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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 or possible launches from Putnam Investments; P&G (ABS Ucits); PhaseCapital (systematic); Rhenman & Partners (healthcare); 47 Degrees North (innovation); Pure Capital (protection); Udorse; GAM (trading); mCAPITAL (Asian special sits); IndexIQ (ETF replicating risk and return characteristics of global macro and emerging markets hedge funds); Brevan Howard; 1859 Partners; and Magnum (Asia arb).

Hedge funds posted some of their strongest gains in May, as the HFRI Weighted Composite Index climbed 5.2% (est.), (+9.43% YTD), its best performance since 2000; Credit Suisse/Tremont Hedge Fund Index up 3.61% (est.), (6.25% YTD); Hennessee Hedge Fund Index advanced 5.68% (11.40% YTD); Greenwich Global Hedge Fund Index returned 4.83% (8.65% YTD), and Greenwich Composite Investable Index 1.94% (-0.79% YTD); Lyxor investable index 2.1% in May (2.2% YTD); Eurekahedge Hedge Fund Index posted a record month gaining 5.1% (9.2% YTD), as net inflows were positive for the first time in ten months and AuM increased by $5bln; And HFN’s index gained 5.39% (9.22% YTD).

It was said that top emerging markets hedge funds were taking advantage of the sector’s recent rally; Bramdean Alternatives named Petersfield Asset Management as the bidder to rival the proposal by property tycoon Vincent Tchenguiz's investment vehicle, Elsina, to oust its current board; Lord Rothschild's RIT Capital pulled its assets out of Atticus, the hedge fund co-chaired by son Nathaniel, arguing its investment in Atticus had "run its course"; New York State's pay-to-play pension scandal has pushed Mezzacappa Management to let go of employees following withdrawal requests from New York Stat......................

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