Mar 17, 2017

More than 1k hedge funds closed last year, the most since 2008

Richard Drew / AP

More hedge funds closed in 2016 than in any year since the 2008 recession, as investors moved money to larger firms and withdrew assets, reports Bloomberg. Over 1,000 firms were liquidated, the most since 2008, and only 9,893 asset management funds remained open, the fewest since 2012.

As Bloomberg points out, the data — compiled by Hedge Fund Research Inc. — rounds out a difficult year for hedge funds, which have been criticized for their high fees and underperformance. Meanwhile, the decline has proven to be beneficial to investors, as hedge fund management fees have already fallen to 1.48%, and the average performance charge has dropped 10 basis points to 17.4%.

Why this matters: The data reveals the growing trend toward passive investing and away from active investing.

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George Floyd updates

Protesters in Washington, D.C. on June 6. Photo: Samuel Corum/Getty Images

Thousands of demonstrators are gathering in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds have assembled in Washington, D.C., Philadelphia and Chicago for full-day events.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make new changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct.

Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 6,852,810 — Total deaths: 398,211 — Total recoveries — 3,071,142Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 1,917,080 — Total deaths: 109,702 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

Why the coronavirus pandemic is hitting minorities harder

Illustration: Aïda Amer/Axios. Photo: Mark Makela/Getty Images

The coronavirus’ disproportionate impact on black and Latino communities has become a defining part of the pandemic.

The big picture: That's a result of myriad longstanding inequities within the health care system and the American economy.