Bloomberg - Myojo Asset Management Japan Co., whose assets shrank 86 percent in 2008, plans a new fund focused on global technology stocks as the firm rebuilds after the hedge fund industry’s worst year on record.

Noriya Nishi, a former technology analyst at Credit Suisse Group AG in Tokyo, will run the Myojo Super Cycle Fund, set to start on March 1. Nishi, 44, said in an interview yesterday he’ll use a long-short strategy, betting on rising and falling stock prices of firms including NEC Corp. and Intel Corp.

Myojo joins U.S. funds including Prentice Capital Management LP and Tontine Associates LLC in seeking to raise money after the $1.5 trillion hedge-fund industry contracted about 20 percent in 2008. It will start with “several hundreds of millions of yen,” including Nishi’s own money, and invest in 55 Japanese technology-related stocks and 25 companies abroad.

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West Palm Beach (HedgeCo.net)- New York based fund manager Auda Hedge LLC has selected hedge fund manager Northern Trust to provide fund administration, custody, banking and foreign exchange services to its fund of hedge fund program, with assets in excess of US$1 billion.

In January 2008, Northern Trust announced a worldwide exclusive partnership with youDevise to provide enhanced fund of hedge fund data to the fund of hedge fund community via the Hedge Information Provider ("HIP") system.

"Funds-of-hedge-funds have become the route chosen by many institutional investors when accessing hedge funds." Wilson Leech, head of Northern Trust’s Global Fund services group said, "By fully integrating HIP onto Northern Trust’s global platform we will be able to deliver an enhanced reporting capability and reduce operational risk, enabling our clients to make decisions faster and more effectively."

The HIP is an online portfolio management system developed specifically for funds-of-hedge-funds. It considerably improves the timeliness of information that funds-of-hedge-fund managers receive from underlying hedge funds regarding hedge fund holdings, current value, performance, liquidity and hedging, as well as a detailed breakdown of assets and transactions. HIP makes it possible for funds-of-hedge-fund managers to see portfolio management data daily that, historically, was only available monthly.

Where Northern Trust’s UK entities undertake regulated business, they are authorized and regulated in the United Kingdom by the Financial Services Authority.

Editing by; Alex Akesson

alex@hedgeco.net

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