Wall Street Journal – Hedge fund subscriptions have returned to pre-financial crisis levels and redemptions slowed markedly in August, GlobeOp Financial Services SA, a hedge fund administrator, said Thursday.
The company, which runs middle- and back-office functions for 180 hedge fund firms and other asset managers, including keeping track of money coming in and out of funds, said client subscriptions were more than $2 billion in July and nearly that much in August, marking the first month since September 2008 to exceed that level.
Redemptions of client funds are only $700 million so far in August, sharply down from $6.4 billion in July, and GlobeOp’s schedule of forward redemptions shows “a substantial reduction compared to 2008 and early 2009 levels.”
