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The Morning Brief: Kortright Joins Investcorp Platform; Bayou Victims Get $32M

Kortright Capital Partners, a New York-hedge fund founded by Matthew Taylor and Ty Popplewell, has agreed to join Investcorp’s single manager hedge fund platform, which has $2 billion in client and proprietary assets under management. Investcorp, a Bahrain-based alternative investment firm, typically provides funds on its platform with initial seed capital ranging from $50 to $100 million. Taylor and Popplewell, who founded Kortright in 2010, worked together at Och-Ziff Capital Management Group, where they held managing director and senior analyst positions, respectively. Over the course of their careers, they have managed over $1 billion in hedge fund assets.


Alan Howard’s BH Macro Fund is up about 0.71 percent this month through June 12, bringing its gains for the year to 4.66 percent. The fund is managed by London-based hedge fund firm Brevan Howard.


ALTINAG, a Swiss multi-strategy closed-ended fund of hedge funds, reported a 1.97 percent loss in June, knocking down its gain in the first half to 3.90 percent. Its top performers in the first half were the Hayman Capital Fund, Two Sigma Compass Enhanced Cayman Fund and Arrow Offshore. Its biggest detractors to performance were Bluetrend Fund, QIM Global fund and Zeal China Fund. “The general upward trends of the last 12 months lasted until the middle of May but were then brought to a halt followed by a reversal as the U.S. Federal Reserve started hinting at the tapering of its asset purchase program,” states the fund’s second quarter letter. “This led to a sharp correction across all asset classes that accelerated towards the end of the quarter as some investors raced to unwind positions.” It added that the fall was most dramatic in higher yielding and more speculative assets. At the end of the first half, the fund had investments in 30 hedge funds, including the Tudor Global BVI Fund, Coatue Offshore Fund and Jana Nirvana Offshore Fund.


U.S. Attorney Preet Bharara announced that nearly $32 million in proceeds from forfeited assets has been distributed to victims of the fraud committed at the Bayou hedge funds. This brings the total amount of funds distributed to Bayou fraud victims to more than $128 million. The Bayou funds were founded by Samuel Israel III, who is currently serving 20 years in prison after pleading guilty to fraud and conspiracy in 2005.

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