefing - November 2010

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HEDGE FUND INDUSTRY GLOBAL NEWS ROUND-UP RESEARCH ABSOLUTE UCITS DATA

GlobalBriefingVolume 4 Issue 1 November 2010 A HedgeFund Intelligence publication

HedgeFundIntelligence

Global equities rally while Japan altersGLOBAL SUMMARY

The market rally of September continued into October as further

economic data was released and increased expectation of further

quantitative easing by the Fed pushed markets higher.

As Q3 earnings continued to be released during October, better-than-

expected corporate results pushed the markets higher globally, except

for Japan as a country dependent on exports saw the weakening

USD push the yen higher. While the Bank of Japan looked to cut rates

and pump more money into the economy, the Nikkei and TOPIX still

decreased for the month down 1.78% and 2.24% respectively.

While equity markets rallied the MSCI the World Index increased

3.73% for October to a gain of 6.47% for the year hedge funds

underperformed their equity benchmarks with the HedgeFund

Intelligence Composite Index median gaining 1.65% for October and

up 5.66% for 2010. On a regional basis, the US is the star performer,

gaining 7.03% for the first 10 months of the year compared to

Europe and Asia up 4.5%.

Emerging Market Debt, which has seen a growth in demand, is the

star performer for the year out in front, with a median gain of over

9%. Demand for emerging market bonds increased as developed

markets remain shaky, with investors moving away from riskier

assets such as developed market bonds.

While markets have been boosted by the rally of the past couple of

months, November, so far, has seen a number of conflicting data

shock mid-term election results, sovereign problems in Europe and

further quantitative easing in the US so it will be interesting to see

whether this rally will continue through to the end of November.

CONTENTS1 Global summary

3 The Americas summaryUS Q3 GDP up 2% as slow recovery continues

4 Europe summaryFears o a double-dip recession recede

5 Asia-Pacific summaryGlobal equities respond to quantitative easing

6 Funds o unds summaryCommodities and equities remain strong

8 Absolute UCITS Latest UCITS III developments

9 Research UCITS mirror ofshore unds perormance

11 Data October sees 93 new unds onstream

12 Latest weekly newsFor more inormation please contact: Damian Alexanderemail: [email protected] tel: +44 (0)20 7779 7361

Medians MeansStrategy Oct-10 YTD Oct-10 YTD

Equity 1.74% 3.91% 2.24% 5.89%

Macro 0.74% 4.75% 1.34% 5.68%

Managed Futures 2.86% 6.34% 3.61% 9.47%

Event Driven 1.98% 7.32% 3.00% 9.28%

Emerging Market Debt 1.21% 9.21% 1.53% 11.66%

Emerging Market Equity 2.57% 6.27% 2.72% 8.17%

HFI Global Composite 1.65% 5.66% 2.10% 7.01%

GLOBAL INDICES (EST)

%

MSCI World Index - Net

HedgeFund Intelligence Global Index - Macro

HedgeFund Intelligence Global Index - Managed Futures

HedgeFund Intelligence Global Index - Event Driven

HedgeFund Intelligence Global Index - Equity

HedgeFund Intelligence Global Index - Emerging Market Equity

HedgeFund Intelligence Global Index - Emerging Market Debt

HedgeFund Intelligence Global Index - Composite

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GlobalBriefingis a ree monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing.aspx

GLOBAL COMPOSITE MEDIAN INDICES


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4/12GlobalBriefingis a ree monthly publication To subscribe please go to www.hedgefundintelligence.com/globalbriefing.aspx November 2010 4

Fears o a double-dip recession recede

Covering the single manager

hedge fund industry in Europe

HEDGE FUND STRATEGIES

Equities The market rally of September continued into October asfurther hints of economic stimulus pushed markets higher, and fears of a

double-dip recession abated. European Equities had a strong month with

the FTSE, MSCI Europe and CAC all ending the month up around 3%.

The German DAX was the regional star performer, up nearly 6% for the

month and now in double digits for the year at 10.81%. European Equity

hedge funds continued to underperform their equity benchmarks up

an estimated 1.70% for October as the losses from their short books

offset gains from their long portfolios.

