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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 DnB NOR; GLG (E.M. Ucits); IMC Asset Management (US mortgage bond + equity L/S); Overlay (currency); Deutsche Bank and Millennium Global (Ucits systematic); Bank of China Switzerland (FoHFs); AHL (Ucits); Cheyne Capital (Ucits); and Logi Energy (oil).

Indochina Capital’s hedge fund shareholders voted to close down its equity fund; investors also voted to close down the UK-listed FoHFs CMA Global hedge; and F&C Asset Management is to close its Special Situations fund following heavy redemptions.

Hedge funds continued on their upward trend, most indices gaining for the sixth month in a row, with reportedly Citadel, D.E. Shaw, Paulson as some of the biggest winners. It was also noted, however, that hedge funds were still lagging behind the equity market rally. The HFRX Global Hedge Fund Index was up 1.25% (est.) in August, 8.59% YTD; HFRI’s Fund Weighted Composite gained +1.65%, 14% YTD; Hennessee Hedge Fund Index advanced +1.85%, +17.30% YTD; Australian Fund Monitors’ hedge fund index was up 3.15%, 13.28% YTD; HFN Hedge Fund Aggregate Average index was up 1.77%, +13.90%YTD; Credit Suisse/Tremont hedge fund index was estimated to finish +1.68%, +11.74% YTD; AR hedge fund composite index was up 1.06%, 9.23% YTD; Greenwich Global Hedge Fund Index was up 1.54%, +13.72 YTD; Lyxor 's investable hedge fund index was up 0.94%, 4.2% YTD; BarclayHedge’s Index was up 2.15% (est.), 16.53% YTD; And the Eurekahedge Hedge Fund Index was up 1.1% (est.), 13.1% YTD.

BarclayHedge reported that hedge funds had posted outflows of $20.5b......................

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