While hard data on the hedge fund industry is hard to come by, it is commonly understood that 50% of single manager money comes from FOFs. According to Hedgeworld, 30% of that 50% is gone, with significant implications for raising new capital. To name a few: – consolidating positions – knock-on redemptions – legitimate concern
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FOF’s respond to Swenson’s “evaluation” of their business Jan29
After a miserable 2008, the last thing FOF’s needed was David Swenson, CIO of the Yale endowment, one of the most respected endowment chiefs referring to them as, “Fund of funds are a cancer on the institutional-investor world. they facilitate the flow of ignorant capital.” After poor performance and the miserable Mr. Madoff, Swenson’s comments
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