Managed Futures The EuroHedge Managed Futures Index was up

an estimated 3.40% for October and is fast becoming one of thetop-performing strategies of 2010 up 8.69% for the first 10 months of

the year. Funds saw considerable gains as the Fed hinted to more

quantitative-easing techniques overall affecting markets. With the Feds

stance, the US dollar decreased, benefiting short positions while fixed

income was also affected as small losses slightly offset performance.

Emerging Market Data With only one down month for 2010 so far, the

EuroHedge Emerging Market Debt index is up 8.45% through to the end

of October after another estimated boost of 0.89% for last month. With

investors moving to riskier assets, emerging markets benefited, as gains

from emerging market currencies were boosted as the USD declined.

Gains from long positions in South African rates and EM currencies were

slightly offset from losses in bond, such as Malaysian bonds, which saw

prices decrease during October.

Credit The credit universe had another steady month during October,

with its fourth consecutive monthly gain. With government bonds and

equities offering little advantage, investors moved to credit, as new

issuance within Europe still remained high, due to low interest rates.

With strong inflows into the European high-yield market, this strong

demand was also been beneficial to the secondary market, pushing prices

higher. This enabled the EuroHedge Credit Index to post another gain, up

1.28% for October and now up for the year at 9.04%.


European Equity USD 1.76% 3.37% 2.11% 4.19%

European Equity GBP 1.92% 4.42% 2.02% 5.30%

European Equity EUR 1.70% 4.11% 1.81% 4.86%

Macro USD 0.03% 3.99% 0.14% 4.24%

Fixed Income USD 0.08% 5.90% 0.02% 6.91%

Global Equity USD 1.62% 1.85% 1.92% 2.86%

Managed Futures USD 3.40% 8.69% 3.80% 9.82%

Credit USD 1.28% 9.04% 0.98% 9.53%

Currency -0.19% 2.88% -0.18% 5.88%

Event Driven USD 1.15% 3.32% 2.95% 7.63%

Mixed Arbitrage & Multi Strategy USD 1.65% 5.55% 1.78% 8.24%

Equity Market Neutral &

Quantitative Strategies USD 0.37% 3.57% 0.65% 2.81%

Convertible & Equity Arbitrage USD 2.07% 9.60% 1.73% 10.26%

Emerging Market Debt USD 0.89% 8.45% 1.09% 8.12%

Emerging Market Equity USD 2.56% 7.37% 2.30% 6.30%

Composite 1.41% 4.44% 1.80% 5.38%

EUROHEDGE INDICES (EST)

%

MSCI Europe - Net

EuroHedge Global Equity USD Index

EuroHedge Macro USD Index

EuroHedge Fixed Income USD Index

EuroHedge Managed Futures USD Index

EuroHedge European Long/Short Equity EUR Index

EuroHedge Composite Index

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MARKET EVENTS

UK government spending review sees 86 billion o cuts

Q3 data released in October shows that the UK grew by 0.8%

UK exports rose to a five-month high

Euro surged to a six-month high against the dollar

Six UK banks pledge 1 billion to a venture capital und

EUROHEDGE MEDIAN INDICES VSMSCI EUROPE



Global equities respond to quant easing

Covering the single manager hedge

fund industry in the Asia-Pacific

HEDGE FUND STRATEGIES

Chinese Long/Short Equity In October, the focus in the region was centred

on China, as the Peoples Bank of China implemented two policy moves

aimed at inflation and asset bubbles. There was an increase in the reserve

requirement ratio and also a 25 basis point increase in interest rates. This,

however, was overshadowed by the quantitative easing news in the US

causing equities across the globe to climb, and the MSCI World Index was

up 3.73%. But China local shares outperformed this by far in October with

returns of 12.17%, yet they were still down 9.10% for the year-to-date,

despite the big return for the month. The Chinese long/short equity

strategy gained an estimated 2.58% median return, making it one of the

best-performing strategies in October.

