New York (HedgeCo.net) – The latest report from hedge fund industry research firm HFR showed that the hedge fund industry experienced an outflow of $95 billion during the third quarter and that is the biggest outflow since the third quarter of 2008.

The turbulent third quarter saw a number of funds swing from profits to losses on the year and it seems as if some the higher-profile firms have been hit the hardest. Guys like Bill Ackman, David Einhorn, Daniel Loeb and Larry Robbins are struggling to show profits for the year.

While the guys mentioned above are struggling to make a profit, other funds are shutting their funds down. Fortress Investment Group, Bain Capital and Renaissance Technologies have all announced fund closures over the past month.

A recent report in the New York Times stated that Claren Road Asset Management had received redemption request of $2 billion. After the huge outflow in the third quarter, HFR puts the assets under management for the industry at $2.87 trillion.

Rick Pendergraft
Research Analyst
HedgeCoVest