At yearend a majority of global assets under management in hedge funds and funds of hedge funds came from institutional investors, and a third of those assets came from pension funds, according to the Alternative Investment Management Association.

Traditionally, high-net-worth individuals have accounted for most of the assets in hedge funds, but institutional investors have been steadily increasing their share in recent years, the London trade group said Tuesday.

Tom Kehoe, a research manager for the group, said that pension funds accounted for about a sixth of all assets in hedge funds at yearend.

He said that these quarterly figures "are estimates, but they are informed by all the data at our disposal."

The Alternative Investment Management Association is an orgnaziation that has more than 1,200 corporate members in 43 countries, including hedge fund managers, fund of hedge fund managers, financial advisers and service providers.

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