According to a recent survey undertaken by data provider EuroHedge, over 150 new hedge funds, attracting $13bn in assets, opened for business in the first 6 months of this year. That's up from 133 in the same period in 2004.
New research released by Hedge Fund Research Inc, however, has revealed that new monies placed into hedge funds in the second quarter fell 60% to $10.9bn, compared to $27.4bn in the first quarter.
RAB Capital, however, has continued to confound the critics. Despite tough market conditions, the firm, which is one of only two publicly traded hedge funds in the UK, saw profits increase to £5.1m for the first six month of the year, up from £2.1m in the same period last year. Turnover increased 71%.
According to the Sunday Times, Amvescap's new CEO, Marty Flanagan, is on a pay package that could be worth up to $50m. This includes the $11.7m required to buy Flanagan out of his previous contract as co-head of US fund manager Franklin Resources.
Finally, HSBC Holdings has agreed to sell its 51% stake in UK fund manager Framlington to Axa Investment Managers for £178.3m, plus a potential net asset adjustment. Framlington has around £4.5bn in funds under management.