Credit Crunch Felled Record Number Of Hedge Funds

Law360, New York (March 18, 2009, 12:00 AM EDT) -- The hedge fund industry has suffered a severe beating at the hands of the global financial meltdown and Bernard L. Madoff, with nearly 15 percent of all hedge funds shutting down in 2008 and 775 funds liquidating in the fourth quarter of the year alone, an industry research group reported Wednesday.

According to Hedge Fund Research Inc., a Chicago-based hedge fund data provider, the 775 funds liquidating in the fourth quarter represented more than $150 billion being withdrawn from hedge funds.

The total for the quarter...
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