United States

Steve Cohen one of few bright spots in bad year for hedge funds

The hedge fund industry’s bloodbath continued in 2019 with more hedge funds shutting down than launching for the fifth year in a row. Some 540 hedge funds had liquidated by the end of October, according to Hedge Fund Research. Meanwhile, the number of funds to have opened last year is projected to fall short of 500 — marking the fewest new funds since 2000, according to HFR data. The industry’s dwindling size comes as a seemingly endless stock market rally makes it difficult for so-called smart money investors to locate investment opportunities that might justify their high fees. The average hedge fund this year is up 8.5 percent, a marked improvement from the average 6.7 percent loss they managed in 2018. Unfortunately, the re ...