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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 to the alternative investments world.

Last week, we heard of fund launches from Centaurus, Caravan, Herron Capital (with Andes Capital Group), Sugarloaf Rock, Gulf Stream, Steven Zoernack and Hakan Kocayusufpasaoglu. The CIMA Group seeded two new funds.

Fleckenstein, Tozai, Copper River, Baring and Okumus Capital reportedly closed funds. Eleven Russia hedge funds were suspended or closed. Ramius gave investors in four of its closed HFs a fund-transfer option.

The Credit Suisse/Tremont Hedge Fund Index returned -0.71% (est.) in November (-16.14% YTD); The Newedge Short-Term Traders index was up 0.88% (+12.9% YTD) and the CTA index up 2% (+11.2% YTD); The Hennessee Hedge Fund index declined to -2.69% (-18.44% YTD); The Greenwich Global Hedge Fund Index declined for the fifth straight month, preliminary returns were -1.13%; EurekaHedge reported its main HF index was down for the 6th straight month, -0.4% (est.), -12.59% YTD, and that the industry had lost around $64bln; 3 out of 4 Dow Jones HF strategy benchmarks posted losses. It was noted that indices were generating early estimated results, but that negative performance had some managers taking longer to report.

It was reported that November’s redemptions demands from investors deepened the worst year on record; even hedge funds which reaped positive returns faced redemptions.

Some hedge funds were very creative in the face of these outflows: some funds (Cantillon, Marshall Wace,......................

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