Hedge fund assets grew 27% to roughly $1 trillion as of Jan. 1, from $795 billion a year earlier, according to a Hennessee Hedge Fund Advisory Group survey. The total number of hedge funds worldwide grew 15% during 2004, to 8,050 from 7,000, with hedge funds of funds represented the fastest-growing source of capital, $282 billion as of Jan 1, compared to $191 billion a year earlier, said Alexander Smith-Ryland, spokesman.
Pension plan assets invested directly in hedge funds totaled $71 billion as of Jan. 1, just below the $72 billion reported a year earlier but a 145% increase from the $29 billion reported in January 2000, according to the survey.
Hedge funds responding to the survey turned over their portfolios an average of 3.35 times in 2004, compared with 2.99 times in 2003.
The Hennessee survey included 752 hedge funds from 155 responding companies with combined assets under management of more than $238 billion, Mr. Smith-Ryland said.
