Hedge funds pushed higher to just under $600 billion in spite of the difficult third quarter, according to data from Hedge Fund Research Inc., a 4.7% increase from the end of the second quarter and a 10.6% rise since the beginning of the year.

Josh Rosenberg, a managing director at the hedge fund tracking firm, said a more surprising figure is the fact an additional 274 hedge funds opened for business during the third quarter. Netted with the 39 funds that closed, the total number of hedge funds in the U.S. now stands at 5,135, a 5.3% net gain from the second quarter.

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