Hedge Funds and CTAs

The second and third stages of grief are denial and bargaining. Toscafund Asset Management chief Martin Hughes demonstrated both in an extraordinary letter to his investors.

Amiri Capital will launch a sharia hedge fund next year to tap into the increasing number of investors looking for for alternative Islamic investments.

Hedge funds’ monthly ‘Dear Investor’ letters are quickly becoming case studies in self-pity, self-flagellation and flourishes of apology. The latest missive circulating in cyberspace comes from Maverick Capital, and it’s a dandy.

Maverick managing partner Lee Ainslie told investors in an Oct. 9 letter that he couldn’t find words to describe the firm’s “disappointment, embarrassment and shock” over its horrible results in the third quarter, which spanned every sector and region in which it invested in.

Preaching patience, Hong Kong hedge fund ADM Capital plans to raise as much as US$1 billion in new funds to capitalize on distressed debt opportunities.

Reeling from big losses and forced to halt redemptions from some of its funds, GLG Partners is in talks with several would-be knights in shining armor about a capital injection.

U.K.-based Corazon Capital has opened up an office in Geneva to benefit from Switzerland’s position as a haven for wealth managers.

At least one sector of the economy is still thriving, if the success of its hedge fund is any indication.

Tontine Associates, the once-high-flying Greenwich, Conn., hedge fund shop yesterday told investors that it will shutter two of its four funds.

One rookie Latin American hedge fund shop is hitting rougth seas. AguasClaras Investimentos launched its maiden hedge fund, AC Equity Hedge Latin America (Brazil), a long/short offering, in June.

The fund, which was seeded by Protégé Partners and debuted with US$42 million, has dropped 11.37% through October.

Asia’s biggest hedge fund firm is feeling the region’s pain. Sparx Group said today that its profits, assets under management and performance have all taken a dive amidst the market crisis.