Hedge Fund Assets May Fall $450 Billion After Industry’s Worst Performance Hedge funds lost more money in 2008 than any year on record. It may get worse in 2009, forcing fund managers to overhaul investment strategies, reduce fees and make it easier for clients to withdraw cash.

AllianceBernstein Finds `Free Money’ in Wreckage of Citadel Credit Trades AllianceBernstein Holding LP and TIAA-CREF are betting they have better timing in the credit markets than hedge fund Citadel Investment Group LLC and Deutsche Bank AG.

Apollo Management Said to Raise $15 Billion Amid Slump in Private Equity Apollo Management LP, the private- equity firm led by Leon Black, raised almost $15 billion for its latest fund, according to a person familiar with the matter, after suffering losses on investments such as Huntsman Corp. and Harrah’s Entertainment Inc.

Einhorn’s Greenlight Capital Lost 3% in 2008 as Helix, VW Bets Went Awry Greenlight Capital Inc., the hedge- fund firm run by David Einhorn, said its main fund lost 23 percent last year, its first annual loss, after wrong-way bets on Helix Energy Solutions Group Inc. and Volkswagen AG.

Pershing Square’s William Ackman Ends Bet Against MBIA After Seven Years Investor William Ackman ended his bet against MBIA Inc. after profiting from bankruptcy fears that sent the bond insurer’s stock and bonds lower over the past two years.

Harvard Sale of Private Equity Said to Stall as Glut Drives Prices Lower Harvard University didn’t sell most of the $1.5 billion of stakes in private-equity funds it put on the market last year because offers were too low, said three people familiar with the matter.

Companies Slash U.S. Dividends at Fastest Rate in 50 Years as Yields Jump U.S. companies are reducing dividends at the fastest rate in half a century, squeezing investors who depend on the payouts more than ever to boost returns.

Roubini Sees S&P 500 Slump on China Slowdown, Edwards Predicts 40% Decline Stocks will retreat around the world because of shrinking demand from China as growth in the third- biggest economy slows, said Nouriel Roubini, the New York University professor who predicted last year’s financial crisis.