Hedge funds take worst hit since crisis in Q3

Boston

HEDGE funds suffered their biggest quarterly loss in assets since the financial crisis during the three months that ended in September, data released on Tuesday showed, putting the industry on track for its worst year since 2008.

The secretive industry that caters to wealthy investors, including pension funds and endowments, saw assets shrink by US$95 billion to 2.87 trillion in the third quarter, research and tracking firm Hedge Fund Research reported.