LONDON (Reuters) - Investors reduced their allocation to hedge funds in April, pulling out more cash than they invested, data showed on Monday.
The SS&C GlobeOp Capital Movement Index (CMI), which calculates monthly hedge fund subscriptions minus redemptions, fell 1.14 percent at the beginning of April, compared with a rise of 0.63 percent in March, the data showed.
"The negative CMI for April reflects the typical seasonal pattern," Bill Stone, chairman and CEO of SS&C Technologies, said. "So far in 2015, the overall trend suggests stability in allocations to hedge funds."
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The index compiled by the fund administrator is based on data provided by its clients and represents about 10 percent of assets invested in the hedge fund sector globally.
(Reporting by Nishant Kumar; Editing by Mark Potter)