Hedge fund subscriptions have returned to pre-financial crisis levels and redemptions slowed markedly in August, GlobeOp Financial Services, a hedge fund administrator, said on Thursday.

The company, which runs middle- and back-office functions for 180 hedge fund firms and other asset managers, including keeping track of money coming in and out of funds, said client subscriptions were more than $2bn (€1.4bn) in July and nearly that much in August, marking the first month since September 2008 to exceed that level.