The days when millionaire investors scrambled to get into a hot hedge fund are over, at least for now, Reuters reports. Skittish about the steep losses hedge funds experienced in 2008, investors are hesitant to put new money in hedge funds.

“We have probably seen the worst of the [hedge fund industry redemptions], but I think it will be a slow go to build up that asset base again,” said Don Heberle, executive director in the wealth management unit at Bank of New York Mellon.

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