New single-manager hedge funds launched in 2010 totaled 1,184, up 51% from 783 funds that opened in 2009, according to a PerTrac analysis of fund information from 10 hedge fund databases.
There were 352 new hedge funds of funds launched in 2010, up 15.8% compared to 304 fund debuts the prior year, according to a report released Wednesday by the software and reporting systems company.
PerTrac’s analysis of established hedge funds found 9,572 in operation as of Dec. 31, 73% of which managed less than $100 million. Of the 3,196 hedge funds of funds analyzed, 70% managed less than $100 million and 108 funds managed more than $1 billion.
Single-manager hedge funds managed $1.6 trillion and funds of funds managed $518 billion, both as of Dec. 31, according to PerTrac’s report.
“As we look across the fund universe, one clear area of growth has been in the number of single-manager hedge funds, and we see that momentum continuing,” Lisa Corvese, managing director, global business strategy, said in a news release.