18/11/2010 Author: Shannon Hawthorne

UK hedge fund approvals rise in Q3

UK hedge fund approvals rise in Q3

The number of new hedge fund authorisations rose by over 50% in the third quarter of 2010, accounting for over a third of all new authorisations within the financial sector, according to the latest Quarterly FSA Survey. 

The report, compiled by corporate finance advisory firm IMAS, revealed that 28 new hedge fund businesses were approved by the FSA in Q3, the greatest number since Q2 2008, bring the year to date total to 65. 

Of these, 12 were set up by leavers from other hedge funds, and a further ten by leavers from investment banks. 

However, the survey also revealed that large hedge fund employment is down 24%, with the number of approved persons employed in the first three quarter of 2010 either falling or remaining the same in over 85% of large hedge funds.

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