Hedge-Fund Have Record Withdrawals
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Hedge Fund Research reports assets managed by hedge funds fell 11% in the third quarter as investors pulled a record $31 billion from their accounts.
Hedge Fund Research said the decline reduced industry assets from $1.93 trillion to $1.72 trillion as of June 30. Fund returns fell an average of 8.85% in the quarter, compared with the 16% decline by the MSCI World stock index.
Hedge Fund Research's Kenneth Heinz, "With losses continuing through October, it appears that 2008 will be the worst year on record for both hedge-fund performance and industry asset flows.''
Hedge Fund Research said the decline reduced industry assets from $1.93 trillion to $1.72 trillion as of June 30. Fund returns fell an average of 8.85% in the quarter, compared with the 16% decline by the MSCI World stock index.
Hedge Fund Research's Kenneth Heinz, "With losses continuing through October, it appears that 2008 will be the worst year on record for both hedge-fund performance and industry asset flows.''
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