Benzinga – On the precipice of another new year, the hedge fund industry is fighting to overcome its troubles of the last 12 months. The New York Post reports that in 2010, the average hedge fund closed up a mere 7.5%, compared with the average stock market indexes like the S&P 500 (NYSE: SPY), which is up 13%.
Through the end of the third quarter, hedge fund closures declined 32%, with 585 firms closing their doors. Sam Hocking, head of prime brokerage at BNP Paribas, told the New York Post that if the market continues to be as tough as it has been, a lot of investors will simply throw in the towel.
