Sparse gains


Arbitrage funds had a modest month in September, with median returns up 0.48% to total 2.47% for the year, according to Absolute Return research. While M&A has picked up this year as both private equity firms and companies look to deploy excess cash, the market got shaken in September, in part by Hurricane Katrina. Some of the best performers include Highbridge Capital, which rose 2.3%, and BGI Multi-Strategy Fund (Class A), which gained 1.55%. Moderate gains were seen by Deephaven Market Neutral, up 0.99%, and Israel Englander's Millennium International, which climbed 0.98%. Ritchie Multi-Strategy Global didn't make up