An India-focused fund of funds set up lat year by an ex-Bear Stearns product manager is bleeding red. The Veda Multi-Strategy India Fund, the brainchild of Ridaa Murad, who built India-focused synthetic swaps, corporate finance and equities products for Bear Stearns, lost 26.52% between inception in September and December, according to data obtained by FINalternatives. Murad launched the fund of funds in September with Bradford Matthews, who owns a broker/dealer in India. The fund’s initial stable of seven managers employ direct lending, debt lending, convertible arbitrage and distressed debt, according to Murad. The fund of funds also has exposure to futures and options arbitrage strategies, private equity and real estate, as well as long/short and long-biased managers.    more »

QVT Financial, a US-based hedge fund which controls a minority stake in Hirco — a real estate fund floated by the Hiranandani group on the Alternative Invesment Market (AIM) of London — has opposed the merger resolution proposed by the Hiranandanis. The merger, if implemented, would take the Hiranandani group’s holding in Hirco to over 50% from the existing 20%. Hirco got listed on the AIM in 2006 and raised more than £380 million for investing in residential properties in India. Niranjan Hiranandani, chairman of the Hiranandani group, declined to comment on the issue. An EGM of Hirco, to be held on January 16 in Mumbai, will discuss the proposal. Many foreign funds own large stakes in Hirco, including the UK’s Standard Life (13.11%), HSBC Holdings (10.13%), Laxey Partners (10.05%), Halbis Capital (7.84%), Fortress investment (4.57%) and Lazard AM (4.57%). The Hiranandani group is not listed in India.   more »