At least 10 hedge fund managers have put new restrictions on how much and when their investors can withdraw their capital, as the industry struggles to stem a wave of redemptions and poor performance.

The restrictions, made in recent weeks, cover hedge fund assets worth an estimated $21bn (€16.6bn), and come amid forecasts that assets under management will fall by as much as 25% this year and 30% of managers will shut their doors. At the same time, performance figures for the first part of October, obtained by Financial News, show many funds posted double-digit losses in just a few weeks.