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Matthias Knab, Opalesque for New Managers:

The SS&C GlobeOp Forward Redemption Indicator measured 2.02% in September 2026, up from 1.64% in August but below the 2.21% recorded in the same month a year earlier.

SS&C describes the increase as consistent with seasonal patterns. September is routinely one of the heavier months in the redemption calendar, since notices submitted now typically relate to year-end redemption dates 30 to 90 days out.

Bill Stone, chairman and chief executive of SS&C Technologies, said redemptions continue to "trend favorably" against a backdrop of economic uncertainty, global tensions and elevated market volatility, and that investors continue to value the diversification and risk-adjusted returns hedge funds offer.

The longer series supports the point. The indicator has spent 2026 at the low end of its twenty-year history. April's reading of 1.26% was the lowest since the series began, and the twelve-month high of 2.43% came in November 2025. For context, the measure peaked at 19.27% in November 2008, when the largest single monthly change on record, 9.60%, was also registered.

SS&C GlobeOp Forward Redemption Indicator

The subscription side of the ledger is doing even better. SS&C's Capital Movement Index reached 133.10 in September, its highest level in twelve months, against a twelve-month low of 127.49 in October 2025. In its companion release on 14 September, SS&C reported September net inflows up 0.65%.

SS&C GlobeOp Capital Movement Index

Taken together, the two indices describe an industry taking in more money than it is being asked to return, with the redemption pipeline sitting near a record low even as the calendar moves into its seasonally heavier stretch.

Performance has cooperated. The SS&C GlobeOp Hedge Fund Performance Index flash estimate for August was 0.83%, bringing the gross year-to-date figure to 8.63% and the last twelve months to 14.90%. Life-to-date, from a base of 100 points at the end of December 2005, the index stands at 380.45%.

SS&C GlobeOp Hedge Fund Performance Index

All performance numbers reported above are gross.

The indicator is calculated as the sum of forward redemption notices received from investors in hedge funds administered on the SS&C GlobeOp platform, divided by assets under administration at the start of the month. It is published on the fifteenth business day of each month.

Two caveats are worth keeping in view when reading it. Investors can and sometimes do cancel redemption notices, so the pipeline is an indication of intent rather than a settled outcome, and notice periods vary from fund to fund. SS&C's platform represents roughly 10% of estimated hedge fund industry assets, which makes it a substantial sample but not the whole market.

The next publication date is 21 October 2026.