Hedge fund industry pulls in $25bn

The hedge fund industry pulled in a further $24.6bn net in the first quarter of 2005, but convertible arbitrage took a hit with $1.8bn extracted from the strategy over the same period, according to Tremont Capital Management (TCM). The first quarter net inflow follows net inflows of $16.3bn for the fourth quarter of 2004, and total net inflows of $123bn for 2004. TCM noted more than $10bn in net assets for the first quarter could be attributed to inflows into funds that had launched in the past year, while a $1.8bn net outflow hit convertible bond arbitrage funds in the first three months...