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The hedge fund industry is braced for a new round of redemptions after two months of poor performance and growing investor desire to move money into cash.
The world's largest listed hedge-fund manager, Man Group PLC , stoked fears of another industry meltdown Wednesday when it reported a net $2.6 billion was pulled from its funds between June 30 and Sept. 26. It lost a further $1.5 billion from fund losses and $1.9 billion from the effect of a stronger U.S. dollar when accounting for euro- and Australian dollar-denominated funds. Its GLG unit, acquired last year, posted particularly large outflows.
Man Group shares fell as much as 25% in London.
Aberdeen Asset Management PLC (ADN.LN), a U.K. fund manager with about GBP26.2 billion of its GBP176.9 billion in alternative investment strategies, Monday said those funds lost about GBP2.2 billion between June and August from redemptions and performance losses...
Friday marks a deadline for investors in many hedge funds with monthly and quarterly liquidity to say they want their capital back.
Expectations of further hedge-fund losses for September come after an average 2.3% decline in August, according to Hedge Fund Research Inc.'s HFRI Fund Weighted Composite Index, the largest monthly decline since May 2010...
The global hedge-fund industry managed around $2.04 trillion at the end of June, according to HFR.
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