Hedge fund liquidations outpace launches in 2020, as fees fall to record lows Submitted By Hugh Leask | 30/06/2020 - 2:46pm New hedge fund launches have slumped to lows not seen since the 2008 global financial crisis, while liquidations hit their highest level since the end of 2015, according to new analysis from Hedge Fund Research. HFR’s ‘Market Microstructure Report’ for the first quarter of 2020 also reveals that management fees and incentive fees have dropped to their lowest amount since HFR began compiling such data, reflecting the rapidly shifting balance between hedge fund managers and investors.