Bloomberg – Australian hedge funds returned an average 3.2 percent in August, the sixth straight monthly advance, as equities managers continued to profit from the global stock market rally.

The Australian Fund Monitors Index, which tracks more than 200 hedge funds managed from within the country, added to its longest stretch of gains in almost two years, according to a report based on 31 percent of funds reporting.

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Bloomberg – Hedge fund assets increased by $10.6 billion in July, rising for a third straight month, as managers trading shares benefited from global stock market gains, according to Eurekahedge Pte.

Net inflows into the industry totaled $2.1 billion, while gains through performance were $8.5 billion, bringing total assets under management to $1.35 trillion, the Singapore-based research firm said in a report posted on its Web site.

Hedge fund managers are making a comeback after suffering their worst year on record in 2008, as stock markets recover amid optimism that stimulus measures will help put an end to the worst of the global economic recession. The MSCI World Index jumped 8.4 percent in July, bringing its year-to-date advance to 14 percent.

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