The funds of hedge funds industry shrank by almost 30 per cent last year, with most of the losses coming in the latter part of the year as volatile markets, poor returns and the impact of the Bernie Madoff scandal took their toll.
More than $1,000bn in assets was held in funds of hedge funds in June last year but, by the end of the year, about $300bn had flowed out of the industry.
More than 27 fund of funds groups that ran more than $1bn either closed or had their assets fall below the $1bn level last year, according to the latest survey by InvestHedge, the industry publication.
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