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Funds now sitting on record levels of cash; they'll need it, as investors could head for the exits

(Reuters)—Hedge fund managers are bracing for a massive wave of redemption requests with another quarter of miserable performance coming to a close and no end in sight for the global financial crisis.
Hedge funds are sitting on record levels of cash in expectation investors will ask for their money back by Sept. 30, the deadline for most funds offering monthly and quarterly redemptions, industry executives said on Tuesday
Asian funds are especially vulnerable given steeper losses than their U.S. and European counterparts and the flight to safety by big global investors.