Emerging-market hedge-fund assets reached a record at the end of last year, thanks to gains in energy prices and a strengthening dollar, according to Hedge Fund Research Inc. Assets of developing-markets hedge funds rose to $200.7 billion as of the end of December, marking the second straight quarterly record after an increase of $9.3 billion for the entire year, according to a report from the industry researcher received Thursday. Global hedge-fund assets increased by $121.6 billion in 2016 to $3.02 trillion, it showed. “Strong performance gains, specifically focused in Latin America and Russia/Eastern Europe, contributed to this growth, as investors...