Industry Under Siege By Loch Adamson In the annals of hedge fund history, 2008 may well be described as the year that humbled some of the greatest managers in the industry — and destroyed many of the rest. Redemptions are rising, fund failures are accelerating, and analysts warn that as many as 1,000 of the estimated 10,000 hedge funds in business worldwide may be gone by early next year. So far the walking wounded include such illustrious names as Atticus Capital and Ospraie Management, both in New York, and London-based RAB Capital. Hedge fund managers often claim to deliver uncorrelated returns, but they haven’t all lived up to their offering documents — or their investors’ expectations. In the midst of a deepening global financial crisis, hedge funds have, broadly speaking,
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