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Hedge-Fund Clients Pulled $43 Billion Last Month, TrimTabs Says

Bloomberg – Investors withdrew a record $43 billion from hedge funds in September as they fled distressed-securities and stock funds because of poor performance, TrimTabs Investment Research said today.

The estimated outflows were the most since TrimTabs started tracking the industry in 2000, Chief Executive Officer Charles Biderman said in an interview. Investors pulled $14.4 billion from funds focused on troubled securities and $8.4 billion from equity long-short funds, which bet on rising and falling stocks, the Sausalito, California-based company said in a statement.

“We’re told from some of our clients that most of the hedge funds have sold enough equities to cover the redemptions,” Biderman said. “There shouldn’t be more forced selling.”

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