The global hedge fund industry ended the first quarter with a record USD4.3tr in assets, data provider HFR said on Monday. The industry added USD190bn in assets in the first quarter, the sixth consecutive quarter of growth, it said. Hedge funds’ performance was the main driver of asset growth, as funds went up 4.52% in Q1, according to the HFRI Fund Weighted Composite index.The industry also added USD16.6bn in net new money in the quarter, especially to equity and event-driven hedge fund strategies. HFR said in a statement that portfolio managers took advantage of an environment involving unprecedented geopolitical risks and macroeconomic uncertainties in the first quarter.