NEW YORK (Bloomberg) — The pace of hedge fund liquidations slowed in the second quarter as managers posted a 9.1 percent gain, according to Hedge Fund Research Inc.

About 292 funds shut down, a 22 percent decline from the first quarter, data compiled by the Chicago-based research firm show. Second quarter liquidations include 123 funds of hedge funds, which allocate money to managers on behalf of clients.

Among the firms that liquidated hedge funds are Cantillon Capital Management LLC run by William von Mueffling in New York, Satellite Asset Management LP, a TEN-year-old firm managed by former employees of billionaire George Soros, and Pequot Capital Management Inc., run by Arthur Samberg.

Liquidations had risen to an all-time high last year of 1,471 when hedge funds lost investors an average of 19 percent, the industry's worst returns since Hedge Fund Research started tracking data in 1990.

The number of funds starting business in the second quarter rose to 182 from 148 in the first quarter, Hedge Fund Research said.