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events
This page highlights some landmarks in the history of the
hedge fund sector, including the significance of coverage
in journals such as Institutional Investor.
beginnings
1949
Alfred Winslow Jones launches first hedge fund with US$100,000
1970s
1966
Fortune claim that Jones' funds have returns substantially
greater than leading mutual funds spawns competitors
1968
est 140 hedge funds in operation in US
1969
bear markets sees many funds suffer losses and capital
withdrawals
1974
further losses and closure of funds in bear market
1985
est 37 US hedge funds
revival?
1986
Institutional Investor reports Tiger Fund had compounded
annual returns of 43% in preceding six years
1990
est 231 US hedge funds with US$6.5bn under management
1991
est 310 US hedge funds with US$10bn under management
1992
est 442 US hedge funds with US$18bn under management
1993
est 644 US hedge funds with US$35bn under management
1994
est 856 US hedge funds with US$41bn under management
1995
est 1027 US hedge funds with US$50bn under management
1996
est 1076 US hedge funds with US$59bn under management
1997
est 987 US hedge funds with US$65bn under management
est 291 US CTA funds with US$17bn under management
1998
Long-Term Capital Management (LTCM) bailed out by US government
after US$4bn losses in Russian government bonds
2000
reorganisation of Tiger Funds
Manhattan Investment Fund collapses after US$400m losses
reorganisation of Quantum Fund
2004
Bailey Coates Cromwell Fund wins Eurohedge' Best New Equity
Fund award, closes in 2005 after 20% loss within month
2005
Bayou Fund collapses amid US$300m fraud
Canadian regulators shut Portus (C$800m in assets) amid
allegations its managers misused investors' money
Marin Capital (US$1.7bn capital) closes after GM bonds downgraded
to junk
Aman Capital (est 2003) closes after major losses and capital
withdrawals
848 hedge funds liquidated during 2005
2006
Amaranth Advisors LLC loses US$6.5bn betting on natural
gas prices
Archeus Capital Management closes US$2.65bn Animi Master
Fund
Sagamore Hill Capital closes US$2.6bn fund
Saranac Capital closes US$2.2bn Saranac Arbitrage fund
upsets
2007
IPO of Carlyle Capital
Bear Stearns pledges US$3.2bn to bail out two hedge funds
US$6.7bn Cheyne Finance goes into receivership
2008
Peloton Partners forced to liquidate its largest funds (US$2bn
plus)
693 hedge funds closed in first nine months of 2008
Carlyle Capital (managing US$21.7bn assets) defaults on
US$16.6bn
US$300bn
wiped off US equity markets, Federal Reserve and JPMorgan
Chase rescue Bear Stearns
344 hedge funds liquidated in third quarter of 2008
US$50bn collapse of Madoff's
ponzi scheme
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