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Hedge fund exit requests at six-month high in June-data

Reuters - UK Focus

LONDON, June 18 (Reuters) - Investor (Stockholm: INVE-A.ST - news) requests to take cash out of hedge funds rose in June to their highest level in 2015, data from fund administrator SS&C Technologies (NasdaqGS: SSNC - news) showed on Thursday.

The SS&C GlobeOp Forward Redemption Indicator, a snapshot of withdrawal requests expressed as a percentage of assets under administration, rose to 4.72 percent in June from 4.68 percent in May, the data showed.

The figure "reflects normal seasonally elevated redemption requests, but viewed year-over-year it is an improvement from last June, when the same indicator was 4.80," said Bill Stone, chairman and chief executive of SS&C Technologies.

"Though this represents only a small gain, it is the first positive monthly comparison since January and suggests that investor sentiment may be turning more optimistic regarding prospects for hedge fund performance," he added.

The index compiled by the fund administrator is based on data provided by its clients and represents about 10 percent of assets invested in the hedge fund sector globally. (Reporting by Nishant Kumar; Editing by Larry King)