Hedge fund launches rebound

The number of new hedge funds surged last year to the highest level since 2007, despite one of the most miserable annual performances in the industry's history, according to data released yesterday. The number of new hedge funds totaled 1,113 in 2011, according to fund tracker Hedge Fund Research. While that figure did not eclipse the 1,197 launches in 2007, it was the most openings since the financial crisis.