Japanese Long/Short Equity The Japanese market had another volatile

month, starting upwards but finishing the month in the red, as the TOPIX

and Nikkei fell 2.24% and 1.78%, respectively. The Japanese long/short

equity strategy was also down for the month at -0.94% (JPY) and -0.37%

(USD), making them the worst-performing strategy in October. The US

dollar was weak on the back of the QE2 expectation, which drove up the

yen despite the intervention in September. As a result, exporters once

again underperformed the market. Negative returns also came from the

foods, iron and steel sectors. On the up side, positive returns were made

from the mining and real estate sectors.

Australian Long/Short Equity The Australian equity strategy did well in

October gaining an estimated 2.19% median return. This outperformedtheir benchmark, the Australian All Ordinaries, which was up 2.08% for

the month. This market also gained on the back of expectations on QE2

in the US and large-scale M&A announcements domestically. The market

was led by materials, IT and telecoms, while the worst performers were

healthcare, property and financials.

Asia excluding Japan Equity September was a strong month and global

equities continued to rally into October. The MSCI Pacific ex Japan was

up 2.82% for the month, pushing the year-to-date figure to 11.01%.

China local shares outperformed, while returns for the rest of the Asian

region were more diverse. Indonesia and the Philippines did well butIndia fell for the month.


Asia including Japan USD 1.42% 5.11% 2.30% 5.92%

Asia excluding Japan USD 2.49% 8.25% 2.62% 9.64%

Chinese Equity 2.58% 2.96% 3.43% 5.22%

Indian Equity 2.59% 14.25% 2.15% 15.53%

Japanese Equity USD -0.37% 0.00% -0.94% -1.44%

Japanese Equity JPY -0.94% 0.17% -1.48% -2.22%

Australian Equity AUD 2.19% 2.96% 3.68% 6.87%

AsiaHedge Composite 1.42% 4.59% 1.77% 5.82%

ASIAHEDGE INDICES (EST)

%

MSCI Pacific Free Net

AsiaHedge Composite Index

AsiaHedge Japanese Equity Index USD

AsiaHedge Asia including Japan Index USD

AsiaHedge Asia excluding Japan Index USD

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EQUITY BENCHMARKSBenchmark index Oct-10 YTD

MSCI Pacific Free Net 2.34% 7.23%

MSCI Pacific ex Japan 2.82% 11.01%

MSCI China 3.89% 7.95%

China Shanghai Composite Index 12.17% -9.10%

Sensex -0.18% 14.70%

TOPIX -2.24% -9.00%

Nikkei 225 -1.78% -12.74%

Australian All Ordinaries 2.08% -3.06%

Hang Seng 3.30% 5.60%

ASIAHEDGE MEDIAN INDICES VSMSCI PACIFIC FREE

MARKET EVENTS Strong PMI figure in China at 54.7

Weak auto sector perormance in Japan

Bank o Japan kept rates unchanged

Chinas economy grew 9.6% in Q3 the slowest pace in a year



Commodities and equities remain strong

Covering the global

fund of funds industry

HEDGE FUND STRATEGIESCommodities

The InvestHedge Commodities index is, so far, one of the top-

performing strategies for October, up 3.29%, reporting an estimated

year-to-date gain of 1.38%, marginally underperforming the MCSI

World Index (up 3.73%). With funds continuing to report, this is

subject to change in the coming weeks. October saw a continued rally

of agricultural commodities such as cotton, corn, sugar, wheat and

soy beans, fuelled by demand and shortage fears. The weakening USD

rate was used to investor advantage bidding the price of gold and silver

to be significantly higher in October.

Equities

The InvestHedge Global Equity index is among the best-performing

strategies at the moment, with the mean up 1.56% and the median up

a further 1.63%, reporting year-to-date gains of 3.19% and 3.08%

respectively. US equity markets rose due to encouraging earning

figures, positive manufacturing and consumer spending data, while

European equity markets saw gains from a number of positive

German reports such as manufacturing, industrial output and

business-sentiment data. Global markets benefited following news

that the Bank of Japan would cut its rate in an effort to ease the

countrys faltering economy.

