Is the season of extreme disgust among hedge fund clients over already? It seems that investors are a much happier lot in 2009. We tend to forget that in 2008 the average hedge fund fared much better than the average stock mutual fund. One could argue that on average the ones that survived and hung on to client funds basically did their jobs. So I guess we shouldn't be surprised with the findings in a Goldman Sachs survey noted by The Economist. 

"Recent comments by several big managers indicate money is flowing back into their funds now. And, according to the survey, clients think funds of funds will continue to supply just over half of hedge-fund assets under management." It also notes that just 15 percent of assets among respondents are "gated" right now. Which suggests a big shift by funds. One could point to SAC Capital as an example. According to Dealbreaker, the fund will open a new fund that gets rid of the standard 3-year lock up. Investors will be able to redeem up to 25% of their funds a quarter. Of course, you're paying three and 50. 

For more:
- here's the article from The Economist
- here's the Dealbreaker item

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