Reuters – The number of Asian hedge funds could increase by 10 percent this year as more unemployed bankers and traders launch new funds and the cost of doing business slumps, an industry expert said on Monday.

"It’s much better to be a small hedge fund manager than an unemployed investment banker," Peter Douglas, founder of hedge fund consultancy GFIA told the Reuters Private Equity and Hedge Funds Summit in Singapore.

"We are beginning to see quite a strong wave of managers’ formation, which is entirely consistent with what we saw after the Asian crisis."

He said these bankers could add to around 700 hedge funds already based in Asia, as battered global banks shed staff who have strong relationships with potential investors, cash from bonuses, and friends to start off small funds.

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West Palm Beach (HedgeCo.net) – Hedge fund manager Rosseau Asset Management Ltd. and certain related parties have  filed a dissident’s proxy circular (the "Dissident’s Circular") to Noront Resources Ltd., in which the hedge fund group controls over approximately 9.2% of common shares.

Rosseau asks Noront’s shareholders to vote against the re-election of the Company’s current Board of Directors and instead vote to elect a new slate of directors at the upcoming annual meeting of shareholders scheduled to be held on October 28, 2008.

During recent meetings between Rosseau and Noront’s management, the hedge fund manager indicated it wanted significant changes to Noront’s Board of Directors and some senior management.

Rosseau rejected Noront’s compromise proposal and has commenced its proxy fight with the filing of the Dissident’s Circular, saying, "Rosseau’s action is not in the best interest of shareholders. It is an opportunistic attempt, in light of extraordinary recent market conditions……Norent will respond (to the circular) shortly."

Alex Akesson

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

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