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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 Paolo Pellegrini, Galena, Touradji, Rival Capital, Henderson, Alpinvesta. We also heard of the launch of Darwin Financial Platform (for start-ups), POLARIS Investment Advisory AG (for HF marketing), and a consulting firm that will coach hedge funds and institutional investors.

BlueGold and Moody & Co’s funds re-opened, Creststreet started an offshore version of one of its onshore funds, and Picton Mahoney opened its domestic hedge fund to investors.

JD Capital, Ilmatar, Discover, Henderson and Mackenzie Financial closed funds.

The Credit Suisse Long/Short Equity Replication Index was up 2.98% in December, -16.59% in 2008; The HFRI Fund Weighted Composite Index was up 0.42%, -18.30% in 2008; The HFRX hedge fund index fell 1.22%, -23.25% in 2008 (difference); The Hennessee Hedge fund index advanced 0.51%, declined 19.15% in 2008; And the Parker FX Index went up 0.08% in November (4.38% YTD) Commentators said that 2008 had been hedge funds’ worst year on record, as managers had misjudged the severity of the financial crisis; that hedge funds had posted their first positive returns in six months; and that hedge funds had suffered their worst losses, but had beaten the markets nevertheless.

We heard much from listed funds last week: Fortress’ shares almost doubled on speculation the group may delist (but Nomura might......................

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