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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 UBS (infrastructure FoHFs); Tontine; and Henderson (European Special Sits).

US fund house Pequot Capital, facing a second insider dealing inquiry, will liquidate it hedge funds and its team will spin off.

It was reported that John Paulson had made losses on all but one of his hedge funds in April; that Stenham had reopened its trading strategy and launched currency shares classes; that Brazil hedge funds were suffering from a client exodus and 20 hedge fund managers might be forced to close; that AQR’s Cliff Asness had been forced to regroup after 2008, and had predicted that hedge fund feed would drop; that the Swiss FoHFs industry had come to a standstill; and that Fitch had downgraded Lombard Odier’s FoHFs to ‘FoHF M3.’

Hedge Fund Research, Inc. (HFR) released data saying that hedge funds investing in emerging markets had posted strong gains to the end the first quarter and had extended those gains into the second quarter; a PerTrac study on the impact of HF age and size on performance showed that younger and larger funds had reported better returns for 2008; and Alpha Magazine unveiled Europe’s top 50 hedge fund firms.

Steel Partners is to go ahead with the conversion of its flagship hedge fund into a publicly traded holding company; Swiss closed-ended investment company Castle AI is to start dual listing on the London Stock Exchange; Man Group’s profit dropped by 40%.

California’s pension fund and investor CalPERS hinted at starting its own hedge funds; and State Controller Thomas DiNapoli booted 10 hedge fund managers from do......................

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