York Posts Gains In Jan.

York Capital Management bounced back from a difficult 2011 in January, with most of its hedge funds enjoying above-average returns to start the new year.

The New York-based firm told investors that its flagship York Multi-Strategy Fund returned between 3.7% and 3.9% on the month, Dow Jones Newswires reports. The fund lost in excess of 7% last year.

Other funds did even better: Its event-driven vehicles rose between 5.2% and 9.2%, while its European Opportunities Fund rose 4.1%. York's Credit Opportunities Fund returned between 3.7% and 3.9% in January. Only the firm's Asian Opportunities Fund took a hit, losing 0.4%.

The average hedge fund returned between 1.5% and 2.5% last year, according to industry indices.

York has more than $15 billion in assets under management, one-third of it in the Multi-Strategy funds.