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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 Cinneas Foreign Exchange (CTA); GCS Capital (Asian opps); Winton (Japan); Kima Capital (Asia L/S); Duet (Central Europe); Noctua (opportunistic trading); Minerva (macro); Magister Ludi (macro); and RWC Partners (UCITS III US equity long short). Sydney-based Platypus Capital closed its hedge funds.

Hennessee reported that hedge funds had experienced the best first six months since 1999; - The Investible Lyxor Hedge Fund Index was up 0.04% in June, +2.17% YTD; - Greenwich Global Hedge Fund Index up 0.2% (+9.1% YTD), Investable Index +0.45% (-0.48% YTD); - Barclay Hedge Fund Index rose 0.45%, (10.97% YTD); - HFRI Fund Weighted Composite Index was up 0.23% (est.) (+9.46% YTD); - Credit Suisse/Tremont Hedge Fund Index confirmed its June performance of +0.43% (+7.18% YTD); - HFRX Global Hedge Fund Index -1.19% (-2.57% YTD); - Scotia Capital Canadian Hedge Fund Performance Index up 0.82% (12.10% YTD); - Barclay CTA Index slipped -0.87% (-0.81% YTD); - And according to Swiss school ZHAW, Swiss registered FoHFs returned 2.8% in May (3.3% YTD), and saw inflows of $168m, to total $15.3bn.

An S&P annual sector review found that the majority of absolute return funds had failed to meet their performance targets over the past 12 months owing to large swings in the markets; it was noted that fund of hedge funds performance might have been lagging due to cash reserves, but stabilization could see $130bln returning to underlying man......................

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