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Benedicte Gravrand, Opalesque London: A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining the alternative investments world.

Last week, we heard of fund launches from Matrix, Browndorf PEM, Fidelity, HFCM, Durant Capital, Flowering Tree, Third Millennium, VR Capital, Salus Alpha and Prestige Asset Management.

The Credit Suisse Inverse Long/Short Equity Replication Index was up 6.69% in October; S&P reported October as the `worst month on record` for stock markets; and all but one of all HFRX indices (HFRX Equity Market Neutral Index) reported negative results. For September, Parker FX Index was up 0.24% and the Hedge Nordic Index down 4.46%.

On the M&A scene, Ontario’s HighView Financial Group announced a strategic partnership with London-based Fortune A. M.; Henderson acquired 30% of Australian manager Attunga; SilverStreet Capital LLP said it was looking to acquire funds of hedge funds’ businesses; and Australia’s Everest Babcock and Brown was in talks to sell its hedge fund business.

It was reported that India-focused hedge funds had lost 46% in 2008, and that Brazil hedge funds had seen record outflows shrinking the industry by 16% but had performed better than overseas rivals.

While Jabre closed its Singapore office, laid off nine people in Geneva, and Ramius considered closing its Hong Kong unit; Castlestone expanded into the Nordic region, and US FoHFs Kenmar opened an office in Singapore.

Swiss-based Turtle Fund stopped trading and will let investors exit after sharp losses, following a disagreement between the fund's managers; RAB Multi-Strategy Enhanced fund de-listed following the Lehman collapse; Henderson restructured its European hedge fund; and Icahn put $6.6bln into its hedge funds as outside investors were leaving.

AIMA published the Roadmap to Hedge Fu......................

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