Still a rising sun for some Japanese hedge funds

Average returns for Japanese hedge funds in 2007 were 1.98%. Not bad compared to the 11% fall in the Nikkei, but laughable in comparison to the 23.4% return of non-Japan Asia hedge funds.Phalanx Japan Asia Multistrategy Fund, managed by Chris McGuire and Neal Brauweiler, won AsianInvestor magazineÆs æBest New Hedge Fund' award in 2006. The fund runs statistical, convertible and capital structure arbitrage, volatility and event-driven strategies. Taxonomically, Phalanx falls into the s…