HEDGE FUND LAUNCHES
HEDGE FUND LAUNCHES
HEDGE FUND LAUNCHES
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<strong>HEDGE</strong> <strong>FUND</strong> <strong>LAUNCHES</strong><br />
<strong>HEDGE</strong> <strong>FUND</strong> <strong>LAUNCHES</strong><br />
Manager Group Contact Prime broker Assets UM in product<br />
Khaled Abdel Majeed Mena Capital Sieg de Vater +44 (0) 7803 042667 Citigroup N/A<br />
Robert Ellis (formerly of Catequil AM) Ridgefield Capital N/A N/A To be launched<br />
David Dreman, Dreman High Opportunity Hedge Fund N/A +1 201 793 2000 N/A Min $3.7m committed<br />
(according to SEC filings)<br />
David Dreman, Dreman Contrarian Hedge Fund N/A +1 201 793 2000 N/A Min C$24m committed<br />
(according to SEC filings)<br />
Rydex Capital Partners,<br />
Rydex Capital Partners Sphinx Equity Long/Short Fund<br />
Rydex Capital Partners +1 (800) 258 4332 N/A Yet to launch<br />
Mark Minichiello, Randolph Conone Opportunity Research Group +1 310 473 4411 Undisclosed N/A<br />
Julius Baer Julius Baer Investments, JB Convertible and +44 (0) 207 711 6722 Citigroup C$100m-$120m at launch<br />
High Yield Hedge Fund<br />
Dave Moore, Duet Convertible Fund Duet AM Alain Schibl/Henry Gabay +44 (0) 20 7290 9808 N/A C$25m<br />
Venus Capital Management (VCM), fund based on<br />
existing Venus Arbitrage Fund<br />
Venus Capital Management +1 (617) 423 1901 N/A $10m at launch<br />
Simon Mikhailovich Eidesis Fund Mark Lowe, Nomos Capital Partners,<br />
+44 (0) 20 7245 0245<br />
N/A N/A<br />
N/A (No longer involved with the fund is Ivo Baelli) Huserlinvest AG, HRI Compass Global Raymond.huser@huserinvest.ch<br />
+41 (0) 43 244 87 00<br />
LLB Lichtenstein CHF2m (at 17/02/05)<br />
Peter Elam Håkansson,Aivaras Abromavicius, East Capital Alternative Investments, Trident Trust (Cayman) Ltd, +1 345 914 5374 N/A Group currently manages €1.2bn in<br />
Jacob Grapengiesser East Capital Bering Ukraine Fund cayman@tridenttrust.com Eastern European-dedicated funds<br />
faster than the overall economy – usually related<br />
Karl Simmons North Stone Capital Management, Sam Enoka, chief operating officer, UBS Undisclosed<br />
North Stone One +1 415 677 5864<br />
Johan Van Decraen,Alexander Roose Joalco,<br />
Triton Fund Spc Long/short segregated port A<br />
Citco Fund Services Europe BV, info@joalco.com Goldman Sachs €7m at launch<br />
Oleg Zuravlijov Gartmore,Alphagen Pyxis Fund martin.phipps@gartmore.com (UK)<br />
pepind@gartmore.us (US)<br />
Goldman Sachs Not disclosed<br />
Ivo St. Kovachev Kinsale Capital Management, Kinsale Harbour Fund Gearoid Doyle, chief operating officer,<br />
+353 1 799 5491, gdoyle@kinsale-capital.com<br />
UBS Not disclosed<br />
Kim Mikkelsen, Peter Ott, Morten Mathiesen Nordic Asset Management Fondsmaeglerselskab, Heidi Terndrup Jensen (sales secretary), Citigroup, SEB €42m<br />
AAAsgard Fixed Income Fund hj@nordicam.dk; +45 33697200<br />
Douglas Weirens RP Capital Group, RP Japan Opportunities Fund Peter Olden, Julian Kozerski<br />
+44 (0)20 7245 4487<br />
Credit Suisse, Merrill Lynch Seed capital expected to be $40m in July<br />
Stephen Rabin Austral Capital Pty Ltd,Austral Opportunities Fund +61 2 9232 4700, austral@telpacific.com.au UBS AG AUD$3m (anticipated AUD$6m at end July 05)<br />
Curt Schibli, Emilio Orecchia Pall Mall Partners Ltd, Pall Mall Partners +44(0)20 7799 1088, Bear Stearns €14.9m as at 9/6/05<br />
Pall Mall Absolute Return Fund Plus Architus Investment Solutions<br />
+(352) 475921 206<br />
Mike Gleason Gartmore,AlphaGen Absolus martin.phipps@gartmore.com (UK)<br />
pepind@gartmore.us (US)<br />
Lehman Brothers, Morgan Stanley N/A<br />
David Yarrow, Jeremy Davies, Paul Dyson, Dan Ison Clareville Capital Partners, Pegasus Fund Louise Delaney,<br />
