European hedge fund launches in the first half of 2008 hit their lowest level since 2002, and those that launched raised fewer assets than Europe’s start-ups have done since 2004.

A survey from hedge fund industry publisher HedgeFund Intelligence found that 106 hedge funds launched in Europe, raising $10.8bn (€6.9bn) in the first half of 2008. This was the fewest number of launches since the same period in 2002, when 84 were launched, and the smallest first-half fundraising since $9.4bn was raised in 2004.