Investors are returning to hedge funds, but in a small way, with managers attracting smaller pools of cash and making more concessions to investors.

New hedge funds are also beginning to open their doors, albeit at a slow rate, with 173 fund opening in the third quarter, according to Hedge Fund Research. That’s up from the 119 hedge funds that set up shop in the second quarter and the mere 43 that came into existence in the last quarter of 2008.

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