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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 Saba Capital; Brummer; Universa (hyperinflation); Commoditrade (energy); Ecofin (China Power & Infrastructure); Helios (India); 36 South (high-risk inflation); RWC Partners (L/S); Pia Capital (macro); Och-Ziff (energy); Brevan Howard (Ucits); Aladdin (managed accounts); J.Chahine Capital (L/S equity); Julius Baer (Russia); Epic (Japan); Jericho (L/S telecom/media/tech); and GLG (event driven).

Gottex re-opened its market neutral, directional and portable alpha products; and the Cambridge Strategy opened its Global Emerging Markets Alpha Program to external investors.

Deutsche Bank is to close its Global Masters FoHFs; Northwater Trust, which has exposure to market-neutral hedge funds, is to liquidate; Lombard Odier will close down 2 FoHFs and restructure and re-launch following Fitch’s downgrading; Boston-based firms Raptor Capital and Noble Partners are closing their hedge funds; and FRM is closing its Diversified Alpha Fund.

The Parker FX Index was down 0.39% in April, YTD -0.27%; Credit Suisse Alternative Index Replication index +0.23% for May, +1.51% YTD; and HFRX Absolute Return Index -0.38% (est.) in May, -1.39% YTD.

An S&P report said that funds of hedge funds with historically low net and gross exposures were investing extra cautiously; Man Canada AHL Alpha Fund closed a $98m initial public offering; Goodman & Company, manager of the Dynamic family of funds, said that high water marks would be added to two hedge funds; and it was reported that Highland Capital was playing hardball with redeeming investors.

The association IMA redefined Absolute Return a follows: Funds managed with the aim of delivering absolute (i.e. more than zero) returns in ......................

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