New unds

Union Bancaire Prive is launching a new fund of funds, capitalising

on its emerging-market expertise. The fund will join its Dinvest range,

domiciled in Luxembourg and run by Shoaib Kahn. The FoHF will be

launched with an initial bias towards Asian markets and equity

managers, combining long/short equity, macro, credit and event-

driven strategies in order to become a true alternative to long-only

investment in emerging managers.

Mandates

Funds of funds, managed accounts and limited partnerships each

received a slice of the institutional asset pie in November, totalling $3

billion in new mandates, according to the latest InvestHedge mandate

table. A large Dutch pension fund awarded Lyxor Asset Management a

$2 billion mandate for its managed accounts platform. On the fund of

funds side, roughly $75 million was put to work in niche strategies

and an emerging manager, with a total of 11 further searches still

being finalised. Going direct is another $700 million in mandates,

while there are still billions of dollars of direct hedge fund allocations

still pending as a number of public pension plan trustees get back towork post the US elections for final year-end meetings.


Arbitrage USD Index 0.51% 2.94% 0.61% 2.69%

Asian Pacific Fund of Funds Index 1.43% 1.58% 1.42% 1.49%

Asset Based Lending Index 0.00% 2.82% 0.00% 1.67%

Commodities Index 3.29% 1.86% 3.67% 3.21%

Distressed Index 0.68% 4.59% 1.15% 5.00%

Emerging Managers Index 1.90% 3.13% 1.84% 2.64%

Emerging Markets Hedge USD Index 2.18% 4.75% 2.40% 5.61%

European Equity EUR Index 1.31% 1.72% 1.51% 1.45%

European Multi Strategy EUR Index 1.63% 2.94% 1.52% 2.49%

Fixed Income USD Index 1.64% 7.52% 1.43% 7.58%

Global Equity USD Index 1.63% 3.08% 1.56% 3.19%

Global Macro Currency USD Index 1.54% 4.21% 1.68% 4.89%

Global Multi Strategy EUR Index 1.04% 1.85% 1.23% 1.98%

Global Multi Strategy USD Index 1.30% 3.10% 1.38% 3.43%

Leveraged Global Multi-Strategy USD Index 2.70% 6.21% 2.66% 7.66%

US Equity Index 2.16% 4.22% 1.97% 4.51%

InvestHedge Composite Index 1.48% 3.15% 1.55% 3.41%

INVESTHEDGE INDICES

%

MSCI The World Index Net

InvestHedge Leveraged Global Multi-Strategy USD

InvestHedge Global Multi-Strategy USD

InvestHedge Global Equity USD

InvestHedge European Multi-Strategy EUR

InvestHedge European Equity EUR

InvestHedge Composite

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INVESTHEDGE MEDIAN INDICES VS MSCI WORLD


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Single-manager UCITS III news

GLG Partners is launching a Dublin-domiciled UCITS version of its

offshore multi-asset global macro fund strategy. The GLG Atlas Macro

Alternative Fund is run by portfolio manager Driss Ben-Brahim and

GLGs chief investment strategist Jamil Baz.

Coupland Cardiff Asset Management, a specialist Asian fund manager,

has launched an Irish-domiciled UCITS fund to capture domestic

consumption growth in the region. The CC Asian Evolution Fund,

which is set to launch next month, will offer investors direct access to

the regions domestic growth story via the consumer sector. Swiss banking group Syz & Co has launched a high-yield currencies

fund within the UCITS wrapper. The Oyster ForExtra Yield EUR, a new

sub-fund, seeks to take advantage of the high interest rates paid by

certain currencies.

Finnish hedge fund manager Estlander & Partners has launched a

UCITS III-compliant fund. The German-domiciled fund UCITS fund,

Estlander & Partners Freedom Fund UI, is a clone of its non-UCITS

freedom fund. It uses a combination of the companys long-term

managed futures strategies Global XL and Alpha Trend.

