Hedge funds took in $38.2 billion in new assets in the first quarter of the year, marking the fourth consecutive quarter hedge funds have taken in record sums, Tass Research, a division of Tremont Capital Management, reported. This marked a 42.5% increase from the $26.8 billion hedge funds took in during the previous quarter and a whopping 445% increase from the $7 billion they took in during the first quarter of 2003. In the second quarter of last year, they took in $13.8 billion and in the third quarter, $24.6 billion.

For the third quarter in a row, the three most popular strategies were long/short equity ($8.2 billion), event-driven ($6.9 billion) and global macro ($5.5 billion), which accounted for more than half of the asset flows.

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