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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 launches from Brevan Howard (Ucits III); AlphaMetrix (tracker); Eiger (coffee); SVM (Ucits III); Gemini Capital; Gartmore (Ucits III); Argonaut (Ucits III); Roc Capital Management; Archview (corporate distressed asset); and Tudor Investment (managed futures).

And we heard of fund closures from Highland Capital Management, OppenheimerFunds, Odey, Ohman, New Star, BBVA and Tuckerbrook.

The Greenwich Global Hedge Fund Index was up 0.42% in January, and the Greenwich Composite Investable Index up 0.10%; the Alpha Titans 15 Index, which was launched on January 1, returned +2.00%; the Morningstar 1000 Hedge Fund Index declined 1.2%.

As for hedge fund performance, HFR said that emerging market hedge funds had posted record losses in 2008 (down nearly 37%), and that investors pulled $6.7bln in 4Q. Infiniti found that newer hedge funds had continued to out-perform their older more established brethren in 2008.

III Fund and HFA Holdings suspended some redemptions; and Kynikos reported 20% outflows despite performances.

Hedge fund house Perry halved its performance fee even after its fund reaches high-water mark; Martin Currie announced a reduction on minimum investment requirements and of the redemption notice period; Sparx Group is to cut 50 jobs and executive pay and cancel dividend; Deephaven which has already cut 20 jobs, is expected to cut more jobs.

Many opinions on the fate of hedge funds were voiced last week: some predicted a continuing shakeout, others saw a good survival rate, and some said their relationship with providers of risk capit......................

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