Fund launches & closures Hedge Funds

New funds survey: July 2009

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Despite a slow thawing, fund launches are at historic lows, with the biggest 21 new funds garnering $3.9 billion - down 81% from last year's first half.

Despite a slow thawing, fund launches are at historic lows, with the biggest 21 new funds garnering $3.9 billion - down 81% from last year's first half

By Britt Erica Tunick

As a disastrous 2008 wound to a close, Karim Mawji found himself at a crossroads. A fund manager for New York-based hedge fund Perennial Investors, Mawji, like many of his peers, was facing a big pay cut with little prospect of improvement on the horizon. Perennial's assets under management had fallen more than 50% amid losses and redemptions, and the future looked grim.

"The reality was that we'd had assets