Absolute Return Partners will launch its first equity UCITS fund

domiciled in Dublin, subject to regulatory approval. To date, the

London-based investment managers strategy has only been made

available as an asset-management service to two family offices and

has never been offered as a fund product before.

BlueCrest is planning to shut down the $600 million UCITS version

of its multibillion-dollar BlueTrend systematic trading CTA strategy

because of fears that the tracking error between the onshore version

of the strategy and the original offshore version is about to exceed its

maximum permitted level.

Multi-manager UCITS III news

Amundi has launched its first UCITS III multimanager absolute return

fund. The fund, Amundi Funds Multimanagers Long/Short Equity, is

a new sub-fund of its Luxembourg-domiciled SICAV. The sub-fund

invests in UCITS III funds employing long/short and/or equity arbitrage

strategies, as well as volatility management.

Industry news

The majority of fees for UCITS clones are officially at least lower or

the same as their hedge fund counterparts, according to new research

from HedgeFund Intelligence. Some 46 funds have the same fees or lower

management fees and 56 have the same or lower performance fees. Only16 have higher management fees and six have higher performance fees.

Latest UCITS III developments

%

MSCI Europe - Net

HedgeFund Intelligence Global Index - Composite

HedgeFund Intelligence Global Index UCITS

EuroHedge European Equity EUR Index (Median)

EuroHedge UCITS European Equity Index (Median)

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UCITS INDICES VS EUROHEDGE EUROPEANEQUITY AND MSCI EUROPE

Medians Means

Strategy Oct-10 YTD Oct-10 YTD

Absolute UCITS European Equity Index 0.86% 1.93% 1.17% 3.84%

EuroHedge European Equity EUR Index 1.70% 4.11% 1.81% 4.86%

Absolute UCITS Single Manager Composite Index 0.78% 2.65% 1.25% 3.24%

HedgeFund Intelligence Global Index Composite 1.65% 5.66% 2.10% 7.01%

OCTOBER UCITS PERFORMANCE INDICES

EQUITY BENCHMARKS

Benchmark index Oct-10 YTD

MSCI Europe Net 3.00% 4.82%

FTSE 100 (London) 2.28% 4.85%

DAX (Frankfurt) 5.98% 10.81%

AbsoluteUCITS



Research

UCITS-compliant hedge funds are deliver-

ing very similar performance to hedge

funds in the more established offshore

market, according to new research by

HedgeFund Intelligence. The average

tracking error between hedge funds and

their onshore counterparts for all strate-

gies is little more than 3%.

This finding follows a major firms

recent decision to close down a UCITS

version of one of its funds because the

tracking error strayed outside what it

regarded as acceptable limits. The research

accordingly suggests that this was a

relatively isolated case.

HedgeFund Intelligence looked at 62

offshore hedge funds and their onshore

UCITS counterparts and found that the

mean average tracking error since incep-

tion is 3.38%. The divergence was roughly

evenly spread between those outperform-

ing the offshore version on a monthly basis(over 52%) versus those underperforming

(over 47%).

Equities strategies had the lowest mean

average error margin, at 2.94%, while the

highest was in macro, fixed income and

futures strategies at 4.12%. The mean

average for arbitrage, event-driven, credit

and multi-strategy funds was 3.45%.

Thirty-six funds had a tracking error of

less than 3%, 14 of which were less than

1%, 13 were between 1% and 2%, and ninewere between 2% and 3%. Only four funds

had a tracking error of more than 10%.

The research also found that the majority

of fees for UCITS clones are lower or the

same as their hedge fund counterparts.

Forty-six UCITS funds have the same or

lower management fees and 56 have the

same or lower performance fees. Only 16

have higher management fees and six have

higher performance fees.

Three-quarters of the 62 hedge funds

have more assets under management

than their onshore clones.

Commenting on the research Joy

Dunbar, editor of Absolute UCITS, said:

Critics have been saying that hedge

fund UCITS are expensive because of

the associated distribution costs. But

our research actually shows very little

fee disparity.

