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January 24, 2007
The Rich Shy Away from Hedge Funds
-- Pushpa Sathish, Staff Writer
A record amount of money may have flowed into hedge funds in 2006, but it certainly did not come from the pockets of the rich and famous in America. A survey conducted by consulting services provider Spectrem Group showed that only 27 percent of families with a net worth higher than $25 million (without taking primary residence into consideration) chose hedge funds as an investment vehicle in 2006, a considerable decrease from the 38 percent in 2005. Reuters Today reports:
"Hedge fund investing appears to have lost some of its luster for the very richest Americans," Catherine McBreen, Spectrem Group managing director, said in a statement. "A nearly one-third decline in the percentage of those households investing in hedge funds suggests the difficulties of 2006 have made their mark."
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