The hedge fund universe approached the $1 trillion mark after gaining $193 billion of new assets last year, CBS MarketWatch reports.

Inflows into the largely unregulated asset class climbed 17% in 2004 to $934 billion of assets, according to Hennessee Group, a hedge fund consultant. Ordinary stock mutual funds grabbed $1 billion during the same period.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.