Only 376 hedge funds liquidated in the first quarter of the year, down 52% from 778 that shut their doors in the fourth quarter of 2008, Hedge Fund Research said. The number that liquidated in the first quarter represented 4.05% of the 9,050 total number of hedge funds, and the number that went out of business the previous quarter was 7.77%.

Most, 200, or 53%, of the funds that liquidated were hedge funds-of-funds, nearly double that of the fourth quarter.

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