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     events

This page highlights some landmarks in the history of the hedge fund sector, including the significance of coverage in journals such as Institutional Investor.

     beginnings

1949 Alfred Winslow Jones launches first hedge fund with US$100,000

     1970s

1966 Fortune claim that Jones' funds have returns substantially greater than leading mutual funds spawns competitors

1968 est 140 hedge funds in operation in US

1969 bear markets sees many funds suffer losses and capital
withdrawals

1974 further losses and closure of funds in bear market

1985 est 37 US hedge funds

     revival?

1986 Institutional Investor reports Tiger Fund had compounded annual returns of 43% in preceding six years

1990 est 231 US hedge funds with US$6.5bn under management

1991 est 310 US hedge funds with US$10bn under management

1992 est 442 US hedge funds with US$18bn under management

1993 est 644 US hedge funds with US$35bn under management

1994 est 856 US hedge funds with US$41bn under management

1995 est 1027 US hedge funds with US$50bn under management

1996 est 1076 US hedge funds with US$59bn under management

1997 est 987 US hedge funds with US$65bn under management

1997 est 291 US CTA funds with US$17bn under management

1998 Long-Term Capital Management (LTCM) bailed out by US government after US$4bn losses in Russian government bonds

2000 reorganisation of Tiger Funds

2000 Manhattan Investment Fund collapses after US$400m losses

2000 reorganisation of Quantum Fund

2004 Bailey Coates Cromwell Fund wins Eurohedge' Best New Equity Fund award, closes in 2005 after 20% loss within month

2005 Bayou Fund collapses amid US$300m fraud

2005 Canadian regulators shut Portus (C$800m in assets) amid allegations its managers misused investors' money

2005 Marin Capital (US$1.7bn capital) closes after GM bonds downgraded to junk

2005 Aman Capital (est 2003) closes after major losses and capital withdrawals

2006 Amaranth Advisors LLC loses US$6.5bn betting on natural gas prices

2006 Archeus Capital Management closes US$2.65bn Animi Master Fund

2006 Sagamore Hill Capital closes US$2.6bn fund

2006 Saranac Capital closes US$2.2bn Saranac Arbitrage fund

2007 Bear Stearns pledges US$3.2bn to bail out two hedge funds

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