The Credit Suisse First Boston/ Tremont Hedge Fund index has dropped five hedge funds in May. All but Equimetrics, which is liquidating assets, were dropped for failure to report performance. The four other funds dropped are Bayard fund, Rothschild Technology Partners, Chesapeake Select II and the Lipper Merger Arbitrage fund. For May, the CSFB/Tremont index returned 0.67%, with managed futures returning 3.51%.

Tremont Advisers' TASS Research found that global investors added $5.6bn in net new assets to hedge funds in the first quarter of 2002, ending the record pace of growth achieved in 2001.