News in Brief - 1

- Capital Management Advisors has launched its fourth structured product based on a fund of hedge fund structure. Its E50m five-year capital guaranteed note, listed on the Luxembourg stock exchange has its returns linked to the CMA Global Balanced fund of hedge funds. CMA has already launched two five-year notes worth E100m, issued by Société Générale, and one E135m note of the same duration, issued by HSBC.


- Global Asset Management is to close four classes of its long/short European Hedge product to new subscriptions by 27 January. Managed by John Bennett, the $390m fund has grown by more than 270% over the past 12 months, leading to the dollar, euro, open and reserved share classes being closed. The reserved class is mainly for managed accounts and carries no performance fee. The euro-listed shares are unaffected by the other classes closing.


- Integrated Asset Management has introduced a new class of variable rate convertible unsecured loan notes whose interest payments will be linked to the performance of a market neutral hedge fund. Interest on notes from the firm, listed on the London Stock Exchange's Alternative Investment Market, depends on performance of the GAIM Market Neutral fund of hedge funds. The loan notes have minimum quarterly interest of 1.25% and 17% annual cap, a cap higher than the maximum pro-forma fund appreciation during the past four years. The notes mature in 2008, trade on Aim, and convert to IAM shares at 95p.


- Martin Currie has launched the Martin Currie Absolute Return Funds ' China Fund after raising $24m. The fund's manager, Chris Ruffle, works from Shanghai with three analysts. It has started with 25 to 40 long positions and 10 shorts. The minimum investment in the Bermuda-registered, Dublin-listed China fund is $100,000, with a 1.5% management fee and 20% performance fee. Dealing is monthly and the NAV will be published weekly.


- London hedge fund lawyers SJ Berwin has appointed Achim Pütz as a partner to its German operations. Pütz is chairman and helped to found Germany's alternative investments association. He will be head of SJ Berwin's hedge funds and capital market group. SJ Berwin has offices in Berlin, Frankfurt and Munich, as well as in Brussels, Madrid and Paris.


- Software provider Townsend Analytics has introduced features to its RealTick trading platform that minimises the mistakes made in electronic trading. The new safeguards restrict traders from executing when violating set rules. Such rules can be placed on transaction size, transaction cost, trade frequency, price range, single item portfolio balancing and portfolio balancing based on security type.

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