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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 (or possible launches) from Dalton, Castlestone, Westbury Capital, MarketPsy, Nykredit, Analytix and NIR Group.

We also heard of fund closures from Arience Capital, Occam, Citadel and UBS. HFR reported that 344 funds had closed in Q3, 693 in 2008, and that liquidations had outpaced launches.

The HFRI Fund Weighted Composite Index was down -1.93% in November, -18.18% YTD; The final Credit Suisse/Tremont HF Index was down 4.15% (-19.04% YTD); The Barclay HF Index returned -2.34% (est.), (-21.30% YTD est.); The Scotia Capital Canadian HF Index finished November with +1.65%/-2.73% (-17.43%/-22.44% YTD); The RBC Hedge 250 Index returned -1.50%, -20.18% YTD; The Barclay CTA Index added 1.54%, 12.69% YTD; The Morningstar Hedge Fund Index was down 2.5%, -24% YTD; Most EDHEC Alternative Indexes were negative, except for CTA, Global Macro and Short Selling; The Ernst & Young New Zealand Absolute Return Index surged to +1.502 (+17.59% YTD); The Credit Suisse Long/Short Equity Replication Index was up 4.13% through December 12th.

The Eurekahedge November 2008 asset flows update showed assets were down 4.4% (est.) to $1.5tln.

Citadel and Scandium suspended redemptions; Altedge said it would pay out redemptions in cash early-2009; Jabre clients agreed to stagger redemptions from its $2bln multi-strat fund; SAC allowed investors early exit from its multi-strategy fund. Investors in Cayman Islands hedge funds may not be able to redeem their investments, after a landmark ruling was passed to allow directors of funds to suspend withdrawals.

It was reported that banks were cutting losses by ......................

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