European hedge funds saw $9 billion (€8 billion) of redemptions in the past three months, partly due to uncertainty following the UK vote to leave the EU.
Investors redeemed $10.9 billion from the industry over the period due to “lacklustre returns” as well as the concerns around Brexit.
Total assets under management for hedge funds in Europe stand at around $532 billion following a net decline of $9 billion when returns are added.
The figures, which are from Eurekahedge, show that AUM globally for hedge funds grew by about $9 billion over the past seven months to reach $2.25 trillion, though the industry has witnessed three consecutive months of outflows with investor redemptions totalling $20.7 billion.
Relative value hedge funds led the performance tables in July with a return of 2.51%. On a year-to-date basis, they were up 4.88% with AUM growing by $5.1 billion over the past seven months.
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