Akali Fund will invest in residential mortgage-backed securities, consumer asset-backed debt, troubled loans, credit extensions to borrowers who do not have access to bank financing, and corporate credit.
New hedge fund will be managed by D.E. Shaw’s asset-backed securities team, with some help from the corporate- credit managers.
“We believe that a substantial portion of Alkali Fund’s opportunity set will result from pressure on European banks to reduce their leverage,” the firm said in the document. “We expect that a deleveraging in Europe will occur both actively through asset sales and passively through a reduction in origination of credit and willingness to roll over debt as it matures.”
Hedge fund managers including Kyle Bass’s Hayman Capital Management LP and Deepak Narula’s Metacapital Management LP have sought cash for new mortgage funds. Cerberus Capital Management LP, CQS U.K. LLP and Canyon Partners LLC started similar investment pools after prices slumped
Two GLG Partners emerging-markets managers based in Hong Kong will launch their own hedge fund. Hedge fund will be Asia-focused macro fund.
Kelvin Woo and Joe Zhang will leave the Man Group unit to found, with a former colleague from Morgan Stanley, High Island Capital Partners in Hong Kong. The new hedge fund could debut as soon as July, Bloomberg News reports.
In addition to Woo and Zhang, the firm will feature Tony Gravanis, who worked with Woo and Zhang at Morgan Stanley.
At the bank, Woo helped build its Hong Kong emerging markets business, and Zhang launch its Asia rate option and exotic products trading. Both men joined GLG in 2010; Woo, who began consulting for the firm in 2009, worked as a manager on its Emerging Markets Income Fund.
High Island will be just the latest new hedge fund launched in recent years by high-profile industry and proprietary trading veterans, including Myriad Capital Management, founded by former Highbridge Capital Management Asia chief Carl Huttenlocher, and Azentus Capital Management, led by former top Goldman Sachs prop. trader Morgan Sze. All told, 58 new Asian hedge funds raised more than US$4 billion last year.
Lawrence Park Capital Partners aims to manage C$200m ($203m) in assets by the end of next year after reaching C$36m with the launch last month of its flagship credit-focused hedge fund, chief executive David Fry said on Wednesday, writes Reuters. “We’d like to be at C$100m by year end. I’m reasonably confident that we’ll get there, probably double that for the end of 2013,” Fry said in an interview at the Canadian company’s offices in a converted knitting factory.
Former McKinsey & Co. chief Rajat Gupta teamed up with two longtime friends seven years ago to launch an investment fund, writes the Wall Street Journal: one friend landed him in trouble but the other now could help him get out of it. Gupta is accused by federal prosecutors of leaking inside information about Goldman Sachs and Procter & Gamble, on whose boards he served, to billionaire hedge-fund titan Raj Rajaratnam for trading through his Galleon Group funds.
Morgan Stanley’s Hidetoshi Ohashi, a Tokyo-based credit strategist and the head of fixed-income research, will leave the bank, according to Mika Watanabe, a bank spokeswoman, writes Bloomberg. Ohashi, 43, plans to leave at the end of June to start a hedge fund based in Singapore with a focus on Japanese corporate bonds and credit-default swaps, a person familiar with the matter said, asking not to be identified because the details are private.
Recently Liquidated BlueGold Co-Founder Launches Hedge Fund In June
Abydos Capital Management is set to debut at the beginning of June with some US$30 million in assets under management. Ratio Asset Management veteran Paul Brunsden and Matthieu Raimbault, formerly of BNP Cooperneff and Laffitte Capital, have joined Le Mee as co-founding partners. Jean-Louis Le Mee, 38, who was a founding partner at BlueGold, is now investing in the shares of commodity companies. He plans to begin trading at London-based Abydos Capital Management LLP in June, according to the prospectus for his firm
Capstone Begins Fundraising For Maiden Real-Estate Hedge Fund
With a track record of just shy of two years, Capstone Equities Capital Management has opened its first hedge fund to outside investors.
RenTech Rolls Out $3.5 Billion Fund, First In Five Years
Renaissance Technologies’ first new hedge fund in five years is up and running, with $3.5 billion in initial assets.
The Renaissance Institutional Diversified Alpha Fund debuted on March 1. The fund, which invests in U.S.-listed stocks, futures and forwards, returned 3% in its first six weeks of trading.
Man Plans Black Box Sovereign Debt Fund computer-driven government bond fund, aiming to attract investors put off by the ultra-low yields in many developed fixed income markets and worried about further debt defaults.
The Man Systematic Fixed Income fund, yet to be launched, will try to identify and profit from dislocations in liquid government bond markets.
The fund will be the fourth portfolio run by Man’s (EMG.L) one-year old MSS unit, which manages $1.6 billion (994 million pounds) assets.
Last month Man announced the launch of the Man Commodities fund, also run by MSS, which uses algorithms to trade 25 commodity futures contracts and also allows human intervention.
The Man Group‘s year-old Systematic Strategies unit is readying a quantitative sovereign debt hedge fund.
Swiss hedge fund manager plans systematic strategy for third quarter
Rialto Capital, a Swiss hedge fund founded by ex-Man Investments’ Gerard Sanz, is planning a systematic fund launch for Q3. It already runs a global macro fund and has plans to double assets in 2012.
East European-focused hedge fund boutique launches Ukraine fund
Boutique hedge fund SG Alpha sees opportunities in cheap Ukrainian stocks . It launched an equity long/short fund to invest in Ukrainian companies.
Stonehenge launches short-term CTA fund
US-based CTA Stonehenge Asset Management is launching a fully systematic short-term managed futures program, trading volatility and commodity curve spreads across a broad range of markets.
RMG Wealth Management enters hedge fund market with global macro strategy
The investment boutique, headed by David Man and Stewart Richardson (picture below) achieved a return of 3.4% net of fees in 2011 for its segregated client service. RMG Wealth Management has launched an offshore global macro fund as a way for smaller investors to access the returns of its segregated portfolio service.
The Guernsey-domiciled RMG Real Return fund has been launched with £13.1 million in assets.
GSB Podium Advisors launches Ucits equity statistical arbitrage hedge fund
New York hedge fund manager GSB Podium Advisors, which runs around $200 million in managed accounts, is launching the global equity statistical arbitrage GSB Equity Market Neutral (Ucits) Fund.
Met Capital Management plans Q2 Asia-Pacific hedge fund launch
Hedge fund manager Met Capital Management hopes to capitalise on momentum from corporate announcements in the Asia-Pacific region. Launch planned for Q2 and the fund is talking with seeders.
Worldview launches emerging markets hedge fund
A multi-strategy hedge fund, launched by ex-CEO of QVT Financial Angelo Moskov, will target opportunities across multiple asset classes in a broad range of emerging markets.
Coherence Capital Partners eyes long/short credit opportunities in US and Europe
Long/short credit strategies could profit in a scenario where the US leads a global economic recovery while Europe slips into recession, says Coherence Capital founder Sal Naro, formerly at UBS.
Legg Mason has launched a registered version of Permal’s fixed income fund of hedge funds for US accredited investors. The FoHF focuses on developed, emerging market and hedged fixed income strategies…….