louise.delaney@clarevillecapital.com<br />
Morgan Stanley £351m as at 31/5/05<br />
Beacon Management Corporation Beacon Financial Futures Fund Keith Perry, +1 312 264 4320<br />
www.upsecurities.com<br />
N/A $1m at launch<br />
ICECAPITAL Fund Management Company ICECAPITAL Asset Management,<br />
ICECAPITAL Currency Alpha<br />
+358 9 6220 500, funds@icecapital.fi CSFB €12m as at 15/6/05<br />
Shamil Chandaria, Karsten Schroeder Amplitude Capital, Stanley Marchon, +44(0)20 7152 7061 FIMAT (Futures), Deutsche Bank (FX) N/A<br />
Sources:industry and Bloomberg HFND<br />
Amplitude Dynamic Trading Fund stanley@ampcap.com, www.ampcap.com<br />
39 | <strong>HEDGE</strong> <strong>FUND</strong>S REVIEW | July 2005 www.hedgefundsreview.com
Strategy Launch date Targeted returns (pa) Close target Managers’ experience<br />
<strong>HEDGE</strong> <strong>FUND</strong> <strong>LAUNCHES</strong><br />
N/A September/October 15%-20% $100m (soft) Majeed is joined by David Edgerley and Russell Hendry. Majeed has worked<br />
with Arab Bank, Blakeney Management, Edgerley has extensive experience<br />
in Middle East investing, as has Hendry in portfolio management.<br />
Commodity hedge fund focusing on Third quarter 2005 Contact Ridgefield Capital N/A Ridgefield Capital runs two commodity-related funds – Tyticus and Scoy<br />
precious metals AM.Andy Smith, gold analyst with 17 years’ exp, will join on 1 July, from<br />
Mitsui Global Precious Metals. Ellis was managing partner at $1.6bn<br />
Catequil Fund and was at Tiger Management.<br />
Equity long/short TBA, filings with SEC on 19 May Contact Dreman Value Management Plans to raise up to $1bn Dreman’s $6.4bn Scudder-Dreman High Return Equity mutual fund<br />
returned 12%pa in past five years.<br />
Equity long/short TBA, filings with SEC on 19 May Contact Dreman Value Management Plans to raise up to $1bn See above.-<br />
Private inv funds and vehicles managed by index, TBA<br />
managers whose funds are in S&P Equity L/S, plus<br />
options, swaps, structured notes<br />
150% of performance of S&P Equity L/SIndex N/A Contact Rydex.<br />
Event-driven 1/7/05 N/A N/A Minichiello has a decade of experience analysing spin-offs, carve outs,<br />
trading stocks and demergers. Conone hasa decade experience providing<br />
capital and corporate structure, strategy and securities law.<br />
Convertible bonds and high-yield debt 01/07/05 Contact Julius Baer $500m Managers manage a range of fixed income/currency portfolios.<br />
Convertible bond arbitrage 01/07/05 Contact Duet AM Contact Duet AM Contact Duet AM.<br />
Venus Arbitrage has returned 17.4% annualised Equity arbitrage,VCM has global N/A Contact VCM Contact VCM.<br />
since 2002 launch diversification with Asian focus<br />
Credit Reopening 01/06/05 C22% returned 2004, ca. 2% year to date N/A Contact Nomos Capital Partners.<br />
Equity long/short quant trading 17/02/05 10%-15% CHF100m Alteration in management team – Ivo Baelli is no longer connected to fund.<br />
Invest in listed equities, pre-IPO situations and 29/7/05 No target. Expected high returns and $20m/ $100m The investment team has been successfully investing in the Ukraine for the<br />
unlisted companies in Ukrainian sectors growing high volatility last four years.<br />
to domestic consumption<br />
Systematic global macro – currency Anticipated in July Undisclosed $500m approx soft/ Simmons: 20 years’ quantitative financial systems and model-development<br />
$750m approx hard experience. Enoka: 10 years alternative-asset management experience.<br />
Global equity long/short 1/7/05 8%-12% net fees €250m Roose: financial analyst for research boutique Strategus.Van Decraen:<br />
