The smart money is piling back into hedge funds. Industry assets just climbed to a fresh record —$5 trillion, according to Hedge Fund Research. The third quarter of 2025 saw almost $34 billion in net inflows , the largest quarterly haul since 2007, before the financial crisis changed investors’ views on risk. The new assets under management record is about that fresh money, but it’s also about the strong performance that’s functioning to attract that cash. Average returns of 5% for the quarter encouraged ...

Death of a hedge fund prodigyChris Callahan was a rising star running his own fund in Canada's high-stakes, high-pressure investment world. Then everything went wrong. His investors lost millions. His family and friends lost even moreArticle contentChris Callahan spent Thanksgiving 2023 at his family’s cottage on Georgian Bay in Ontario. The cottage was a special place: the scene of boat trips, marathon Scrabble tournaments, swims, nights gazing up at the shooting stars and epic gatherings of Chris and his ...