Reuters – Fundraising by new European hedge funds may be picking up, according to an industry survey, after hitting a record low in a first half of the year overshadowed by the Madoff scandal.

The survey, released on Monday by data group EuroHedge, shows $2.09 billion (1.26 billion pounds) was raised in new funds in the first six months of 2009, the lowest in the poll’s 10-year history, while 47 new funds were launched.

A year ago 106 funds were launched, raising $10.8 billion, including $2.5 billion raised by the Brevan Howard Multi-Strategy fund.

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