portfolio manager at Bank Corluy.<br />
Japan long-bias small-cap 1/7/05 15% N/A Contact manager.<br />
Equity long/short 1/6/05 15% €250m Previously at Driehaus Capital Management (94-04) managing Driehaus<br />
European Opportunity Fund and Driehaus International Discovery Fund.<br />
European fixed income with a Nordic bias. 1/6/05 Consistent long-term return of 20%-30% €100m Mikkelsen: 15 years’ experience in fixed income and currency – a specialist<br />
A 3x-leveraged edition of the Asgard Fixed in Nordic mortgage bonds. Mathiesen: 10 years’ experience as portfolio risk<br />
Income Fund I manager, fixed income analyst and developer of portfolio optimisation<br />
software. Ott: 21 years’ experience as portfolio manager in the fixed income<br />
and equity markets.<br />
Local and cross-border pair trades, corporate 1/6/05 12%-15% $150m (soft) Previous MD prop trading and co-head Japanese equity and equity-linked<br />
restructuring, value investing, private placements. trading at Merrill Lynch.<br />
Event-driven,Australian-listed securities 1/6/05 10%-15% Approx $150m Austral Capital was established in 1997. Rabin has over 20 years’ securities<br />
trading experience.<br />
Invests primarily in European and US, but also 1/6/05 8%-12% €350m (hard) Schibli has over 17 years’ experience in leveraged finance and fixed income<br />
emerging markets and Asian, credit markets with fund management. Orecchia was one of the founding members of the<br />
a focus on higher-yielding securities Donaldson, Lufkin & Jenrette emerging markets team set up in 1995.<br />
Quantitative models exploit behavioural bias and 1/6/05 10%+ N/A Gleason is head of quantitative strategies. Before joining Gartmore in 1999,<br />
market inefficiencies in US small and mid-caps he was a quantitative analyst at Putnam Investments.<br />
Long/short European equity 2x-leveraged version launched Original fund targets 12% with max 2.5% Class A closed at £404m. Range of experience from various institutions. Contact manager for details.<br />
1/6/05 for one month. Original drawdown and standard deviation monthly Extra subscriptions open to<br />
fund launched Nov 1997 return less than 3.5% investors if redemptions occur<br />
Intermediate long-term trend following<br />
exchange-traded futures fund<br />
13/5/05 Historical performance is +10% net average $200m (200,000 units @$1000) Beacon’s principals have an average 25 years’ financial markets experience.<br />
Invests in currency derivatives – seeks to gain<br />
performance by managing currency exposures<br />
11/5/05 13%-15% None planned Contact manager.<br />
Short-term trading 1/6/05 15%-20% over 3-year cycles $750m Investment banking, corporate finance, consultancy, software development<br />
and hedge funds.<br />
www.hedgefundsreview.com July 2005 | <strong>HEDGE</strong> <strong>FUND</strong>S REVIEW | 39
<strong>LAUNCHES</strong>: <strong>FUND</strong>S OF <strong>HEDGE</strong> <strong>FUND</strong>S<br />
<strong>FUND</strong> OF <strong>HEDGE</strong> <strong>FUND</strong> <strong>LAUNCHES</strong><br />
Manager/Group Contact Launch date Targeted returns (pa) Managers’ experience<br />
HSBC Republic Investments,L Multi Hedge Jamie Murray +44 (0) 20 7860 3061 End May Euribor + 200-400bps Louvre Gestion (subsidiary of HSBC Private Bank France,a<br />
leading multi-manager and direct manager of both equity<br />
and fixed-income mutual funds,HSBC Private Bank France<br />
has nearly fifteen years of experience in multi-management.<br />
ARENA Fund Management,ARENA Dynamic Fund N/A 30 June 12%-24% ARENA FM derives their methodology from Soprigest SA,<br />
Société Privée de Gestion,led by Guido Sessa,who has run<br />
FoHFs since 1996.<br />
