The hedge-fund industry saw its assets under management swell to a record $4.98 trillion during the third quarter, with funds taking in their biggest quarterly haul since before the financial crisis.

In a year when sovereign wealth funds outpaced the growth of large global pension funds, Norway surpassed long-term frontrunner Japan as the largest holder of assets in the world for the first time.

Rapid consolidation has led to mega RIAs and aggregators controlling an ever-greater share of RIA assets, and asset managers have taken note, devoting more time and resources to service that channel, ...

Most of the new capital flowed to firms with more than $5 billion under management, according to HFR data. Trendy pod-shop funds were particularly popular. Hedge-fund assets surge to nearly $5 ...