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[LONDON] The number of hedge fund launches fell to 240 in the three months to the end of September, the lowest level since the third quarter of last year, industry tracker HFR said on Thursday.
So far this year, 814 new funds have launched. HFR added that 200 hedge funds had shut down in the September quarter, taking the total number of closures to 957 over the last 12 months. "With global industry capital at a record level, competitive market pressures continue to shape the evolving landscape of the hedge fund industry," said Kenneth Heinz, president of HFR.
Assets managed by the industry reached a record US$2.82 trillion at the end of third quarter, HFR said.