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In theory, I think the weapon is simplistic in design allowing easy to learn manuevers or techniques. Also, the weapon is not concealed in the cloak, if you look at his arms, you will notice that he wears brown gauntlet(think thats what things like those are called). The knife is hidden in a metal bar on the underside of that(underside being the part that if your arms are straight down lay against your body. If you google Assassin's Creed on images, you should see a picture of it.
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I see it now, yeah its in his gauntlet Concealed Blade
I also noticed his hood is shaped like an eagles beak, naturally.
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Guessing that goes along with the name Altair.
