Assets held in hedge funds rose slightly in August, according to monthly data released Wednesday.

The CSFB/Tremont Hedge Fund Index rose 0.14% in August. Oliver Schupp, the president of Credit Suisse First Boston Tremont Index LLC, said a volatile August for domestic and European equity markets hurt returns.

The hedge fund index declined 0.31% in July but has climbed 2.75% in the first eight months of this year.

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