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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.

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