Hedge fund exit requests drop to six-month low in July
LONDON, July 21
LONDON, July 21 (Reuters) - Investor demand to pull money out from hedge funds dropped to a six-month low in July, following portfolio adjustments during the previous month, data released on Monday showed.
The SS&C GlobeOp Forward Redemption Indicator, a monthly snapshot of hedge fund clients giving notice to withdraw their cash expressed as a percentage of assets under administration, fell to 3.15 percent in July from 4.8 percent in June and the lowest since January.
"July's forward redemptions decreased by over 1 percent, but remain in line with historical averages," said Bill Stone, chairman and chief executive officer, SS&C Technologies.
Exit requests typically declined at the start of every quarter, the data showed.
The index is compiled by fund administrator SS&C Technologies Holdings Inc and is based on data provided by its fund clients, which represent about 10 percent of the assets invested in the hedge fund sector, or about $300 billion. (Reporting by Nishant Kumar, editing by David Evans)