Investors worldwide have added $4.57bn (€4.7bn) in assets to hedge funds over the second quarter as they continue to pull money out of mutual funds. Investment adviser Tremont Advisers' Tass Research, which provides data on the performance of 3,250 hedge funds, said the inflows compare with $5.6bn of new money in the first quarter this year. Long/short equity funds led the asset growth, attracting $1.47bn, followed by convertible arbitrage funds with $935m in net growth. Multi-strategy funds and those with event-driven approaches added a net $496m.

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