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Hedge-Fund Closures Hit $3 Trillion Market as Veterans Surrender

Philippe Jabre’s decision to return capital from three of his hedge funds rocked the industry this week. But closures have been a key theme of 2018.

The number of funds in the $3 trillion market is shrinking as veterans who survived several business cycles throw in the towel. Money-making opportunities have dwindled with the downturn in stocks, while higher barriers to entry from regulation make it harder for new blood to come in.