The global hedge fund industry will contract by between 70 and 80 per cent this year as credit lines continue to be withdrawn, according to Barclays Capital.
The estimate is more pessimistic than other forecasts for the future of the once omnipotent industry, which has seen a rash of redemptions as the average fund lost 19 per cent of its value in the first 11 months of 2008, according to data from Chicago-based Hedge Fund Research.
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