Hedge funds were hit by more redemptions in October than any time since it started compiling figures in 1990, and predicted worse to come, the Chicago-based Hedge Fund Research said.
The industry lost a further $115bn through poor performance, leaving total assets down 9 per cent at $1,560bn. Investors and managers said redemptions would be far bigger at the year end, as many funds have long notice periods and only allow quarterly withdrawals.
Selling by hedge funds preparing for big possible redemptions has been blamed for big market movements, with the stocks most popular with hedge funds falling further and faster than other shares.
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