LONDON (Reuters) – Global hedge fund industry assets rose to $2.65 trillion (1.34 trillion pounds) at the start of 2008, data group HedgeFund Intelligence said on Wednesday, but growth slowed in the second half of 2007 as the credit crisis began to bite.

While the $2.65 trillion represents asset growth of 27 percent from the $2.079 trillion recorded a year ago, growth in the second half was a far more modest 6.6 percent.

The data comes as the hedge fund industry faces one of its toughest challenges, as the credit crisis, which began last summer, leads to market volatility, investor redemptions and prime brokers paring back leverage.

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Reuters – Global hedge fund industry assets rose to $2.65 trillion (1.34 trillion pounds) at the start of 2008, data group HedgeFund Intelligence said on Wednesday, but growth slowed in the second half of 2007 as the credit crisis began to bite.

While the $2.65 trillion represents asset growth of 27 percent from the $2.079 trillion recorded a year ago, growth in the second half was a far more modest 6.6 percent.

The data comes as the hedge fund industry faces one of its toughest challenges, as the credit crisis, which began last summer, leads to market volatility, investor redemptions and prime brokers paring back leverage.

Read Complete Article