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Hedge fund exit requests hit year's high in May-data

Reuters - UK Focus

LONDON, May 20 (Reuters) - Investor (Stockholm: INVE-A.ST - news) requests to take out cash from hedge funds rose in May to their highest this year, data from fund administrator SS&C Technologies (NasdaqGS: SSNC - news) showed on Wednesday.

The SS&C GlobeOp Forward Redemption Indicator, a snapshot of withdrawal requests expressed as a percentage of assets under administration, rose to 4.68 percent in May from 3.36 percent in April.

Bill Stone, chairman and chief executive officer at SS&C Technologies, said in a statement that the rise was "reflecting mainly seasonality, as the increase year over year is only 36 basis points from ... May 2014."

The index is compiled by SS&C based on data provided by its fund clients, who represent about 10 percent of assets invested in the hedge fund sector.

Despite the monthly rise, however, forward redemptions remain well below a high of 19.27 percent hit in November 2008, SS&C said. (Reporting by Carolyn Cohn; Editing by Keith Weir)