The easiest route is via a fund of very recent vintage sold exclusively on European exchanges.
Just over a year ago Greece was bailed out with a fund of 110bn euros.
Each hedge fund within a fund of funds custodies the assets it manages, including pension assets, wherever it chooses.
Rusnano also acts as a fund of funds, with joint funds with Draper Fisher Jurvetson, Pangea and Domain Associates.
The SEC enforcement action vindicates the efforts of Jason Papastavrou, who runs Aris Capital Management and a fund of hedge funds that invested in Quantek.
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Top Tier Capital Partners, a fund of funds, has named Sean Warren as chief compliance officer in a sign of the response of private equity to increasing regulation of the industry.
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"I don't like putting all my money with one guy, " says Altfest, who only recommends one hedge fund investment to clients--and that is a fund of funds (despite the higher fees).
Although a fund of that size could comfortably deal with the failure of individual banks, it would still not be large enough to prevent bank runs sparked by fear of redenomination.
Morgan Stanley, for instance, sponsors a fund of funds, Liquid Markets Fund I, that puts investors' money into an assortment of hedge funds that each impose one-way incentive fees (plus annual management fees).
The Stevenson campaign seemed reluctant to exploit the fund revelation, probably because, as Chotiner surmised, the Democratic Presidential candidate had a fund of his own that could be made to appear even more questionable.
Other analysts, such as Santiago Levy, a former Mexican official now at the Inter-American Development Bank, point out that a fund of that kind might undermine the incentives for firms and workers to go legal.
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The new bill ensures that, like other employees, domestic workers will build up a fund of money paid by their employers, equivalent to 8% of monthly pay, to be made available upon compulsory redundancy, death and other contingencies.
So you might have in a fund of funds or in a portfolio of funds, you might have one fund that has some gains and another fund that has some losses in the portfolio, which are unable to offset those for tax purposes.
Whether the fund in question is a mutual fund for retail investors, a retirement fund for employees of a particular company or government department, a film fund looking to finance a slate of motion pictures, or a real estate fund planning to buy apartment buildings for university students, the same basic commercial logic applies.
The performance of a fund manager or fund company over a longer period of time and through different market environments can often be a better indication of the strategic capabilities of the fund manager.
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One pension-scheme manager says he demanded, and quickly secured, a halving of his fee rate from a fund-of-funds.
Last week I was preparing to testify as an expert on behalf of an investor who had lost millions in a hedge fund of funds recommended to him by a private bank.
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Being a director of a fund appears to be a nearly free ride on the back of fundholders.
Mr Brown, who will become prime minister later this month when Tony Blair leaves office, was speaking at a union conference where there was much discussion about the recent criticism, from the chairman of a prominent fund, of how managers at such firms pay a lower rate of tax than their office cleaners do.
It had planned to sell part of the park to a supermarket to fund a redevelopment of its leisure centre.
The agency accused the firm of arranging a deal with a hedge fund to create a pool of mortgage securities the hedge fund could short against.
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Nevertheless, both sides of any such debate would have a rich fund of arguments to draw upon.
Ms Gee recommended that investors ask about the TER (total expense ratio) rather than the AMC (annual management charge) of a fund to give a more accurate idea of ongoing costs and look out for use of passive holdings such as those used by groups including T Bailey and 7IM, which, she says, have a comparably low-cost fund of funds offering.
Like a mutual fund, a closed-end fund is a pool of investments.
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LCDIG1The iShares FTSE NAREIT Retail Index Fund (RTL) is a great example of a fund with low costs but poor holdings.
Dr. William Cornatzer, a dermatologist and falconer, saw a presentation about the potential dangers of lead at a board meeting of the Peregrine Fund, a group devoted to conserving birds of prey.
According to the head of a hedge fund that does a lot of business with large banks, their lending desks are now being stripped of risk-management responsibilities by livid chief executives.
Wiener argues that the expenses of 0.34% on the new Managed Payout funds are bit high for a Vanguard fund of funds.
In spite of questions about whether renminbi funds will work well, partners are angling to have a RMB fund of their very own.
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