Hedge funds started last year down on their heels and spent much of it trying to regain their footing. The result going into 2010 is a global industry still well off its peak size, but growing once again as investors get back to writing checks and a performance comeback boosts fund assets.

Through November, the most recent data available, hedge funds on average returned 19% in 2009, according to Hedge Fund Research, which tracks performance. That compares with a gain of about 18% for the Dow Jones Industrial Average over the same period, and a 21% rise in the Standard & Poor's 500-stock index.