Growing Places

With a combined $550 billion in assets, the 50 firms on our list of the world’s biggest multimanagers demonstrate that the fund-of-hedge-funds business is as healthy as ever.

For the past year pundits have been predicting the extinction of the fund-of-hedge-funds business. The reasoning: As pension fund managers and other institutional investors become increasingly savvy, they will turn to multistrategy single-manager firms to satisfy their diversification needs and to avoid the second layer of fees that come with funds of funds.

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