Hedge Funds Have Strong October

Hedge funds had a relatively strong October led by Global Macro and Emerging Market hedge funds. Overall, the hedge fund sector posted returns of 2.35% for the month (a 32% annual rate), according to HFRI Fund Weighted Composite Index. Overall, the index is up just over 7% on the year. By comparison, the S&P 500 was up just over 8% YTD.

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Turkey Lanuches New Hedge Fund

Though it seems that far more hedge funds are closing than opening, and one might think this pattern would be especially true in hard hit emerging market economies, a Turkish bank is starting a new hedge fund. Garanti Bankasi, Turkey's second-biggest bank by market value, said on Monday it was launching a hedge fund with a registered capital of 500 million lira ($306 million) within a month.

Global Hedge Fund Assets Decline by $170B in Q3, 2008

Global hedge fund assets fell by $170 billion in the third quarter of 2008. There have also been reports that large hedge fund redemptions worldwide accelerated in October and November. The $170 billion decrease in hedge fund assets in the third quarter represents an almost 10% decrease worldwide and comes amid plummeting asset prices on everything from commodities to stocks and most forms of debt.

Interestingly, the hedge fund strategies with the highest redemptions were long/short equity and fixed income arbitrage. Other hard hit strategies in terms of asset outflows were emerging markets and multi-strategy funds.


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