Hedge funds industry shrinks to under $ trillion
For years, managing a hedge fund, and making a fortune for yourself in the process, was the running dream on Wall Street. But now that industry, like much of finance, is withering. Many hedge fund investors are folding. Since last May, these funds' assets under management have dwindled to $964 billion from $1.4 trillion. The private equity business, one of the iconic businesses of the boom, is struggling with a deep slump of its own.
Most large banks have over $US 1 trillion assets under management.
Week in Review
Wall Street's Brain Drain Defense
By DAVID GILLEN
Published: February 22, 2009
Financial types say pay caps might spur the smartest bankers to jump ship. But there are few places to go