Dozens Of New Hedge Funds Win FSA OK

Nov 17 2010 | 3:35pm ET

In another sign that the hedge fund industry is all but fully recovered from the financial crisis, the U.K. Financial Services Authority authorized more new hedge funds in the third quarter than it had in two years.

The regulator said 28 new hedge funds registered between July and September. All told, 65 new hedge funds have registered in the first three quarters of this year, more than the 60 that registered all of last year.

FSA registration takes an average of six months, meaning most of the new firms have been planned since at least earlier this year. A surge of applications came in the first quarter.

Sixteen of the 28 new registrants were founded by veterans of some of Europe's larger hedge funds, including Brevan Howard Asset Management, Cheyne Capital Management, CQS Management and Odey Asset Management, Financial News reports.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…