Contrary to recent criticisms, UCITS

hedge funds tend to provide minimal

tracking error, similar fees and daily

or weekly redemption periods (as

opposed to the monthly periods that

are typical for offshore hedge funds).

Taken together with the lower barriers

to entry, this makes them a compelling

investment case.

Taken from a HedgeFund Intelligence

press release, London

UCITS mirror ofshore unds perormance

Source: HedgeFund Intelligence

0

1

2

3

4

Median

Mean

Macro, fixed incomeand utures strategies

Arbitrage, event-driven,credit and Multi strategy

Equity strategiesAll strategy

Median/mean tracking error or each strategy

Frequency o tracking error

Source: HedgeFund Intelligence

Frequency

0

3

6

9

12

15

10+9-108-97-86-75-64-53-42-31-2< 1


10/12

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The Hedgefund Intelligence data & research team

added 93 funds to the database during October. On

the single manager side, EuroHedge added 22 new

funds, Absolute Return and AsiaHedge, 11 and nine

respectively. Out of these, more than 60% of funds

launched within the past two years. The US, London

and Hong Kong saw a number of funds added to the

database, with London and the US 12 apiece and

Hong Kong at five. Our dedicated UCITS database

Absolute UCITS saw 41 funds added.

During October, 111 funds were liquidated across

the Hedgefund Intelligence databases. Absolute

Return saw the greatest number of funds noted as

closed, at 63. EuroHedge and AsiaHedge saw 24

and six, respectively. On the single-manager side

the vast majority of these funds were based within

the US. Nearly 40% of the funds that the team

noted as liquidated last month officially closed in2010. No strategy area dominated, but a handful

of US Equity, Credit and Managed Futures funds

closed. Absolute UCITS also saw four liquidations.

Single-manager hedge funds had another strong

month during October, though still managed to

underperform its equity benchmark the MSCI

the World Index was up 2.58% for October

compared to the median return of the HFI Global

Composite up 1.65%, for the month. While hedgefunds have underperformed for October, they are

still outperforming for the year, up 5.66%

compared to the MSCI the World Indexs 4.46%.

October sees 93 new unds onstream

Data

GlobalBriefing: DataEurope

Samantha [email protected]

AmericasAmal [email protected]

Asia-PacificWing-Yung [email protected]

Fund o Hedge FundsMeera [email protected]

UCITSAmy [email protected]

For more inormation on the database and subscriptions please contact Ian Sanderson on + 44 (0) 207 779 7339 or James Barfield on + 44 (0) 207 779 7336

I you have a und which you wish to be included please contact the ollowing:

NUMBER OF NEW FUNDS ADDED TO THE HFI DATABASE DURING OCTOBER

NUMBER OF FUNDS LIQUIDATED DURING OCTOBER*

DISTRIBUTION OF PERFORMANCE

Numberoffundsaddedto

HFIdatabase

InvestHedge

Absolute Return Absolute UCITSAsiaHedge

EuroHedge

0

50

100

150

200

250

Oct-10Sep-10Aug-10Jul-10Jun-10May-10Apr-10Mar-10Feb-10

Numbe

roffundsliquidated

InvestHedge

Absolute Return Absolute UCITSAsiaHedge

EuroHedge

0

20

40

60

80

100

120

Oct-10Sep-10Aug-10Jul-10Jun-10May-10Apr-10Mar-10Feb-10

%

0

20

40

60

80

100

Oct-1

0

Sep-10

Aug-10

Jul-1

0

Jun-10

May-1

0

Apr-1

0

Mar-1

0

Feb-10

Jan-10

Dec-0

9

Nov-09

Positiv e Negative

* de-duped to exclude multiple share classes


12/12

GlobalBriefing

Nuclear-powered Thunder tops

the AR database in October

In October, Thunder Capital

Managements bets on uranium

mining companies earned the

small Clearwater, Fla. hedge fund

the top monthly return in the

AR database. The firms Thunder

Energy Partners Fund rose 28.2%

for the month.

