By Michelle Celarier
The financial crisis of 2008 cast a long shadow over hedge funds. Even though performance has bounced back this year—in some strategies dramatically so—the industry remains in the midst of a profound transformation.
Two surveys in this inaugural issue of AR, the magazine created by the combination of Absolute Return and Alpha, speak to the changes: the first AR Hedge Fund Report Card and the semiannual Absolute Return Billion Dollar Club.
The Billion Dollar Club, a ranking of every American hedge fund with more than $1 billion in assets, confirms that the total number of such firms and the assets they manage is lower still...