1. Another hedge fund closes

In the past week or so, three hegde funds have closed. Now, there is no reason to panic; the number of hedge funds has rocketed to close to 8,000, after all, but don't be surprised to see some more closures. London-based Bailey Coates is the latest to shutter, according to the New York Post. In May, Bailey Coates said it would keep its Cromwell fund open, but 20 percent losses were too much for investors, who bailed out. That prompted a letter from Jonathan Bailey and Stephen Coates, which informed investors that remaining capital would be returned in July.

[Fierce Finance]