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He says the relatively high costs of hedge funds versus mutual funds--hedge fund managers typically charge a 1% to 2% fee plus 20% or more of any profits for the fund each year--don't make them the best option for most individual investors.
With their staid institutional clients, funds of funds have helped to tame hedge-fund managers.
For tax reasons and to avoid regulators, hedge-fund managers register their funds as limited partnerships.
This makes it all the more important that fund-of-funds managers are vigilant.
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The holdings are now concentrated among a dozen or so blue-chip pension-fund managers and hedge funds, he said, but he declined to name them.
Fund-of-funds managers aim to cut through all this complexity, by selecting on their investors' behalf a few of the 6, 000 or so hedge funds in existence.
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Now throw in something for the 2-and-20 crowd, namely private equity managers, venture capitalists, hedge fund operators and funds-of-hedge-funds operators.
But too many hedge funds bought more of the entering stocks than the index-fund managers needed.
And individual investors, investment banks, fund-managers and particularly public pension funds should expand their "due diligence" assessments to include national security, human rights and other appropriate non-financial considerations so that the American people -- six out of ten of whom are now reportedly in the capital markets -- have the data required to make informed investment decisions.
Sales of real-estate fund positions by pension funds and other large institutions have been rare because only a handful of real-estate managers focus primarily on buying real-estate fund positions from other investors.
Sharp managers join nimble hedge funds, not mutual-fund behemoths.
The relevant index funds are offered by several fund managers, including three American firms -- Fidelity, T.
Jonathan Harris, president of Alternative Investment Management LLC, a New York-based investment-management firm that allocates money to hedge funds, says he asks prospective fund managers to break out the list of expenses listed in the investor documents.
Fund of fund managers need to pick not just better-than-average funds to produce incremental return, but among the best, concludes Bernstein.
Then again, according to Morningstar, this autopilot fund outperformed two-thirds of all other stock funds, including those run by managers trying to beat the market.
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In this decade, private-equity fund managers have gathered billions even though investors who back such funds have to lock their capital away for up to ten years.
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As more pan-European indices become available, some mediocre fund managers may compare their funds with the least challenging benchmark in order to beautify their performance, leaving clients in a marketing haze.
So far, government prosecutors have mostly focused on the lower level contributors to the current financial meltdown, such as mortgage brokers who approved fraudulent applications, and some hedge-fund managers at Bear Stearns who allegedly misrepresented the health of their funds.
The multi-share class structure gives Vanguard fund managers flexibility in how they manage their funds.
Hedge-fund managers usually have a large amount of their capital invested in their funds reason, indeed, why some of them have become billionaires.
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It looks as though my view is at odds with the big hedge funds, as The Wall Street Journal reported on Friday that several of the largest hedge-fund managers were bullish on the energy sector.
Whereas Europe has its UCITS funds, accepted in all EU countries, there is no pan-Asian marketing vehicle for hedge-fund managers.
But financial-crisis fallout and changing market conditions are crimping these funds' returns and imposing new restrictions on fund managers and investors.
Now we hear allegations that hedge fund managers have select, preferred customers who can move in and out of funds hassle-free while other investors remain stuck.
Either way the two hedge fund managers whose firms piled into Facebook pre-IPO will profit much more than the hedge funds that caused all the trouble for JPMorgan.
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However, the significant growth in United Kingdom and European based fund managers over the past 15 years has meant that structuring hedge funds has become an increasingly multi-national endeavour.
The higher this ratio is, the more invested hedge fund managers are, as they typically buy puts on these broad-based exchange-traded funds to hedge long equity positions as they accumulate shares.
Fire the high-paid hedge fund managers and investment consultants and convert all state pension plans to 100 percent low-cost index funds.
Some of this is buying by fund managers looking to put capital to work before year-end, particularly in the case of funds whose by-laws prevent them from sitting in cash, Klopfenstein said.
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