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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 world of alternative investments.

Last week, we heard of fund launches from Empiric A.M. (offshore version of market neutral fund); Legg Mason/Permal (global); Davide Erro; Juny Sridhara; and Vollero Beach Capital (commodities).

Spanish FoHFs Altair Multiestrategia and Cygnus Renaissance closed; Atticus Capital shuttered its flagship fund and returned $3bn to investors (the $1bn left, founder Barakett's own money, will be managed by him in a family-office); and Asia Genesis’ Chua Soon Hock announced his retirement from active trading, and the closing of the Japan Macro Fund and the Equity Fund.

Many indices issued their estimated returns, which showed that hedge funds underperformed stocks and long-only funds in July: - HFRI Fund Weighted Composite Index up 2.42% (est.), +12.17% YTD; - Credit Suisse/Tremont Hedge Fund Index up 2.35% (est.), +9.69% YTD; - Greenwich Global Hedge Fund Index up 2.31% (+11.8% YTD), Investable Index up 0.70% (+0.2% YTD); - AlternativeEdge CTA Indices up 0.17%, -0.98% YTD; - Australian Fund Monitors’ index up 3.9% (est.), +10.5% YTD; - Eurekahedge Hedge Fund Index up 2.13% (est.), +11.86% YTD; - Barclay Hedge Fund Index up 3.11%, +14.36% YTD; - Hennessee Hedge Fund Index up 3.37%, +15.50% YTD; Meanwhile, the S&P 500 increased +7.41% (+9.32% YTD), the Dow Jones Industrial Average increased +8.58% (+4.50% YTD), and the NASDAQ Composite Index advanced +7.82% (+25.46% YTD). Bonds rose, as the Barclays Aggregate Bond Index advanced +1.61% (+3.54% YTD).

It was widely commented that while hedge funds had enjoyed their best YTD returns in a decade, the majority were still unable to charge......................

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