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By 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 PXP Viet Nam, Enhanced Investment Products (with seeding from Triple A), Asia Genesis, PIMCO, Threadneedle, Da Vinci, SEI, ARCH Financial, Palatine, Radcliffe, GAM, Onex Credit Partners, BlueAlpha, EJF Distressed II, and Blackstone

RAB Capital confirmed it had closed 12 underperforming hedge funds; Citi`s Corporate Special Opportunities fund, JO Hambro’s Trident European hedge fund and Go Capital A.M.’s hedge fund were also closed.

RBC Hedge 250 Index returned -5.40% in October, -18.20% YTD Lyxor’s investable hedge fund index was down 3.81%, -10.79% YTD HFRI Fund Weighted Composite Index went down 5.99%, -16.05% YTD Credit Suisse/Tremont Hedge Fund Index returned -6.30%, -15.54% YTD CS/T also reported that convertible arbitrage had been the worst performing sector, as many funds had lost 6 years of gains in 6 months. EDHEC Indices were negative, except for CTA Global +3.92% (12% YTD) and Short Selling +11.68% (28% YTD) Scotia Capital Canadian Hedge Fund Index returned -6.92% / -7.98% (-18.77% / -20.26% YTD) Morningstar Hedge Fund Index returned -9.4% (-21.36% YTD), FoHFs index fell to -9.1% (-21.27% YTD) Ernst and Young New Zealand Absolute Return index gained 2.83%, 15.8% YTD

Citigroup warned that hedge fund assets might fall to $1tln (almost 50%) by mid-2009; Eurekahedge reported that asset flows showed $110bln had left the industry in October 2008 and that larger sized funds had outperformed smaller sized counterparts; it was said that hedge funds had had their worst two months in at least 8 years; HFR reported that investors had withdrawn $40bln from hedge funds (including $22bl......................

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