Troubled Camulos to

liquidate portolios

Camulos Capital, which spun out

of Soros Fund Management in

2005 and managed $2.65 billion

in January 2008 at its peak, is

liquidating its flagship multi-

strategy credit fund.

Contrarian up 8% through

October, seeks secured loans

in 2011

The flagship credit fund of

$3.3 billion Contrarian Capital

Management is up 7.97% for the

year through October, having

profited from the purchase of

trade claims, European senior

debt, distressed leveraged buyout

credits, and shorts in sovereign

debt, according to an investor

presentation dated November 4.

Hazel seeks sustainable

returns rom clean energy

Hazel Capital, the clean-tech

and alternative-energy

investment firm, is running

around $135 million in a

long-only equity fund, a long/

short hedge fund dedicated

to clean-tech investing and a

venture capital fund.

Wiltshire launches credit

und with PCE Investors

Wiltshire Capital, a joint

venture with PCE Investors,

is backed by nabInvest,

National Australia Banks

direct asset management

business. Wiltshire will invest

across European corporate

debt markets.

CQS starts share ofering

or multi-strat DiversifiedFund listing

CQS, the $8.2 billion alterna-

tive asset manager, has started

the placing and offer for

subscription of shares in the

new stockmarket-listed feeder

fund vehicle for its well-per-

forming CQS Diversified

multi-strategy fund.

Coupland Cardif steps

into Asia via Singapore

London-based Coupland

Cardiff Asset Management,

which runs $600 million,

has opened an office in

Singapore, which coincides

with the launch of its

UCITS-compliant CC Asian

Evolution Fund.

Credit Suisses star prop

trader readies spin-out

Charlie Chan Wai Kheong, the

Singapore-based star FX and

credit trader is spinning out

along with his former CS team

in Q1 2011 to form his own

hedge fund outfit, Charlie Chan

Capital Partners.

Asian corporates eye hedge

unds or capital, says BNY

Mellon surveyAn increasing number of

companies are meeting with

hedge funds with a view to

attracting investment

capital, although businesses

in Asia remain wary of the

shorting risks involved,

according to a Bank of New

York Mellon survey.

NY States hedge und head

joins SkyBridge

SkyBridge Capital, which has

$7 billion under management

or advice, has hired Peter

Carey, former director of

absolute return strategies for

the New York State Common

Retirement Fund.

Texas seeks hedge und

advice

The $21.5 billion Texas

Employees Retirement System

is moving forward with a

hedge fund action plan

following the release of a

request for proposal for a

hedge fund consultant/advisor.

Liongates manager turnover

beats strategy churn

For the first time since

Liongate Capital Management

was started in 2003, manager

turnover has exceeded

strategy turnover. In June

2009, the fund of hedge

funds, which has $2.8 billion

under management, held

45 managers in the portfolio

and, by September 2010,

there were 43.

Latest WEEKLY news

Compiled by head o research & data

Damian Alexander

[email protected]

Research and data teamAmericas: Amal Robleh

Europe: Samantha Munday

Asia-Pacific: Wing Yung Lok

Funds o Funds: Meera Mehta

UCITS: Jack Young

Managing editor Neil [email protected]

Production Mark Hills-Haney/Loveday Cuming

Group publisher John Willis

Managing director John Orchard

Subscription sales

US Matt Colbeck

[email protected]

+1 212 224 3568

Europe Shaun Rajiah

[email protected]

+44 (0) 20 7779 8367

Asia Robert Ball

[email protected]

+852 2842 6996

Customer Services+44 (0) 20 7779 8610

[email protected]

Database and directory sales

US/Europe Ian Sanderson

[email protected]

+44 (0) 20 7779 7339

US/Europe James Barfield

[email protected]

+44 (0) 20 7779 7336

Asia Robert Ball

[email protected]

+852 2842 6996 1473-3153

Email [email protected]

Telephone +44 (0) 20 7779 7330

Fax +44 (0) 20 7779 7331

Published by HedgeFund Intelligence, Nestor House,Playhouse Yard, London EC4V 5EX

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HFI Global Briefing - November 2010