---

CHICAGO, (March 4, 2015) – Hedge fund capital invested in Emerging Markets declined to conclude 2014, falling from the record level established in 3Q14 on a combination of performance losses and investor outflows concentrated in funds with exposure to Russia. The HFRI EM: Russia/Eastern Europe Index declined -18.6 percent in 4Q14 bringing the 2014 full year loss to -26.5 percent, making 2014 the third worst calendar year decline for the Index. Hedge fund capital invested in Emerging Markets declined by $1.4 billion in the fourth quarter to conclude 2014 at $183.8 billion (1.15 trillion RMB, 534 billion Brazilian Real, 11.2 trillion Russian Rouble, 689 billion Riyal, 11.3 trillion Indian Rupee), according to the latest HFR Emerging Markets Hedge Fund Industry Report, released today by HFR? the established global leader in the indexation, research and analysis of the global hedge fund industry. For the full year 2014, Emerging Markets hedge fund capital increased by $13.0 billion on investor inflows of $3.3 billion.