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Opalesque Roundup: Hedge fund industry AUM down $178bn YTD despite relative outperformance: hedge fund news, week 39

Monday, October 31, 2022

In the week ending October 29th 2022, a report revealed that hedge funds helped protect investors from the equity market turmoil in September, declining 2.2% during a volatile month that saw the S&P 500 decline 9.3%. Despite the relative outperformance, hedge fund industry AUM declined for the sixth consecutive month, falling $36.8bn, which extended the YTD decline to $178bn. Europe ($18.7bn) accounted for most of the AUM decline, driven by rising risk-off sentiment as the European Central Bank moved to raise interest rates by 75bps to combat soaring inflation, which hit a record high of 10% in September.

Although hedge funds don't often see net inflows from investors in September, the redemptions in the past month were unusually large. Net hedge fund outflows reached $21 billion in September this year, almost twice as large as the September average from 2014 to 2021, according to the latest asset flow report from eVestment, which is part of Nasdaq.

U.S. law firm Seward & Kissel has, for the seventh year in a row, conducted a Study examining side letters negotiated by their hedge fund manager clients. The Study covers the period from July 2021 through June 2022. 78% of the side letters were with managers in business for two or more......................

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