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Times of India - Can the wealthy trust their wealth managers any more after losing 30 to 60% of their wealth during the current global financial crisis?

The world’s top banks including brands like Morgan Stanley, UBS, Barclays and Standard Chartered operating in Asia are desperately struggling to find a suitable answer to this question.

It is interesting to see the usually suave and self-confident community of private bankers looking dazed and fearful of survival. There is already a run on deposits with some of Asia’s wealthy pulling out money from accounts of private banks. The future looks dismal. Some of the world’s top banks have either gone bust or merged with others to stave off closure.

"Professional advisers have failed to prove their worth," Peter Flavel, senior managing director of The Standard Chartered Private Bank told a conference of wealth managers in Singapore on Friday. "The players have changed in a way that was unimaginable a few months back. They will continue to change," he said.

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Reuters - Hedge fund manager CQS said on Thursday it had launched a new fund that will aim to profit from the volatility that has gripped global stock markets for much of the past year.

CQS, which had $9.6 billion (5.4 billion pounds) of assets under management at the start of August, said it had launched CQS Global Volatility Fund with an initial size of US$160 million.

The fund will use futures and options to trade volatility, with a primary focus on equity market indexes and on individual equities within the world’s major stock markets.

"The Fund aims to profit from valuation anomalies in equity volatility and from dislocations in markets. CQS believes that equity market volatility provides a consistent opportunity set to capture profits for investors," CQS said in a statement.

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West Palm Beach (HedgeCo.net) - TriAlpha recently a launched property hedge fund of hedge funds, the TriAlpha Global Property Strategy Fund in June this year.

The fund seeks absolute returns by focusing on hedge fund managers that specialise in the global property sector. In its first month the fund outperformed the FTSE EPRA Global Index by an estimated 11%. Included in the portfolio are recognised names such as Credit Suisse, Thames River and New Star Property hedge funds. Minimum investment for the TriAlpha Global Property Strategy Fund is $5 million (or equivalent).

“We are already seeing a high level of interest in the TriAlpha Global Property Strategy Fund and by having the fund available through Transact we are broadening the availability of this exciting new offering,” commented Cobus Kruger, director at TriAlpha.

Trialpha’s five sub funds of the ‘TriAlpha Alternative Strategy Unit Trust’ have been also approved as restricted recognised schemes for distribution in Singapore.

"With our roots in Stonehage (our private wealth management parent company,) we have extensive experience in dealing with and providing investment solutions to private clients."
Cobus Kruger, Director at TriAlpha, says, "Our hedge fund of funds products have been received well by these clients, fitting in neatly with their investment objectives and risk profiles. With increasing numbers of private banks in Singapore we believe that our hedge fund of funds products will be an appropriate solution for their clients."

The five absolute return funds offer investors a variety of risk profiles and investment strategies, the ‘TriAlpha Relative Value Fund’, which invests in market-neutral, multi-strategy event driven, multi-strategy arbitrage and option arbitrage; aims to achieve stable, absolute returns with volatility similar to the Citigroup World Government Bond Index.

The ‘TriAlpha Multi Strategy Fund’ invests across Asia, European and U.S. hedge strategies, emerging markets, macro, event driven and arbitrage; aims to offer stable, absolute returns with volatility similar to the Citigroup World Government Bond Index.

The ‘TriAlpha Growth Strategy Fund’, which invests in Asia, European and US hedge strategies as well as emerging markets and macro hedge funds with a smaller exposure to arbitrage strategies than the Multi Strategy fund; looks to achieve absolute returns with lower volatility than the MSCI World Equity Index.

The ‘TriAlpha Hedge Equity Fund’ which invests in Asia, European and US hedge strategies; offers investors absolute returns with lower volatility than the MSCI World Equity Index.

And finaly, the ‘TriAlpha Global Property Strategy Fund’ will focus on hedge fund managers that specialise in the global property sector.

Alex Akesson

Editor for HedgeCo.Net
Email: alex@hedgeco.net

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Reuters UK - Lehman Brothers has intensified talks with Korea Development Bank to raise as much as $6 billion (3.3 billion pounds) in a share sale that could be concluded this week, the Sunday Telegraph reported.

South Korea’s KDB KDB.L could buy up to 25 percent of the struggling U.S. investment bank, the paper said, without specifying sources. A spokesman for state-run KDB declined to comment.

A senior source at the Financial Services Commission FSC.L, told Reuters South Korean authorities would not oppose or support any deal until price details were known.

That appeared to mark a shift by the regulator, which previously said KDB should let local private banks take the lead in any international acquisitions, dashing hopes for a direct deal with Lehman.

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