Some 417 hedge funds announced shutdowns in the first half, according to Hedge Fund Research Inc. While that number isn’t on track to surpass the 864 funds that closed in 2014, the market turbulence of the last two months caused by concerns about China’s slowing economic growth could lead to a pickup in the fourth quarter.
Some of the biggest names that remain in business are having a hard time, reminiscent of the 2008 slump that saw the industry post record losses and clients pull more than $150 billion. Funds run by David Einhorn and Bill Ackman are among those in the red, while Michael Platt and Sean Fahey are managing less than a third of the assets that they oversaw at their peaks.
To read the article on the web, please click here