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ISSUE 01 • January 2012
New Managers
| Opalesque’s Emerging Manager Monitor
1
 
Opalesque’s Emerging Manager Monitor
ISSUE 01 • September 2011
 
ISSUE 01 • January 2012
 
ISSUE 01 • January 2012
New Managers
| Opalesque’s Emerging Manager Monitor
2Editorial
….....................................................................…. 3
Emanagers Indices
December performance of Opalesque’s very own indices ofemerging managers’ funds .................................................. 4
Emerging Managers: Statistics
Peter Urbani explains how emerging managers actually addsignificant alpha, and observes the overall performance ofthe top 10 funds in the Emanagers indices ......................... 6
Focus
Part 1 looks at how emerging managers are dealing withcurrent high levels of scrutiny from regulators and investors.Four experts give their view points on the matter. Part 2(page 19) looks at regulator’s actions since ’08, their warn
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ing criteria, and the number of frauds in recent years …... 18
Launches
 A recapitulation of maiden launches last month. We includ
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ed Julian Roberson’s recent comment on new hedge funds,and HFR’s findings related to hedge funds launched in 2011…....................................................................................... 25
The Analytical View
Recent research and surveys relating to emerging hedgefund managers …............................................................... 26
Profiles
Emerging hedge fund managers, who were interviewed byOpalesque, comment on the late 2011 performance of theirfunds ….............................................................................. 29
Perspectives
Hedge fund industry players discuss emerging managers ................................................................................................ 32
 
In This issue
 
ISSUE 01 • January 2012
New Managers
| Opalesque’s Emerging Manager Monitor
3
 
Editorial
Welcome to the first issue of NewManagers, Opalesque’s monthlymonitor of emerging managers. Apparently, the number of hedge fundlaunches in 2011 (including maidenfunds) might be the highest, within acalendar year, since 2007 when nearly1,200 funds were launched. Andmany expect more new entrants inthe industry coming from larger fund houses and banks. However,with less trading opportunities in a crowded environment, moreinvolved regulators and investors no longer content with opacity,the environment requires a little more effort to navigate.Now is a great time to put the spotlight on the trials, tribulationsand opportunities that emerging managers are facing; as informa
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tion is key for better navigation.Our first issue is jam-packed with useful data.First, the number crunchers: Florian Guldner gives you the De
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cember results for Opalesque’s Emerging Managers (EManagers)indices.Peter Urbani then deconstructs the funds contained in the indiceswith relish, and shows how emerging managers add significantalpha, in “Statistics.”I then provide you with a series of topical articles. This month’s“Focus” piece looks at how emerging managers are dealing withcurrent high levels of scrutiny from regulators and investors (espe
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cially in the U.S.) – who are reacting to the Madoff scandal and agreater awareness of the financial frauds going on. David Sung, ahedge fund manager, Alissa Douglas, an investor, Dennis Heskel,a platform provider, and Rich Goldman, a lawyer, give their viewpoints on the matter. Part 2 of the article relates the recent actionstaken by regulators, their warnings and the number of frauds thisside of the century.“Launches” recapitulates the maiden fund launches last monthwith comment; “The Analytical View” recounts recent analysts’findings on emerging managers; in “Profiles”, emerging hedgefund managers, who were interviewed by Opalesque, comment onthe late 2011 performance of their funds (which feature in Opal
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esque’s EManagers database); and in “Perspectives”, hedge fundindustry players discuss the challenges and opportunities in storefor emerging managers and give appropriate advice.I hope New Managers will be of benefit to you.Do contact me if you have any related news.
Benedicte Gravrand
Editorgravrand@opalesque.com
 
Benedicte Gravrand
Opalesque New Manager is edited by 
Benedicte Gravrand.
Based in Geneva, Switzerland, Benedicte also writes exclusive stories, special reports, co-edits Opalesque’s daily hedge fund publication Alternative Market Briefing (AMB) and occasion 
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ally moderates Opalesque Roundtables. Benedicte is perfectly bilingual (French/English) and has lived in Paris, Geneva and London. She obtained a BA (Honours) in Philosophy from the University of London, worked in the publishing sector, the hedge fund industry and then joined Opalesque in 2007.
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