ARENA Fund Management,ARENA Conservative Fund N/A 30 June 6%-12% See above.<br />
Mad River Management,Long Point Offshore Fund Kevin McNulty,+1 617 728 0333 1/4/05 Not disclosed 35+ years investing in hedge funds.<br />
kevin@mriver.com<br />
Andrew Sinclair,Alphatraxx Capital Advisors +852 2230 2601 TBA Dependent on underlying funds Sinclair was former co-head of hedge fund coverage at ABN<br />
(Asia-focused FoHFs) Amro.Janice Chan will be head of research,Michael Schulz<br />
head of risk management,Richard Norris head of operations.<br />
Dow Jones Indexes,RHB Securities, www.djindexes.com June Index tracker Will replace the RHB Islamic Index that has been in use since<br />
Dow Jones-RHB Islamic Malaysia Index May 1996.<br />
Dexion Capital Management,Dexion Absolute Ltd Robin Bowie,+44 (0) 20 7520 9036 New capital raising, 12%-15% over 3-5 year period Dexion Absolute provides access to Harris Alternatives,which<br />
C shares completed (raised $201m) has 17 years’ experience and manages more than $6.4bn.<br />
BNP Paribas,managed by Crédit Agricole Asset Ruth Lavelle ,+44 (0) 20 7595 3828 Early July Exposure to portfolio of credits:expected Crédit Agricole has a long track record in credit portfolio<br />
Management,Dynamo (principal-protected) notes 300bp over eurobor management.<br />
Palomar Capital Management,Palomar Structured Palomar Capital Advisors,+41 (43) 222 5888 1/6/05 8%-10% Extensive experience in all aspects of the credit markets,<br />
Credit Strategies fundinfo@plmr.com including debt origination and syndication,credit derivatives,<br />
credit arbitrage,securitisation and distribution of credit-related<br />
products.<br />
Sumitomo Mitsui Asset Management,SMAM Asian +81 3 5405 0555 1/6/05 6%-8% Invests in around 20 Japanese,Chinese,South Korean,Indian<br />
Dynasty Fund and Hong Kong based hedge funds with allocations to a<br />
range of strategies.Harcourt is serving as investment<br />
manager to the fund.<br />
Arrow Hedge Partners,Arrow Enhanced Income Fund +1 877 327 6048 1/6/05 None.Designed for portfolio with heavy long- Investment team has more than 50 years’ aggregate<br />
only fixed income or income trust weighting investment experience.<br />
Calyx Financial,Calyx/Apache FX Multi-Manager Fund +1 212 461 4200 June 2005 US Treasury bill rate plus 8%-10% Apache Capital is responsible for the underlying manager<br />
selection,portfolio construction,tactical allocation and risk<br />
management.<br />
Ferrum Fund Management Sàrl,ARIX Absolute Return antje.biber@feri.de,+49 6172 916 3148 June 2005 Index tracker FFMS is a subsidiary of German hedge fund manager Feri.<br />
Investable Index strategies Relative Value tracker<br />
Ferrum Fund Management Sàrl,ARIX Absolute Return antje.biber@feri.de ,+49 6172 916 3148 June 2005 Index tracker FFMS is a subsidiary of German hedge fund manager Feri.<br />
Investable Index strategies Event-Driven tracker<br />
Ferrum Fund Management Sàrl,ARIX Absolute Return antje.biber@feri.de,+49 6172 916 3148 June 2005 Index tracker FFMS is a subsidiary of German hedge fund manager Feri.<br />
Investable Index strategies Equity Hedge tracker<br />
Ferrum Fund Management Sàrl,ARIX Absolute Return antje.biber@feri.de,+49 6172 916 3148 June 2005 Index tracker FFMS is a subsidiary of German hedge fund manager Feri.<br />
Investable Index strategies Tactical Trading tracker<br />
Ferrum Fund Management Sàrl,M-RIX Managed antje.biber@feri.de,+49 6172 916 3148 June 2005 Index tracker FFMS is a subsidiary of German hedge fund manager Feri.<br />
Resources index long/short tracker<br />
Nomura International,Risk and Portfolio Management, www.nomura.com Offer period to 26 July Dependent on Rogers International Contact Nomura.<br />
