Hedge Fund Assets Drop $6B Amidst August Losses

Sep 11 2013 | 12:27pm ET

The global hedge fund industry was more than $6 billion smaller at the end of August than at the beginning.

The drop was fueled by another losing month for hedge funds, which fell an average of 0.32% last month, according to Eurekahedge. Still, that was far better than the broader markets, which fell by more than 2%, according to the MSCI World Index.

Indeed, Eureka's August report was peppered with positive spins on what has been a disappointing year for hedge funds. The company noted that event-driven funds returned 0.95% in August (5.7% year-to-date) and distressed debt funds 0.35%. Latin American funds rose 0.48%, Asia ex-Japan funds 0.13% and Japan-focused funds 0.11%.

And some hedge funds, at least, are doing very well: Eureka said it is tracking more than 600 funds with returns over 15% this year, and about 200 funds with returns in excess of 30%. In addition, some 500 new hedge funds have debuted this year.

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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…