Hedge funds

Investors are pulling money at an accelerated pace as high fees and mediocre returns send them searching for yield elsewhere.

Competition with an ever-rising stock market, the difficulty of raising assets and the steady march of time are just a few factors leading managers to the exit.

As the hedge fund manager nears a deal with the MLB team, he says his role as head of Point72 Asset Management will not change.

Financed by their personal savings, the team behind the machine-learning fund have harnessed their engineering acumen to invest in developed markets.

The move comes amid years of mediocre returns posted by hedge funds, prompting investors to pull money and demand lower fees.

The NHL team owner and famed asset manager’s challenges illustrates how the appetite for hedge funds has changed since he first got into the business.

Broadly, hedge funds lost about 0.1% last month, paring gains for the year to about 6.2%, data show.

Funds of funds, pensions, consultants, family offices and endowments have pulled $16.4 billion from generalist long-short equity funds this year.

Asset managers and traders who stand to gain bought credit default swaps in the 178-year-old company.

The fund has returned 54.5% on its investments this year through August, fueling a 48% gain for shares of Pershing Square Holdings.