Reuters – Och-Ziff Capital Management Group, a U.S. hedge fund giant banged up by last year’s market turmoil, said its funds continued their 2009 revival with June gains, although assets under management slipped once again.

The New York firm estimated total assets fell by $800 million in June to $20.7 billion, continuing the contraction of a firm that managed nearly $34 billion last August.

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Reuters – Hedge fund assets under management around the world have probably fallen below $1 trillion, a top executive at hedge fund New Finance Capital LLP (NFC) said on Thursday.

"There has been an enormous contraction in this industry. The industry is much, much smaller this year," NFC co-Chief Executive and co-Chief Investment Officer Marc Hotimsky told a briefing for reporters.

Assets under management were by now "probably slightly below $1 trillion," he said.

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