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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 OMAM, Man, Fides Capital, NewOak, Cozzene, Energy Capital and Valartis Bank, Baobab, Empirical Finance and Taum Sauk Capital. Constellation Capital set up a PIK advisory platform, and Krusen Capital unveiled the LionHedge Platform, which allows investors to gain access to notable managers.

Thames River is to close a fund and Santander seven funds, following steep redemptions. Macquarie said that every day, one hedge fund shuts down in Asia.

Tremont Group is to shut down its hedge fund division after some $3bln losses linked to Madoff; 40% of the staff has already gone. AG Asset Management will be shutting down soon too. IMS Consulting counted at least a dozen firms in recent months that have shuttered their London offices; meanwhile George Soros and 36 South I.M. have just opened new offices there.

The Australian Fund Monitors Hedge Fund Index returned -17.74% in 2008; the Parker FX Index returned +0.66% in December and +4.92% in 2008, capping its best year since 2003.

We still heard of hedge fund firms such as Prodis Advisors, losing great chunks of assets, but on a positive note, Pentwater Capital lifted its gates as liquidity was returning and Pursuit I.M. restructured its fund and eased restrictions on redemptions.

Innocap claimed a lesson to learn from the crisis would be the realignment of interest in hedge fund investing using a managed account platform; a Moody's report said the market turmoil was placing operational stress on hedge funds; just as it was reported that hedge fund administrators were bracing themselves f......................

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