Hedge funds see surge in closures

Hedge Fund

Hedge fund closures surged in the three months to the end of September as money managers reeled from declines in commodity and equity markets, while high-yield credit spreads widened.

Bloomberg News reports that the number of funds liquidated climbed to 257, up from 200 in the previous three months, according to a report from Hedge Fund Research on Friday, and taking total closures in the first nine months to 674, compared with 661 during the same period last year.

Cargill’s Black River Asset Management shut four units, while Armajaro Asset Management also closed one of its funds.

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