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Hedge fund exit requests rise in August

Reuters - UK Focus

LONDON, Aug 20 (Reuters) - Investor (Other OTC: IVSBF - news) requests to pull out money from hedge funds rose in August, according to data released on Wednesday, an increase typically seen at this time of year.

The SS&C GlobeOp Forward Redemption Indicator, a snapshot of hedge fund clients giving notice to withdraw cash expressed as a percentage of assets under administration, rose to 4.19 percent in August from 3.15 percent in July.

"Redemption notifications increased by about 1 percent for the month, but remain moderate and in line with activity this time last year," said Bill Stone, chairman and chief executive officer, SS&C Technologies (NasdaqGS: SSNC - news) .

Exit requests have risen during August from the previous month every year since 2009, the data showed.

The index is compiled by fund administrator SS&C Technologies Holdings Inc and is based on data provided by its fund clients, who represent about 10 percent of the assets invested in the hedge fund sector, or about $300 billion. (Reporting by Nishant Kumar; editing by David Clarke)