The global hedge-fund industry saw record inflows of an estimated $60 billion in net assets in 2003, according to a preliminary report by Tass, the research arm of U.K.-based Tremont Capital Management.

The report noted that fourth-quarter asset inflows of $15 billion brought the total increase in net assets fourfold over 2002's net gain of $16.3 billion. Global hedge-funds now stand at between $725 billion and $750 billion, it said.

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