"There's going to be some investor trepidation, " said Christian Busken, a real-estate analyst for Fund Evaluation Group, which advises institutional clients.

WSJ: New Jersey Fund Move Could Clarify Prices

Hennessee Group, a New York firm that advises institutional and private clients on where to make hedge fund investments, says its own hedge fund index is up 4.5% so far this year.

FORBES: Hedge Fund Clients: A Loyal Group

One analyst outside the group passed on important, unpublished information about companies to favoured institutional clients.

ECONOMIST: Day of reckoning | The

The Asset Management Group segment includes personal wealth management for high net worth and ultra high net worth clients and institutional asset management.

FORBES: #169 PNC Financial Services