Wednesday, 6 May 2015
Last updated 22 min ago
Jan 19 2006 | 7:41pm ET
A record number of hedge funds closed up shop in the first three-quarters of last year, but as 484 exited the market, more than three times as many opened their doors, according to Chicago based Hedge Fund Research.
The report estimates there were 1,580 launches through the end of September, up 174 from the prior year. HFR reports that the 5.7% of hedge funds that closed down surpasses the previous high of 5.5% in 2002.
In 2004, 3.6% of hedge funds closed. Meanwhile, according to various industry estimates, hedge funds returned less than 7% on average last year, compared with around 9.5% in 2004 and more than 15% in 2003.
HFR estimates that there are now around 8,500 hedge funds globally managing over $1 trillion in assets. Analysts expect that number to double to $2 trillion within five years. Hedge fund openings in 2002 and 2003 stood at 1,222 and 1,156, respectively.
The report also found that hedge funds earned $16 billion in fees last year, a new record.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…