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Opalesque Exclusive: Review of hedge fund launches, closures, indices, trends, regulatory and legal events - week 21 | 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 Galena (energy); Verulam (commodity); Twin Tree; Paulson & Co (distressed property); Abax (Asia macro); Odey (Ucits III); Pictet (agriculture); and Liontrust (European).

The Canadian Hedge Watch Hedge Fund Composite Index was up 2.26% in April (+4.66% YTD); RBC Hedge 250 Index 2.37%, 2.6% YTD; Morningstar 1000 Hedge Fund Index 3.4% (est.), 3.11% YTD; Lyxor’s investable Global Hedge Fund index -0.45%, 0.93% YTD; Greenwich Global Hedge Fund Index 3.49%, 3.91% YTD; Scotia Capital Canadian Hedge Fund Index -0.61%, 4.98% YTD; And the Eurekahedge April report showed hedge funds were up 3.9% YTD, and that the industry assets were now at $1.30tn.

SAC is to allow clients to withdraw money from its hedge funds quarterly; GLG completed a private offering of $214m of convertible subordinated notes ($30m were purchased by 3 directors); Bramdean Alternatives yielded to shareholder pressure and pledged to break itself up if it received no takeover bid within ten weeks; SRM Global criticized Bank of America over the Countrywide sale and filed civil complaint; six people exited UK hedge fund NewSmith due to cost cuts; UK hedge fund Pentagon is embroiled in a dispute regarding taxes; Man Group is looking into switching to independent valuation for the AHL fund; it was said that fund managers burned by Obama in Chrysler’s bankruptcy were now wary; that hedge funds had not spotted the recent market rally (to which Bryan Goh retorted: ......................

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