certificates Commodity Index/active management<br />
Credit Suisse First Boston,Multi-Strategy Hedge fund investments group 1/4/05 See appropriate CSFB Tremont index CSFB Hedge Fund Investments group manages approx.<br />
+1 212 325 2000 for benchmark $9bn in assets with a team of 75 dedicated individuals.<br />
Credit Suisse First Boston,Long/Short Equity Hedge fund investments group 1/4/05 See appropriate CSFB Tremont index CSFB Hedge Fund Investments group manages approx.<br />
+1 212 325 2000 for benchmark $9bn in assets with a team of 75 dedicated individuals.<br />
Credit Suisse First Boston,Relative Value Hedge fund investments group 1/4/05 See appropriate CSFB Tremont index CSFB Hedge Fund Investments group manages approx.<br />
+1 212 325 2000 for benchmark $9bn in assets with a team of 75 dedicated individuals.<br />
Credit Suisse First Boston,Tactical Trading Hedge fund investments group 1/4/05 See appropriate CSFB Tremont index CSFB Hedge Fund Investments group manages approx.<br />
+1 212 325 2000 for benchmark $9bn in assets with a team of 75 dedicated individuals.<br />
Credit Suisse First Boston,Event Driven Hedge fund investments group 1/4/05 See appropriate CSFB Tremont index CSFB Hedge Fund Investments group manages approx.<br />
+1 212 325 2000 for benchmark $9bn in assets with a team of 75 dedicated individuals.<br />
Mayer & Hoffman Capital Advisors, Ken Ostrowski,+1 212 400 7884, April 2005 15%-25% 12 years’ hedge fund investing – product focuses on “direct<br />
Corporate Financing Fund kostrowski@mayerhoffman.com lenders”and financing structures.<br />
Matrix (Bermuda) Ltd,Matrix Ascension Plan +44 (0) 20 7925 3377 Re-opening,to 22 July 14.95% appreciation since July 2004 Contact Matrix sales,+44 (0) 20 7925 3377<br />
(underlying Winton Trading Strategies Fund)<br />
HSBC Republic Investments,HSBC Leveraged GH Fund +44 (0) 20 7860 5000 31/5/05 200 % of Euro 3-month LIBOR HSBC Republic Investments had in excess of $304bn<br />
www.hsbcprivatebank.com AUM at 31/12/04.<br />
Babson Capital Europe Limited, Duchess IV CLO B.V Fund is fully allocated 19/5/05 Varies by tranche BCE manages more than €2.7 bn of levrged loan assets<br />
in the Duchess CLO funds (Duchess I to IV), and one<br />
managed account.<br />
Matrix Bermuda, Matrix Generator Fund Matrix sales, +44(0) 20 7925 3377 15/5/05-24/6/05 High growth Vega manages approximately $10.3bn.<br />
Lyxor Asset Management, Alexandre Butigieg Mid-May 2005 Tracker Funds aim to replicate Lyxor AM and MSCI first combined their expertise to<br />
MSCI HI Systematic Trading Index Lyxor Tracker Fund www.lyxor.com the performance of the respective MSCI launch the MSCI Hedge Invest Index.<br />
+33 1 42 12 41 59 strategy index.<br />
Lyxor Asset Management, As above Mid-May 2005 Tracker Funds aim to replicate Lyxor AM and MSCI first combined their expertise to<br />
MSCI HI Discretionary Trading Index Lyxor Tracker Fund the performance of the respective MSCI launch the MSCI Hedge Invest Index.<br />
strategy index.<br />
Lyxor Asset Management, As above Mid-May 2005 Tracker Funds aim to replicate Lyxor AM and MSCI first combined their expertise to<br />
MSCI HI Long Bias Index Lyxor Tracker Fund the performance of the respective MSCI launch the MSCI Hedge Invest Index.<br />
strategy index.<br />
Lyxor Asset Management, As above Mid-May 2005 Tracker Funds aim to replicate Lyxor AM and MSCI first combined their expertise to<br />
MSCI HI Variable Bias Index Lyxor Tracker Fund the performance of the respective MSCI launch the MSCI Hedge Invest Index.<br />
strategy index.<br />
40 | <strong>HEDGE</strong> <strong>FUND</strong>S REVIEW | July 2005 www.hedgefundsreview.com
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