Fund managers often hold additional insurance, for what that's worth.

FORBES: Magazine Article

Further, research has shown that on average fund on fund managers fail to deliver additional return.

FORBES: Pensions Perilously Binging Upon Hedge Funds, Funds of Funds and Funds of Funds of Funds (March 20, 2007)

It claims, for an additional fee, to be able to put together a portfolio of the best hedge-fund managers.

ECONOMIST: Buttonwood