By Saijel Kishan and Simone Foxman
Hedge fund investors pulled $28.2 billion from the industry in the
third quarter, the most since the aftermath of the global financial
crisis, according to Hedge Fund Research Inc.
The net outflows,
which amount to 0.9 percent of the industry, are the largest since the
second quarter of 2009, the firm said Thursday. Investors redeemed $51.5
billion in the first nine months of the year, even as industry assets
rose to a record $2.97 trillion, it said.
Hedge funds have been under pressure from investors critical of high
fees and uninspired performance. The Kentucky Retirement Systems’
investment committee voted Oct. 14 to exit hedge funds over a three-year
period. Marc Levine, chairman of the Illinois State Board of
Investment, said yesterday that the plan had moved two-thirds of its
assets to passive management to reduce fees, causing it to withdraw
about $1 billion from hedge funds.
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Source: Bloomberg (via The Empire Report)
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