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Alternative Market Briefing

Hedge fund capital rose to record level in 3Q as gains offset withdrawals

Friday, October 21, 2016

Komfie Manalo, Opalesque Asia:

Total hedge fund industry capital rose to a record level in 3Q16, reaching $2.972tln or an increase of $73.5bn from the previous quarter, as performance gains offset continued asset outflows which were concentrated in many of the industry’s largest and most well-established managers, data provider Hedge Fund Research said.

In its latest Global Hedge Fund Industry Report, HFR said that the 3Q hedge fund asset level eclipses the previous record of $2.969tln set in 2Q15. The HFRI Fund Weighted Composite Index gained +2.9% in 3Q, concluding the quarter with its seventh consecutive monthly gain, and bringing YTD performance to +4.2%.

"The hedge fund performance environment improved in 3Q, despite investor redemptions, the continued decline in the British Pound Sterling as a result of Brexit, and an uncertain macroeconomic outlook across most regions," stated Kenneth Heinz, President of HFR.

The report said that the record total capital level was partially offset by the fourth consecutive quarter of investor outflows, as 3Q net redemptions increased to $28bn, or approximately one percent of total industry capital. This represents the largest quarterly outflow since 2Q 2009 and brings 2016 YTD outflows to $51.5bn.

Heinz added, "Total hedge fund industry capital has reached a record high as the US economy prepares to conclude an extended interest rate cycle which has de-sen......................

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